Cost Accounting 1

Answer Key to Assignment No. 2

1. A
2. C
3. A
4. C
5. D
6. B
7. C
8. D
9. A
10. B

Problem 1

a. Materials 13,500
Accounts Payable 13,500

b. Work in process 17,500

Materials 17,500

c. Factory Overhead Control 1,800

Materials 1,800

d. Payroll 27,000
Accrued Payroll 27,000

Work in Process 17,000

Factory Overhead Control 2,000
Selling Expenses Control 5,000
Administrative Expenses Control 3,000
Payroll 27,000

e. Factory Overhead Control 2,508

Cash 2,508

f. Factory Overhead Control 8,500

Accounts Payable 8,500

g. Work in Process 14,808

Factory Overhead Control 14,808

h. Finished Goods 60,100

Work in Process 60,100

i. Accounts Receivable 75,000

Sales 75,000

Cost of Goods Sold 60,000

Finished Goods 60,000