CHAPTER 5 TRUE/FALSE 1. True 2. True 3. False 4. True 5. True
6. True 7. True 8. True 9. True 10. False
Problem 1 – Stillwater Manufacturing 1) Raw and In Process Accounts Payable 2)
Finished goods Raw and In Process Raw materials purchased RIP beg. (42,600-6,900) RIP end (22,500-4,500) Mat. content of units completed
3)
373,700 373,700 356,000 35,700 ( 18,000) 373,700
Cost of goods sold Finished goods Mat. content of units completed FG beg.(45,000-17,000) FG. End (16,000-5,000) Mat. content of units sold
4)
356,000 356,000
390,700 390,700 373,700 28,000 ( 11,000) 390,700
Cost of goods sold Raw and In Process Finished goods Conversion cost End Beg. Increase (decrease)
14,400 2,400 12,000 RIP 4,500 ( 6,900) ( 2,400)
FG 5,000 (17,000) ( 12,000)
Problem 2 – Magnolia Corporation 1)
Raw and In Process Accounts payable
444,000 444,000
2)
Finished goods Raw and In process
442,460 442,460
Purchases Mat. In RIP beg (23,400-7,020) Mat. In RIP end (25,600-7,680) Mat. Content of FG
3)
4)
Cost of goods sold Accrued payroll FO Applied
730,000 350,000 380,000
Cost of goods sold Finished goods Mat. Content of FG Mat. In FG beg. (24,000-7,200) Mat. In FG end (19,000-5,700) Mat. Content of units sold
445,960 445,960 442,460 16,800 ( 13,300) 445,960
Raw and In Process Cost of goods sold Conversion cost in RIP end Conversion cost in RIP beg Adjustment
5)
444,000 16,380 ( 17,920) 442,460
660 660 7,680 ( 7,020) 660
Cost of goods sold Finished goods Conversion cost in FG end Conversion cost in FG beg Adjustment
Problem 3 – Smart Manufacturing Company 1. Materials purchased Materials in RIP beg (15,000 – 4,400) Materials in RIP end (24,000 – 7,800) Materials backflushed from RIP to FG 2.
Materials backflushed from RIP to FG Materials in FG beg (36,000-10,800) Materials in FG end (18,000-6,500) Materials backflushed from FG to CofGS
3)
a) Raw and In process Accounts payable
1,500 1,500 5,700 (7,200) (1,500)
146,000 10,600 ( 16,200) 140,400 140,400 25,200 ( 11,500) 154,100 146,000 146,000
b) Cost of goods sold Accrued payroll FO Applied
180,000
c) Finished goods Raw and In Process
140,400 140,400
d) Cost of goods sold Finished goods
154,100 154,100
80,000 100,000
e) Raw and In Process Cost of goods sold Finished goods
End Beginning Increase (decrease(
3,400 900 4,300 RIP 7,800 (4,400) 3,400
FG 6,500 (10,800) ( 4,300)
Problem 4 – Chiz Manufacturing Company 1)
Raw and In Process Accounts payable
230,000 230,000
2)
Finished goods Raw and In Process
245.200 245,200
Materials purchased Materials in RIP beg. (40,000-12,000) Materials in RIP end (28,500-15,700) Materials backflushed from RIP 3)
Cost of goods sold Finished goods Materials backflushed from RIP Materials in FG beg. (35,000-8,800) Materials in FG end ( 19,800-13,100) Materials backflushed from CofGS
4)
Cost of goods sold Accrued payroll FO Applied
230,000 28,000 ( 12,800) 245,200 264,700 264,700 245,200 26,200 ( 6,700) 264,700 405,000 180,000 225,000
5)
Finished goods Cost of goods sold Raw and In Process
End Beginning Increase (decrease)
4,300 600 3,700 RIP 12,000 (15,700) (3,700)
FG 13,100 ( 8,800) 4,300
