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: Fundamentals of Accounting II BUS2053:50 SP My Subscriptions / Courses , Fundamentals of Accounting BUS2053:50 SP / Ch 1&2: Managerial Accounting O / Chapter 182 Quiz CLICK HERE TO REVIEW LEARNING OB ECTIVES QUESTION 1 Not yet answered Marked out of 3.00 Flag question Entries for Product Cost Flow The following transactions occurred during February 2016 for Thompson Manufacturing Company: Feb. 10 Acquired $25,000 of material on account that will be used to produce product for resale. 11 Requisitioned $20,000 of material for use as direct material in the factory. 16 Completed the manufecturing of products with a tocal product cost of $120,000 and transferred them to the warehouse. Record these transactions in general journal form. Assume that Thompson Manufacturing Corkpany uses the perpetual inventory system General Journal Date Description Debit Credit Feb.10 Feb.11 Feb.16 CLICK HERE TO REVIEW LEARNING OBJECTIVES CHECK # ViewSonic
CLUCK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 2 Not yet answered Marked out of 3.00 P Flag question Entries for Product Cost Flow The following transactions occurred during january 2016 for Richards Manufacturing Company Jan. 5 Acquired $4,500 of material on account that will be used to produce product for resale. 11 Requisitioned $3,750 of material for use as direct material in the factory 16 Completed the manufacturing of products with a total product coss of $16,500 and transferred them to the warehouse. Record these transactions in general journal form. Assume that Richards Manufacturing Company uses the perpetual inventory system. General Journal Date Description DebitCredit Jan 11 Jen 16 CLICK HERE TO REVIEW LEARNING OBJECTIVES 3 ot yeranswered Marked out of 4.00 Fag question Schedule of Cost of Goods Manufactured and Sold At December 31,2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016 CHECK # ViewSonic
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cmid-161548 Do not use negative signs with any of your answers. Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory Cost of material available Less Total materials used Less: Direct materials used Direct labor Indirect macerial indirecz labor Factory supplies used Factory deprecacon costs for the year Tacal cost of wark in process during the year ViewSonic
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Answer #1

Answer :

Question 1

Recording transactions in General journal of Thompson Manufacturing Company

General Journal
Date Description Debit Credit
Feb 10 Raw Materials Inventory $ 25,000

Accounts Payable

 $ 25,000
Feb 11 Work in Process Inventory $ 20,000

Raw Materials Inventory

 $ 20,000
Feb 16 Finished Goods Inventory $120,000

Work in Process Inventory

 $120,000

Question 2

Recording transactions in General journal of Richards Manufacturing Company :

General Journal
Date Description Debit Credit
Jan 5 Raw Materials Inventory $ 4,500

Accounts Payable

 $ 4,500
Jan 11 Work in Process Inventory $ 3,750

Raw Materials Inventory

 $ 3,750
Jan 16 Finished Goods Inventory $16,500

Work in Process Inventory

 $16,500

Question 3

Preparation of schedule of Cost of goods manufactured and sold for Lederman Manufacturing Company

Ledeman Manufacturing Corporation Schedule of Cost of goods Marufactured and Sold For the year ended December 31,2016 Paiticulars Amomt ($)Amount. rect material 50,000 50,000 300,000 30,000 270,000 4,000 materials nve Add Cost of materials purchased Cost ofmaterials available Less: Endng materials nven Total materials used Less Indrect materials used rect materials used rect labor Manufacturing Overhead 246,000 296,000 Indrect material Indirect labor Factory supplies used Factory depreciation -actory repans and mantenance 24,000 74,000 20,000 130,000 42,000 90,000 832,000 60,000 892,000 82,000 810,000 102,000 912,000 72,000 Total Manufa Total Manufa Overhead costs for the year Add: Be Total Cost of Work n process duung the yea g Work n process inve Less Endng work m process Cost of goods manufactred Add: Be Cost of goods available for sale Fnshed Goods Iven Less: Ending finished goods ivea Cost of Goods Sold $840

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