17E MANAGERIAL ACCOUNTING CUSTOM
17th Edition
ISBN: 9781266776328
Author: Garrison
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
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
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Question 17?
Question 9?
Question 4 and 5 please, tks
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
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Subject:arrow_forwardQuestion 2.4 Hamilton Company recorded the following transactions for the just-completed month. Journalize these entries. a. $45,000 in raw materials was purchased on account. b. $125,000 in raw materials was requisitioned for use in production. Of this amount, $70,000 was for direct materials and the remainder was for indirect materials. c. Total labour wages of $212,000 were incurred. Of this amount, $183,000 was for direct labour and the remainder were for indirect labor. d. Additional manufacturing overhead costs of $189,000 were incurred. e. There was $400,000 of manufactured products completed by the end of the month.arrow_forwardPROBLEM 11. Prepare the Cost Sheet to show the total cost of production and cost per unit of goods manufactured by a company for the month of July, 2006. Also find the cost of sales and profit. 2$ $ Stock of Raw Materials, 1-7-2006 Raw Materials purchased Stock of Raw Materials, 31-7-2006 Mar.ufacturing Wages Depreciation on Plant Loss on sale of a part of Plant Factory Rent and Rates 3,000 Office Rent 28,000 General Expenses 4,500 Discount on Sales 7,000 Advertisement Expenses to be charged fully 600 1,500 Income Tax Paid 300 Sales 3,000 500 400 300 2,000 50,000 The number of units produced during July, 2006 was 3,000. The stock of finished goods was 200 and 400 units on 1-7-2006 and 31-7-2006 respectively. The total cost of the units on hand on 1-7-2006 was $. 2,800. All these had been sold during the month.arrow_forward
- Exercise 3-1 (Algo) Prepare Journal Entries [LO3-1] Larned Corporation recorded the following transactions for the just completed month. a. $75,000 in raw materials were purchased on account. b. $73,000 in raw materials were used in production. Of this amount, $58,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $104,300 was for direct labor and the remainder was for indirect labor. d. Depreciation of $193,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 $75,000 in raw materials were purchased on account.arrow_forwardQuestion 1 Part I Advent Corporation has provided the following data for its activities for the month of May.Beginning Raw Materials Inventory $75,000Ending Raw Materials Inventory $45,000Purchases of Raw Materials $550,000Direct Labour Incurred $120,000Manufacturing Overheads Incurred $250,000Beginning Work in Process $60,000Ending Work in Process $140,000 Required: Prepare a schedule of the Cost of Goods Manufactured for the month of Mayarrow_forwardPROBLEM 7 Miyose Corporation, a manufacturing company, has provided the following data for the month of June: Inventories: Raw materials. Finished goods Beginning Ending $23,000 $21,000 $32,000 $37,000 Raw materials purchased during June totaled $67,000 and the cost of goods manufactured totaled $124,000. Required: a. What was the cost of raw materials used in production during June? Show your work. b. What was the cost of goods sold for June? Show your work.arrow_forward
- Question 2.2 Lake Company recorded the following data for the month of January 2023: Inventories January 1, 2023 January 31, 2023 Direct Material $24,000 $23,000 Work in Process 18,000 15,000 Finished Goods 22,000 27,000 Additional Data: Net Sales Revenue $325,000 Direct Labour Costs 40,000 Indirect Labour Costs 45,000 Sales Commissions 15,000 Administrative Expenses 18,000 Direct Materials Purchased during January 30,000 Depreciation, factory 10,000 Factory Maintenance and Supplies 8,000 Utilities, (80% factory, 20% office) 25,000 General Office Salaries 12,000 Required: Compute the amount of direct materials used in January. List and total the Manufacturing Overhead costs for the month of January. Compute the Cost of Goods Manufactured. Hint: It may be helpful to prepare a Cost of…arrow_forwardPlease do not give solution in image format thankuarrow_forwardExercise 5 - 10 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [L06]The following data from the just - completed year are taken from the accounting records of Eccles Company:Sales S 713, OOODirect labour cost 100, 000Raw material purchases 142, 000Selling expenses 110, 000Administrative expenses 53, 000Manufacturing overhead applied to work in process 220, 000Actual manufacturing overhead costs 240, 000 Inventory Beginning of Year End of YearRaw materials S 9, 000 S 11, 000Work in process 6, 000 21, 000Finished goods 71, 000 26, 000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.2. Prepare a schedule of cost of goods sold.arrow_forward
- TB MC Qu. 2-71 For the year just ended, Porter Corporation's manufacturing... For the year just ended, Porter Corporation's manufacturing costs (raw materials used, direct labor, and manufacturing overhead) totaled $1,500,000. Beginning and ending work-in-process inventories were $60,000 and $90,000, respectively. Porter's balance sheet also revealed respective beginning and ending finished-goods inventories of $250,000 and $180,000. On the basis of this information, how much would the company report as cost of goods manufactured (CGM) and cost of goods sold (CGS)? Multiple Choice CGM, $1,430,000; CGS, $1,460,000. CGM, $1,470,000; CGS, $1,540,000. CGM, $1,530,000; CGS, $1,460,000. CGM, $1,570,000; CGS, $1,540,000. None of thesearrow_forwardProblem 6arrow_forward21arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Cost AccountingAccountingISBN:9781305087408Author:Edward J. Vanderbeck, Maria R. MitchellPublisher:Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Cengage Learning
IAS 29 Financial Reporting in Hyperinflationary Economies: Summary 2021; Author: Silvia of CPDbox;https://www.youtube.com/watch?v=55luVuTYLY8;License: Standard Youtube License