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Answers to Review Questions

Problem 3-51 (Continued)

2.

Huron Corporation
Schedule of Cost of Goods Sold
For the Year Ended December 31, 20x2

Finished-goods inventory, 12/31/x1

$   35,000

Add: cost of goods manufactured

 1,772,500

Cost of goods available for sale

$1,807,500

Deduct: Finished-goods inventory, 12/31/x2

    40,000

Cost of goods sold

$1,767,500

Add: Underapplied overhead*

     2,500

Cost of goods sold (adjusted for underapplied overhead)

$1,770,000

*The company closes underapplied or overapplied overhead into cost of goods sold. Hence the $2,500 balance in underapplied overhead is added to cost of goods sold for the month.

3.

Huron Corporation
Income Statement
For the Year Ended December 31, 20x2

Sales revenue

$2,105,000

Less: Cost of goods sold

 1,770,000

Gross margin

$ 335,000

Selling and administrative expenses

  269,000

Income before taxes

$  66,000

Income tax expense

   25,000

Net income

$  41,000

Problem 3-52 (15 minutes)

1. $40,000. Since there was no work-in-process inventory at the beginning of 20x2, all of the costs in the year-end work-in-process inventory were incurred during 20x2.

2. The direct-material cost would have been larger, probably by roughly 20 percent, because direct material is a variable cost.

3. Depreciation is a fixed cost, so it would not have been any larger if the firm's volume had increased.

Problem 3-52 (Continued)

4. Only the $30,000 of equipment depreciation would have been included in manufacturing overhead on the Schedule of Cost of Goods Manufactured. The $30,000 of depreciation related to selling and administrative equipment would have been treated as a period cost and expensed during 20x2.

Problem 3-53 (30 minutes)

1.

Marco Polo Map Company
Schedule of Cost of Goods Manufactured
For the Month of March

Direct material:

Raw-material inventory, March 1

$ 17,000

Add: March purchases of raw material

 113,000

Raw material available for use

$130,000

Deduct: Raw-material inventory, March 31

  26,000

Raw materials used

$104,000  

Direct labor

160,000*

Manufacturing overhead applied (50% of direct labor)

  80,000  

Total manufacturing costs

$344,000  

Add: Work-in-process inventory, March 1

  40,000  

Subtotal

$384,000  

Deduct: Work-in-process inventory,

March 31 (90%$40,000)

  36,000  

Cost of goods manufactured

$348,000

*Work upward from the bottom of the statement, using the information available. Direct labor + manufacturing overhead = total manufacturing costs – direct material cost = $344,000
– $104,000 = $240,000. Since manufacturing overhead = 50% of direct labor, then manufacturing overhead = $80,000 and direct labor = $160,000.

Cost of goods manufactured = cost of goods sold + increase in finished-goods inventory
= $345,000 + $3,000 = $348,000.

Problem 3-53 (Continued)

2.

Marco Polo Map Company
Schedule of Prime Costs
For the Month of March

Raw material:

Beginning inventory

$ 17,000

Add: Purchases

 113,000

Raw material available for use

$130,000

Deduct: Ending inventory

  26,000

Raw material used

$104,000

Direct labor

 160,000

Total prime costs

$264,000

3.

Marco Polo Map Company
Schedule of Conversion Costs
For the Month of March

Direct labor

$160,000

Manufacturing overhead applied (50% of direct labor)

  80,000

Total conversion cost

$240,000

Problem 3-54 (30 minutes)

1.

2.

Calculation of applied manufacturing overhead:

Applied manufacturing overhead = machine hrs. used x predetermined overhead rate

$20,000 = 4,000 hrs. x $5 per hr.

3.

Underapplied overhead

=

actual overhead – applied overhead

$6,000

=

$26,000 – $20,000

4.

Cost of Goods Sold

6,000

Manufacturing Overhead

6,000

Problem 3-54 (continued)

5.

(a)

Calculation of proration amounts:

Account

Explanation

Amount*

Percentage

Calculation
of Percentage

Work in Process

Job P82 only

$ 2,500

 12.5%

 2,500 20,000

Finished Goods

Job N08 only

 12,500

 62.5%

12,500 20,000

Cost of Goods

Sold

Job A79 only

  5,000

 25.0%

 5,000 20,000

Total

$20,000

100.0%

*Machine hours used on jobpredetermined overhead rate.

Account

Underapplied Overhead

Percentage

Amount Added
to Account

Work in Process

$6,000

12.5%

$  750

Finished Goods

 6,000

62.5%

 3,750

Cost of Goods Sold

 6,000

25.0%

 1,500

Total

$6,000

(b)

Journal entry:

Work-in-Process Inventory

750

Finished-Goods Inventory

3,750

Cost of Goods Sold

1,500

Manufacturing Overhead

6,000