MANAGERIAL ACCOUNTING (LL) W/CONNECT >C<
17th Edition
ISBN: 9781264384150
Author: Garrison
Publisher: MCG CUSTOM
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Textbook Question
Chapter 3, Problem 8E
EXERCISE 3-8 Applying
Work in Process, ending....................$19.500
Finished Goods, ending....................58,500
Cost of Goods Sold....................312.000
Overhead applied....................$390.0::
For example, of the $40,000 ending balance in Work in Process, $19,500 was overhead that had been applied during the year.
Required:
- Identify' reasons for entries (a) through (d).
- Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary
journal entry . - Assume that the underapplied or overapplied overhead is closed proportionally' to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. Provide supporting computations.
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Question Content Area
Selected accounts with a credit amount omitted are as follows
Work in Process
Apr. 1
Balance
7,100
Apr. 30
Goods finished
X
30
Direct materials
63,000
30
Direct labor
192,400
30
Factory overhead
57,720
Finished Goods
Apr. 1
Balance
12,700
30
Goods finished
303,900
What was the balance of Work in Process as of April 30?
a.$12,700
b.$16,320
c.$57,720
d.$303,900
Yates Manufacturing Company incurs the following manufacturing costs and expenses during the month of May.
1.
Assembly line wages
2.
Raw materials used directly in product
3.
Depreciation on office equipment
4.
Property taxes on factory building
5.
Rent on factory building
6.
Sales commissions
7.
Depreciation on factory equipment
8.
Factory utilities
9.
Wages for factory maintenance workers
10.
Advertising
11.
Indirect materials used in production
12.
Factory manager's salary
Complete the following matrix by placing an X markunder the appropriate headings.
Cost
Direct
Direct
Manufacturing
Period
Item
Materials
Labor
Overhead
Costs
1.
2.
napters 1,2, & 2
Beginning WIP
Direct materials
Direct labor
Applied overhead
The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory.
To finished goods
Ending WIP
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6,300
48,900
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Chapter 3 Solutions
MANAGERIAL ACCOUNTING (LL) W/CONNECT >C<
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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