TB MC Qu. 3-160 (Static) The following partially completed T-accounts...The following partially completed T-accounts are for Stanford Corporation:Balance(1)(4)DebitDebitRaw Materials7,000 (2)19,000Sales Salaries ExpenseMultiple Choice11,000The cost of direct materials used is:$14,000$18,000$15.000$24,000CreditCredit24,000 Balance(2)(4)(6)DebitDebitWork In Precess11,000 (7)15,00018,00031,000Accounts PayableBalance(1)(5)CreditCredit7 Balance(7)19,0005,000DebitFinished GoodsDebit18,00062,00015,000Salaries and Wages PayableCreditBalance(4)Credit7,00037,000(2)(3)(4)(5)DebitManufacturing Overhead9,000 (6)16,0008,0005,000Credit31,000Accumulated Depreciation-FactoryDebitBalance(3)Credit82,00016,000

The materials used for the production include direct materials and indirect materials. The direct…

he following partially completed T-accounts are for Stanford Corporation: Balance (1) (4) Debit Debit Raw Materials 7,000 (2) 19,000 Sales Salaries Expense Multiple Choice 11,000 The cost of direct materials used is: $14,000 $18,000 O $15.000 $24,000 Credit Credit 24,000 Balance (2) (4) (6) Debit Debit Work In Process 11,000 (7) 15,000 18,000 31,000 Accounts Payable Balance (1) (5) Credit Credit ? 19,000 5,000 Bal (7)

he following partially completed T-accounts are for Stanford Corporation: Balance (1) (4) Debit Debit Raw Materials 7,000 (2) 19,000 Sales Salaries Expense Multiple Choice 11,000 The cost of direct materials used is: $14,000 $18,000 O $15.000 $24,000 Credit Credit 24,000 Balance (2) (4) (6) Debit Debit Work In Process 11,000 (7) 15,000 18,000 31,000 Accounts Payable Balance (1) (5) Credit Credit ? 19,000 5,000 Bal (7)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Baker Company manufactures a product in a single process. The following information isavailable:Input material 5,000 kilos valued at $18,000Material added $4,000Direct labour cost incurred $14,000Manufacturing overhead incurred $20,500Normal losses 10% of inputScrap value of losses $5.00 per unitUnits completed and transferred out 4,300 unitsi) Calculate the cost per completed unitii) What is the value of the units completed and transferred to finished goods?iii) What is the value of the unexpected losses?iv) What is the manufacturer’s true loss?v) Prepare the journal entries necessary to record the assignment of direct materials anddirect labour and the allocation of manufacturing overhead to the process. Also, give thejournal entries for the transfer of units completed to Finished Goods Inventory.
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Selected data from Design Corporation for 20X6 is as follows: Inventories Materials Work in process Finished goods Beginning $34,000 135,000 110,000 Costs incurred during 20x6 are as follows: Direct materials purchased Manufacturing overhead Direct manufacturing wages Cost of goods sold is Select one: O a. $252,000 O b. $259,000 O c. $244,000 O d. $236,000 Ending $40,000 150,000 102,000 $41,000 $80,000 180% of manufacturing overhead
Subject - Acounting
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Journalize the following transactions: Materials used in production, $40,000 Paid plant supervisor’s salary, $6,000 Plant depreciation, $10,000 Production labor costs incurred, $80,000 MOH is allocated at the rate of 120% of direct labor costs Cost of goods manufactured, $200,000 Revenue on account, $450,000 Cost of goods sold, $300,000 Paid advertising costs, $90,000
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