FUND.ACCT.PRIN.(LOOSELEAF)-W/CONNECT
25th Edition
ISBN: 9781264218103
Author: Wild
Publisher: MCG
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Chapter 19, Problem 4E
Exercise 19-4
Recording product costs P1 P2 P3
Starr Company reports the following information for August.
Raw materials purchased on account............. $76,200
Direct materials used in production.............. $48,000
Factory wages earned (direct labor).............. $15,350
Overhead rate............................. 120% of direct labor cost
Prepare
1. Raw materials purchased.
2. Direct materials used in production.
3. Direct labor used in production.
4. Applied overhead.
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Using the following data for January, calculate the cost of goods manufactured:
Direct materials............
$25,000
Direct labor................ ..$ 6,000
Manufacturing overhead..........$ 9,000
Beginning work in process......$ 8,000
Ending work in process..........$12,000
The cost of goods manufactured was:
Multiple Choice
$48,000
$40,000
$44,000
$36.000
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Cost of production report: A company’s Department 2 costs for June were;
Cost from Department 1 ………………………………..Rs. 16,320
Cost added in Department 2:
Materials ……………………………………………………… 43,415
Labor …………………………………………………………… 56,100
Factory overhead ………………………………………. 58,585
The quantity schedule shows 12,000 units were received during the month from Department 1; 7,000 units were transferred to finished goods; and 5,000 units in process at the end of June were 50% complete as to materials cost and 25% complete at to conversion cost.
REQUIRED:
a) Equivalent Production Unit
b) Unit Cost at Depart 2,
c) Cost of Units transferred to Finished goods
d) Cost of Work in Process at the end of June
Cost of goods manufactured and cost of goods sold The following tablesummarizes the beginning and ending inventories of Decatur Manufacturing, Inc., for the month of March: Feb. 28 Mar. 31Raw materials . . . . . . . . . . . . . . . . . . . . . . . $ 53,600 $ 44,160Work in process . . . . . . . . . . . . . . . . . . . . . 114,080 103,680Finished goods . . . . . . . . . . . . . . . . . . . . . . 75,520 67,040Raw materials purchased during the month of March totaled $198,240. Direct labor costs incurred totaled $499,520 for the month. Actual and applied manufacturing overhead costs for March totaled $301,440 and $307,680, respectively. Over/ underapplied overhead is written off to cost of goods sold at the end of the year in December.Required:a. Calculate the cost of goods manufactured for March.b. Calculate the cost of goods sold for March.
Chapter 19 Solutions
FUND.ACCT.PRIN.(LOOSELEAF)-W/CONNECT
Ch. 19 - Jobs and job lots C1 Determine which of the...Ch. 19 - Job cost sheets C2 Clemens Cars's job cost sheet...Ch. 19 - Documents in job order costing P1 P2 P3 The left...Ch. 19 - Raw materials journal entries P1 During the...Ch. 19 - Prob. 5QSCh. 19 - Prob. 6QSCh. 19 - Prob. 7QSCh. 19 - Prob. 8QSCh. 19 - Prob. 9QSCh. 19 - Prob. 10QS
Ch. 19 - Prob. 11QSCh. 19 - Prob. 12QSCh. 19 - Jab order costing of services A1 An advertising...Ch. 19 - Job order costing of services A1 An advertising...Ch. 19 - Job cost sheet C2 Eco Skate makes skateboards from...Ch. 19 - Prob. 16QSCh. 19 - Prob. 17QSCh. 19 - Prob. 18QSCh. 19 - Prob. 19QSCh. 19 - Prob. 20QSCh. 19 - Prob. 21QSCh. 19 - Prob. 22QSCh. 19 - Prob. 23QSCh. 19 - Prob. 24QSCh. 19 - Exercise 19-1 Job order production C1 Match each...Ch. 19 - Exercise 19-2 Job cost computation C2 The...Ch. 19 - Exercise 19-3 Analysis of cost flows C2 As of the...Ch. 19 - Exercise 19-4 Recording product costs P1 P2 P3...Ch. 19 - Exercise 19-5 Manufacturing cost flows P1 P2 P3...Ch. 19 - Exercise 19-6 Recording events in job order...Ch. 19 - Exercise 19-7 Cost flows in a jab order costing...Ch. 19 - Exercise 19-8 Journal entries for materials P1 Use...Ch. 19 - Exercise 19-9 Journal entries for labor P2 Use...Ch. 19 - Exercise 19-10 Journal entries for overhead P3 Use...Ch. 19 - Exercise 19-11 Overhead rate; costs assigned to...Ch. 19 - Exercise 19-12 Analyzing costs assigned to work in...Ch. 19 - Exercise 19-13 Adjusting factory overhead P4 Refer...Ch. 19 - Exercise 19-14 Adjusting factory overhead P4...Ch. 19 - Prob. 15ECh. 19 - Prob. 16ECh. 19 - Exercise 19-17 Overhead rate calculation,...Ch. 19 - Exercise 19-18 Job order costing for services A1...Ch. 19 - Exercise 19-19 Job order costing of services A1...Ch. 19 - Exercise 19-20 Direct materials journal entries P1...Ch. 19 - Prob. 21ECh. 19 - Prob. 22ECh. 19 - Prob. 23ECh. 19 - Prob. 24ECh. 19 - Prob. 25ECh. 19 - Prob. 26ECh. 19 - Prob. 27ECh. 19 - Prob. 28ECh. 19 - Prob. 29ECh. 19 - Prob. 30ECh. 19 - Prob. 31ECh. 19 - Problem 19-1A Production costs computed and...Ch. 19 - Problem 19-2 A Source documents, journal entries,...Ch. 19 - Prob. 3PSACh. 19 - Prob. 4PSACh. 19 - Problem 19-5A Production transactions, subsidiary...Ch. 19 - Problem 19-1B Production costs computed and...Ch. 19 - Prob. 2PSBCh. 19 - Prob. 3PSBCh. 19 - Problem 19-4B Overhead allocation and adjustment...Ch. 19 - Problem 19-5B Production transactions, subsidiary...Ch. 19 - The computer workstation furniture manufacturing...Ch. 19 - The General Ledger tool in Connect automates...Ch. 19 - Manufacturers and merchandisers can apply...Ch. 19 - Prob. 2AACh. 19 - Apple and Samsung compete in the global...Ch. 19 - Prob. 1DQCh. 19 - Some companies use labor cost to apply factory...Ch. 19 - Prob. 3DQCh. 19 - In a job order costing system, what records serve...Ch. 19 - What journal entry is recorded when a materials...Ch. 19 - Prob. 6DQCh. 19 - Google uses a "time ticket" for some employees....Ch. 19 - What events cause debits to be recorded in the...Ch. 19 - Prob. 9DQCh. 19 - Assume that Apple produces a batch of 1,000...Ch. 19 - 11. Why must a company use predetermined overhead...Ch. 19 - How would a hospital apply job order costing?...Ch. 19 - Harley-Davidson manufactures 30 custom-made,...Ch. 19 - Prob. 14DQCh. 19 - Prob. 15DQCh. 19 - Assume that your company sells portable housing to...Ch. 19 - Assume that you are preparing for a second...Ch. 19 - Prob. 3BTNCh. 19 - Consider the activities undertaken by a medical...
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