Managerial Accounting
Managerial Accounting
16th Edition
ISBN: 9781259995484
Author: Ray Garrison
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 3.A, Problem 3E

EXERCISE 3A-3 Transaction Analysis LO3-5

Dixon Company is a manufacturer that completed numerous transactions during the month, some of which are shown below:

  1. Raw materials purchased on account, $100,000.
  2. Raw materials used in production, $78,000 direct materials, and $16,000 indirect materials.
  3. Sales commissions paid in cash, $45,000.
  4. Depreciation was recorded for the month, $60,000 (65% related to factory equipment, and the remainder related to selling and administrative equipment).
  5. Sales for the month, $450,000 (70% cash sales and the remainder were sales on account).
  6. Factory utilities paid in cash, $12,000.
  7. Applied $13 8,000 of manufacturing overhead to production during the month.
  8. Various jobs costing a total of $190,000 were completed during the month and transferred to Finished Goods.
  9. Cash receipts from customers who had previously purchased on credit, $ 15,000.
  10. Various completed jobs costing a total of $220,000 were sold to customers.
  11. Cash paid to raw material suppliers, $90,000.

Required:

The table shown below includes only one account from Dixon Company's balance sheet-Retained Earnings. For each of the above transactions, select “No” if it would not affect Retained Earnings. Conversely if the transaction would affect Retained Earnings, then record the amount of the increase or (decrease) to this account under the “Yes” column.

Chapter 3.A, Problem 3E, EXERCISE 3A-3 Transaction Analysis LO3-5 Dixon Company is a manufacturer that completed numerous

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View Policies Current Attempt in Progress Marigold Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 1 Purchased raw materials on account $49,100. Raw Materials of $44,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,900 was classified as indirect materials. Factory labor costs incurred were $61,900. Time tickets indicated that $55,300 was direct labor and $6,600 was indirect labor. Manufacturing overhead costs incurred on account were $81,900. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $93,900 were completed and transferred to finished goods. Finished goods costing $76,400 to manufacture were sold. Record the transactions. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45)) ..
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Managerial Accounting

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