管理会计 习题 第一章

Solutions Guide: Please reword the answers to essay type parts so as to guarantee that your answer is an original. Do not submit as is

E2-6

Instructions

(a) Answer the following questions.

(1) What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job?

(2) What is the predetermined manufacturing overhead rate?

(3) What are the total cost and the unit cost of the completed job?

(b) Prepare the entry to record the completion of the job.

(a) (1) The source documents are:

Direct materials—Materials requisition slips.

Direct labor—Time tickets.

Manufacturing overhead—Predetermined overhead rate.

(2) The predetermined overhead rate is 120% of direct labor cost. For example, on

July 15, the computation is $528 ÷ $440 = 120%. The same result is obtained on

July 22 and 31.

(3) The total cost is:

Direct materials ........................................................................................ $4,825

Direct labor ............................................................................................... 1,360

Manufacturing overhead ......................................................................... 1,632

$7,820 The unit cost is $3.91 ($7,820 ÷ 2,000).

(b) July 31Finished Goods Inventory ............................................................. 7,820

Work in Process Inventory ....................................... 7,820 E2-9 At May 31, 2005, the accounts of Yellow Knife Manufacturing Company show the

following.

1. May 1 inventories—finished goods $12,600, work in process $14,700, and raw materials

$8,200.

2. May 31 inventories—finished goods $11,500, work in process $17,900, and raw materials

$7,100.

3. Debit postings to work in process were: direct materials $62,400, direct labor $32,000,

and manufacturing overhead applied $48,000.

4. Sales totaled $200,000.

Instructions

(a) Prepare a condensed cost of goods manufactured schedule.

(b) Prepare an income statement for May through gross profit.

(c) Indicate the balance sheet presentation of the manufacturing inventories at May 31,

2005.

(a) YELLOW KNIFE MANUFACTURING COMPANY

Cost of Goods Manufactured Schedule

For the Month Ended May 31, 2005

Work in process, May 1 .............................................................. $ 14,700 Direct materials used .................................................................. $62,400

Direct labor .................................................................................. 32,000

Manufacturing overhead applied .............................................. 48,000

Total manufacturing costs ................................................ 142,400 Total cost of work in process...................................................... 157,100 Less: Work in process, May 31 ................................................. 17,900 Cost of goods manufactured ...................................................... $139,200 (b) YELLOW KNIFE MANUFACTURING COMPANY

(Partial) Income Statement