a few questions
Problem set 2 number 1
Radford Inc. manufactures a sugar product by a continuous process, involving three production
departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct
labor, and applied factory overhead for the first department, Refining, were $388,000, $141,000, and
$96,800, respectively. Also, work in process in the Refining Department at the beginning of the period
totaled $29,800, and work in process at the end of the period totaled $30,000.
Required:
a. On September 30, journalize the entry to record the flow of costs into the Refining Department
during the period for direct materials.*
. On September 30, journalize the entry to record the transfer of production costs to the second
department, Sifting.*
*Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not
use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit
entries. Do not add explanations or skip a line between journal entries. CNOW journals will
automatically indent a credit entry when a credit amount is entered.
(1) On September 30, journalize the entry to record the flow of costs into the Refining Department
during the period for direct materials.*
(2) On September 30, journalize the entry to record the flow of costs into the Refining Department
during the period for direct labor.*
(3) On September 30, journalize the entry to record the flow of costs into the Refining Department
during the period for factory overhead.*
CHART OF ACCOUNTS
Radford Inc.
General Ledge
ASSETS
110 Cash
121 Accounts Receivable
125 Notes Receivable
126 Interest Receivable
131 Materials
141 Work in Process-Refining Department
142 Work in Process-Sifting Department
143 Work in Process-Packing Department
151 Factory Overhead-Refining
Department
152 Factory Overhead-Sifting Department
153 Factory Overhead-Packing
Department
161 Finished Goods
171 Supplies
172 Prepaid Insurance
173 Prepaid Expenses
181 Land
191 Factory
192 Accumulated Depreciation-Factory
1a(1). On September 30, journalize the entry to record the flow of costs into the Refining
Department during the period for direct materials. Refer to the chart of accounts for the exact
wording of the account titles. CNOW journals do not use lines for spaces or journal explanations.
Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a
line between journal entries. CNOW journals will automatically indent a credit entry when a credit
amount is entered.
JOURNAL XXXXXXXXXXACCOUNTING EQUATION
LIABILITIES
210 Accounts
Payable
221 Utilities Payable
231 Notes Payable
236 Interest Payable
251 Wages Payable
EXPENSES
510 Cost of Goods Sold
520 Wages Expense
531 Selling Expenses
532 Insurance Expense
533 Utilities Expense
534 Supplies Expense
540 Administrative Expenses
561 Depreciation Expense-
Factory
590 Miscellaneous Expense
710 Interest Expense
EQUITY
311 Common Stock
340 Retained
Earnings
351 Dividends
390 Income Summary
REVENUE
410 Sales
610 Interest
Revenue
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS
LIABILIT
IES EQUITY
1
2
a(2). On September 30, journalize the entry to record the flow of costs into the Refining Department
during the period for direct labor. Refer to the chart of accounts for the exact wording of the account
titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal
page is used for debit or credit entries. Do not add explanations or skip a line between journal entries.
CNOW journals will automatically indent a credit entry when a credit amount is entered.
JOURNAL XXXXXXXXXXACCOUNTING EQUATION
a(3). On September 30, journalize the entry to record the flow of costs into the Refining Department
during the period for factory overhead. Refer to the chart of accounts for the exact wording of the
account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a
journal page is used for debit or credit entries. Do not add explanations or skip a line between journal
entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
JOURNAL XXXXXXXXXXACCOUNTING EQUATION
. On September 30, journalize the entry to record the transfer of production costs to the second
department, Sifting. Refer to the chart of accounts for the exact wording of the account titles. CNOW
journals do not use lines for spaces or journal explanations. Every line on a journal page is used for
debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals
will automatically indent a credit entry when a credit amount is entered.
JOURNAL XXXXXXXXXXACCOUNTING EQUATION
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS
LIABILIT
IES EQUITY
1
2
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS
LIABILIT
IES EQUITY
1
2
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS
LIABILIT
IES EQUITY
1
2
Problem set 2 number 6
Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed
during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs
303 and 304 are still in process at the end of the month, and all applicable costs except factory
overhead have been recorded on the related cost sheets. In addition to the materials and labor
charged directly to the jobs, $7,800 of indirect materials and $11,100 of indirect labor were used
during the month. The cost sheets for the four jobs entering production during the month are as
follows, in summary form:
Required:
Job 301 Job 302
Direct materials $10,700 Direct materials $18,400
Direct labor 7,200 Direct labor 16,400
Factory overhead 6,192 Factory overhead 14,104
Total $24,092 Total $48,904
Job 303 Job 304
Direct materials $25,900 Direct materials $15,900
Direct labor 19,500 Direct labor 10,100
Factory overhead — Factory overhead —
Journalize the Mar. 31 summary entries to record each of the following operations for March (one
entry for each operation). Refer to the chart of accounts for the exact wording of the account titles.
CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is
used for debit or credit entries. Do not add explanations or skip a line between journal entries.
CNOW journals will automatically indent a credit entry when a credit amount is entered.
a. Direct and indirect materials used.
. Direct and indirect labor used.
c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor
cost).
d. Completion of Jobs 301 and 302.
HART OF ACCOUNTS
Collegiate Publishing Inc.
General Ledge
ASSETS
110 Cash
121 Accounts Receivable
125 Notes Receivable
126 Interest Receivable
131 Materials
132 Work in Process
133 Factory Overhead
134 Finished Goods
141 Supplies
142 Prepaid Insurance
143 Prepaid Expenses
181 Land
191 Factory
192 Accumulated Depreciation-
Factory
LIABILITIES
210 Accounts Payable
221 Utilities Payable
231 Notes Payable
236 Interest Payable
241 Lease Payable
251 Wages Payable
252 Consultant Fees
Payable
Journalize the Mar. 31 summary entries to record each of the following operations for March (one
entry for each operation). Refer to the chart of accounts for the exact wording of the account titles.
CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is
used for debit or credit entries. Do not add explanations or skip a line between journal entries.
CNOW journals will automatically indent a credit entry when a credit amount is entered.
a. Direct and indirect materials used.
. Direct and indirect labor used.
EXPENSES
510 Cost of Goods Sold
520 Wages Expense
531 Selling Expenses
532 Insurance Expense
533 Utilities Expense
534 Office Supplies Expense
540 Administrative Expenses
560 Depreciation Expense-
Factory
590 Miscellaneous Expense
710 Interest Expense
EQUITY
311 Common Stock
340 Retained
Earnings
351 Dividends
390 Income Summary
REVENUE
410 Sales
610 Interest
Revenue
JOURNAL XXXXXXXXXXACCOUNTING EQUATION
Problem Set 3 Question 1: ONLY the 4 calculations in the pink cells are needed everything else
is already done
Single Plantwide Factory Overhead Rate
Scrumptious Snacks Inc. manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. The company
has budgeted the following costs for the upcoming period
Factory overhead is allocated to the three products on the basis of processing hours. The
products had the following production budget and processing hours per case:
c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor
cost).
d. Completion of Jobs 301 and 302.
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS
LIABILIT
IES EQUITY
1
2
3
4
5
6
7
8
9
10
Factory depreciation $17,409
Indirect labor 43,143
Factory electricity 4,920
Indirect materials 10,218
Selling expenses 24,221
Administrative expenses 13,624
Total costs $113,535
If required, round all per-case answers to the nearest cent.
a. Determine the single plantwide factory overhead rate.
58 per processing hour
. Use the overhead rate in (a) to determine the amount of total and per-case overhead allocated to each of the three
products under generally accepted accounting principles.
Problem Set 4 Question 6; Fill in pink squares and answer parts 3-7 of the
question
Break-Even Sales