Sunland Corporation incurred the following costs while manufacturing its product. Materials used in product $ 124,900 Advertising expense $ 50,200 Depreciation on plant 66,100 Property taxes on plant 16,000 Property taxes on store 8,290 Delivery expense 25,600 Labor costs of assembly-line workers 120,700 Sales commissions 44,100 Factory supplies used 32,700 Salaries paid to sales clerks 55,100 Work in process inventory was $ 13,000 at January 1 and $ 17,600 at December 31. Finished goods inventory was $ 69,500 at January 1 and$ 48,900 at December 31. Compute cost of goods manufactured. Cost of goods manufactured 2$ Compute cost of goods sold. Cost of goods sold 2$

Sunland Corporation incurred the following costs while manufacturing its product. Materials used in product $ 124,900 Advertising expense $ 50,200 Depreciation on plant 66,100 Property taxes on plant 16,000 Property taxes on store 8,290 Delivery expense 25,600 Labor costs of assembly-line workers 120,700 Sales commissions 44,100 Factory supplies used 32,700 Salaries paid to sales clerks 55,100 Work in process inventory was $ 13,000 at January 1 and $ 17,600 at December 31. Finished goods inventory was $ 69,500 at January 1 and$ 48,900 at December 31. Compute cost of goods manufactured. Cost of goods manufactured 2$ Compute cost of goods sold. Cost of goods sold 2$

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 15E: Kenkel, Ltd. uses backflush costing to account for its manufacturing costs. The trigger points are...

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Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or ending work-in-process inventories in any department. Lamont incurred the following costs for May: Required: 1. Calculate the costs transferred out of each department. 2. Prepare the journal entries corresponding to these transfers. Also, prepare the journal entry for Grinding that reflects the costs added to the transferred-in goods received from Molding. 3. What if the Grinding Department had an ending WIP of 12,000? Calculate the cost transferred out and provide the journal entry that would reflect this transfer. What is the effect on finished goods calculated in Requirement 1, assuming the other two departments have no ending WIP?
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Swifty Corporation incurred the following costs while manufacturing its product. Materials used in product $128,200 Advertising expense $47,700 Depreciation on plant 64,500 Property taxes on plant 22,300 Property taxes on store 8,540 Delivery expense 27,800 Labor costs of assembly-line workers 119,000 Sales commissions 38,900 Factory supplies used 33,500 Salaries paid to sales clerks 58,000 Work in process inventory was $13,500 at January 1 and $17,200 at December 31. Finished goods inventory was $68,400 at January 1 and $47,700 at December 31. Compute cost of goods manufactured. Cost of goods manufactured %24
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5
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