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1. Supporting calculations:
May 1 Cost of
Work in Direct Direct Factory Total Unit Units Goods
Job. No. Style Quantity Process Materials Labor Overhead Cost Cost Sold Sold
No. 101 AF1 330 26,400$ 82,500$ 59,400$ 29,700$ 198,000$ $600.00 264 158,400$
No. 102 AF3 380 46,000 105,400 72,600 36,300 260,300 $685.00 360 246,600
No. 103 AF2 500 - 132,000 110,000 55,000 297,000 - -
A. Materials requisitions 586,100$
B. Work in process, May 1 72,400$
C. Work in process materials 570,700$
D. Work in process direct labor 378,400$
2.
May 31 balances:
Materials 19,500$ Debit
Work in Process 409,200$ Debit
Problem 17(2)-4B
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Solution
Section:
Instructions
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ON
Score:
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1.
Sales
Gross profit
Selling expenses:
Total selling expenses
Administrative expenses:
Total operating expenses
Income from operations
Cost of goods sold supporting calculation:
Manufacturing cost per unit (knife):
Direct materials:
Hardened steel blanks
Wood (for handle)
Packaging
Total direct materials
Direct labor
Factory overhead
Total manufacturing cost per knife
x Number of units sold
Cost of goods sold
2.
Finished goods inventory balance, December 31, 2016:
Units produced
Less: Units sold
Units remaining in inventory
x Manufacturing cost per unit
Balance
Work in process inventory balance, December 31, 2016:
Additional units waiting for assembly
x Direct materials and overhead per unit
Problem 17(2)-5A
Name:
Section:
Instructions
GINOCERA INC.
Income Statement
For the Year Ended December 31, 2016
0%
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Balance
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1.
Sales 17,920,000$
10,864,000
Gross profit 7,056,000$
Selling expenses:
3,600,000$
Cost of goods sold supporting calculation:
Manufacturing cost per unit (knife):
Direct materials:
Hardened steel blanks 4.00$
Wood (for handle) 1.50
Packaging 0.50
Total direct materials 6.00$
2.
Finished goods inventory balance, December 31, 2016:
Units produced 1,200,000
Less: Units sold 1,120,000
Units remaining in inventory 80,000
Problem 17(2)-5A
Name:
Solution
Section:
ON
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Instructions
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Promotional materials
Cost of goods sold
GINOCERA INC.
Income Statement
For the Year Ended December 31, 2016
Balance 230,000$
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1.
Sales
Gross profit
Selling expenses:
Total selling expenses
Income from operations
Cost of goods sold supporting calculation:
Manufacturing cost per unit:
Direct materials:
Leather
Velvet (for interior)
Packaging
Total direct materials
Direct labor
Factory overhead
Total manufacturing cost per unit
x Number of units sold
Cost of goods sold
2.
Finished goods inventory balance, December 31, 2016:
Units produced
Less: Units sold
Units remaining in inventory
x Manufacturing cost per unit
Balance
Work in process inventory balance, December 31, 2016:
Additional units waiting for assembly
x Direct materials and overhead per unit
Balance
Instructions
TECHNOLOGY ACCESSORIES INC.
Income Statement
For the Year Ended December 31, 2016
Problem 17(2)-5B
Name:
Section:
0%
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1.
Sales 18,400,000$
Cost of goods sold supporting calculation:
Manufacturing cost per unit:
Direct materials:
Leather 10.00$
Velvet (for interior) 5.00
Packaging 0.40
Total direct materials 15.40$
Direct labor 0.50
Factory overhead 10.00
2.
Finished goods inventory balance, December 31, 2016:
Units produced 500,000
Less: Units sold 460,000
Score:
Instructions
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TECHNOLOGY ACCESSORIES INC.
Problem 17(2)-5B
Name:
Solution
Section:
ON
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Income Statement
For the Year Ended December 31, 2016
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a.
Materials
Receiving Requi-
Report Unit sition
Number Quantity Price Number Quantity Unit Price Amount Date Quantity Unit Price Amount
May 1 285 $30.00 $8,550
40 130 $32.00 May 4
91
Total 365 May 10
44 110 $38.00 May 21
97
Total 100 May 27
b. Total issued Ending balance
c.
d.
Exercise 17(2)-3
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Section:
[Key code here]
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WIRE CABLE
Score:
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Instructions
0%
[Key essay answer here]
RECEIVED
ISSUED
BALANCE
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a.
Materials
Receiving Requi-
Report Unit sition
Number Quantity Price Number Quantity Unit Price Amount Date Quantity Unit Price Amount
May 1 285 $30.00 $8,550
40 130 $32.00 May 4 285 $30.00 $8,550
130 $32.00 $4,160
91 285 $30.00 $8,550
c.
14,610
d.
Exercise 17(2)-3
Name:
Section:
Score:
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WIRE CABLE
ON
Solution
Comparing quantities on hand as reported in the materials ledger with predetermined order points enables management to order materials before a lack of
ISSUED
Work in Process
BALANCE
RECEIVED
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a.
Revenues
Gross profit
Income from operations
b.
Materials inventory:
Purchased materials
Less: Materials used in production
Materials inventory
Work in process inventory:
Materials used in production
Direct labor
Factory overhead
Additions to work in process
Less: Transferred to finished goods
Work in process inventory, June 30
Finished goods inventory:
Transferred to finished goods
Less: Cost of goods sold
Finished goods inventory, June 30
0%
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Exercise 17(2)-14
Name:
Section:
Instructions
CHI-LITE INC.
Income Statement
For the Month Ended June 30, 2016
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a.
Revenues 1,400,000$
789,000
b.
Materials inventory:
Purchased materials 400,000$
Less: Materials used in production 343,750
Materials inventory 56,250$
Work in process inventory:
Materials used in production 343,750$
Finished goods inventory:
Transferred to finished goods 815,000$
For the Month Ended June 30, 2016
CHI-LITE INC.
Income Statement
Cost of goods sold
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Instructions
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Exercise 17(2)-14
Name:
Solution
Section:
ON
