Problem 2-53 Name:
a – b. Insert amounts in the gray-shaded cells of columns E, F, and H. If an
answer is incorrect, the word “wrong” will appear.
Beg. Bal. 72,000 136,200 #2) Issued materials
#1) Purch. 570,000
End. Bal. 505,800
Beg. Bal. 108,000
#2) DM 121,200 532,140 CGM
#3) IM 15,000
#3) DL 180,000
#3) IL 42,000
#5) Util. 28,140
#6) Depr. 48,000
#7) Rent 39,600
49,800
Beg. Bal. 24,000 502,740 CGS
CGM 532,140
End. Bal. 53,400
Total product costs 532,140$
Office salaries (#4) 144,600$
Utilities expense (#5) 12,060
Depreciation expense (#6) 12,000
Rent expense (#7) 26,400
Total period costs 195,060$
Period costs for August (all on the income statement):
Solution
Raw Material Inventory
Work in Process Inventory
Finished Goods Inventory