Project a Essay

Submitted By shanky118
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Pages: 3
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Problem 3-25 (120 minutes) 1. | a. | Raw Materials | 142,000 | | | | Accounts Payable | | 142,000 | | | | | | | b. | Work in Process | 150,000 | | | | Raw Materials | | 150,000 | | | | | | | c. | Manufacturing Overhead | 21,000 | | | | Accounts Payable | | 21,000 | | | | | | | d. | Work in Process | 216,000 | | | | Manufacturing Overhead | 90,000 | | | | Salaries Expense | 145,000 | | | | Salaries and Wages Payable | | 451,000 | | | | | | | e. | Manufacturing Overhead | 15,000 | | | | Accounts Payable | | 15,000 | | | | | | | f. | Advertising Expense | 130,000 | | | | Accounts Payable | | 130,000 | | | | | | | g. | Manufacturing Overhead | 45,000 | | | | Depreciation Expense | 5,000 | | | | Accumulated Depreciation | | 50,000 | | | | | | | h. | Manufacturing Overhead | 72,000 | | | | Rent Expense | 18,000 | | | | Accounts Payable | | 90,000 | | | | | | | i. | Miscellaneous Expense | 17,000 | | | | Accounts Payable | | 17,000 | | | | | | | j. | Work in Process | 240,000 | | | | Manufacturing Overhead | | 240,000 |

$150,000 direct materials cost × 160% = $240,000 applied.

Problem 3-25 (continued) | k. | Finished Goods | 590,000 | | | | Work in Process | | 590,000 | | | | | | | l. | Accounts Receivable | 1,000,000 | | | | Sales | | 1,000,000 | | | Cost of Goods Sold | 600,000 | | | | Finished Goods | | 600,000 | 2. Accounts Receivable | | Raw Materials | (l) | 1,000,000 | | | | | Bal. | 18,000 | | (b) | 150,000 | | | | | | | (a) | 142,000 | | | | | | | | | | Bal. | 10,000 | | | |

Work in Process | | Finished Goods | Bal. | 24,000 | | (k) | 590,000 | | Bal. | 35,000 | | (l) | 600,000 | (b) | 150,000 | | | | | (k) | 590,000 | | | | (d) | 216,000 | | | | | | | | | | (j) | 240,000 | | | | | | | | | | Bal. | 40,000 | | | | | Bal. | 25,000 | | | | Manufacturing Overhead | | Accounts Payable | (c) | 21,000 | | (j) | 240,000 | | | | | (a) | 142,000 | (d) | 90,000 | | | | | | | | (c) | 21,000 | (e) | 15,000 | | | | | | | | (e) | 15,000 | (g) | 45,000 | | | | | | | | (f) | 130,000 | (h) | 72,000 | | | | | | | | (h) | 90,000 | Bal. | 3,000 | | | | | | | | (i) | 17,000 | Accumulated Depreciation | | Depreciation Expense | | | | (g) | 50,000 | | (g) | 5,000 | | | | Salaries & Wages Payable | | Salaries Expense | | | | (d) | 451,000 | | (d) | 145,000 | | | | Miscellaneous Expense | | Advertising Expense | (i) | 17,000 | | | | | (f) | 130,000 | | | |

Problem 3-25 (continued) Rent Expense | | Cost of Goods Sold | (h) | 18,000 | | | | | (l) | 600,000 | | | | Sales | | | | | | (l) | 1,000,000 | | | | | | | 3. | Southworth Company
Schedule of Cost of Goods Manufactured | | Direct materials: | | | | Raw materials inventory, beginning | $ 18,000 | | | Add: Purchases of raw materials | 142,000 | | | Materials available for use | 160,000 | | | Deduct: Raw materials inventory,
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