Question Exercise 21-4 .png">

29 Jun Question Exercise 21-4 .png”>

Posted at 18:40h in 1Academic Level by Past Papers

Question
Exercise 21-4

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Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process—Cutting $3,000, Work in Process—Assembly $11,000, and Finished Goods $30,500. During July, the following transactions occurred.

Purchased $62,400 of raw materials on account.

Incurred $60,400 of factory labor. (Credit Factory Wages Payable.)

Incurred $70,000 of manufacturing overhead; $40,500 was paid and the remainder is unpaid.

Requisitioned materials for Cutting $15,500 and Assembly $8,500.

Used factory labor for Cutting $26,600 and Assembly $33,800.

Applied overhead at the rate of $20 per machine hour. Machine hours were Cutting 1,200 and Assembly 2,100.

Transferred goods costing $67,200 from the Cutting Department to the Assembly Department.

Transferred goods costing $134,600 from Assembly to Finished Goods.

Sold goods costing $149,500 for $200,300 on account.

Journalize the transactions.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

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(To record the cost of goods sold)

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(To record the sales)

.wileyplus.com/edugen/shared/assignment/test/qview.uni?id=quest2448106entrance1&selected_question=quest2448106&operation=take-question”>SHOW LIST OF ACCOUNTS

LINK TO TEXT

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Exercise 21-7

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The Sanding Department of Richards Furniture Company has the following production and manufacturing cost data for March 2014, the first month of operation.

Production: 12,070 units finished and transferred out; 2,600 units started that are 100% complete as to materials and 20% complete as to conversion costs.

Manufacturing costs: Materials $41,076; labor $28,840; overhead $47,959.

Prepare a production cost report.(Round unit costs to 2 decimal places, e.g. 15.25.)

RICHARDS FURNITURE COMPANY
Sanding Department
Production Cost Report
For the Month Ended March 31, 2014

Equivalent Units

Quantities

Physical
Units

Materials

Conversion
Costs

Units to be accounted for

Work in process, March 1

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Started into production

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Total units

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Units accounted for

Transferred out

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Work in process, March 31

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Total units

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Costs

Materials

Conversion
Costs

Total

Unit costs

Total cost

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Equivalent units

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Unit costs

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Costs to be accounted for

Work in process, March 1

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Started into production

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Total costs

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Cost Reconciliation Schedule

Costs accounted for

Transferred out

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Work in process, March 31

Materials

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Conversion costs

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Total costs

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.wileyplus.com/edugen/shared/assignment/test/qview.uni?id=quest2448111entrance1&selected_question=quest2448111&operation=take-question”>LINK TO TEXT

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