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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
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Instructions
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ON
Score:
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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
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Solution
Section:
ON
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Promotional materials
Cost of goods sold
GINOCERA INC.
Income Statement
For the Year Ended December 31, 2016
Infomercial campaign
Shipping expenses
Legal expenses
Balance 230,000$
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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
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Solution
Section:
ON
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Income Statement
For the Year Ended December 31, 2016
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded.
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
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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 $8,550
c.
14,610
d.
Exercise 17(2)-3
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WIRE CABLE
ON
Solution
Comparing quantities on hand as reported in the materials ledger with predetermined order points enables management to order materials before a lack of
ISSUED
Work in Process
BALANCE
RECEIVED
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a.
Revenues
Gross profit
Income from operations
b.
Materials inventory:
Purchased materials
Less: Materials used in production
Materials inventory
Work in process inventory:
Materials used in production
Direct labor
Factory overhead
Additions to work in process
Less: Transferred to finished goods
Work in process inventory, June 30
Finished goods inventory:
Transferred to finished goods
Less: Cost of goods sold
Finished goods inventory, June 30
0%
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Score:
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Exercise 17(2)-14
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Section:
Instructions
CHI-LITE INC.
Income Statement
For the Month Ended June 30, 2016
An asterisk (*) will appear to the right of an incorrect entry.
a.
Revenues 1,400,000$
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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Exercise 17(2)-14
Name:
Solution
Section:
ON
Selling expenses
Administrative expenses