Cost Accounting Cycle Question And Answers Homework Help
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1.Redmon Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of June.
June 1 Purchased $8,100 of merchandise on credit from Vick, Inc., terms n30.
8 Sold merchandise costing $900 on credit to R. Panke for $1,500 subject to a $30 sales discount if paid by the end of the month.
14 Purchased $240 of store supplies from Poe Company on credit, terms n30.
17 Purchased $260 of office supplies on credit from Rehmer Company, terms n30.
24 Sold merchandise costing $400 to L. Barnett for $630 cash.
28 Purchased store supplies from Piburn’s for $90 cash.
29 Paid Vick, Inc., $8,100 cash for the merchandise purchased on June 1.
Journalize the June transactions.
2.Cost of rental equipment is $486,902, accum. amortization is $418,713, net book value for 2006 is $68,169 and 2005 is $74,018. Amortization of rental equipment for the year amounted to $22,205 (2005 – $14,379). Calculate the cost for year 2007, the accum. amort. for 2007 and net book value for 2007. The declining balance rate is 30%. Any additions to rental equipment in the current year are amortized at one-half of the above rates.
3.Cost Accounting Cycle; Cost of Goods Sold and Income Statements. Baker Co., a manufacturer, had these beginning and ending inventories at the end of its current year
|Work in process||40,000||48,000|
During the year the following transactions occurred
|Raw materials purchased||$300,000|
|Indirect materials and supplies purchased||50,000|
|Direct labor cost||120,000*|
|Indirect factory labor||60,000*|
|Property taxes and depreciation on factory building||20,000|
|Property taxes and depreciation on salesroom and office (shared on|
|a 50%-50% basis)||15,000|
|Utilities (60% to factory, 20% to salesroom, and 20% to office). .||$ 50,000|
|Indirect materials issued to factory||40,000|
|Factory overhead applied on the basis of 120% of direct labor|
|Sales on account||730,000|
|Over- or underapplied factory overhead is deducted from or added|
|to cost of goods sold.|
(1) Draw up T accounts, and post the data therein. (Credit purchases and payroll to Accounts Payable.)
(2) A cost of goods sold statement.
(3) An income statement
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4.Factory Ledger Entries. The Emco Plastic Company has its general office in Louisville, but has a major plant in Evansville. A separate set of records is kept at the home office and at the factory. On November 1 the factory trial balance showed the following
|Work in Process||7,800|
For the month of November the following transactions occurred
(a) Materials purchased on account, $23,000.
(b) Direct materials of $12,000 were requisitioned, along with indirect materials of $6,500 and $2,500 of supplies.
(c) Total payroll for November was $30,000. The home office prepared the payroll and the checks and also deducted 6% for PICA tax and 10% for federal income tax. The liability for employer payroll taxes is kept on the home office books. The state unemployment insurance tax rate is 2.1%; the federal unemployment insurance tax rate is .5%. The Evansville payroll consisted of: $3,000, office salaries; $8,000, sales salaries; $6,000, indirect labor; and $13,000, direct labor.
(d) Factory overhead is applied at a rate of 210% of direct labor cost.
(e) Materials costing $275 were defective and were returned to the supplier.
(f) Payments made to vendors on account, $21,500.
(g) $12,000 of various factory overhead expenses is recorded, including $2,000 depreciation on factory machinery.
(h) Goods completed totaled $48,300.
(i) Goods costing $45,000 were sold for $60,000.
Required: Journal entries on the books of the general office and the factory to record the above transactions
5.Factory Ledger Entries. The Henderson Company uses a general ledger and a factory ledger. The following transactions took place:
Nov. 2. Purchased raw materials for the factory, $20,000. Terms 1 /1O, n/60.
4. Requisitions of $4,000 of direct materials and $2,000 of indirect materials were filled from the stockroom.
8. Factory payroll of $2,000 for the week was made up at the home office; $1,730 in cash was sent to the factory. FICA tax was $90, and income tax was $180 ($1,880 direct labor; $120 factory repair).
14. Depreciation of $200 for factory equipment was recorded. (Assets and accumulated depreciation accounts are kept on the general office books.)
14. A job was completed in the factory with $960 direct labor and $450 of materials being previously charged to the job. Factory overhead is to be applied at an overhead rate of 66%% of direct labor. Nov. 15. Miscellaneous factory overhead amounting to $800 was paid by the home office and transferred to the factory.
16. The job completed on the 14th was shipped to Sully Marx on instructions from the home office. Customer was billed for $2,300.
Required: Journal entries on the factory books and the general office books.
Product Code: ACC585
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