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Category > Management Posted 04 Feb 2018 My Price 8.00

Gardner Company

Exercise 17-31  BASIC COST FLOWS

Gardner Company produces a common machine component for industrial equipment. The component is produced in three departments: molding, grinding, and finishing. The following data are available for the month of September:

 

 

Molding Department ($)

Grinding Department ($)

Finishing Department  ($)

Direct materials

30,800

3,800

2,450

Direct labor

2,300

5,600

3,800

Applied overhead

3,500

27,200

3,800

During September, 3,000 components were completed. There is no beginning or ending WIP in any department.

 

Required:

1.       Prepare a schedule showing, for each department, the cost of direct materials, direct labor, applied overhead, product transferred in from a prior department, and total manufacturing cost.

 

 

2.             Calculate the unit cost.

Exercise 17-32  JOURNAL ENTRIES, BASIC COST FLOWS

In October, Gardner Company had the following cost flows:

 

 

 

 

 

 

Molding                            Grinding

Finishing

 

Department ($)              Department ($)

Department ($)

 

Direct materials                          35,800                                    5,000

3,600

 

Direct labor                                    3,000                                   5,800

4,800

 

Applied overhead                        3,200                                 29,200

4,600

 

Transferred-in cost:

 

 

From Molding                                                                  42,000

From Grinding                       —                             —    

 

82,000

 

Total cost                                     42,000                                 82,000

95,000

 

 

 

 

 

 

 

Required:

Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods.

 

 

Answers

Maurice Tutor
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Status NEW Posted 04 Feb 2018 06:02 PM My Price 8.00

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