Managerial Accounting
16th Edition
ISBN: 9781259995484
Author: Ray Garrison
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 3, Problem 1E
EXERCISE 3-1 Prepare
Lamed Corporation recorded the following transactions for the just completed month.
- $80;000 in raw materials were purchased on account.
- $71;000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials.
- Total labor wages of $ 12.000 were paid in cash. Of this amount. $101.000 was for direct labor and the remainder was for indirect labor.
Depreciation of $ 75,000 was incurred on factor}' equipment.
Required:
Record the above transactions in journal entries.
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Exercise 3-2 (Static) Prepare T-Accounts [LO3-2, LO3-4]
Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below.
$94,000 in raw materials were purchased for cash.
$89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials.
Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor.
Additional manufacturing overhead costs of $143,000 were incurred and paid.
Manufacturing overhead of $152,000 was applied to production using the company’s predetermined overhead rate.
All of the jobs in process at the end of the month were completed.
All of the completed jobs were shipped to customers.
Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold.
Required:
1. Post the above transactions…
question 2Compute the amount of raw materials used during August if Rs.700,000 of raw materials were purchased during the month and the inventories were as follows:
Inventories
Balance
August 1
Balance
August 31
Raw Materials
25,000
30,000
Work in Process
13,000
16,000
Finished Goods
25,000
27,000
Problem 2-42 Cost Terminology
Clue: 1(a). Total prime costs:$2,680,0001(d). Manufacturing overhead:$534,000
The following cost data for the year just ended pertain to Sentiments, Inc., a greeting card manufacturer:
Direct material.................................................................................................... $2,100,000Advertising expense................................................................................................. 99,000Depreciation on factory building...................................................................... 115,000Direct labor: wages................................................................................................. 485,000Cost of finished goods inventory at year-end............................................. 115,000Indirect labor: wages.............................................................................................. 140,000Production supervisor’s…
Chapter 3 Solutions
Managerial Accounting
Ch. 3.A - EXERCISE 3A-1 Transaction Analysis LO3-5 Carmen...Ch. 3.A - EXERCISE 3A-2 Transaction Analysis LO3-5 Adams...Ch. 3.A - EXERCISE 3A-3 Transaction Analysis LO3-5 Dixon...Ch. 3.A - PROBLEM 3A-4 Transaction Analysis LO3-5 Morrison...Ch. 3.A - PROBLEM 3A-5 Transaction Analysis LO3-5 Star...Ch. 3.A -
PROBLEM 3A-6 Transaction Analysis LO3-5
Brooks...Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - What is underapplied overhead Overapplied...Ch. 3 - 3-4 Provide two reasons why overhead might be...
Ch. 3 - Prob. 5QCh. 3 - How do you compute the raw materials used in...Ch. 3 - Prob. 7QCh. 3 - How do you compute the cost of goods manufactured?Ch. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 1AECh. 3 - Prob. 2AECh. 3 - Prob. 3AECh. 3 - Prob. 4AECh. 3 - Prob. 1F15Ch. 3 - Prob. 2F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 4F15Ch. 3 - Prob. 5F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 7F15Ch. 3 - Prob. 8F15Ch. 3 - Prob. 9F15Ch. 3 - Prob. 10F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 12F15Ch. 3 - Prob. 13F15Ch. 3 - Prob. 14F15Ch. 3 - Prob. 15F15Ch. 3 - EXERCISE 3-1 Prepare Journal Entries LO3-1 Lamed...Ch. 3 - Prob. 2ECh. 3 - EXERCISE 3-3 Schedules of Cost of Goods...Ch. 3 - EXERCISE 3-4 Underapplied and Overapplied Overhead...Ch. 3 - Prob. 5ECh. 3 - EXERCISE 3-6 Schedules of Cost of Goods...Ch. 3 - (
$
15,000...Ch. 3 - EXERCISE 3-8 Applying Overhead: Journal Entries;...Ch. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 -
PROBLEM 3-11: T-Account Analysis of Cost Flows...Ch. 3 - Prob. 12PCh. 3 - PROBLEM 3-13 Schedules of Cost of Goods...Ch. 3 - Prob. 14PCh. 3 -
PROBLEM 3-15 Journal Entries; T-Accounts;...Ch. 3 - Prob. 16PCh. 3 - Prob. 17PCh. 3 - Prob. 18C
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