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Lecture

chapter 3 solution manual of mangerial accounting.pdf

31 Pages
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Department
Administrative Studies
Course Code
ADMS 2510
Professor
Alison Beavis

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Description
Chapter 3 Systems Design: JobOrder Costing Problem 321 (60 minutes) 1. and 2. Cash Accounts Receivable Bal. 63,000 Bal.102,000 850,000 (l) (m) 785,000 (l) 850,000 (k) 925,000 Bal. 128,000 Bal.177,000 Raw Materials Prepaid Insurance Bal. 30,000 (b) 200,000 Bal.9,000 (g) 7,000 (a) 185,000 Bal.2,000 Bal. 15,000 Videos in Process Finished Goods Bal. 45,000 (j) 550,000 Bal.81,000 (k) 600,000 (b) 170,000 (j) 550,000 (f) 82,000 Bal.31,000 (i) 290,000 Bal. 37,000 Studio and Equipment Accumulated Depreciation Bal. 730,000 Bal. 210,000 (d) 84,000 Bal. 294,000 Studio Overhead Depreciation Expense (b) 30,000 * (i) 290,000 (d) 21,000 (c) 72,000 (d) 63,000 (f) 110,000 (g) 5,600 Insurance Expense (n) 9,400 Bal. 9,400 (g) 1,400 The McGrawHill Companies, Inc., 2010. All rights reserved. Solutions Manual, Appendix 3A 1 * 280,000 7,000 hours = 40 per hour; 7,250 hours 40 per hour = 290,000 Advertising Expense Miscellaneous Expense (e) 130,000 (h) 8,600 The McGrawHill Companies, Inc., 2010. All rights reserved. 2 Managerial Accounting, 13th Edition Problem 321 (continued) Administrative Salaries Expense Sales (f) 95,000 (k) 925,000 Cost of Goods Sold Accounts Payable (k) 600,000 (n) 9,400 (m) 500,000 Bal. 160,000 (a) 185,000 Bal. 590,600 (c) 72,000 (e) 130,000 (h) 8,600 Bal. 55,600 Salaries Wages Payable (m) 285,000 (f) 287,000 Bal. 2,000 Capital Stock Retained Earnings Bal. 420,000 Bal. 270,000 3. Overhead is overapplied for the year by 9,400. Entry (n) above records the closing of this overapplied overhead balance to Cost of Goods Sold. 4. Supreme Videos, Inc. Income Statement For the Year Ended December 31 Sales of videos........................................... 925,000 Cost of goods sold (600,000 9,400)....... 590,600 Gross margin............................................. 334,400 Selling and administrative expenses: Depreciation expense............................... 21,000 Advertising expense................................. 130,000 Administrative salaries............................. 95,000 Insurance expense.................................. 1,400 Miscellaneous expense............................. 8,600 256,000 Net operating income................................. 78,400 The McGrawHill Companies, Inc., 2010. All rights reserved. Solutions Manual, Appendix 3A 3
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