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ACCT 505 - Quiz 1 - Keller Graduate School

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Wages Payable		XXX
	Manufacturing Overhead		XXX

Work In Process		XXX
	Wages Payable		XXX

Manufacturing Overhead		XXX
	Wages Payable		XXX

Wages Payable		XXX
	Work in Process		XXX

Question 2.

Direct materials	$57,240
Direct labor hours	1,692 DLHs
Direct labor wage rate	$12 per DLHS
Number of units completed	3,600 units

Question 3.

Work in process, beginning
Units in process	700
Percent complete with respect to materials	80%
Percent complete with respect to conversion	40%
Costs in the beginning inventory:
Materials cost	$1,904
Conversion cost	$8,624
Units started into production during the month	29,000
Units completed and transferred out	28,800
Costs added to production during the month:
Materials cost	$104,044
Conversion cost	$875,266
Work in process, ending:
Units in process	900
Percent complete with respect to materials	70%
Percent complete with respect to conversion	20%

Question 4.

(TCO F) Honeysuckle Corporation has provided the following data for the month of January.

Inventories	Beginning	Ending
Raw materials	$40,000	$23,000
Work in process	$9,000	$13,000
Finished goods	$52,000	$45,000

Additional Information
Raw material purchases	$68,000
Direct labor costs	$90,000
Manufacturing overhead cost incurred	$44,000
Indirect materials included in manufacturing overhead costs incurred	$8,000
Manufacturing overhead cost applied to work in process	$39,000

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.

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17.05.2015
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