Chapter 18 Test Questions Able Baker Charlie Company Calculator Managerial vs. Financial Managerial Vs. Financial Cost Classification Cost Classification Financial Statements Financial Statemer Income Statements Costs and Balances Shaded cells have feedback At the end of February, after the second month of operations of Able Baker Charlie Company. Charles shows you the data he's collected, but he was unable to figure out some of the amounts Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company Note: It may be helpful to use accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used total manufacturing cost incurred, and cost of goods manufactured Data for February Decrease in maternals inventory Materials inventory on Feb. 28 Direct materials purchased Dared materials used $3,000 50% of materials inventory on Jan 31 $11.700 3 times the direct labor incurred $28,700 70% of Cost of Goods Manufactured $8,000 less than Cost of Goods Sold Total manufacturing costs incurred in period Total manufacturing costs incurred in period Total manufacturing costs incurred in period Account Balances Account Jan. 31 Feb. 28 Costs incurred S Direct Materials Used Materials inventory Work in Process Inventory Fished Goods Inventory 21,000 Direct Labor Incurred 15,500 Factory Overhead Incurred Cost of Goods Sold Chapter 18 Test Questions Able Baker Charlie Company Calculator Managerial vs. Financial Managerial Vs. Financial Cost Classification Cost Classification Financial Statements Financial Statemer Income Statements Costs and Balances Shaded cells have feedback At the end of February, after the second month of operations of Able Baker Charlie Company. Charles shows you the data he's collected, but he was unable to figure out some of the amounts Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company Note: It may be helpful to use accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used total manufacturing cost incurred, and cost of goods manufactured Data for February Decrease in maternals inventory Materials inventory on Feb. 28 Direct materials purchased Dared materials used $3,000 50% of materials inventory on Jan 31 $11.700 3 times the direct labor incurred $28,700 70% of Cost of Goods Manufactured $8,000 less than Cost of Goods Sold Total manufacturing costs incurred in period Total manufacturing costs incurred in period Total manufacturing costs incurred in period Account Balances Account Jan. 31 Feb. 28 Costs incurred S Direct Materials Used Materials inventory Work in Process Inventory Fished Goods Inventory 21,000 Direct Labor Incurred 15,500 Factory Overhead Incurred Cost of Goods Sold
