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Chapter 16 Ex 17 1 a Cost driver b Cost of finished goods manufactured c Overhead application rate d None (this statement describes underapplied overhead) e Job order costing f Activity based costing[.]
Chapter 16: Ex 17.1 Ex 17.2 Ex 17.3 a Cost driver b Cost of finished goods manufactured c Overhead application rate d None (this overhead) e Job order costing f Activity-based costing a $3,150 ($900 + $2,250 = jobs no 103 and 104) b $7,440 ($4,200 + $3,240 = jobs no 101 and 102) c $13,690 ($4,200 + $3,240 + $6,250 = jobs no 101, 102, and 104) d $9,700 ($6,000 + $3,700 = jobs no 105 and 106) e $2,900 (job no 103) a Work in Process Inventory …………………………… Materials Inventory ………………………… Direct Labor ………………………………… Manufacturing Overhead …………………… statement describes underapplied 20,0 00 8,00 2,60 9,40 Manufacturing costs incurred on job no 321 b c Ex 17.4 Finished Goods Inventory ……………………………… Work in Process Inventory ………………… To record completion of job no 321 20,0 00 Accounts Receivable …………………………………… Sales …………………………………… ……… To record credit sale of 4,000 units from job no 321 @ $10 per unit 40,0 00 Cost of Goods Sold ……………………………………… Finished Goods Inventory …………………… To record cost of sales of 4,000 units from job no 321 (4,000 @ $4 per unit) 16,0 00 20,00 40,00 16,00 a $194,000 [($45,000 × 120%) + (400 machine hours × $350 per machine hour)] b $24 [($45,000 + $121,000 + $194,000) ÷ 15,000 units] c The purpose in using more than one application rate is to more precisely apply overhead costs to the units generating those costs In the manufacture of keyboards, it appears that some overhead costs are driven by direct labor, but other types of overhead costs are driven primarily by machine-hours d Examples of overhead costs: Driven by direct labor (two required): Indirect labor Many types of factory supplies Factory safety costs Driven by machine-hours (two required): Machinery repairs Depreciation on machinery Utilities (electricity) e In part a, $140,000 in overhead costs were assumed driven by machine hours cost, whereas only $54,000 were assumed driven by direct labor cost Therefore, machine hours appears to be the primary cost driver of overhead costs f Gross profit on sale of 4,000 keyboards at $40 per unit: Sale price (4,000 units × $40) …………………………………… Cost of goods sold (4,000 units × $24 per part b) ………… Gross profit ……………………………………………………… Ex 17.5 Ex 17.6 a b c d e f g h i j k l m $ 160,000 96,000 $ 64,000 direct labor manufacturing overhead direct materials manufacturing overhead general, selling, and administrative direct materials manufacturing overhead selling, general, and administrative manufacturing overhead direct labor selling, general, and administrative selling, general, and administrative manufacturing overhead a Sales …………………………………………………………… Cost of Goods Sold …………………………………………… Gross Profit …………………………………………………… Selling & Administrative ……………………………………… Net Income……………………………………………………… $900,00 610,00 $290,00 130,00 $160,00 *Supporting calculations for cost of goods sold (COGS): $220,000 direct labor ÷ $16 per hour rate = 13,750 DLH 13,750 DLH × $25 application rate = $343,750 overhead applied $343,750 applied - $333,750 actual = $10,000 overapplied $620,000 unadjusted COGS - $10,000 overapplied = $610,000 b Beginning Materials Inventory ……………………………… $ Purchases……………………………………………………… Materials used ………………………………………………… Ending Materials Inventory …………………………………… Beginning Work in Process Inventory ……………………… Ending Work in Process Inventory ………………………… Beginning Finished Goods Inventory ……………………… $ Direct labor …………………………………………………… Overhead applied (13,750 DLH × $25) ……………………… Costs of jobs completed & transferred …………………… Costs transferred from work in process…………………… Cost of Goods Sold (unadjusted) …………………………… Ending Finished Goods Inventory …………………………… a (1) $ 280,00 220,00 343,75 (675,0 00) $168,75 Direct materials used ………………………………………… Ex 17.7 300,00 (280,0 00) $ 20,000 Materials Inventory ………………………… 675,00 (620,0 00) $ 55,000 800,000 Accounts Payable ………………………… To record materials purchased on account 800,000 Work in Process Inventory ………………… (2) 485,000 Materials Inventory ………………………… To record materials used on jobs Work in Process Inventory …… …………… (3) 485,000 500,000 Direct Labor ………………………………… To record labor used on jobs Problem 500,000 PROBLE M 17.1A JENSEN FENCES 20 Minutes, Easy Manufacturing overhead charged to jobs in process, June 30: Direct labor charged to jobs in process, June 30 Overhead application rate Manufacturing overhead applied to jobs in process, June 30 Direct materials charged to jobs in process, June 30: Total cost of jobs in process Less: Direct labor included a Manufacturing overhead included Direct materials charged to jobs in process, June 30 $ 1,500 125% $ 1,500 1,875 $ $ 1,875 6,000 3,375 $ 2,625 General Journal Work in Process Inventory Materials Inventory Direct Labor Manufacturing Overhead To record costs charged to jobs during June Finished Goods Inventory Work in Process Inventory To transfer cost of jobs completed in June to Finished Goods Inventory Cash Sales To record cash sale of 80% of goods completed in June Cost of Goods Sold To record cost of goods sold ($44,000 × 80%) b (1 ) (2 ) (3 ) 45,000 44,000 50,000 18,000 12,000 15,000 44,000 50,000 Finished Goods Inventory 35,200 35,200 Chapter 18: Ex 18.1 a b c d e Process costing Conversion costs Equivalent units Production cost report Job order costing Ex 18.2 a Equivalent Units Produced in January Direct Materials Beg Work in Process Started & Completed1 End Work in Process Total Equivalent Units b Labor and Overhead 0 300 300 100 60 = (100 × 60%) 400 360 Equivalent Units Produced in February Direct Materials Labor and Overhead Beg Work in Process2 Started & Completed1 End Work in Process Total Equivalent Units 16 = (40 × 40%) 100 100 400 320 = (400 × 80%) 500 436 Number of units started and completed: Units transferred to finished goods ……… ……………… …… Jan 300 Feb 140 Less: Units in beginning work in process ……………… ……… Units started and completed ……………………… ………… (0) 300 (40) 100 Note: The units in beginning work in process in February were already complete with respect to direct materials, but required 40% of the necessary labor and overhead to finish them Ex 18.3 a b c Work in Process Inventory ……………………… Direct Materials ……………………………… Direct Labor ………………………………… Manufacturing Overhead …………………… To record the costs assigned to production during June 159,000 Finish Goods Inventory …………………………… Work in Process Inventory ………………… To record the transfer of 13,250 completed units to finished goods during June at a unit cost of $12 ($159,000/13,250 units 159,000 Accounts Receivable ……………………………… Sales …………………………………………… To record the sale of 10,000 units in June at $25 per unit 250,000 Cost of Goods Sold ………………………………… Finished Goods Inventory …………………… To record the cost of the 10,000 units sold in June at a unit cost of $12 120,000 Ex 18.4 Shamrock Industries Production Cost Report 89,750 28,975 40,275 159,00 250,00 120,00 For the Month of June Part I Physical Flow Total Units Inputs: •Beginning WIP -0- •Started 13,250 Units to account for: 13,250 Outputs: •Units completed •Ending WIP Units accounted for: 13,250 -0- 13,250 Part II Equivalent Units Direct Materials Conversion Costs Based on monthly input: •Beginning WIP •Units started 13,250 13,250 13,250 13,250 Based on monthly output: •Units completed 13,250 13,250 •Ending WIP Equivalent units of input -0- -0- -0- -0- Equivalent units of output 13,250 13,250 Total Unit Cost Direct Materials $89,750 Conversion Costs Divide by equivalent units ÷13,250 ÷13,250 Costs per equivalent unit $12.00 $6.7736 $5.2264 Total Costs Direct Materials Conversion Costs Part III Cost Per Equivalent Unit Input costs Part IV Total Cost Assignment Costs to account for: $69,250 •Cost of beginning WIP $ 159,000 Total cost to account for $159,000 Costs accounted for: •Cost of goods transferred •Cost added during the period Beginning WIP last period -0- $ -0- Beginning WIP this period $ -0- -0- $ -0- -0- -0- 159,000 89,750a 69,250b Total cost transferred $159,000 $89,750 $69,250 •Add ending WIP -0- Started and completed Total cost accounted for -0- -0- $159,000 $89,750 $69,250 13,250 EU @ $6.7736 = $89,750 a 13,250 EU @ $5.2264 = $69,250 b Ex 18.5 a Equivalent full units of production: March April Beg WIP 4,900 (7,000 × 7) 1,920 (4,800 × 4) Started & Completed 11,500 18,200 (18,500 - 7,000) (23,000 - 4,800) 2,880 (4,800 × 6) 2,240 (6,400 × 35) 19,280 22,360 End WIP Total Equivalent Units b March Total manufacturing costs ………………………………… ÷ Equivalent units produced April $6,979,360 $7,781,280 ÷ 19,280 ÷ 22,360 …………………………… Total manufacturing cost per equivalent unit ………… $ 362 $ 348 Thus, manufacturing costs per equivalent unit decreased between March and April c March Direct Materials costs ……………………………………… ÷Equivalent units produced …………………………… Total direct materials cost per equivalent unit ……… April $ 978,460 $1,168,310 ÷ 19,280 ÷ 22,360 $ 50.75 $ 52.25 Thus, direct materials cost per equivalent unit increased between March and April Ex 18.6 a Beginning work in process, January Units started in January Total units in process during January Ending work in process, January 31 Units transferred to Finishing Department in January 15,00 15,00 (4,00 0) 11,00 Note: All of the units transferred were started and completed in January b To finish beginning inventory Input resources required (there was no beginning inventory) To start and complete 11,000 units in January To start ending inventory in process on January 31: Direct Material s Conversion 11,00 11,000 Direct materials (4,000 units 100% complete) Conversion (4,000 units 20% complete) Equivalent units of input resources in January c Cost of direct materials and conversion incurred in January Equivalent units of resources in January (see part b) Cost per equivalent unit of input resource in January d Work in Process: Finishing Department 4,00 800 15,00 11,800 Direct Conversion Material s $ 600,000 ÷ 15,000 Costs $ 590,000 ÷ 11,800 $ 40 $ 50 990,00 990,000 To record the transfer of 11,000 units to the Finishing Department at $90 per unit ($40 + $50) e 4,000 equivalent units of direct materials × $40 per unit 800 equivalent units of conversion × $50 per unit $ 160,000 40,00 $ 200,000 Work in Process: Cutting Department Total costs assigned to work in process on January 31 Ex 18.7 a The number of units started by the Finishing Department equals the number of units transferred in January from the Cutting Department, or 11,000 (see Exercise 18.6, part a) b Beginning work in process, January Units started (transferred in) during January Total units in process during January 11,000 11,000 Ending work in process, January 31 Units transferred to Finished Goods Inventory in January Note: All of the units transferred were started and completed in January c Cut Input resources required To finish beginning inventory (there was none) To start and complete 8,000 units in January To start ending inventory in process on January 31: Cut material transferred in (3,000 units, 100% complete) Direct materials (3,000 units 30% complete) Conversion (3,000 units 60% complete) Equivalent units of input resources in January (3,000) 8,000 Material s 8,00 3,00 11,00 d Cut Cost of input resources in January Equivalent units in January (see part c) Cost per equivalent unit in January Material s $ 990,000 ÷ 11,000 $ 90 e Finished Goods Inventory Work in Process: Finishing Department To record the transfer of 8,000 units to Finished Goods Inventory at $130 per unit ($90 + $16 + $24) f 3,000 equivalent units of cut materials x $90 900 equivalent units of direct trim materials x $16 1,800 equivalent units of conversion x $24 Direct Trim Materials Conversion 8,000 8,000 900 8,900 1,800 9,800 Direct Trim Materials $ 142,400 ÷ 8,900 $ 16 Conversion Costs $ 235,200 $ ÷ 9,800 24 1,040,00 1,040,000 $ 270,000 14,40 43,20 Total costs assigned to work in process on January 31 $ 327,600 Problem1 PROBLEM 18.1A BRITE IDEAS 20 Minutes, Easy a Step 1: Determine flow of physical goods Units transferred out in June Beginning inventory in process, June Units started and completed in June 5,000 (900) 4,100 Step 2: Determine equivalent units Input resources required To finish beginning inventory, June 1: Body materials (900 units require 0% to complete) Wiring materials (900 units require 0% to complete) Conversion (900 units require 30% to complete) To start and complete 4,100 units in June To start ending inventory in process on June 30: Body materials (1,100 units 100% complete) Wiring materials (1,100 units 0% complete) Conversion (1,100 units 40% complete) Total equivalent units in June Body Materials 4,100 4,100 1,100 5,200 Wiring Materials 270 4,100 4,100 Conversion 440 4,810 b Step 1: Determine flow of physical goods Units transferred out in July Beginning inventory in process, July Units started and completed in July 4,600 (1,100) 3,500 ... machine-hours d Examples of overhead costs: Driven by direct labor (two required): Indirect labor Many types of factory supplies Factory safety costs Driven by machine-hours (two required): Machinery... machinery Utilities (electricity) e In part a, $140,000 in overhead costs were assumed driven by machine hours cost, whereas only $54,000 were assumed driven by direct labor cost Therefore, machine... (4,000 @ $4 per unit) 16,0 00 20,00 40,00 16,00 a $194,000 [($45,000 × 120%) + (400 machine hours × $350 per machine hour)] b $24 [($45,000 + $121,000 + $194,000) ÷ 15,000 units] c The purpose in