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Accounting

ACCT 221 Q3 2

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Indirect factory labor $ 7,000 Advertising Expense $ 8,000
Direct materials used 12,000 Depreciation, factory equipment 3,200
Work in process, 5/1/13 6,000 Direct labor 13,000
Work in process, 5/31/13 7,800 Maintenance, factory equipment 1,000
Factory supervisor’s salary 4,500 Indirect materials 1,200
Sales Commission 10,000 Office Manager Salary 4,000
(a) Prepare a cost of goods manufactured schedule for May 2013
PROBLEM 1
JONES CORPORATION
Instructions
Jones Corporation has the following cost records for May 2013
Cost of Goods Manufactured
Schedule For the Year Ended May 31, 2013
Work in process, 5/1/13
Add: Maufacturing cost
Direct materials used
Direct labor
Indirect materials
Indirect factory labor
Factory supervisor’s salary
Depreciation, factory equipment
Maintenance, factory equipment
Total
Less: Work in process, 5/31/13
Cost of goods manufatured
Total Manufacturing cost

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Prepare a cost of goods manufactured schedule for May 2013
6,000
41,900
47,900
-7800
40,100
PROBLEM 1
JONES CORPORATION
Jones Corporation has the following cost records for May 2013
Cost of Goods Manufactured
Schedule For the Year Ended May 31, 2013
Work in process, 5/1/13
Add: Maufacturing cost
Direct materials used
12,000
Direct labor
13,000
Indirect materials
1,200
Indirect factory labor
7,000
Factory supervisor’s salary
4,500
Depreciation, factory equipment
3,200
Maintenance, factory equipment
1,000
Total
Less: Work in process, 5/31/13
Cost of goods manufatured
Total Manufacturing cost

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PROBLEM 1Jones Corporation has the following cost records for May 2013Indirect factory laborDirect materials usedWork in process, 5/1/13Work in process, 5/31/13$ 7,00012,0006,0007,800Factory supervisors salarySales Commission4,500 Indirect materials10,000 Office Manager SalaryInstructions(a)Advertising ExpenseDepreciation, factory equipmentDirect laborMaintenance, factory equipmentAdd: Maufacturing costDirect materials usedDirect laborIndirect materialsIndirect factory laborFactory supervisors salaryDepreciation, factory equipmentMaintenance, factory equipmentTotalTotal Manufacturing costLess: Work in process, 5/31/13Cost of goods manufatured1,2004,000Prepare a cost of goods manufactured schedule for May 2013JONES CORPORATIONCost of Goods ManufacturedSchedule For the Year Ended May 31, 2013Work in process, 5/1/13$ 8,0003,20013,0001,000hedule for May 20136,00012,00013,0001,2007,0004,5003,2001,00041,90047,900-780040,100PROBLEM 2Newton, Inc. fixed costs are expected to be $85,000 andvariable costs are expected to be $20 per product. Salesprice is $40 per product.InstructionsDetermine the required sales in units to break even..Sales in Units for break even = 4,250 UnitsBreak even units = Fixed cost / Contribution per unit = 85,000/(40-20)=4,250 UnitsSales $ = 4,250*40 = $170,000PROBLEM 3Nison Company accumulates the following data concerning amixed cost, using miles as the activity l ...
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