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Tang Company accumulates the following data concerning rawmaterials in making one gallon of finished product: (1) Price
Tang Company accumulates the following data concerning rawmaterials in making one gallon of finished product: (1) Price
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6. (TCO 9) Mace Company accumulates thefollowing data concerning a mixed cost, using miles as the activitylevel.
Miles Driven | Total Cost | |
January | 10,000 | $15,000 |
February | 8,000 | 13,500 |
March | 9,000 | 14,400 |
April | 7,500 | 12,500 |
Compute the variable and fixed cost elements using the high-lowmethod. (Points : 30)
Quark Spy Equipment manufactures espionage equipment. Quark usesa job-order costing system and applies overhead to jobs on thebasis of direct labor-hours. For the current year, Quark estimatedthat it would work 176,000 direct labor-hours and incur $52,448,000of manufacturing overhead cost. The following summarizedinformation relates to January of the current year. The rawmaterials purchased include both direct and indirect materials. |
| Rawmaterials purchased on account | $ | 3,702,400 |
| Direct materialsrequisitioned into production | $ | 3,408,800 |
| Indirect materialsrequisitioned into production | $ | 258,500 |
| Direct labor cost(20,600 hours @ $36 per hour) | $ | 741,600 |
| Indirect labor cost(24,300 hours @ $24 per hour) | $ | 583,200 |
| Depreciation on thefactory building | $ | 680,800 |
| Depreciation on thefactory equipment | $ | 3,183,100 |
| Utilities for thefactory | $ | 286,300 |
| Cost of jobsfinished | $ | 8,972,900 |
| Cost of jobs sold | $ | 8,563,300 |
| Sales (all onaccount) | $ | 12,846,700 |
| Required: |
Prepare journal entries to record Quark's transactions for themonth of January. Do not close out the manufacturing overheadaccount. (Omit $ sign in your response.) |
| GeneralJournal | Debit | Credit | |
| a. | (Click to select)RawmaterialsAccounts payableWork in processManufacturingoverheadSalaries and wages payableAccumulated depreciation,buildingAccumulated depreciation, equipment | ||
| (Click to select)Raw materialsAccounts payableWork inprocessManufacturing overheadSalaries and wages payableFinishedgoodsCost of goods sold | |||
| b. | (Click to select)RawmaterialsAccounts payableWork in processManufacturingoverheadSalaries and wages payableFinished goodsCost of goodssold | ||
| (Click to select)Raw materialsAccounts payableWork inprocessManufacturing overheadSalaries and wages payableFinishedgoodsCost of goods sold | |||
| c. | (Click to select)RawmaterialsAccounts payableWork in processManufacturingoverheadSalaries and wages payableFinished goodsCost of goodssold | ||
| (Click to select)Raw materialsAccounts payableWork inprocessManufacturing overheadSalaries and wages payableFinishedgoodsCost of goods sold | |||
| d. | (Click to select)RawmaterialsAccounts payableWork in processManufacturingoverheadSalaries and wages payableFinished goodsCost of goodssold | ||
| (Click to select)Raw materialsAccounts payableWork inprocessManufacturing overheadSalaries and wages payableFinishedgoodsCost of goods sold | |||
| e. | (Click to select)AccountsreceivableCost of goods soldFinished goodsSalaries and wagespayableManufacturing overheadWork in processAccounts payable | ||
| (Click to select)Raw materialsAccounts payableWork inprocessManufacturing overheadSalaries and wages payableAccountsreceivableFinished goods | |||
| f. | (Click to select)RawmaterialsAccounts payableWork in processManufacturingoverheadSalaries and wages payableCost of goods soldAccountsreceivable | ||
| (Click to select)Raw materialsAccounts payableSalariesand wages payableWork in processManufacturing overheadFinishedgoodsAccounts receivable | |||
| g. | (Click to select)RawmaterialsAccounts payableWork in processManufacturingoverheadAccumulated depreciation, buildingAccumulated depreciation,equipmentCost of goods sold | ||
| (Click to select)Accumulated depreciation,buildingFinished goodsManufacturing overheadWork in processSalariesand wages payableAccumulated depreciation, equipmentUtilitiespayable (or cash) | |||
| (Click to select)Salaries and wages payableFinishedgoodsAccumulated depreciation, buildingAccumulated depreciation,equipmentUtilities payable (or cash)Work in processManufacturingoverhead | |||
| (Click to select)Work in processUtilities payable (orcash)Accumulated depreciation, buildingSalaries and wagespayableAccumulated depreciation, equipmentFinishedgoodsManufacturing overhead | |||
| h. | (Click to select)RawmaterialsAccounts payableWork in processFinished goodsAccumulateddepreciation, buildingAccumulated depreciation, equipmentAccountsreceivable | ||
| (Click to select)Raw materialsAccounts payableWork inprocessManufacturing overheadSalaries and wages payableFinishedgoodsCost of goods sold | |||
| i. | (Click to select)RawmaterialsAccounts payableWork in processFinished goodsManufacturingoverheadSalaries and wages payableCost of goods sold | ||
| (Click to select)Raw materialsAccounts payableFinishedgoodsManufacturing overheadSalaries and wages payableAccumulateddepreciation, buildingAccumulated depreciation, equipment | |||
| j. | (Click to select)AccountsreceivableAccumulated depreciation, buildingAccumulateddepreciation, equipmentCost of goods soldFinished goodsSalaries andwages payableManufacturing overhead | ||
| (Click to select)Raw materialsAccounts payableSalesWorkin processManufacturing overheadAccounts receivableCost of goodssold | |||
