Managerial Accounting
17th Edition
ISBN: 9781260247787
Author: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Publisher: RENT MCG
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Chapter 3.A, Problem 1E
EXERCISE 3A-1 Transaction Analysis LO3-5
Carmen Company is a manufacturer that completed numerous transactions during the month, some of which are shown below:
- Raw materials used in production as direct materials, $56,000.
- Paid direct laborers $40,000 in cash for their work on various jobs during the month.
- Applied $35,000 of manufacturing
overhead to production during the month. - Various
jobs costing a total of $110,000 were completed during the month and transferred to Finished Goods. - Various completed jobs costing a total of $90,000 were sold to customers.
- Cash sales for the month totaled $160,000.
- Selling and administrative expenses paid in cash, $18,000.
Required:
The table shown below includes a subset of Carmen Company's balance sheet accounts. Record each of the above transactions using the accounts that are given. If a transaction increases an account balance, then record the amount as a positive number. If it decreases an account balance, then record the amount in parentheses.
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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:
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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…
6. Financial statements of a manufacturing firm The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:a. Purchased $168,500 of materials.b. Used $149,250 of direct materials in production.c. Incurred $360,000 of direct labor wages.d. Incurred $120,000 of factory overhead.e. Transferred $600,000 of work in process to finished goods.f. Sold goods for $875,000.g. Sold goods with a cost of $525,000.h. Incurred $125,000 of selling expense.i. Incurred $80,000 of administrative expense.Using the information given, complete the following:a. Prepare the January income statement for Digital Vibe Manufacturing Company.b. Determine the Materials Inventory, Work in Process Inventory, and Finished GoodsInventory balances at the end of the first month of operations.
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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