ACCT221 Wk5 – Principles of Accounting II Individual Assignment

Subject: Business / Accounting
Question
S18-3 Matching business trends terminology
Match the term with the correct definition. 1.
2.
3.
4.
5. S18-5 Computing cost of goods sold, merchandising company
Use the following information for The Windshield Pro, a retail merchandiser of
auto windshields, to compute the cost of goods sold: E18-22 Preparing a schedule of cost of goods manufactured
Clarkson Corp., a lamp manufacturer, provided the following information for
the year ended December 31, 2016: Requirements 1 Use the information to prepare a schedule of cost of goods
manufactured.
2 What is the unit product cost if Clarkson manufactured 2,135 lamps
for the year? Requirement 1 Requirement 2
Unit product
cost = =
= S19-1 Distinguishing between job order costing and process costing
Would the following companies most likely use job order costing or process costing? a. A manufacturer of refrigerators b. A manufacturer of specialty wakeboards c. A manufacturer of luxury yachts d. A professional services firm e. A landscape contractor f. A custom home builder g. A cell phone manufacturer h. A manufacturer of frozen pizzas i. A manufacturer of multivitamins j. A manufacturer of tennis shoes S19-3 Accounting for materials
Pack Rite manufactures backpacks. Its plant records include the following materials-related data: Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and
determine the ending balance in Raw Materials Inventory.
Date Accounts and Explanation Debit Raw Materials Inventory
Bal.
Purchased
Bal. Used Credit S19-5 Accounting for labor
Journalize the following labor-related transactions for Portland Glass at its plant in Portland,
Oregon. Assume that the labor has been incurred, but not yet paid. Date Accounts and Explanation Debit Credit S19-6 Accounting for overhead
Sparrow Furniture manufactures wood patio furniture. If the company reports the following costs
for June 2016, what is the balance in the Manufacturing Overhead account before overhead is
allocated to jobs? Assume that the labor has been incurred, but not yet paid. Prepare journal
entries for overhead costs incurred in June. Date Accounts and Explanation Debit Credit These costs are not overhead costs: Wood is a direct material Depreciation on the delivery truck is a selling and administrative expense (period cost, not
a product cost) Assembly-line workers’ wages are direct labor S19-8 Calculating predetermined overhead allocation rate, allocating overhead
Milestone Company estimates the company will incur $96,900 in overhead costs and 5,100 direct
labor hours during the year. Actual direct labor hours were 4,400. Calculate the predetermined
overhead allocation rate, and prepare the journal entry for the allocation of overhead.
Predetermined
Overhead = Allocation Rate Total estimated overhead cost
Total estimated quantity of the overhead allocation base = Allocated Manufacturing Overhead
Cost = Predetermined Overhead
Allocation Rate = Actual Quantity of the
× Allocation Based used by Each
Job × = Date Accounts and Explanation Debit Credit S19-10 Calculating under/overallocated overhead
The T-account showing the manufacturing overhead activity for Edith Corp. for 2016 is as
follows: Requirements
1 What is the actual manufacturing overhead? 2 What is the allocated manufacturing overhead? 3 Is manufacturing overhead underallocated or overallocated? By how much? Requirements 1, 2 and 3
Allocated overhead – Actual Overhead $209,000 – $205,000 = $4,000 overallocated S19-11 Completing and selling products
Ford Company completed jobs that cost $37,000 to produce. In the same period, the company
sold jobs for $86,000 that cost $45,000 to produce. Prepare the journal entries for the completion
and sales of the jobs. All sales are on account.
Date Accounts and Explanation Debit Credit S19-13 Using job order costing in a service company Blake Accounting pays Jaclyn Sawyer $63,250 per year.
Requirements
1 What is the hourly cost to Blake Accounting of employing Sawyer? Assume a 25-hour
week and a 46-week year. 2 What direct labor cost would be assigned to Client 507 if Sawyer works 16 hours to
prepare Client 507’s financial statements?

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