Edward Donahue Massbay Community college Take home test 1A

90/91) Test 1A Managerial Acct Company A nancial records Sales Purchase raw materials Direct labor Manufacturing 0H Administrative expenses Selling expenses a) Prepare cost of goods manufactured b) Prepare cost of goods sold c) Prepare an income statement d) Provide 5 Journal Entries from this data 1Nov Raw materials $ 18,000 Work in process $ 14,000 Finished goods nd unknown Sales revenue Direct labor Manufacturing OH Selling expenses Administrative expenses Cost of goods manufactured Raw materials purchased Net income What is ending raw materials '.7 What is beginning nished goods? enenwmen'ee 965 210 250 200 150 190 SOANov nd unknown $ $ wwweeam 13,000 8,000 105,000 10,000 12,000 17,500 20,000 45,000 11,500 $30,500 Beginning raw materials Ending raw materials Beginning work in process Ending work in process Beginning nished goods Ending nished goods i'ZQ 69\" 9969 we 80 120 1 25 90 145 130 3) 4) part 1 part 2 part 3 Company C nancial records The company uses ajob order cost system. The company applies manufacturing overhead to jobs based on a predetermined oh rate based on direct labor hours Last year. the estimate was based on $ 95.000 for manufacturing overhead and 19,000 direct labor hours. In June a job was completed which cost $ 2,500 for materials, $ 4,250 at $ 8.50 per hour for labor. At the end of the year it was determined the company actually worked 16,000 direct labor hours and had $ 83,000 in actual costs. a) Determine the predetermined oh rate for the year, b) Determine the amount charged to the job completed in june c) Determine the over or underapplied oh for the year and give the journal entry d) Assume the job completed in June had 100 units, what is the cost per unit. Company D Percent complete January units Materials Conversion Beginning work in process 40000 80% 20% Started in production 420000 Completed in production 460000 100% 100% a) Prepare a quantity schedule and equivalent units using weighted average b) Prepare a quantity schedule and equivalent units using Fifo Beginning work in process 0 0% 0% Started in production 460000 Completed in production 460000 100% 100% 0) Prepare a quantity schedule and equivalent units using weighted average d) Prepare a quantity schedule and equivalent units using Fifo materials conversion Beginning value 6,000 60,000 Added this period 560,000 700,000 For the data from part one what is the cost per unit using both weighted average and fo. 5) Company E Raw materials purchased Raw materials requisition Salaries and wages Direct labor Indirect labor Sales salaries Selling cost Factory utility cost Depreciation Manufacturing 0H applied to jobs Cost of goods Manufactured Sales Cost of goods sold on job sheet Close oh to cost of goods sold Prepare all necessary journal entries - use T accounts it it helps 440.000 428.000 400.000 direct seen 175.000 80.000 217,000 102.000 14.000 69696969936; 27,500 manuf hours @ $ 4 per DLH $ 780.000 $ 1.210.000 $ 750.000 28.000 indirect 109.000 (35 95k factory and 15 14k non-factory)