FINANCIAL AND MANAGERIAL ACCOUNTING
9th Edition
ISBN: 2818440048890
Author: Wild
Publisher: MCG CUSTOM
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Question
Chapter 7, Problem 20E
To determine
Concept Introduction:
Honoring of Note: A note is honored when the maker pays the amount in full on the maturity date. When a note is bearing interest, the amount which is due at its maturity is the face value of the note and the interest on the note for the length of time that is mentioned on the note.
To Prepare: The
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Step
Amount
Category
Inventory
1. Beginning Balance, January 1
28,000
Beginning Balance
Raw Materials
2. (+) Purchases (RM Purchases)
220,000
Addition
Raw Materials
3. (-) Ending Balance
20,000
Ending Balance
Raw Materials
4. = Transferred Out (RM used)
(228,000)
Transferred Out
Raw Materials
5. (+) Direct Labor
(152,000)
Transferred Out
Direct Labor
6. (+) Fixed Overhead
300,000
Addition
Overhead
7. (+) Variable Overhead
-
Addition
Overhead
8. = Total Factory Overhead
(390,000)
Transferred Out
Overhead
9. Beginning Balance, January 1
40,000
Beginning Balance
WIP
10. (+) Additions (RM used)
228,000
Addition
WIP
11. (+) Additions (DL used)
152,000
Addition
WIP
12. (+) Additions (OH used)
390,000
Addition
WIP
13. (-) Ending Balance, December 31
55,000
Ending Balance
WIP
14. = Transferred Out (COGM)
(755,000)…
Step
Amount
Category
Inventory
1. Beginning Balance, January 1
28,000
Beginning Balance
Raw Materials
2. (+) Purchases (RM Purchases)
220,000
Addition
Raw Materials
3. (-) Ending Balance
20,000
Ending Balance
Raw Materials
4. = Transferred Out (RM used)
(228,000)
Transferred Out
Raw Materials
5. (+) Direct Labor
(152,000)
Transferred Out
Direct Labor
6. (+) Fixed Overhead
300,000
Addition
Overhead
7. (+) Variable Overhead
-
Addition
Overhead
8. = Total Factory Overhead
(390,000)
Transferred Out
Overhead
9. Beginning Balance, January 1
40,000
Beginning Balance
WIP
10. (+) Additions (RM used)
228,000
Addition
WIP
11. (+) Additions (DL used)
152,000
Addition
WIP
12. (+) Additions (OH used)
390,000
Addition
WIP
13. (-) Ending Balance, December 31
55,000
Ending Balance
WIP
14. = Transferred Out (COGM)
(755,000)
Transferred Out
WIP
15.…
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Chapter 7 Solutions
FINANCIAL AND MANAGERIAL ACCOUNTING
Ch. 7 - Prob. 1QSCh. 7 - Prob. 2QSCh. 7 - Prob. 3QSCh. 7 - QS 7-4 Distinguishing between allowance method and...Ch. 7 - Prob. 5QSCh. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - Prob. 9QSCh. 7 - Prob. 10QS
Ch. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Prob. 14QSCh. 7 - Prob. 15QSCh. 7 - Prob. 16QSCh. 7 - Prob. 17QSCh. 7 - Prob. 18QSCh. 7 - Prob. 19QSCh. 7 - Prob. 20QSCh. 7 - Prob. 21QSCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Prob. 5ECh. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 11ECh. 7 - Prob. 12ECh. 7 - Prob. 13ECh. 7 - Prob. 14ECh. 7 - Prob. 15ECh. 7 - Prob. 16ECh. 7 - Prob. 17ECh. 7 - Prob. 18ECh. 7 - Prob. 19ECh. 7 - Prob. 20ECh. 7 - Prob. 21ECh. 7 - Prob. 22ECh. 7 - Prob. 23ECh. 7 - Prob. 1PSACh. 7 - Prob. 2PSACh. 7 - Prob. 3PSACh. 7 - Prob. 4PSACh. 7 - Prob. 5PSACh. 7 - Prob. 1PSBCh. 7 - Prob. 2PSBCh. 7 - Prob. 3PSBCh. 7 - Prob. 4PSBCh. 7 - Prob. 5PSBCh. 7 - Prob. 7SPCh. 7 - Prob. 1.1AACh. 7 - Prob. 1.2AACh. 7 - Prob. 1.3AACh. 7 - Prob. 1.4AACh. 7 - Prob. 2.1AACh. 7 - Prob. 2.2AACh. 7 - Prob. 3.1AACh. 7 - Prob. 3.2AACh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Anton Blair is the manager of a medium-size...Ch. 7 - Prob. 2BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 4BTNCh. 7 - Prob. 5BTN
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- Step Amount Category Inventory 1. Beginning Balance, January 1 28,000 Beginning Balance Raw Materials 2. (+) Purchases (RM Purchases) 220,000 Addition Raw Materials 3. (-) Ending Balance 20,000 Ending Balance Raw Materials 4. = Transferred Out (RM used) (228,000) Transferred Out Raw Materials 5. (+) Direct Labor (152,000) Transferred Out Direct Labor 6. (+) Fixed Overhead 300,000 Addition Overhead 7. (+) Variable Overhead - Addition Overhead 8. = Total Factory Overhead (390,000) Transferred Out Overhead 9. Beginning Balance, January 1 40,000 Beginning Balance WIP 10. (+) Additions (RM used) 228,000 Addition WIP 11. (+) Additions (DL used) 152,000 Addition WIP 12. (+) Additions (OH used) 390,000 Addition WIP 13. (-) Ending Balance, December 31 55,000 Ending Balance WIP 14. = Transferred Out (COGM) (755,000) Transferred Out WIP 15.…arrow_forward1. Beginning Balance, January 1 28,000 Beginning Balance Raw Materials 2. (+) Purchases (RM Purchases) 220,000 Addition Raw Materials 3. (-) Ending Balance 20,000 Ending Balance Raw Materials 4. = Transferred Out (RM used) (228,000) Transferred Out Raw Materials 5. (+) Direct Labor (152,000) Transferred Out Direct Labor 6. (+) Fixed Overhead 300,000 Addition Overhead 7. (+) Variable Overhead ? Addition Overhead 8. = Total Factory Overhead (390,000) Transferred Out Overhead 9. Beginning Balance, January 1 40,000 Beginning Balance WIP 10. (+) Additions (RM used) 228,000 Addition WIP 11. (+) Additions (DL used) 152,000 Addition WIP 12. (+) Additions (OH used) 390,000 Addition WIP 13. (-) Ending Balance, December 31 55,000 Ending Balance WIP 14. = Transferred Out (COGM) (755,000) Transferred Out WIP 15. Beginning Balance, January 1…arrow_forwardPalladium, Incorporated recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $ 67,000 Work-in-Process Inventory, Beginning 11,300 Work-in-Process Inventory, Ending 9,400 Selling and Administrative Expense 16,000 Finished Goods Inventory, Ending 16,100 Finished Goods Inventory, Beginning ?question mark Direct Materials Used ?question mark Factory Overhead Applied 12,400 Operating Income 14,220 Direct Materials Inventory, Beginning 11,180 Direct Materials Inventory, Ending 6,140 Cost of Goods Manufactured 61,880 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The Chief Financial Officer of Palladium, Incorporated has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount in the finished goods inventory at the beginning of the year?arrow_forward
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