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Full file at http://testbank360.eu/solution-manual-managerial-accounting-6th-edition-weygandt

SOLUTION Chapter 2 Waterways Continuing Problem WCP2 (a) Job Number_______________ Item___________________

Date

Direct Materials

JOB COST SHEET Quantity______________ Date Requested____________ Date Completed ____________

Direct Labor

Manufacturing Overhead Hours

Cost Summary Direct materials Direct labor Manufacturing overhead Total Cost Unit Cost

Rate

Amount

$

$ $

Copyright © 2012 John Wiley & Sons, Inc.   Waterways Practice Set   (For Instructor Use Only)

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Full file at http://testbank360.eu/solution-manual-managerial-accounting-6th-edition-weygandt JOB COST SHEET Job Number_______________ Date Initiated_________________ Date Completed_______________ Item___________________

Date

Direct Materials

Direct Labor Hours

Cost Summary Direct materials Direct labor Manufacturing overhead Total Cost Unit Cost

Manufacturing Overhead Rate

Amount

$

$ $

Copyright © 2012 John Wiley & Sons, Inc.   Waterways Practice Set   (For Instructor Use Only)

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Full file at http://testbank360.eu/solution-manual-managerial-accounting-6th-edition-weygandt Answer (a) JOB COST SHEET Quantity 237 units Job Number J57 Date Requested Dec 2 Date Completed Dec 15, 2012 Item special order parts

Date 2-Dec 3-Dec 8-Dec 9-Dec 14-Dec 15-Dec

Direct Materials

Direct Labor

Manufacturing Overhead Hours Rate Amount

$ 3,374 $

66

2 1/2

$

398*

$

995

66

3

398

1,194

66

3

398

1,194

706 2,306

Cost Summary Direct materials Direct labor Manufacturing overhead Total Cost Unit Cost ($9,967/237 units)

$ 6,386 198 3,383 $ 9,967 $ 42.05

*840,576  2,112

Copyright © 2012 John Wiley & Sons, Inc.   Waterways Practice Set   (For Instructor Use Only)

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Full file at http://testbank360.eu/solution-manual-managerial-accounting-6th-edition-weygandt JOB COST SHEET Quantity 142 units Job Number K52 Date Requested Dec 2 Date Completed Dec 15, 2012 Item special order parts

Date

Direct Materials

Direct Labor Hours

2-Dec 3-Dec 8-Dec 9-Dec 14-Dec 15-Dec

Manufacturing Overhead Rate Amount

$ 1,687 $

33

2

$

398*

$

796

33

2

398

796

33

2

398

796

353 1,153

Cost Summary Direct materials Direct labor Manufacturing overhead Total Cost Unit Cost ($5,680/142 units)

$ 3,193 99 2,388 $ 5,680 $ 40.00

*840,576  2,112

Copyright © 2012 John Wiley & Sons, Inc.   Waterways Practice Set   (For Instructor Use Only)

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Full file at http://testbank360.eu/solution-manual-managerial-accounting-6th-edition-weygandt (b) GENERAL JOURNAL 12/1

12/2

12/2

12/3

12/3

12/8

12/9

12/9

12/12

12/13

12/14

Raw Materials Inventory Accounts Payable (Purchase of raw materials on account) Work in Process Inventory Raw Materials Inventory (To assign materials to jobs J57 & K52) Work in Process Inventory Manufacturing Overhead Raw Materials Inventory (To assign materials to jobs and overhead)

DEBIT 53,200

53,200

5,061 5,061

40,000 3,000 43,000

99

Work in Process Inventory Factory Labor (To assign labor to jobs J57 & K52)

99

Work in Process Inventory Manufacturing Overhead (To assign overhead to jobs J57 & K52)

1,791

Work in Process Inventory Raw Materials Inventory (To assign materials to jobs J57 & K52)

1,059

1,791

1,059

99

Work In Process Inventory Factory Labor (To assign labor to jobs J57 & K52) Work in Process Inventory Manufacturing Overhead (To assign overhead to jobs J57 & K52) Factory Labor Cash (To record factory labor costs and payment)

CREDIT

99

1,990 1,990

65,000 65,000

Manufacturing Overhead Cash (To record payment of factory water bill)

9,000

Work in Process Inventory Raw Materials Inventory (To assign materials to jobs J57 & K52)

3,459

9,000

Copyright © 2012 John Wiley & Sons, Inc.   Waterways Practice Set   (For Instructor Use Only)

3,459

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Full file at http://testbank360.eu/solution-manual-managerial-accounting-6th-edition-weygandt GENERAL JOURNAL 12/15

12/15

12/15

12/18

12/21

12/31

(c) 12/31

Work In Process Factory Labor (To assign labor to jobs J57 & K52 Work in Process Inventory Manufacturing Overhead (To assign overhead to jobs J57 & K52)

DEBIT 99

99

1,990 1,990

Finished Goods Inventory Work in Process Inventory (To record completion of jobs J57 & K52)

15,647

Finished Goods Inventory Work in Process Inventory (To record completion of jobs)

50,000

Manufacturing Overhead Cash (To record payment of factory electric bill)

12,000

Manufacturing Overhead Property Taxes Payable Prepaid Insurance Accumulated Depreciation (To record overhead costs)

36,800

Cost of Goods Sold Manufacturing Overhead* (To transfer underapplied overhead to cost of goods sold)

CREDIT

15,647

50,000

12,000

12,000 8,800 16,000

3,600 3,600

*(d) Since production involved the use of machinery that required minimal labor, using machine hours as the cost driver for producing the sprinkler heads would more accurately reflect the overhead costs than would direct labor. When the irrigation system is installed, this would require a great deal of labor and minimal machinery. Therefore, the cost driver for overhead costs would more likely be direct labor costs.

Copyright © 2012 John Wiley & Sons, Inc.   Waterways Practice Set   (For Instructor Use Only)

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Solution manual managerial accounting 6th edition weygandt  

solution manual managerial accounting 6th edition weygandt. Full file at http://testbank360.eu/solution-manual-managerial-accounting-6t...

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