MANAGERIAL ACCOUNTING
16th Edition
ISBN: 9781260936322
Author: Garrison
Publisher: MCG
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Chapter 3.A, Problem 2E
EXERCISE 3A-2 Transaction Analysis LO3-5
Adams Company is a manufacturer that completed numerous transactions during the month, some of which are show below:
Manufacturing overhead costs incurred on account, $80,000.Depreciation was recorded for the month, $35,000 (80°o related to factory equipment, and the remainder related to selling and administrative equipment).- Prepaid insurance expired during the month, $2:500 (75% related to production, and 25° o related to selling and administration).
- Applied $115,000 of manufacturing overhead to production during the month.
- Closed $5,125 of overapplied overhead to cost of goods sold.
Required:
The table shown below includes a subset of Adams 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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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…
Q3) 4. The following information has been taken from the accounting records of Manufacturing company for year December, 2019:
Particulars
Amount
Raw materials inventory, January 1
$500,000
Raw materials inventory, December 31
50,000
Selling expenses
50,000
Utilities, factory
50,000
Direct labor cost
100,000
Depreciation, factory
120,000
Purchase of raw materials
2,500,000
Sales
5,000,000
Insurance, factory
50,000
Supplies, factory
20,000
Administrative expenses
150,000
Indirect labor
200,000
Maintenance, factory
100,000
Work in progress inventory, January 1
150,000
Work in progress inventory, December 31
100,000
Finished goods inventory, January 1
250,000
Finished goods inventory, December 31
150,000
Management wants these date organized in a better format so that financial statements can be prepared for the…
Q # 2
XYZ Incorporation provides the following financial data for the month of July 2020:
Beginning Inventories 'Rs.'
Direct Material
12,000
WIP
-
Finished Goods
-
1. Purchased material on accounts for Rs. 200,000
2. Defective material returned to supplier worth Rs. 5,000
3. Material and labor issued to job during the month
Direct material
Direct Labor
Job # 101
40,000
65,000
Job # 102
50,000
80,000
Job # 103
30,000
50,000
Job # 104
25,000
40,000
Indirect
5,000
15,000
4. FOH rate is 120% of direct labor cost
5. Actual FOH cost incurred on account Rs. 250,000
Required
a) Prepare journal entries to…
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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