Acct 405 Assignment

acct_assignment_1.xlsx

Home >Business & Finance homework help >Accounting homework help >Acct 405 Assignment

Problem P1-4A

Name:
Course:
Date:
P1-4A – Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet
Managerial Accounting, 6th Edition, by Weygandt, Kieso, and Kimmel
Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse
Problem P1-4A The following data were taken from the records of Clarkson Company for the year ended June 30, 2014:
Raw Materials Inventory, 7/1/13			$48,000	Factory Machinery Depreciation			16,000
Raw Materials Inventory, 6/30/14			39,600	Factory Utilities			27,600
Finished Goods Inventory, 7/1/13			96,000	Office Utilities Expense			8,650
Finished Goods Inventory, 6/30/14			75,900	Sales			534,000
Work in Process, 7/1/13			19,800	Sale Discounts			4,200
Work in Process, 6/30/14			18,600	Plant Manager's Salary			58,000
Direct labor			139,250	Factory Property Taxes			9,600
Indirect Labor			24,460	Factory Repairs			1,400
Account Receivable			27,000	Raw Materials Purchases			96,400
Factory Insurance			4,600	Cash			32,000
Instructions:
(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
	CLARKSON COMPANY
	Cost of Goods Manufactured Schedule
	For the Year Ended June 30, 2014
	Title					Amount
	Title
	Title			Amount
	Title			Amount
	Title			Formula
	Less: Title			Amount
	Title				Formula
	Title				Amount
	Title
	Title			Amount
	Title			Amount
	Title			Amount
	Title			Amount
	Title			Amount
	Title			Amount
	Title			Amount
	Title				Formula
	Title					Formula
	Title					Formula
	Less: Title					Amount
	Title					Formula
(b) Prepare an income statement through gross profit.
	CLARKSON COMPANY
	(Partial) Income Statement
	For the Year Ended June 30, 2014
	Sales Revenues
	Title			Amount
	Title			Amount
	Title				Formula
	Cost of goods sold
	Title			Amount
	Title			Formula
	Title			Formula
	Title			Amount
	Title				Formula
	Title				Formula
(c) Prepare the current assets section of the balance sheet at June 30, 2014.
		CLARKSON COMPANY
		(Partial) Balance Sheet
		June 30, 2014
		Assets
		Current assets
		Title			Amount
		Title			Amount
		Title
		Title		Amount
		Title		Amount
		Title		Amount	Formula
		Total current assets			Formula

FileName: &F, Tab: &A, Page &P of &N, &D, &T

Problem P2-5A

Name:
Course:
Date:
P2-5A – Analyze manufacturing accounts and determine missing amounts
Managerial Accounting, 6th Edition, by Weygandt, Kieso, and Kimmel
Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse
Problem P2-5A Rodman Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the fiscal year.
	Raw Materials Inventory
	12/01/14	BB	(a)	12/31/14	Requisitions	16,850
	12/31/14	Purchases	19,225
	12/31/14	EB	7,975
	Work in Process Inventory
	12/01/14	BB	(b)	12/31/14	Jobs completed	(f)
	12/31/14	DM	(c)
	12/31/14	DL	8,800
	12/31/14	Overhead	(d)
	12/31/14	EB	(e)
	Finished Goods Inventory
	12/01/14	BB	(g)	12/31/14	COGS	(i)
	12/31/14	Completed jobs	(h)
	12/31/14	EB	(j)
	Factory Labor
	12/31/14	Factory wages	12,025	12/31/14	Wages assigned	(k)
	Manufacturing Overhead
	12/31/14	Ind matls	1,900	12/31/14	Ovrhd applied	(m)
	12/31/14	Ind labor	(l)
	12/31/14	Oth overhead	1,245
Other data:
1. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials
costs of	$9,750	and direct labor costs of		$15,000	Overhead was applied at a rate that was			75%
of direct labor costs.
2. During December, Job No. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had
charges for direct materials			$3,800	and direct labor	$4,800	plus manufacturing overhead. All jobs,
except Job No. 158, were completed in December.
3. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of							$5,000	On
December 31, Job No. 157 was the only job finished that was not sold. It had a cost of							$4,000
4. Manufacturing overhead was			$230	overapplied in December.
Instructions:
List the letters (a) through (m) and indicate the amount pertaining to each letter.
	(a)	Formula	Text or formula as desired
	(b)	Formula	Text or formula as desired
	(c)	Formula	Text or formula as desired
	(d)	Formula	Text or formula as desired
	(e)	Formula	Text or formula as desired
	(f)	Formula	Text or formula as desired
	(g)	Formula	Text or formula as desired
	(h)	Formula	Text or formula as desired
	(i)	Formula	Text or formula as desired
	(j)	$4,000	= $4,000 Given in other data
	(k)	Formula	Text or formula as desired
	(l)	Formula	Text or formula as desired
	(m)	Formula	Text or formula as desired