I need help with questions #7, and #17. If you could please help me out, I will really appreciate it! Thanks!

Managerial Accounting (ACC 202) Exam 1 Smith & Co. Balance Sheet December 31, 2016 Assets Cash Accounts Receivable Prepaid Insurance Material Inventory WIP inventory FG inventory Equipment (Accum. Dep) Total Assets $15,000 22,000 3,000 2,000 2,900 1,200 50,000 (10,000) $86,100 Liabilities & Equity Accounts Payable Wages Payable Property Taxes Payable Common Stock Retained Earnings Total Liabilities & Equity $20,000 3,000 1,000 40,000 22,100 $86,100 Instructions: 1. 2. 3. Open the balances in the general ledger. Post the entries for job order production costs to the general ledger. Prepare a statement of cost of goods manufactured and cost of goods sold, an income statement and a balance sheet. Entries for Job Order Production Costs 1. Raw Materials Inventory Accounts Payable 3,650 3,650 Acquired materials on credit for factory use. 2. Work in Process Inventory Raw Materials Inventory 1,700 1,700 To assign costs of direct materials used. 3. Factory Overhead Raw Materials Inventory 650 650 To record use of indirect materials. 4. Factory Payroll Cash (and other accounts) 5,350 5,350 1 To record salaries and wages of factory workers (including various payroll liabilities) 5. Work in Process Inventory Factory Payroll 4,100 4,100 To assign cost of direct labor used. 6. Factory Overhead Factory Payroll 1,250 1,250 To record indirect labor costs as overhead. 7. Factory Overhead Cash (and other accounts) 5,100 5,100 To record factory overhead costs such as insurance, utilities, rent, and depreciation. 8. Work in Process Inventory Factory Overhead 5,740 5,740 To apply overhead at 140% of direct labor. 9. Finished Goods Inventory Work in Process Inventory 8,980 8,980 To record completion of Jobs B15, B 16, and B17. 10. Cash 10,600 Sales Cost of Goods Sold Finished Goods Inventory 10,600 5,560 5,560 To record sale of Jobs B15 and B16. 1. What is the ending cash balance? A. $18,300 B. $26,350 C. $15,150 2 D. $19,400 2. What is the ending accounts receivable balance? A. $22,000 B. $19,000 C. $21,000 D. $25,000 3. What is the ending prepaid insurance balance? A. $1,000 B. $2,000 C. $2,500 D. $3,000 4. What is the ending materials inventory balance? A. $4,450 B. $3,300 C. $2,700 D. $2,600 5. What is the ending work in process balance? A. $5,200 B. $4,670 C. $5,150 D. $5,460 6. What is the ending finished goods balance? A. $4,620 B. $4,950 C. $5,285 D. $4,900 7. What is the ending equipment balance net of accumulated depreciation? A. $50,000 B. $40,000 C. $35,000 D. $30,000 8. What is the ending accounts payable balance? A. $19,600 B. $21,500 C. $22,850 D. $23,650 9. What is the ending retained earnings balance? A. $24,600 B. $25,880 C. $23,900 D. $21,820 10. What is the adjustment to factory overhead? A. $1,260 debit B. $1,260 credit C. $1,350 debit D. $1,350 credit What is cost of goods sold before the adjustment? A. $5,560 B. $4,650 C. $5,600 D. $5,750 11. 12. What is cost of goods sold after the adjustment? A. $6,700 B. $6,300 C. $5,900 D. $6,820 13. What is the cost of goods manufactured? A. $9,600 B. $9,100 3 C. $8,200 D. $8,980 14. What is net income? A. $3,500 B. $3,780 C. $3,200 D. $3,150 15. What is total assets? A. $93,530 B. $92,900 C. $99,400 D. $91,000 16. What represents the correct order of the job order costing process? A. supplier, materials, goods in process, finished goods, retail B. materials, goods in process, retail, finished goods C. finished goods, materials, goods in process, retail D. retail, goods in process, materials, finished goods 17. Which account keeps track of the costs on the assembly line? A. finished goods B. work in process C. materials D. equipment 18. What are prime costs? A. direct materials + direct labor B. direct labor + overhead C. direct labor D. overhead 19. What are conversion costs? A. direct materials + direct labor B. direct labor C. direct labor + overhead D. overhead 20. What is the formula for cost of goods manufactured? A. BWIP + DM + DL + OH applied - EWIP B. BWIP + DM + DL + OH applied C. BWIP + DM D. DM + DL + OH 4