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Exercise 19-4 (15 minutes)
1.
2. Total cost of job in process (given).....................................................$ 50,000
Exercise 19-6 (15 minutes)
1. Raw Materials Inventory...............................................76,200
2. Work in Process Inventory...........................................48,000
3. Work in Process Inventory...........................................15,350
4. Work in Process Inventory...........................................18,420
Exercise 19-7 (30 minutes)
1. Cost of direct materials used
Beginning raw materials inventory.................................................$ 43,000
Plus purchases................................................................................. 210,000
2. Cost of direct labor used
Total factory payroll.........................................................................$ 345,000
3. Cost of goods manufactured
Beginning work in process inventory.............................................$ 10,200
Plus direct materials........................................................................ 186,000
Exercise 19-7 (continued)
4. Cost of goods sold
Beginning finished goods inventory...............................................$ 63,000
5. Gross profit
Sales.................................................................................................$1,400,000
6. Actual overhead incurred
Indirect materials.............................................................................$ 15,000
Indirect labor....................................................................................80,000
Exercise 19-8 (10
minutes)
1. Raw Materials Inventory...............................................210,000
Cash......................................................................... 210,000
To record materials purchases.
Exercise 19-9 (10 minutes)
1. Work in Process Inventory...........................................265,000
Factory Payroll Payable.......................................... 265,000
To record direct labor used.
Exercise 19-10 (10 minutes)
1. Factory Overhead.........................................................120,000
Other Accounts....................................................... 120,000
To record other factory overhead.
Exercise 19-11 (10 minutes)
Cost of Goods Sold......................................................29,500
Exercise 19-12 (15 minutes)
Exercise 19-13 (25 minutes)
a. Raw Materials Inventory...............................................90,000
b. Work in Process Inventory...........................................36,500
Factory Overhead.........................................................19,200
c. Work in Process Inventory...........................................38,000
Cash.........................................................................
50,000
e. Work in Process Inventory...........................................47,500
f. Finished Goods Inventory............................................56,800
g. Cost of Goods Sold......................................................56,800
Exercise 19-14 (35 minutes)
1. Predetermined overhead rate
Estimated overhead costs.............................................................$750,000
2. & 3.
Factory Overhead
4.
Dec. 31 Cost of Goods Sold......................................................8,000
Exercise 19-15 (25 minutes)
1. Predetermined overhead rate
2. & 3.
Overhead
4.
Dec. 31 Factory Overhead.........................................................10,500
