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  • ACCT 311 Exam Review

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    Summer
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    This document provides an exam review for an accounting course. It includes two practice problems. The first problem asks students to calculate total product and period costs from a partial list. The second problem provides journal entries for various manufacturing transactions for a company using job-order costing, including purchasing raw materials, applying overhead, recording cost of goods sold, and more. The key provides the calculations and journal entries.

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    ACCT 311 - Exam 1 Review With Solutions

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    ACCT 311 - Exam 1 Review With Solutions

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    This document provides an exam review for an accounting course. It includes two practice problems. The first problem asks students to calculate total product and period costs from a partial list. The second problem provides journal entries for various manufacturing transactions for a company using job-order costing, including purchasing raw materials, applying overhead, recording cost of goods sold, and more. The key provides the calculations and journal entries.

    Direitos autorais:

    © All Rights Reserved
    Baixe no formato DOC, PDF, TXT ou leia online no Scribd
    Sinalizar o conteúdo como inadequado
    239 visualizações6 páginas

    ACCT 311 Exam Review

    Enviado por

    Summer
    This document provides an exam review for an accounting course. It includes two practice problems. The first problem asks students to calculate total product and period costs from a partial list. The second problem provides journal entries for various manufacturing transactions for a company using job-order costing, including purchasing raw materials, applying overhead, recording cost of goods sold, and more. The key provides the calculations and journal entries.

    Direitos autorais:

    © All Rights Reserved
    Baixe no formato DOC, PDF, TXT ou leia online no Scribd
    Sinalizar o conteúdo como inadequado
    de 6

    Exam1Review ACCT311

    1.SobotaCorporationhasprovidedthefollowingpartiallistingofcostsincurredduringAugust:

    Required:

    a.Whatisthetotalamountofproductcostlistedabove?Showyourwork.
    b.Whatisthetotalamountofperiodcostlistedabove?Showyourwork.

    2.AllentonCompanyisamanufacturingfirmthatusesjobordercosting.Atthebeginningoftheyear,the
    company'sinventorybalanceswereasfollows:

    Thecompanyappliesoverheadtojobsusingapredeterminedoverheadratebasedonmachinehours.Atthe
    beginningoftheyear,thecompanyestimatedthatitwouldwork31,000machinehoursandincur$248,000in
    manufacturingoverheadcost.Thefollowingtransactionswererecordedfortheyear:

    a.Rawmaterialswerepurchased,$411,000.
    b.Rawmaterialswererequisitionedforuseinproduction,$409,000($388,000directand$21,000indirect).
    c.Thefollowingemployeecostswereincurred:directlabor,$145,000;indirectlabor,$61,000;and
    administrativesalaries,$190,000.
    d.Sellingcosts,$148,000.
    e.Factoryutilitycosts,$12,000.
    f.Depreciationfortheyearwas$121,000ofwhich$114,000isrelatedtofactoryoperationsand$7,000is
    relatedtoselling,general,andadministrativeactivities.
    g.Manufacturingoverheadwasappliedtojobs.Theactuallevelofactivityfortheyearwas29,000machine
    hours.
    h.Thecostofgoodsmanufacturedfortheyearwas$783,000.
    i.Salesfortheyeartotaled$1,107,000andthecostsonthejobcostsheetsofthegoodsthatweresoldtotaled
    $768,000.
    j.ThebalanceintheManufacturingOverheadaccountwasclosedouttoCostofGoodsSold.

    Required:

    Preparetheappropriatejournalentryforeachoftheitemsabove(a.throughj.).Youcanassumethatall
    transactionswithemployees,customers,andsupplierswereconductedincash.

    Exam1ReviewKey

    1.SobotaCorporationhasprovidedthefollowingpartiallistingofcostsincurredduringAugust:

    Required:

    a.Whatisthetotalamountofproductcostlistedabove?Showyourwork.
    b.Whatisthetotalamountofperiodcostlistedabove?Showyourwork.

    a.Productcostsconsistofdirectmaterials,directlabor,andmanufacturingoverhead:

    b.Periodcostsconsistofallcostsotherthanproductcosts:

    2.AllentonCompanyisamanufacturingfirmthatusesjobordercosting.Atthebeginningoftheyear,the
    company'sinventorybalanceswereasfollows:

    Thecompanyappliesoverheadtojobsusingapredeterminedoverheadratebasedonmachinehours.Atthe
    beginningoftheyear,thecompanyestimatedthatitwouldwork31,000machinehoursandincur$248,000in
    manufacturingoverheadcost.Thefollowingtransactionswererecordedfortheyear:

    a.Rawmaterialswerepurchased,$411,000.
    b.Rawmaterialswererequisitionedforuseinproduction,$409,000($388,000directand$21,000indirect).
    c.Thefollowingemployeecostswereincurred:directlabor,$145,000;indirectlabor,$61,000;and
    administrativesalaries,$190,000.
    d.Sellingcosts,$148,000.
    e.Factoryutilitycosts,$12,000.
    f.Depreciationfortheyearwas$121,000ofwhich$114,000isrelatedtofactoryoperationsand$7,000is
    relatedtoselling,general,andadministrativeactivities.
    g.Manufacturingoverheadwasappliedtojobs.Theactuallevelofactivityfortheyearwas29,000machine
    hours.
    h.Thecostofgoodsmanufacturedfortheyearwas$783,000.
    i.Salesfortheyeartotaled$1,107,000andthecostsonthejobcostsheetsofthegoodsthatweresoldtotaled
    $768,000.
    j.ThebalanceintheManufacturingOverheadaccountwasclosedouttoCostofGoodsSold.

    Required:

    Preparetheappropriatejournalentryforeachoftheitemsabove(a.throughj.).Youcanassumethatall
    transactionswithemployees,customers,andsupplierswereconductedincash.

    Predeterminedoverheadrate=EstimatedtotalmanufacturingoverheadcostEstimatedtotalamountofthe
    allocationbase
    Predeterminedoverheadrate=$248,00031,000machinehours=$8permachinehour

    Overheadapplied=PredeterminedoverheadrateAmountoftheallocationbaseincurred
    Overheadapplied=$8permachinehour29,000machinehours=$232,000

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