Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
Student Name:
Class:
1.
Acc #
75,180
75,180 «- Correct!
5.
Acc #
58,800 «- Correct!
18,900
39,900
Problem 07-51
Requirement a:
Purchased $75,180 in materials on account.
APEX MANUFACTURING
Materials Inventory
Accounts Payable
McGraw-Hill
Instructor
Payroll Taxes Payable
Payroll
amount, $13,500 was withheld for payroll taxes and credited to payroll taxes payable. The
Incurred wage costs of $42,000, which were debited to payroll, a temporary account. Of this
Cash
information about payroll.
remaining 28,500 was paid to the employees. See transactions (6) and (7) for additional
Acc #
45,360
45,360 «- Correct!
Cash
Manufacturing Overhead
1. 75,180$
2. 2,100$
3.
Beginning Ending
77,805$ -$
17,325 -
Given Data P07-51:
Account Balances:
Materials Inventory
Work-In-Process Inventory
APEX MANUFACTURING
Paid for materials purchased in (1).
January transactions:
Purchased materials on account.
Issued supplies from materials inventory to production department.
Student Name:
Class:
(a)
Beginning balance
Transferred out (d)
(b) Direct materials Disaster loss (f)
Step b.
Correct!
materials purchased. Compute purchases in the shaded area below.
To compute the direct materials added to work-in-process, you will first have to compute
will be identified as correct or incorrect.
computations for the missing data. Only the final items in the Work-in-Process T account above
This is a challenging problem. To keep it challenging you will need to set up your own
in the second Work-in-Process
T Account to find out if you are correct.
TOLEDO FARM IMPLEMENTS
Work-in-Process
McGraw-Hill
Instructor
Problem 07-54
This problem is arranged so that
it can be solved one step at a
time. The T account for Work-
Compute direct materials added to production in the space below.
Step d.
75,000$
107,000$
Correct!
Step e.
Correct!
Step f.
172,400$
140,628
Amount transferred to Finished Goods from Work-in-Process
Debits to the Work-in-Process account:
Beginning balance
Materials added
Computation of amount transferred out of Work-in-Process.
Ending balance of Finished Goods
Computation of the loss from the Tornado
Computation of Overapplied Applied during May
98,000$
172,400
86,000$
?
75,000
Inventories on hand May 31:
Available balances at end of May:
Work-in-process inventory
Finished goods inventory
Materials inventory
Work-in-process inventory, April 30
Given Data P07-54:
Information from April financial statements:
Materials inventory, April 30
TOLEDO FARM IMPLEMENTS
Student Name:
Class:
8,000$ 8,000$
38,400 76,800
Correct!
6,400$
Correct!
8,000$
Materials
Materials added in June
Materials added in June
Direct Materials
Direct Labor
Manufacturing Overhead
Work-in-Process - Job 63
Cost of Goods Sold - Job 61
Problem 07-57
Use the T accounts provided to determine the information needed for the management report.
Work-in-Process - Job 62
Instructor
McGraw-Hill
CHELSEA HOUSEHOLD RENOVATIONS
Cash or Accounts Payable
Work-in-Process - Job 61
12,000$
Materials
If you need space to make computations, the yellow area below is unprotected.
8,000$
-$
-$
80,000$
8,000$
?
Materials
Labor
Cost of goods sold (before adjustment for over- or underapplied overhead)
Actual overhead
Job 61
May 31
Direct materials inventories
Finished goods inventories
CHELSEA HOUSEHOLD RENOVATIONS
Information for June:
Given Data P07-57:
Started and completed Job 62
Completed Job 61
Started Job 63
Work-in-process inventory (excluding applied overhead):
May 31: Job 61
Direct materials
