Homework Answers
| Product Cost | Period Cost | |||||
| Direct Material |
Direct Labor |
Factory Overhead |
Selling | Admin. | ||
| Spervisor salaries | $ 300,000.00 | |||||
| Indirect labor incurred during the period | $ 125,000.00 | |||||
| Raw materials transferred into production | $ 700,000.00 | |||||
| Cost of glues and screws | $ 35,000.00 | |||||
| Selling costs | $ 500,000.00 | |||||
| Direct labor incurred during the period | $ 3,300,000.00 | |||||
| General, and administrative costs incurred | $ 550,000.00 | |||||
| Depreciation of factory equipment | $ 75,000.00 | |||||
| All other factory overhead | $ 300,000.00 | |||||
| Totals | $ 735,000.00 | $ 3,300,000.00 | $ 800,000.00 | $ 500,000.00 | $ 550,000.00 | |
| Total manufacturing costs | $ 4,835,000.00 | |||||
| Cost per table = 4835000/500 | $ 9,670.00 | |||||
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product costs for the direct materials, direct labor, and overhead.
Then the period costs for...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data:...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials,...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials, work in process, and manufacturing overhead direct materials, direct labor, and manufacturing overhead direct materials, work in progress, and finished goods 2. What is the journal entry for under applied overhead? Manufacturing overhead Finished Goods Inventory Finished Goods Inventory Manufacturing Overhead Manufacturing overhead Cost of goods sold Cost of goods sold Manufacturing overhead 3. Use a piece of scrap paper...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,275,000 42,000 51,600 66,000 167,000 226,000 16,600 41,000 5,250 53,000 98,000 138,000 46,900 47,200 67,900...
Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to...
Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $31,000 $ 4,790 $59,300 $88,700 $ 4,020 Inventories Raw materials Work in process Finished goods Beginning $ 10,400 $ 54,600 $ 34,800 Ending $ 18,700 $ 69,100 $ 42,500 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,313,000 41,000 50,500 61,500 176, 100 243,000 17,500 45,000 5,250 52,000 100,000 127,000 48,000 42,600...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,469,000 38,000 53,100 61,000 158,800 241,000 24,000 47,000 5,250 53,000 105,000 135,000 41,000 44,300 71,700...
1) 2) Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials i...
1)
2)
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,250,000 37,000...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory,...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,143,000 40,000 50,800 65,100...
Sales ........ Direct labor ....... Selling & administrative costs Raw materials purchased Manufacturing overhead $72,000 10,000...
Sales ........ Direct labor ....... Selling & administrative costs Raw materials purchased Manufacturing overhead $72,000 10,000 7,000 20,000 13,500 Inventory_ Raw materials .... Work-in-process Finished goods Beginning $10,000 18,000 21,000 Ending $ 5,000 17,000 16,500 What were the total manufacturing costs for September? O $ $25,000 O $43,500 O $49,500 O $48,500 Sales Direct labor Selling & administrative costs Raw materials purchased Manufacturing overhead $72,000 10,000 7,000 20,000 13,500 Inventory Raw materials Work-in-process Finished goods Beginning $10,000 18,000 21,000 Ending...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,275,000 42,000 51,600 66,000 167,000 226,000 16,600 41,000 5,250 53,000 98,000 138,000 46,900 47,200 67,900...
Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $31,000 $ 4,790 $59,300 $88,700 $ 4,020 Inventories Raw materials Work in process Finished goods Beginning $ 10,400 $ 54,600 $ 34,800 Ending $ 18,700 $ 69,100 $ 42,500 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,313,000 41,000 50,500 61,500 176, 100 243,000 17,500 45,000 5,250 52,000 100,000 127,000 48,000 42,600...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,469,000 38,000 53,100 61,000 158,800 241,000 24,000 47,000 5,250 53,000 105,000 135,000 41,000 44,300 71,700...
1)
2)
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,250,000 37,000...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,143,000 40,000 50,800 65,100...
Sales ........ Direct labor ....... Selling & administrative costs Raw materials purchased Manufacturing overhead $72,000 10,000 7,000 20,000 13,500 Inventory_ Raw materials .... Work-in-process Finished goods Beginning $10,000 18,000 21,000 Ending $ 5,000 17,000 16,500 What were the total manufacturing costs for September? O $ $25,000 O $43,500 O $49,500 O $48,500 Sales Direct labor Selling & administrative costs Raw materials purchased Manufacturing overhead $72,000 10,000 7,000 20,000 13,500 Inventory Raw materials Work-in-process Finished goods Beginning $10,000 18,000 21,000 Ending...
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