MANAGERIAL ACCOUNTING
17th Edition
ISBN: 9781264349135
Author: Garrison
Publisher: MCG
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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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Prepare Journal Entries
Larned Corporation recorded the following transactions for the just completed month.
a. $80,000 in raw materials were purchased on account.
b. $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.
c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor.
d. Depreciation of $ 175,000 was incurred on factory equipment.
Required:
Record the above transactions in journal entries.
Prepare T-Accounts
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.
a. $94,000 in raw materials were purchased for cash.
b. $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.
c. 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.
d. Additional manufacturing overhead costs of $143,000 were incurred and paid.
e. Manufacturing overhead of $ 152,000 was applied to production using the company’s predetermined overhead rate.
f. All of the jobs in process at the end of the month were completed.
g. All of the completed jobs were shipped to customers.
h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold.
Required:
1. Post the above transactions to T-accounts.
2. Determine the adjusted cost of goods…
Question 9
Zulfiqar Corporation has provided data concerning its operations for September. The beginning balance in the raw materials account was Rs. 30,000 and the ending balance was Rs. 35,000. Raw materials purchases during the month totaled Rs. 85,000. Manufacturing overhead cost incurred during the month was Rs. 64,000, of which Rs. 5,000 consisted of raw materials classified as indirect materials. The direct materials cost for September was:
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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