Managerial Accounting: Tools for Business Decision Making
7th Edition
ISBN: 9781118334331
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
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Textbook Question
Chapter 2, Problem 2.9E
At May 31, 2017, the accounts of Lopez Company show the following.
1. May 1 inventories—finished goods $12,600, work in process $14,700, and raw materials $8,200.
2. May 31 inventories—finished goods $9,500, work in process $15,900, and raw materials $7,100.
3. Debit postings to work in process were direct materials $62,400, direct labor $50,000, and manufacturing
4. Sales revenue totaled $215,000.
Instructions
(a) Prepare a condensed cost of goods manufactured schedule.
(b) Prepare an income statement for May through gross profit.
(c) Indicate the
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At May 31, 2022, the accounts of Cullumber Company show the following
May 1 inventories-finished goods $16,080, work in process $18,720, and raw materials $10,400
May 31 inventories-finished goods $12.160, work in process $20,400, and raw materials $9,040
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Debit postings to work in process were direct materials $79,920, direct labor $64,000, and manufacturing overhead applied
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Cost of Goods Manufactured Schedule
For the Month Ended May 31, 2022 4
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At May 31, 2014, the accounts of Mantle Company show the following.
1. May 1 inventories-finished goods $12,600, work in process $14,700, and raw materials
$8,200.
2. May 31 inventories-finished goods $9,500, work in process $17,900, and raw materials
$7,100.
3. Debit postings to work in process were direct materials $62,400, direct labor $50,000,
and manufacturing overhead applied $40,000.
4. Sales revenue totaled $210,000.
(a) Prepare a condensed cost of goods manufactured schedule.
(b) Prepare an income statement for May through gross profit.
(c) Indicate the balance sheet presentation of the manufacturing inventories at May 31,
2014.
At May 31, 2022, the accounts of Sandhill Company show the following.
1. May 1 inventories-finished goods $15,080, work in process $17,560, and raw materials $9,760.
May 31 inventories-finished goods $11,400, work in process $19,120, and raw materials $8,480.
Debit postings to work in process were direct materials $74,920, direct labor $60,000, and manufacturing overhead applied
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Sales revenue totaled $258,000.
2.
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Chapter 2 Solutions
Managerial Accounting: Tools for Business Decision Making
Ch. 2 - (a) Mary Barett is not sure about the difference...Ch. 2 - Prob. 2QCh. 2 - What type of industry is likely to use a job order...Ch. 2 - What type of industry is likely to use a process...Ch. 2 - Your roommate asks your help in understanding the...Ch. 2 - Prob. 6QCh. 2 - What source documents are used in accumulating...Ch. 2 - Entries to Manufacturing Overhead normally are...Ch. 2 - Stan Kaiser is confused about the source documents...Ch. 2 - What is the purpose of a job cost sheet?
Ch. 2 - Indicate the source documents that are used in...Ch. 2 - Explain the purpose and use of a materials...Ch. 2 - Sam Bowden believes actual manufacturing overhead...Ch. 2 - What elements are involved in computing a...Ch. 2 - Prob. 15QCh. 2 - Jane Neff believes that the cost of goods...Ch. 2 - Matt Litkee is confused about under- and...Ch. 2 - At the end of the year, under- or overapplied...Ch. 2 - Dicker Company begins operations on January 1....Ch. 2 - During January, its first month of operations,...Ch. 2 - In January, Dicker Company requisitions raw...Ch. 2 - Factory labor data for Dieker Company is given in...Ch. 2 - Data pertaining to job cost sheets for Dieker...Ch. 2 - Marquis Company estimates that annual...Ch. 2 - Assign manufacturing overhead to production.(LO...Ch. 2 - In March, Stinson Company completes Jobs 10 and...Ch. 2 - Prepare entries for service salaries and wages and...Ch. 2 - At December 31, balances in Manufacturing Overhead...Ch. 2 - During the current month, Wacholz Company incurs...Ch. 2 - Milner Company is working on two job orders. The...Ch. 2 - Washburn Company produces earbuds. During the...Ch. 2 - During the current month, Standard Corporation...Ch. 2 - For Eckstein Company, the predetermined overhead...Ch. 2 - The gross earnings of the factory workers for...Ch. 2 - Stine Company uses a job order cost system. On May...Ch. 2 - A job order cost sheet for Ryan Company is shown...Ch. 2 - Manufacturing cost data for Orlando Company, which...Ch. 2 - Ikerd Company applies manufacturing overhead to...Ch. 2 - Analyze job cost sheet aid prepare entry for...Ch. 2 - Crawford Corporation incurred the following...Ch. 2 - Enos Printing Corp. uses a job order cost system....Ch. 2 - At May 31, 2017, the accounts of Lopez Company...Ch. 2 - Tierney Company begins operations on April 1,...Ch. 2 - The following are the job cost related accounts...Ch. 2 - Determine cost of jobs end ending balance in work...Ch. 2 - Tombert Decorating uses a job order cost system to...Ch. 2 - Lott Company uses a job order cost system and...Ch. 2 - For the year ended December 31, 2017, the job cost...Ch. 2 - Prepare entries in a job order cost system and...Ch. 2 - Agassi Company uses a job order cost system in...Ch. 2 - Phillips Corporations fiscal year ends on November...Ch. 2 - Huegel Hollow Resort has ordered 20 rotomolded...Ch. 2 - Khan Products Company uses a job order cost...Ch. 2 - In the course of routine checking of all journal...Ch. 2 - Communication Activity You are the management...Ch. 2 - Prob. 2.5BYPCh. 2 - Prob. 2.6BYPCh. 2 - Prob. 2.7BYP
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