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