Problem 2-53

Name:

Solution

a – b.

Insert amounts in the gray-shaded cells of columns E, F, and H. If an

answer is incorrect, the word “wrong” will appear.

Raw Material Inventory

Beg. Bal.

      1,36,200

#2) Issued materials

#1) Purch.

      5,70,000

End. Bal.

Work in Process Inventory

Beg. Bal.

#2) DM

      1,21,200

      5,32,140

CGM

#3) IM

         15,000

#3) DL

      1,80,000

#3) IL

         42,000

#5) Util.

         28,140

#6) Depr.

         48,000

#7) Rent

         39,600

Finished Goods Inventory

Beg. Bal.

      5,02,740

CGS

CGM

      5,32,140

End. Bal.

Total product costs

$                 5,32,140

Period costs for August (all on the income statement):

Office salaries (#4)

$                 1,44,600

Utilities expense (#5)

                       12,060

Depreciation expense (#6)

                       12,000

Rent expense (#7)

                       26,400

    Total period costs

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