Answer Key in Post Test TOTAL : 10 PTS

Problem 1

1. Raw and in Process 500,000 1PT

Accounts Payable 500,000

2. Cost of goods sold 325,000 2PTS

Wages payable / Accrued Payroll 100,000
Factory Overhead Control 225,000

OR

Conversion Cost 100,000 0.5PT

Wages Payable / Accrued Payroll 100,000

Conversion Cost 225,000 0.5PT

Factory Overhead Control 225,000

Cost of Goods Sold 325,000 1PT

Conversion Cost 325,000

3. Finished goods (8,750 + 500,000 - 10,500) 498,250 1PT

Raw and in process 498,250

4. Cost of goods sold (498,250 + 60,000 - 63,000) 495,250 1PT

Finished goods 495,250

5. Raw and in process 3,250 1PT

Finished goods 27,000
Cost of goods sold 30,250

Problem 2

1. Raw and in Process 173,000 1PT

Accounts Payable 173,000

2. Finished goods (173,000 + 4,900 - 5,350) 172,550 1PT

Raw and in process 172,550
 3. Cost of goods sold (172,550 + 4,000 - 3,350) 173,200 1PT
Finished goods 173,200

4. Cost of goods sold 200 1PT

Raw and in process 250
Finished goods 450

Note: There is no need to make an entry for cost of goods sold and conversion cost because it
cannot be determined from the given information and also not required to determine in the
problem.