Part.1
Baab Corporation | |||||
Schedule of Cost of Goods Manufactured | |||||
Direct Material | |||||
Opening | 14350 | ||||
Add | Purchased | 315350 | |||
Total Raw Material Available | 329700 | ||||
Less: | Closing Raw Material | -22350 | |||
Less: | Indirect Raw Material used in Production | -26700 | |||
Raw Material used in production (A) | 280650 | ||||
Direct Labour (B) | 377350 | ||||
Factory Overhead applied ($7.7[Note.1]*34070) (C ) | 262339 | ||||
Total manufacturing costs (A+B+C) | 920339 | ||||
Add | Opening Work in Progress | 27350 | |||
Less: | Closing Work in Progress | -9350 | |||
Cost of goods manufactured | 938339 | ||||
Note.1 | Factory Overhead Recovery Rate = Budgeted Factory Overhead/Machine Hours | ||||
=256795/33350 | = | $ 7.70 | |||
Part. 2
Computation of Manufacturing Overhead Incurred | ||||||||||
Indirect Material | 26700 | |||||||||
Indirect Labour | 96350 | |||||||||
Factory Utilities Cost | 10350 | |||||||||
Depreciation | 131000 | |||||||||
Total Manufacturing Overhead | 264400 | |||||||||
Manufacturing Overhead Under or Over applied = Actual Manufacturing Overhead Incurred - Manufacturing Overhead applied | ||||||||||
= | 264400 | - | 262339 | = | 2061 | Underapplied | ||||
Part 3
Baab Corporation | ||||
Income Statement | ||||
Sales | 1267000 | |||
Add: | Closing Finised Goods | 77350 | ||
Less: | Opening Finished Goods | -62350 | ||
15000 | ||||
Less: | Selling & Administrative Expense | |||
Administrative Salaries | 172350 | |||
Depreciation relating to the selling, general & administrative activities | 17000 | |||
Selling Costs | 147350 | |||
-336700 | ||||
Less: | Underapplied Overheads | -2061 | ||
Less: | Cost of Goods Manufactured | -938339 | ||
Profit/Loss | 4900 |
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Raw materials Work in process Finished Goods Beginning Ending Balance Balance $ 15,000 $23,000 $ 28,000 $10,000 $ 63,000 $78,000 • The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 34,000 machine-hours and incur $306,000 in manufacturing...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Raw materials Work in process Finished Goods Beginning Ending Balance Balance $ 14,650 $22,650 $ 27,650 $ 9,650 $ 62,650 $77,650 • The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,650 machine-hours and incur $279,295 in...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Raw materials Work in procOS Finished Goods Beginning Ending Balance Balance $ 14,200 $22,200 $ 27,200 $ 9,200 $ 62,200 $77,200 01:42:53 • The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,200 machine hours and incur...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Raw materials Work in process Finished Goods Beginning Ending Balance Balance $ 14,150 $22,150 $ 27,150 $ 9,150 $ 62,150 $77,150 • The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,150 machine hours and incur $241.995...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,300 $ 22,300 Work in process $ 27,300 $ 9,300 Finished Goods $ 62,300 $ 77,300 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,300 machine-hours and incur $253,080...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,550 $ 22,550 Work in process $ 27,550 $ 9550 Finished Goods $ 62,550 $ 77,550 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,550 machine-hours and incur $271,755...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,550 $ 22,550 Work in process $ 27,550 $ 9550 Finished Goods $ 62,550 $ 77,550 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,550 machine-hours and incur $271,755...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,450 $ 22,450 Work in process $ 27,450 $ 9450 Finished Goods $ 62,450 $ 77,450 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,450 machine-hours and incur $264,255...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Endine Balance Raw materials $ 14,950 $ 22,950 Work in process $ 27,950 $ 9950 Finished Goods $ 62,950 $ 77,950 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,950 machine hours and incur...
PLEASE HELP Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,550 $ 22,550 Work in process $ 27,550 $ 9550 Finished Goods $ 62,550 $ 77,550 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,550 machine-hours and...