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BA 225 Managerial Accounting Module 1 Exercises

BA 225 Managerial Accounting Module 1 Exercises
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Solution Guide / Answer Key:

ACCOUNTING

BA 225
Managerial Accounting

Problem 1:
E1-5 Elder Company is a manufacturer of personal computers. Various costs and expenses associated with its operations are below. The company intends to classify these costs and expenses into categories. Match the Cost and Expenses with the appropriate Category.

Associate each cost/expense with each association category:
Cost and Expenses Association Categories
1. Property taxes on the factory building
2. Production superintendents’ salaries
3. Memory boards and chips used in assembling computers
4. Depreciation on the factory equipment.
5. Salaries for assembly line quality control inspectors
6. Sales commissions paid to sell personal computers.
7. Electrical components used in assembling computers.
8. Wages of workers assembling personal computers
9. Soldering materials used on factory assembly line.
10. Salaries for the night security guards for the factory building.

Categories:
a. Direct materials
b. Direct labor
c. Manufacturing overhead
d. Period costs


Problem 2:
E2-7 Bjerg Corporation incurred several costs. Prepare entries for manufacturing costs. Journalize the following transactions.
1. Purchased raw materials on account $46,300
2. Raw Materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicates that $6,800 was classified as indirect materials.
3. Factory labor costs incurred were $53,900, of which $49,000 pertained to factory wages payable and $4,900 pertained to employer payroll taxes payable.
4. Time tickets indicated that $48,000 was direct labor and $5,900 was indirect labor.
5. Overhead costs incurred on account were $80,500.
6. Manufacturing overhead was applied at the rate of 150% of direct labor cost.
7. Goods costing $88,000 were completed and transferred to finished goods.
8. Finished goods costing $75,000 to manufacture were sold on account for $103,000

 

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