Homework Answers
| Cash | |||
| Beg. Bal. | $ 29,000 | ||
| 9 | $ 530,000 | 3 | $ 96,000 |
| 9 | $ 140,000 | ||
| End. Bal. | $ 323,000 | ||
| Accounts Receivable | |||
| Beg. Bal. | $ 53,000 | ||
| 6 | $ 510,000 | 9 | $ 530,000 |
| End. Bal | $ 33,000 | ||
| Raw Materials | |||
| Beg. Bal. | $ 10,000 | 2 | $ 150,000 |
| 1 | $ 160,000 | ||
| End. Bal. | $ 20,000 | ||
| Work in process | |||
| Beg. Bal. | $ 135,000 | ||
| 2 | $ 120,000 | 5 | $ 280,000 |
| 3 | $ 69,000 | ||
| 8 | $ 138,000 | ||
| End. Bal | $ 182,000 | ||
| Finished Goods | |||
| Beg. Bal. | $ 58,000 | ||
| 5 | $ 280,000 | 7 | $ 320,000 |
| End. Bal | $ 18,000 | ||
| Accounts payable | |||
| Beg. Bal. | $ 16,000 | ||
| 9 | $ 140,000 | 1 | $ 160,000 |
| 4 | $ 52,000 | ||
| End. Bal | $ 88,000 | ||
| Sales Revenue | |||
| 6 | $ 510,000 | ||
| End. Bal. | $ 510,000 | ||
| Cost of goods sold | |||
| 7 | $ 320,000 | 10 | $ 29,000 |
| End. Bal. | $ 291,000 | ||
| Manufacturing Overhead | |||
| 2 | $ 30,000 | ||
| 3 | $ 27,000 | 8 | $ 138,000 |
| 4 | $ 52,000 | ||
| 10 | $ 29,000 | ||
Total manufacturing cost = $271,000
Calculations:
| Beginning Inventory | $ 10,000 |
| Add: Purchase of Raw Materials | $ 160,000 |
| Deduct: Ending inventory | ($ 20,000) |
| Direct Materials Used in Production | $ 150,000 |
| Add: Direct labor | $ 69,000 |
| Add: Manufacturing overhead | |
| Indirect material | $30,000 |
| Indirect labor | $27,000 |
| Other overheads | $ 52,000 |
| Total Manufacturing costs | $3,28,000 |
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Raw materials
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Finished goods
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concerning last month’s operations.
2. Boursaw Corporation has provided the following data
concerning last month’s operations.
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concerning last month’s operations.
4. Boursaw Corporation has provided the following data
concerning last month’s operations.
$33,000 Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor cost Manufacturing overhead applied to Work in Process Underapplied overhead $ 4,000 $58,000 $78,000 $ 5,000 Beginning Ending Raw...
Drew Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform is unique in color and design, Drew uses a job order costing system. On January 1, the T-accounts for some of Drew's primary balance sheet accounts were as follows: Raw Materials Inventory 15,000 Work In Process Inventory Beg. 31,000 Beg. Beg. Finished Goods Inventory 22,000 Cash 32,000 Beg. Accounts Receivable 56,000 Accounts Payable Beg. Beg. 42,000 During the year, the following...
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Gilkison Corporation uses a job-order costing system to assign
manufacturing costs to jobs. At the end of the month it closes out
any overapplied or underapplied manufacturing overhead to Cost of
Goods Sold. Its balance sheet on October 1 appears below:
Gilkison Corporation
Balance Sheet
October 1
Assets:
Cash
$
10,700
Raw materials
$
4,700
Work in process
15,700
Finished goods
19,700
40,100
Property, plant, and equipment (net)
229,700
Total assets
$
280,500
Liabilities and Stockholders' Equity:
Accounts payable
$...
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