Chapter 5 Cost Acctg. (De Leon)

Topics: Accounts receivable, Supply chain management terms, Manufacturing Pages: 4 (502 words) Published: June 18, 2015
CHAPTER 5
TRUE/FALSE
1. True6. True
2. True7. True
3. False8. True
4. True9. True
5. True10. False

Problem 1 – Stillwater Manufacturing
1)Raw and In Process356,000
Accounts Payable356,000

2)Finished goods373,700
Raw and In Process373,700

Raw materials purchased356,000
RIP beg. (42,600-6,900) 35,700
RIP end (22,500-4,500)( 18,000)
Mat. content of units completed 373,700

3)Cost of goods sold390,700
Finished goods390,700

Mat. content of units completed 373,700
FG beg.(45,000-17,000) 28,000
FG. End (16,000-5,000)( 11,000)
Mat. content of units sold 390,700

4) Cost of goods sold 14,400
Raw and In Process 2,400
Finished goods12,000

Conversion cost RIP FG
End4,5005,000
Beg. ( 6,900) (17,000)
Increase (decrease) ( 2,400) ( 12,000)

Problem 2 – Magnolia Corporation

1)Raw and In Process444,000
Accounts payable444,000

2)Finished goods442,460
Raw and In process442,460

Purchases444,000
Mat. In RIP beg (23,400-7,020) 16,380
Mat. In RIP end (25,600-7,680) ( 17,920)
Mat. Content of FG442,460

Cost of goods sold730,000
Accrued payroll350,000
FO Applied380,000

3)Cost of goods sold445,960
Finished goods445,960
Mat. Content of FG442,460
Mat. In FG beg. (24,000-7,200) 16,800
Mat. In FG end (19,000-5,700)( 13,300)
Mat. Content of units sold445,960

4)Raw and In Process 660
Cost of goods sold 660

Conversion cost in RIP end 7,680
Conversion cost in RIP beg( 7,020)
Adjustment 660

5)Cost of goods sold1,500
Finished goods1,500

Conversion cost in FG end5,700
Conversion cost in FG beg...
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