Managerial Accounting
17th Edition
ISBN: 9781260247787
Author: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Publisher: RENT MCG
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Chapter 3.A, Problem 1E
EXERCISE 3A-1 Transaction Analysis LO3-5
Carmen Company is a manufacturer that completed numerous transactions during the month, some of which are shown below:
- Raw materials used in production as direct materials, $56,000.
- Paid direct laborers $40,000 in cash for their work on various jobs during the month.
- Applied $35,000 of manufacturing
overhead to production during the month. - Various
jobs costing a total of $110,000 were completed during the month and transferred to Finished Goods. - Various completed jobs costing a total of $90,000 were sold to customers.
- Cash sales for the month totaled $160,000.
- Selling and administrative expenses paid in cash, $18,000.
Required:
The table shown below includes a subset of Carmen Company's balance sheet accounts. Record each of the above transactions using the accounts that are given. If a transaction increases an account balance, then record the amount as a positive number. If it decreases an account balance, then record the amount in parentheses.
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20 EXERCISES
Soved
Prepare jourmal entries to record the following production activities for Hotwax.
1. Incurred $145,000 of direct labor in its Mixing department and $70,000 of direct labor in its Shapi
Wages Payable).
2 Incured indirect labor of $11,500 (credit Factory Wages Payable).
3. Total factory payroll of $226,500 was paid in cash.
View transaction list
Journal entry worksheet
1
Record direct labor used, but not yet paid.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
Work in process inventory-Shaping
70,000
Work in process inventory-Mixing
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PROBLEM 7
Miyose Corporation, a manufacturing company, has provided the following data for the month of
June:
Inventories:
Raw materials.
Finished goods
Beginning Ending
$23,000
$21,000
$32,000
$37,000
Raw materials purchased during June totaled $67,000 and the cost of goods manufactured
totaled $124,000.
Required:
a. What was the cost of raw materials used in production during June? Show your work.
b. What was the cost of goods sold for June? Show your work.
Problem No. 7
The management of XYZ Corporation has asked you in the preparation of some key reports for the month
of September. The beg. balance in the raw materials inventory account was Php40,000.00. During the month
the company purchased Php 89,000.00 of raw materials and used Php77,000 raw materials to production.
Direct Labor cost was Php4,000.00 and Manufacturing Overhead was
Php91,000.00.
The beg. Balance in the Work-in-Process Inventory account was PHp44,000.00 and the ending balance is
Php39,000.00. The beg. Balance in the Finished Goods Inventory Account was Php73,000.00 and the ending
balance is Php78,000.00. Salary of Salespersons was Php40,000.00 and Administrative Expense was
Php55,000.00.
1. Calculate the Prime Cost
2. Calculate the Conversion Cost
3. Calculate the Total Manufacturing Cost
4. How much is the total cost of Inventory to be presented in the Financial Position of XYZ?
Chapter 3 Solutions
Managerial Accounting
Ch. 3.A - EXERCISE 3A-1 Transaction Analysis LO3-5 Carmen...Ch. 3.A - EXERCISE 3A-2 Transaction Analysis LO3-5 Adams...Ch. 3.A - EXERCISE 3A-3 Transaction Analysis LO3-5 Dixon...Ch. 3.A - PROBLEM 3A-4 Transaction Analysis LO3-5 Morrison...Ch. 3.A - PROBLEM 3A-5 Transaction Analysis LO3-5 Star...Ch. 3.A -
PROBLEM 3A-6 Transaction Analysis LO3-5
Brooks...Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - What is underapplied overhead Overapplied...Ch. 3 - 3-4 Provide two reasons why overhead might be...
Ch. 3 - Prob. 5QCh. 3 - How do you compute the raw materials used in...Ch. 3 - Prob. 7QCh. 3 - How do you compute the cost of goods manufactured?Ch. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 1AECh. 3 - Prob. 2AECh. 3 - Prob. 3AECh. 3 - Prob. 4AECh. 3 - Prob. 1F15Ch. 3 - Prob. 2F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 4F15Ch. 3 - Prob. 5F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 7F15Ch. 3 - Prob. 8F15Ch. 3 - Prob. 9F15Ch. 3 - Prob. 10F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 12F15Ch. 3 - Prob. 13F15Ch. 3 - Prob. 14F15Ch. 3 - Prob. 15F15Ch. 3 - EXERCISE 3-1 Prepare Journal Entries LO3-1 Lamed...Ch. 3 - Prob. 2ECh. 3 - EXERCISE 3-3 Schedules of Cost of Goods...Ch. 3 - EXERCISE 3-4 Underapplied and Overapplied Overhead...Ch. 3 - Prob. 5ECh. 3 - EXERCISE 3-6 Schedules of Cost of Goods...Ch. 3 - (
$
15,000...Ch. 3 - EXERCISE 3-8 Applying Overhead: Journal Entries;...Ch. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 -
PROBLEM 3-11: T-Account Analysis of Cost Flows...Ch. 3 - Prob. 12PCh. 3 - PROBLEM 3-13 Schedules of Cost of Goods...Ch. 3 - Prob. 14PCh. 3 -
PROBLEM 3-15 Journal Entries; T-Accounts;...Ch. 3 - Prob. 16PCh. 3 - Prob. 17PCh. 3 - Prob. 18C
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