Homework Answers
1. The following is considered a variable manufacturing overhead cost
c. Factory Utilities
2. The following costs is considered a direct cost
e. Assembly line labor costs
3. The cost of rent for a manufacturing plant is generally considered to be a
d.
| Fixed Cost | Overhead cost |
| Yes | Yes |
4. When production increases, fixed manufacturing costs :
c.
| Unit Fixed Cost | Total Fixed Cost |
| Decrease | Remain same |
5. In a job-order cost system, the use of direct materials would usually be recorded as a credit to
b. Work in process
6. A credit to work in process represents
d. Completed items being transferred to Finished goods.
7. When goods are completed by a manufacturer, the journal entry is a debit to
d. Finished goods and a credit to work in process
Kindly comment if you need further assistance.
Thanks
Add Answer to:
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c...
Azure Company predicted factory overhead for 2018 and 2019 would be $150,000 for each year. Direct...
Azure Company predicted factory overhead for 2018 and 2019 would be $150,000 for each year. Direct labor hours were predicted as 35,000 hours for 2018 and 25,000 hours for 2019. Additional data are as follows: Sales in units Selling price per unit Direct materials and direct labor per unit 2018 40,000 $30 $15 2019 40,000 $30 $15 The company assumes that the long-run normal production level is 25,000 direct labor hours per year. The actual factory overhead cost for the...
Exercise C: Applying Overhead; Cost of Goods Sold The below cost data relate to the manufacturing...
Exercise C: Applying Overhead; Cost of Goods Sold The below cost data relate to the manufacturing activities of Brown Company during the just completed year. Manufacturing costs: Property taxes, factory $2,000 Utilities, factory $6,000 Indirect labor $12,000 Depreciation, factory $15,000 Insurance, factory $7,000 Total actual manufacturing overhead costs $42,000 Other costs incurred: Purchases of raw materials Direct labor cost $30,000 $45,000 Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending Finished goods, beginning Finished...
Labels Actual factory overhead Depreciation of equipment Direct labor used Direct materials used Factory overhead applied...
Labels
Actual factory overhead
Depreciation of equipment
Direct labor used
Direct materials used
Factory overhead applied
Factory rent
Factory utilities
Indirect labor
Indirect materials
Required information (The following information applies to the questions displayed below. Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $27,000; factory rent, $39,000; factory utilities, $24,000; and factory...
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...
Media Manufacturing costs: Comment $2,000 Property taxes, factory Utilities, factory $6,000 Indirect labor $12,000 $15,000 Depreciation,...
Media Manufacturing costs: Comment $2,000 Property taxes, factory Utilities, factory $6,000 Indirect labor $12,000 $15,000 Depreciation, factory Insurance, factory $7,000 Total actual manufacturing overhead costs $42,000 Other costs incurred: Purchases of raw materials $30,000 Direct labor cost $45,000 Inventories: $10,000 $5,000 $7,000 Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending $6,500 $15,000 $5,000 The company uses a predetermined overhead rate to apply overhead cost to production. The rate...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 656,000 $ 82,000 $ 136,000 $ 104,000 $ 45,000 $ 204,000 $ 225,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,400 $ 5,600 $ 74,000 Ending $ 10,600 $ 20,300 $ 25,400 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare...
Christine Corp. applies manufacturing overhead to production at 90% of direct labor cost. During the year...
Christine Corp. applies manufacturing overhead to production at 90% of direct labor cost. During the year ended 20xx, manufacturing overhead of $225,180 was applied to production; actual manufacturing overhead was $188,600. Beginning Work in Process Inventory was $23,100, and beginning Finished Goods Inventory was $44,700. Work in Process Inventory decreased by 25% during the year and Finished Goods Inventory decreased by 20% during the year. Adjusted Cost of Goods Sold was $623,200 for the year ended 20xx. Complete the following...
Manufacturing overhead costs incurred: Indirect materials $15,000 Indirect labor 130,000 Property taxes, factory 8,000 Utilities, factory...
Manufacturing overhead costs incurred: Indirect materials $15,000 Indirect labor 130,000 Property taxes, factory 8,000 Utilities, factory 70,000 Depreciation, factory 240,000 Insurance, factory 10,000 Total actual manufacturing overhead costs incurred $473,000 Other costs incurred: Purchases of raw materials (both direct and indirect) $400,000 Direct labor cost $60,000 Inventories: Raw materials, beginning $20,000 Raw materials, ending $30,000 Work in process, beginning $20,000 Work in process, ending $70,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $652,000 $ 82,000 $137,000 $102,000 $ 49,000 $208,000 $227,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 8,900 $10,300 $5,300 $20,600 $ 74,000 $25,500 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that...
For Question 5, I am looking for the cost of direct materials, direct labor, manufacturing overhead,...
For Question 5, I am looking
for the cost of direct materials, direct labor, manufacturing
overhead, and work in process inventory.
Problem 3-14 Schedule of Cost of Goods Manufactured; Overhead Analysis (LO3-3, LO3-4] Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $111,600 of manufacturing overhead for...
Azure Company predicted factory overhead for 2018 and 2019 would be $150,000 for each year. Direct labor hours were predicted as 35,000 hours for 2018 and 25,000 hours for 2019. Additional data are as follows: Sales in units Selling price per unit Direct materials and direct labor per unit 2018 40,000 $30 $15 2019 40,000 $30 $15 The company assumes that the long-run normal production level is 25,000 direct labor hours per year. The actual factory overhead cost for the...
Exercise C: Applying Overhead; Cost of Goods Sold The below cost data relate to the manufacturing activities of Brown Company during the just completed year. Manufacturing costs: Property taxes, factory $2,000 Utilities, factory $6,000 Indirect labor $12,000 Depreciation, factory $15,000 Insurance, factory $7,000 Total actual manufacturing overhead costs $42,000 Other costs incurred: Purchases of raw materials Direct labor cost $30,000 $45,000 Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending Finished goods, beginning Finished...
Labels
Actual factory overhead
Depreciation of equipment
Direct labor used
Direct materials used
Factory overhead applied
Factory rent
Factory utilities
Indirect labor
Indirect materials
Required information (The following information applies to the questions displayed below. Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $27,000; factory rent, $39,000; factory utilities, $24,000; and factory...
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...
Media Manufacturing costs: Comment $2,000 Property taxes, factory Utilities, factory $6,000 Indirect labor $12,000 $15,000 Depreciation, factory Insurance, factory $7,000 Total actual manufacturing overhead costs $42,000 Other costs incurred: Purchases of raw materials $30,000 Direct labor cost $45,000 Inventories: $10,000 $5,000 $7,000 Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending $6,500 $15,000 $5,000 The company uses a predetermined overhead rate to apply overhead cost to production. The rate...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 656,000 $ 82,000 $ 136,000 $ 104,000 $ 45,000 $ 204,000 $ 225,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,400 $ 5,600 $ 74,000 Ending $ 10,600 $ 20,300 $ 25,400 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare...
Christine Corp. applies manufacturing overhead to production at 90% of direct labor cost. During the year ended 20xx, manufacturing overhead of $225,180 was applied to production; actual manufacturing overhead was $188,600. Beginning Work in Process Inventory was $23,100, and beginning Finished Goods Inventory was $44,700. Work in Process Inventory decreased by 25% during the year and Finished Goods Inventory decreased by 20% during the year. Adjusted Cost of Goods Sold was $623,200 for the year ended 20xx. Complete the following...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $652,000 $ 82,000 $137,000 $102,000 $ 49,000 $208,000 $227,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 8,900 $10,300 $5,300 $20,600 $ 74,000 $25,500 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that...
For Question 5, I am looking
for the cost of direct materials, direct labor, manufacturing
overhead, and work in process inventory.
Problem 3-14 Schedule of Cost of Goods Manufactured; Overhead Analysis (LO3-3, LO3-4] Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $111,600 of manufacturing overhead for...
Most questions answered within 3 hours.
-
1. An object weighing 40 N rests on a surface. The coefficient
of friction is 0.35....
asked 38 minutes ago -
Investor company owns 35% of investee company voting stock and
accounts for the investment under the...
asked 1 hour ago -
The number of major faults on a randomly chosen 1 km stretch of
highway has a...
asked 2 hours ago -
Consider the competitive environment of Starbuck's, Progressive
Insurance, a manufacturing firm with low turnover, or a...
asked 2 hours ago -
3. Gains from trade
Consider two neighbouring island countries called Euphoria and
Contente. They each have...
asked 4 hours ago -
A business executive has the option to invest money in two
plans: Plan A guarantees that...
asked 7 hours ago -
Hello, can someone please help me answer this question?
How much heat is absorbed by a...
asked 7 hours ago -
. A marketing researcher conducted a survey of 25 shoppers
randomly selected at the local mall...
asked 7 hours ago -
Create an comprehensive response to the
following:
Antimicrobial agents work on a multitude of microbes (bacteria,...
asked 7 hours ago -
6.13 LAB: Step counter. Section 6.3.
A pedometer treats walking 2,000 steps as walking 1 mile....
asked 7 hours ago -
(14.2) A block of mass m = 10 kg riding on a frictionless
horizontal plane is...
asked 7 hours ago -
Use any search engine to search for articles about Starbucks
partnership with Tata Companies in India...
asked 7 hours ago