ACCT 210 Midterm: Exam 1 Review Practice With Solutions
10 Feb 2017
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Exam 1 in-class review day hand-out: chapters 1, 2, 4 & 5. Karlin company had the following information available for the year 2016. ,000: calculate direct materials used, cost of goods manufactured and cost of goods sold based on the information presented above. Dm used: beg rm rm purchased = rm available end rm = dm used. Cogm: beg wip + total manufacturing costs (dm + dl + moh) = total wip end wip = cogm. Cogs: beg fg + cogm = cog available for sale end fg = cogs. Miller manufacturing is working on two job orders. At the beginning of the year the company had estimated total overhead cost to be ,000 and expected their direct labor cost to be ,000. Job 102: prepare the journal entry to record the cost of materials put into production for job 101. 6500: prepare the journal entry to apply the direct labor cost from the factory labor account for job 101.
