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Solution for Cost Accounting: Foundations and Evolutions 8th Edition Chapter 2, Problem 16

by Michael R. Kinney, Cecily A. Raiborn
358 Solutions 19 Chapters 53447 Studied ISBN: 9781439044612 Accounting 5 (1)

Chapter 2, Problem Exercise 16 : Exercise 2-33   ...

Exercise 2-33

 

 

 

 

 

 

 

 

 

 

 

 

Enter the appropriate amounts in the gray-shaded cells of columns E and F. Enter amounts

 

to be subtracted as negatives. If an answer is incorrect, the word "wrong" will appear.

 

 

 

 

 

 

 

 

 

 

 

 

 

a.

Irresistible Art

 

 

 

 

 

Cost of Goods Manufactured Schedule

 

 

 

 

 

For the Month Ended July 31, 2010

 

 

 

 

 

Beginning work in process inventory

 

 

$   1,46,400

 

 

 

 

 

Direct materials:

 

 

 

 

 

 

 

 

 

Beginning raw material inventory

 

$      93,200

 

 

 

 

 

 

 

Add: Raw material purchased

 

      6,56,000

 

 

 

 

 

 

 

Raw material available

 

 

 

 

 

 

 

 

 

Ending raw material inventory

 

       (69,600)

 

 

 

 

 

 

 

Raw material used

 

 

 

 

 

 

 

 

 

Indirect material used

 

    (1,75,600)

 

 

 

 

 

 

 

Direct material used

 

 

$   5,04,000

 

 

 

 

 

Direct labor cost

 

 

      5,91,000

 

 

 

 

 

Overhead:

 

 

 

 

 

 

 

 

 

Various

 

$   6,00,000

 

 

 

 

 

 

 

Indirect material used

 

 

 

 

 

 

 

 

 

Indirect labor

 

      1,97,000

 

 

 

 

 

 

 

Total overhead cost

 

 

      9,72,600

 

 

 

 

 

Total costs

 

 

 

 

 

 

 

 

Less: Ending work in process inventory

 

 

    (1,20,000)

 

 

 

 

 

Cost of goods manufactured

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

Irresistible Art

 

 

 

 

 

Cost of Goods Sold Schedule

 

 

 

 

 

For the Month Ended July 31, 2010

 

 

 

 

 

Beginning finished goods

 

 

$      72,000

 

 

 

 

 

Cost of goods manufactured

 

 

    20,94,000

 

 

 

 

 

Goods available for sale

 

 

 

 

 

 

 

 

Ending finished goods inventory

 

 

    (1,04,800)

 

 

 

 

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Step-By-Step Solution

Chapter 2, Problem Exercise 16

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