Chapter 16: Homework Problem #1

Directions: Arrange the below accounts in the cost flow order, and determine the unknown numbers and the ending balances for each account. Close the overapplied or underapplied Factory Overhead to Cost of Goods Sold.

Indirect Materials 96,200 Indirect Labor 525,000 Factory Depreciation 895,600 Factory Prepaid Expenses 1,200,000 Factory Overhead Rate based on Direct Labor 210% Beginning Inventory - Transferred In 3,110,600 Transferred Out Unknown Ending Balance Unknown Beginning Balance 620,000 Transferred In 2,500,000 Ending Balance Unknown Beginning Balance 210,000 Purchases Unknown Materials Used as Direct Materials Unknown Materials Used as Factory Overhead Unknown Ending Balance 298,300 Total Factory Payroll 1,575,000 Direct Labor Unknown Indirect Labor Unknown Beginning Balance 75,600 Direct Materials 805,000 Direct Labor Unknown Factory Overhead Unknown Transferred Out Unknown Ending Balance Unknown Work in Process Inventory Factory Overhead Finished Goods Inventory Cost of Goods Sold Materials Inventory Wages Payable

Chapter 16: Homework Problem #2

Directions: Arrange the below accounts in the cost flow order, and determine the unknown numbers and the ending balances for each account. Close the overapplied or underapplied Factory Overhead to Cost of Goods Sold.

Beginning Balance 95,000 Transferred In Unknown Transferred Out 1,325,000 Ending Balance Unknown Beginning Balance 45,000 Purchases Unknown Direct materials used Unknown Indirect materials used Unknown Ending Balance 204,200 Wages Payable Total Factory Payroll 1,760,000 Direct Labor 475,000 Indirect Labor Unknown Beginning Balance 30,000 Direct Materials 315,000 Direct Labor Unknown Factory Overhead Unknown Transferred Out 2,200,000 Ending Balance Unknown Estimated factory overhead 1,550,000 Estimated direct labor costs 500,000 Actual Other Factory Overhead 12,600 Actual Indirect Materials Used 75,800 Beginning Balance 318,500 Transferred In Unknown Ending Balance Unknown