Chapter 16-17

Week Three E16-17 Req. 1 Fido Grooming| Income Statement| Month of April| Wages| 3,900. 00| Grooming Supplies Expense| 1,625. 00| Building Rent Expense| 1,300. 00| Utilities| 325. 00| Depreciation on Equipment| 130. 00| Total Operating Expense| 7,280. 00| | | Income for April| 16,300. 00| Net Operating Income = Income – Operating ExpenseNOI= 16,300. 00 – 7280. 00NOI = 9,020. 00| | Req. 2 Unit Cost Per Service = Total Service Cost/Total Number of Services Provided UCPS = 7,280. 00 / 650 UCPS = 11. 20 Unit cost to groom one dog = $11. 20 P 16-25A Req. 1 Fido Treats|Schedule of Cost of Goods Manufactured| Year Ended December 31, 2012| Beginning Work in Process Inventory| | 13,400. 00| | Direct Materials Used:| | | | Beginning Direct Materials Inventory| -| -| | Purchases of Direct Materials (Including Freight In)| 33,000. 00| -| | Available for Use| 33,000. 00| | | Ending Direct Materials Inventory| 2,000. 00| | | Direct Materials Used| | 31,000. 00| | Direct Labor| | 22,0 00. 00| | Manufacturing Overhead:| | | | Indirect Materials| 1,700. 00| | | Indirect Labor| 800. 00| | | Depreciation – Plant and Equipment| -| | |Plant Utilities, Insurance, and Property Taxes| 1,600. 00| | | Total Manufacturing Overhead| | 4,100. 00| | Total Manufacturing Costs Incurred During the Year| | | 57,100. 00| Total Manufacturing Costs to Account For| | | 70,500. 00| Ending Work in Process Inventory| | | (2,000. 00)| Costs of Goods Manufactured| | | 68,500. 00| Req. 2 Fido Treats| Income Statement| Year Ended December 31, 2012| Sales Revenue| | 109,000. 00| Less: Sales Returns and Allowances| -| | Less: Sales Discounts| -| | | | -| Net Sales Revenue| | 109,000. 00|Cost of Goods Sold:| | | Beginning Finished Goods Inventory| -| | Cost of Goods Manufactured| 68,500. 00| | Cost of Goods Available for Sale| 68,500. 00| | Ending Finished Goods Inventory| 5,300. 00| | Cost of Goods Sold| | 82,600. 00| Gross Profit| | 26,400. 00| Operating Expense| | | Wage Expense| 5,000 . 00| | Rent Expense| 13,000. 00| | Hotline Expense| 1,400. 00| | Total Operating Expense| | 19,400. 00| Operating Income| | 7,000. 00| Net Income| | 7,000. 00| P 17-26A Req. 1 Job Cost Record| JOB NO. 423CUSTOMER NAME: Lu Technology, Co.JOB DESCRIPTION: 5,900 DVDs| DATE PROMISED 4-5| DATE STARTED 4-2| DATE COMPLETED 4-3| DATE| DIRECT MATERIALS| DIRECT LABOR| MANUFACTURING OVERHEAD ALLOCATED| | REQUISITION NO. | AMOUNT| LABOR TIME RECORD NO. | AMOUNT| DATE| RATE| AMOUNT| 4| 2| 64| 341. 00| 10| 140. 00| 4-3| 125%| Of Direct Labor Cost| 500. 00| 4| 2| 64| 675. 00| | | | | | | 4| 3| 74| 126. 00| 20| 260. 00| Overall Cost Summary| | | | | | | | | | | | | | Direct materials| 1,142. 00| | | | | | | Direct labor| 400. 00| | | | | | | Manufacturing overhead allocated| 500. 00| Totals| | 1,142. 0| | 400. 00| Total Job Cost| 2,042. 00| | Cost per DVD| 0. 35| Req. 2 Journal Entry| DATE| ACCOUNTS AND EXPLANATIONS| POST. REF. | DEBIT| CREDIT| Apr| 2| Materials Inventory: Requisition 63 Polycarbo nate Plastic| | 341. 00| | | | Accounts Payable| | | 341. 00| | | | | | | | 2| Materials Inventory: Requisition 64: Acrylic Plastic| | 675. 00| | | | Accounts Payable| | | 675. 00| | | | | | | | 3| Materials Inventory: Requisition 74: Refined Aluminum| | 126. 00| | | | Accounts Payable| | | 126. 00| | | | | | | | | Materials Inventory: Movie File| | 2,950. 00| | | Accounts Payable| | | 2,950. 00| | | | | | | Req. 3 Journal Entry| DATE| ACCOUNTS AND EXPLANATIONS| POST. REF. | DEBIT| CREDIT| Apr| 3| Finished Goods Inventory| | 5,900. 00| | | | Work In Process Inventory| | | 5,900. 00| | | | | | | | 3| Accounts Receivable| | 7,670. 00| | | | Sales Revenue| | | 7,670. 00| | | | | | | | 3| Cost of Goods Sold| | 5,900. 00| | | | Finished Goods Inventory| | | 5,900. 00| | | | | | | | | | | | | | | | | | | P 17A-11A Req. 1 Compute the number of equivalent units and the cost per equivalent unit in the Assembly Department for November. Amy Electronics| * Equivalent Units – Assembly De partment| * Month Ended November 30| * | * | * | * Step 2: Equivalent Units| * Whole Units| * Direct Materials| * Conversion Costs| * | * | * | * | * | * | * | * | * | * | * | * | * | * | * | * | Req. 1 Amy Electronics| Cost per Equivalent Unit – Assembly Department| Month Ended November 30| | * | * | | * | * | * | | * | * | * | | * | * | * | | * | * | * | | * | * | * | | * * Req. 2Assign total costs in the Assembly Department to (a) units completed and transferred to Programming during November and (b) units still in process at November 30. * Amy Electronics| * Assignment of Cost – Assembly Department| * Month Ended November 30| * | * | | | * | | | | * | * | * | * | * | * | Req. 3 Prepare a T-account for Work in process inventory—Assembly to show its activity during November, including the November 30 balance. Work in process inventory- Assembly| * | * | * | * | * | * | * | * | * | * | * | * | * | * | * | * |