17E MANAGERIAL ACCOUNTING CUSTOM
17th Edition
ISBN: 9781266776328
Author: Garrison
Publisher: MCG
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Chapter 3, Problem 6F15
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows:
Raw materials......................$40,000
Work in process...................$18,000
Finished goods.....................$35,000
The company applies
- Raw materials were purchased on account, $510,000.
- Raw materials used in production, $480,000. All of of the raw materials were used as direct materials.
- The following costs were accrued for employee services: direct labor, $600,000: indirect labor, $150,000: selling and administrative salaries, $240,000.
- Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $367,000.
- Incurred various manufacturing overhead costs (e.g..
depreciation , insurance, and utilities). $500,000. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year.- Jobs costing $680,000 to manufacture according to their
job cost sheets were completed during the year. - Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $690,000 to manufacture according to their job cost sheets.
Required
6. What is the
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Students have asked these similar questions
Hidalgo Company manufactures goods to special order and uses a job order cost system. During in first month of operations, the following selected transactions took place:
a. Materials purchased on account . . . . . . . . . . . . . . . . . . . . . . . . . . . . $37,000
b. Materials issued to the factory:
Job 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,200
Job 102 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,700
Job 103 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,100
Job 104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700
For general use in the factory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,350
c. Factory wages and salaries earned:
Job 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
Consider the following information Vanklomps Machining Inc for the month of March 2023:beginning finished goods inventory .......... $ 76,000beginning work in process inventory ........ $ 39,000direct labour costs ..................................... $ 42,000direct material costs .................................. $ 186,000ending finished goods inventory ............... $ 61,000ending work in process inventory ............. $ 27,000manufacturing overhead costs.................. $ 149,000operating expenses ................................... $ 107,000salary expense ........................................... $ 274,000sales revenue............................................. $ 953,000Requirements:1. Prepare a schedule of the cost of goods manufactured for March.2. Prepare a schedule of cost of goods sold for March.3. Prepare an income statement for March.
The following data (in thousands of dollars) have been taken from the accounting records of
Karlana Corporation for the just completed year.
Sales.........
Raw materials inventory, beginning
Raw materials inventory, ending.
Purchases of raw materials
Direct labor.............
Manufacturing overhead...........
Administrative expenses.
$180
Selling expenses......
Work in process inventory, beginning.......
Work in process inventory, ending..........
Finished goods inventory, beginning....
Finished goods inventory, ending..
The cost of the raw materials used in production during the year (in thousands of dollars) was:
$40
$120
$910
$80
$20
$100
$130
O $160
$200
$160
$140
$40
$10
$130
$150
Chapter 3 Solutions
17E MANAGERIAL ACCOUNTING CUSTOM
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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