Question 1 The following data pertain to Harriman Company's operations during July: July 1 July 31 Raw materials inventory

$0 $3,600 Work in process inventory ? $2,000 Finished goods inventory $13,900? Other data: Cost of goods manufactured $105,000 Raw materials used $41,300 Manufacturing overhead costs $20,900 Direct labor costs $40,300 Gross profit $101,300 Sales $211,000 The ending finished goods inventory was:

$20,400 $13,900 $15,900 $9,200 it is the guess elimination method. The reason is beginning work in process is not given Answer: The ending finished goods are as follows:

________________________________________ ________________________________________ Question 2: (1 point) Jupiter Inc. has provided the following data for the month of August. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Process Finished Goods Cost of Goods Sold Total Direct materials $1,730 $10,070 $26,260 $38,060

Direct labor 2,250 16,160 42,120 60,530 Manufacturing overhead applied 1,750 8,750 24,500 35,000 Total $5,730 $34,980 $92,880 $133,590

Manufacturing overhead for the month was underapplied by $2,900. The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. The journal entry to record the allocation of any underapplied or overapplied overhead for August would include the following:

debit to Cost of Goods Sold of $92,880 credit to Cost of Goods Sold of $2,030 debit to Cost of Goods Sold of $2,030 because we are to only take under applied. And it is cost so debit 24,500 / 35,000 = 70% SO 70% of 2900 = 2030 credit to Cost of Goods Sold of $92,880

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Question #3 The following partially completed T-accounts summarize last year's transactions for Kelshaw Company. Raw Materials Work in Process Beg Bal 3,400 (2) 17,900 Beg Bal 6,200 (7) 49,600 (1) 17,300 (2) 11,200 (4) 13,600 (6) 26,200 Manufacturing Overhead Accounts Payable (2) 6,700 (6) 26,200 (1) 17,300 (3) 10,700 (5) 2,100 (4) 5,000 (5) 2,100

Finished Goods Wages & Salaries Payable Beg Bal 16,200 Beg Bal 4,400 (7) 49,600 (4) 28,500 End Bal 11,200 Sales Salaries Expense Accumulated Depreciation (Factory) (4) 9,900 Beg Bal 89,700 (3) 10,700 Cost of Goods Sold

At the end of the year, the company closes out the balance in the Manufacturing Overhead account to Cost of Goods Sold. The cost of direct materials used is:

$13,600 $17,900 $7,800 $11,200

Question #4 Geneva Steel Corporation produces large sheets of heavy gauge steel. The company showed the following amounts relating to its production for the year just completed: Direct materials used in production $112,000 Direct labor costs for the year $53,700 Work in process, beginning $23,200 Finished goods, beginning $45,100 Cost of goods available for sale $288,000 Cost of goods sold $238,200 Work in process, ending $15,400

The balance of the finished goods inventory at the end of the year was:

$193,100 $45,100 $49,800 = 288,000 238,200 = 49,800 $94,900