Cost Accounting - Chapter_5
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CHAPTER 5 - JUST IN TIME AND BACKFLUSH ACCOUNTING ACCOUNTING TRUE/FALSE 1. True 2. True 3. False 4. True 5. True
6. True 7. True 8. True 9. True 10. False
Problem 1 - AJE Corporation Corporation 1) Raw and In Process Accounts Payable
16,000
2)
Cost of goods sold Accrued payroll FO Applied
32,000
Finished goods Raw and In Process
13,500
3)
Raw and In Process Cost of goods sold 4)
Cost of goods sold Finished goods Finished goods Cost of goods sold
16,000
15,000 17,000
13,500 1,000 1,000 12,700 12700 1,700 1,700
Problem 2 – Magnolia Magnolia Corporation
CORRECTION: Direct labor cost P 350,000; Factor Factor overhead – P380,000 1) Raw and In Process 444,000 Accounts payable 444,000 2)
Finished goods Raw and In process 443,000
443,000
Purchases 444,000 Mat. In RIP beg (23,400-2,400) 21,000 Mat. In RIP end (25,600-3,600) (25,600-3,600) ( 22,000) Mat. Content of FG 443,000
Cost of goods sold Accrued payroll FO Applied Page 2 3) Cost of goods sold Finished goods Mat. Content of FG Mat. In FG beg. (24,000-8,000) Mat. In FG end (19,000-7,000) Mat. Content of units sold 4)
447,000 447,000 443,000 16,000 ( 12,000) 447,000
Raw and In Process Cost of goods sold Conversion cost in RIP end Conversion cost in RIP beg Adjustment
5)
730,000 350,000 380,000
1,200 1,200 3,600 ( 2,400) 1,200
Cost of goods sold Finished goods Conversion cost in FG end Conversion cost in FG beg Adjustment
1,000 1,000 7,000 (8,000) (1,000)
Problem 3 – Pocahontas Manufacturing Company 1. Materials purchased Materials in RIP beg (11,000 – 1,200) Materials in RIP end (12,400 – 1,700) Materials backflushed from RIP to FG
346,000 9,800 ( 10,700) 345,100
2.
Materials backflushed from RIP to FG Materials in FG beg ( 12,000 – 4,000) Materials in FG end ( 9,800 - 3,100) Materials backflushed from FG to CofGS
345,100 8,000 ( 6,700) 346,400
3)
a) Raw and In process Accounts payable
346,000 346,000
b) Cost of goods sold Accrued payroll FO Applied
250,000 100,000 150,000
c) Finished goods Raw and In Process
345,100 345,100
d) Cost of goods sold Finished goods
346,400 346,400
Page 3 e) Raw and In Process Cost of goods sold Finished goods
End Beginning Increase (decrease(
500 400 900 RIP 1,700 (1,200) 500
FG 3,100 (4,000) ( 900)
Problem 4 – Barbie Mfg. Company Additional information – Direct labor 80,000; factory overhead – 60,000 1) Raw and In Process 100,000 Accounts payable 100,000 2)
Finished goods Raw and In Process Materials Materials Materials Materials
3)
5)
99,850
purchased in RIP beg. (5,000-500) in RIP end (5,250-650) backflushed from RIP
100,000 4,500 ( 4,650) 99,850
Cost of goods sold Finished goods Materials Materials Materials Materials
4)
99,850
102,850 102,850
backflushed from RIP in FG beg. (11,250-3.250) in FG end ( 7,500-2,500) backflushed from CofGS
99,850 8,000 ( 5,000) 102,850
Cost of goods sold Accrued payroll FO Applied
140,000 80,000 60,000
Raw and in process Cost of goods sold Finished goods
150 600 750 RIP
FG
End Beginning Increase (decrease)
650 (500) 150
2,500 (3,250) 750
Page 3 Problem 5 – Chiz Manufacturing Company 1)
Materials Materials Materials Materials
purchased in RIP beg. ( 14,500-7,200) in RIP end ( 22,400-15,700) backflushed from RIP to FG
246.000 7,300 ( 6,700) 246,600
2)
Materials Materials Materials Materials
backflushed from RIP to FG in FG beg. (16,000-8,800) in FG end (19,800-13,100) backflushed from FG to CofGS
246,600 7,200 ( 6,700) 247,100
3)
Materials purchased RIP beg. FG beg. Direct labor Factory overhead RIP end FG end Cost of goods sold
246,000 14,500 16,000 98,000 125,000 ( 22,400) ( 19,800) 457,300
a)
Raw and in process Accounts payable
246,000 246,000
b)
Finished goods Raw and in process
246,600 246,600
c)
Cost of goods sold Finished goods
247,100 247,100
d)
Cost of goods sold Accrued payroll FO Applied
223,000
4)
e)
98,000 125,000
Raw and in process Finished goods Cost of goods
END
8,500 4,300 12,800 RIP 15,700
FG 13,100
BEGINNING Increase (Decrease)
( 7,200) 8,500
( 8,800) 4,300
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