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QUESTION

1. Raw materials at a cost of $50,000 and general factory supplies costing $8,000 were purchased on
account. (Materials and supplies are recorded in the materials account.)

2. Raw materials to be used in production costing $41,000 and miscellaneous factory supplies costing
$5,500 were issued.

3. Wages and salaries incurred and paid for the month were as follows: factory wages (including $2,500
indirect labor), $34,000, and selling and administrative salaries, $5,000. (Ignore payroll withholdings and
deductions.)

4. Distributed the payroll in (c).

5. Depreciation was recorded for the month at an annual rate of 5% on the building and 20% on the factory
equipment and office equipment. The sales and administrative staff uses approximately one-fifth of the
building for its offices.

6. During the month, various other expenses totaling $5,200 were incurred on account. The company has
determined that one-fourth of this amount is allocable to the office function.

7. Total factory overhead costs were transferred to Work in Process.

8. During the month, goods with a total cost of $79,000 were completed and transferred to the finished
goods storeroom.

9. Sales for the month totaled $128,000 for goods costing $87,000 to manufacture. (Assume that all sales
were made on account.)

10. Accounts receivable in the amount of $105,000 were collected.

11. Accounts payable totaling $55,000 were paid.

12. Purchased raw materials at a cost of $45,000 and general factory supplies at a cost of $13,000 on account
(recorded materials and supplies in the materials account).

13. Issued raw materials to be used in production, costing $47,000, and miscellaneous factory supplies,
costing $15,000.

14. Recorded the payroll, the payments to employees, and the distribution of the wages and salaries earned
for the month as follows: factory wages (including $12,000 indirect labor), $41,000; and selling and
administrative salaries, $7,000. Additional account titles include Wages Payable and Payroll. (Ignore payroll
withholdings and deductions.)

15. Recognized depreciation for the month at an annual rate of 5% on the building, 10% on the factory
equipment, and 20% on the office equipment. The sales and administrative staff uses approximately one-
fifth of the building for its offices.

16. Incurred various other expenses totaling $11,000. One-fourth of this amount is allocable to the office
function.

17. Transferred total factory overhead costs to Work in Process.

18. Completed and transferred goods with a total cost of $91,000 to the finished goods storeroom.
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19. Sold goods costing $188,000 for $362,000. (Assume that all sales were made on account.)
20. Collected accounts receivable in the amount of $345,000.
21. Paid accounts payable totaling $158,000.

22. Materials purchased on account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $37,000

23. Materials issued to the factory:


Job 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,200
Job 102 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,700
Job 103 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,100
Job 104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700
For general use in the factory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,350

24. Factory wages and salaries earned:


Job 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,700
Job 102 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,800
Job 103 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,200
Job 104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,100
For general work in the factory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,250

25. Miscellaneous factory overhead costs on account . . . . . . . . . . . . . . . . $ 2,400

26. Depreciation of $2,000 on the factory machinery recorded.

27. Factory overhead allocated as follows:


Job 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,200
Job 102 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000
Job 103 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,800
Job 104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000

28. Jobs 101, 102, and 103 completed.

29. Jobs 101 and 102 shipped to the customer and billed at $39,000.

30. Raw material purchased $ 10,000

SOLUTION

1. Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,000
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,000

2. Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,000


Factory Overhead (Indirect Materials) . . . . . . . . . . . . . . . . . . . . . . . . . . 5,500
Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,500

3. Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,000
Wages Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,000

Wages Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,000


Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,000

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4. Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,500
Factory Overhead (Indirect Labor) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500
Selling and Administrative Expenses (Salaries) . . . . . . . . . . . . . . . . . . . 5,000
Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,000

5. Factory Overhead (Depreciation of Building) . . . . . . . . . . . . . . . . . . . . . 520


Factory Overhead (Depreciation of Factory Equipment) . . . . . . . . . . . 1,800
Selling and Administrative Expenses (Depreciation of Building) . . . 130
Selling and Administrative Expenses (Depreciation of Office Equipment) . 200
Accumulated Depreciation—Building . . . . . . . . . . . . . . . . . . . . . . . . . 650
Accumulated Depreciation—Factory Equipment . . . . . . . . . . . . . . . 1,800
Accumulated Depreciation—Office Equipment . . . . . . . . . . . . . . . . . 200

6. Factory Overhead (Miscellaneous) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,900


Selling and Administrative Expenses (Miscellaneous) . . . . . . . . . . . . 1,300
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,200

7. Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,220


Factory Overhead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,220

8. Finished Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,000


Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,000

9. Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,000


Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,000

Cost of Goods Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,000


Finished Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,000

10. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,000


Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,000

11. Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,000


Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,000

12. Materials ..................................................................... 58,000


Accounts Payable ................................................... 58,000
13. Work in Process .......................................................... 47,000
Factory Overhead (Indirect Materials) ......................... 15,000
Materials ................................................................. 62,000
14. Payroll ......................................................................... 48,000
Wages Payable ....................................................... 48,000

Wages Payable .......................................................... 48,000


Cash........................................................................ 48,000

Work in Process .......................................................... 29,000


Factory Overhead (Indirect Labor) .............................. 12,000
Selling and Administrative Expenses(Salaries) ............ 7,000
Payroll ..................................................................... 48,000
15. Factory Overhead (Depreciation of Building) .............. 1,600
Factory Overhead (Depreciation of Factory Equipment) 1,833*

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Selling and Administrative Expenses(Depreciation of Building) 400
Selling and Administrative Expenses (Depreciation of Office Equipment) 1,000
Accumulated Depreciation—Building ...................... 2,000
Accumulated Depreciation—Factory Equipment .... 1,833*
Accumulated Depreciation—Office Equipment ....... 1,000
16. Factory Overhead (Miscellaneous) ............................. 8,250
Selling and Administrative Expenses (Miscellaneous) ..2,750
Accounts Payable ................................................... 11,000
17. Work in Process .......................................................... 38,683
Factory Overhead ................................................... 38,683
18. Finished Goods........................................................... 91,000
Work in Process ..................................................... 91,000
19. Accounts Receivable .................................................. 362,000
Sales ...................................................................... 362,000

Cost of Goods Sold ..................................................... 188,000


Finished Goods ...................................................... 188,000
20. Cash ........................................................................... 345,000
Accounts Receivable .............................................. 345,000
21. Accounts Payable ....................................................... 158,000
Cash ....................................................................... 158,000

22. Materials ..................................................................... 37,000


Accounts Payable .................................................. 37,000
23. Work in Process .......................................................... 16,700
Factory Overhead ....................................................... 1,350
Materials ................................................................ 18,050
24. Payroll ......................................................................... 23,050
Wages Payable ..................................................... 23,050

Work in Process .......................................................... 20,800


Factory Overhead ....................................................... 2,250
Payroll ................................................................... 23,050
25. Factory Overhead ....................................................... 2,400
Accounts Payable ................................................. 2,400
26. Factory Overhead ....................................................... 2,000
Accumulated Depreciation—Machinery ................ 2,000
27. Work in Process ......................................................... 8,000
Factory Overhead ................................................. 8,000
28. Finished Goods* ......................................................... 40,700
Work in Process .................................................... 40,700
29. Accounts Receivable .................................................. 39,000
Sales ..................................................................... 39,000

Cost of Goods Sold** .................................................. 20,600


Finished Goods ..................................................... 20,600

30. Materials 10,000

Account payable 10,000

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