Managerial Accounting
CHAPTER 1 (Introduction to Management Accounting)
P-1-4A
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2014.
Raw Materials
Factory Insurance
$ 4600
Inventory 7/1/13
$ 48000
Factory Machinery
Raw Materials
Depreciation
16,000
Inventory 6/30/14
39,600
Factory Utilities
27,600
Finished Goods
Office Utilities Expenses
8,650
Inventory 7/1/13
96,000
Sales Revenue
534,000
Finished Goods
Sales Discounts
4,200
Inventory 6/30/14
75,900
Plant Manager’s Salary
58,000
Works in Process
Factory Property Taxes
9,600
Inventory 7/1/13
19,800
Factory Repairs
1,400
Work in Process
Raw materials Purchases
96,400
Inventory 6/30/14
18,600
Cash
32,000
Direct Labor
139,250
Indirect Labor
24,460
Account Receivable
27,000
Instructions
Prepare a cost of goods manufactured schedule (Assume all raw materials used were direct material)
1) Prepare an income statement through gross profit.
2) Prepare the current assets section of the balance sheet at June 30, 2014.
CHAPTER 2 (Job Order Costing)
P2-4A
Agassi Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department D, direct labor hours in Department E, and machine hours in Department K.In establishing the predetermined overhead rates for 2014, the following estimates were made for the year.
Department
D
E
K
Manufacturing overhead
$1,200,000
$1,500,000
$900,000
Direct labor costs
$1,500,000
$1,250,000
$450,000
Direct labor hours
100,000
125,000
40,000
Machine hours
400,000
500,000
120,000
During January, the job cost sheets showed the following costs and production data.
Department
D
E
K
Direct materials
P-1-4A
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2014.
Raw Materials
Factory Insurance
$ 4600
Inventory 7/1/13
$ 48000
Factory Machinery
Raw Materials
Depreciation
16,000
Inventory 6/30/14
39,600
Factory Utilities
27,600
Finished Goods
Office Utilities Expenses
8,650
Inventory 7/1/13
96,000
Sales Revenue
534,000
Finished Goods
Sales Discounts
4,200
Inventory 6/30/14
75,900
Plant Manager’s Salary
58,000
Works in Process
Factory Property Taxes
9,600
Inventory 7/1/13
19,800
Factory Repairs
1,400
Work in Process
Raw materials Purchases
96,400
Inventory 6/30/14
18,600
Cash
32,000
Direct Labor
139,250
Indirect Labor
24,460
Account Receivable
27,000
Instructions
Prepare a cost of goods manufactured schedule (Assume all raw materials used were direct material)
1) Prepare an income statement through gross profit.
2) Prepare the current assets section of the balance sheet at June 30, 2014.
CHAPTER 2 (Job Order Costing)
P2-4A
Agassi Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department D, direct labor hours in Department E, and machine hours in Department K.In establishing the predetermined overhead rates for 2014, the following estimates were made for the year.
Department
D
E
K
Manufacturing overhead
$1,200,000
$1,500,000
$900,000
Direct labor costs
$1,500,000
$1,250,000
$450,000
Direct labor hours
100,000
125,000
40,000
Machine hours
400,000
500,000
120,000
During January, the job cost sheets showed the following costs and production data.
Department
D
E
K
Direct materials