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 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:
- Raw materials purchased on account, $100,000.
- Raw materials used in production, $78,000 direct materials, and $16,000 indirect materials.
- Sales commissions paid in cash, $45,000.
- Depreciation was recorded for the month, $60,000 (65% related to factory equipment, and the remainder related to selling and administrative equipment).
- Sales for the month, $450,000 (70% cash sales and the remainder were sales on account).
- Factory utilities paid in cash, $12,000.
- Applied $13 8,000 of manufacturing
overhead to production during the month. - Various
jobs costing a total of $190,000 were completed during the month and transferred to Finished Goods. - Cash receipts from customers who had previously purchased on credit, $ 15,000.
- Various completed jobs costing a total of $220,000 were sold to customers.
- Cash paid to raw material suppliers, $90,000.
Required:
The table shown below includes only one account from Dixon Company's balance sheet-
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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))
..
Transaction Analysis
Carmen Company is a manufacturer that completed numerous transactions during the month, some of which are shown below:
a. Raw materials used in production as direct materials, $56,000.
b. Paid direct laborers $40,000 in cash for their work on various jobs during the month.
c. Applied $35,000 of manufacturing overhead to production during the month.
d. Various jobs costing a total of $110,000 were completed during the month and transferred to Finished Goods.
e. Various completed jobs costing a total of $90,000 were sold to customers.
f. Cash sales for the month totaled $160,000.
g. 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…
Transaction Analysis
Adams Company is a manufacturer that completed numerous transactions during the month, some of which are shown below:
a. Manufacturing overhead costs incurred on account, $80,000.
b. Depreciation was recorded for the month, $35,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment).
c. Prepaid insurance expired during the month, $2,500 (75% related to production, and 25% related to selling and administration).
d. Applied $115,000 of manufacturing overhead to production during the month.
e. Closed $5,125 of overapplied overhead to cost of goods sold.
Required:
The table shown below includes a subset of Adams 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.
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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