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The closing of over-applied overhead at the end of the accounting period will result in an...
Orr Company makes and sells a single product call ed a Bik. It takes four yards...
Orr Company makes and sells a single product call ed a Bik. It takes four yards of Material A to make one Bik. Budget ed production of Biks for the next three months is as follows: February March April Budgeted Biks to be produced 21,000 units 26,000 units 33,000 units The company wants to maintain monthly ending inve ntories of Material A equal to 29% of the next month's production needs • Material A costs $1.75 per yard. The company...
Detmer Enterprises has the following budgeted sales: Budgeted Sales in Units June 6,800 units July 5,100...
Detmer Enterprises has the following budgeted sales: Budgeted Sales in Units June 6,800 units July 5,100 units August 4,400 units September 3,700 units Past experience has shown that the ending finished goods inventory for each month should be equal to 25% of the next month's expected sales in units. Additionally, it is known that every unit produced requires four direct labor hours to make and direct laborers are paid $15 per hour. Assume that Detmer pays 65% of its direct...
At the end of the year, overhead applied was $3,706,000. Actual overhead was $3,418,000. Closing over/underapplied...
At the end of the year, overhead applied was $3,706,000. Actual overhead was $3,418,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a.decrease by $576,000 b.decrease by $288,000 c.increase by $288,000 d.increase by $576,000 A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $345,800 and direct labor hours would be 42,600. Actual manufacturing overhead costs incurred were $320,800, and...
please show all the formulas used step by step 6. During the month of May, Cassidy...
please show all the formulas used step by step
6. During the month of May, Cassidy Manufacturers incurred $30,000, $40,000 and $20,000 of direct material, direct labor and manufacturing overhead costs respectively. If the cost of goods manufactured was $95,000 and the ending work in process inventory was 15,000, the beginning inventory of work in process must have been: a $10,000 b. $20,000 c. $110,000 d. $5,000 e. None of the above
Mulligan Manufacturing Company uses a job order cost system with overhead applied to products at a...
Mulligan Manufacturing Company uses a job order cost system with overhead applied to products at a rate of 150 percent of direct labor cost. Required: Treating each case independently, selected from the manufacturing data given below, find the missing amounts. You should do them in the order listed. (Hint: For the manufacturing costs in Case 3, first solve for conversion costs and then determine how much of that is direct labor and how much is manufacturing overhead.) (Do not round...
Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on...
Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dolars. At the beginning of the most recent direct labor cost to be $65,000 and its total manufacturing overhead cost to be $91,000 Several incomplete general ledger accounts show the transactions that occurred during the most recent accounting perlod which is given in second requirement. Required: 1. Calculate the predetermined overhead rate Rate ost 2. Fill in the missing...
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...
Rieb Incorporated has provided the following data for the month of September. There were no beginning...
Rieb Incorporated has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Direct materials Direct labor Manufacturing overhead applied Total Work In Process $ 3,740 9,900 6,400 $ 20,040 Finished Goods $ 8,820 24,150 11,200 $ 44,170 Cost of Goods Sold $ 47,340 130,080 62,400 $ 239,820 Total $ 59,900 164,130 80,000 $ 304,030 Manufacturing overhead for...
Determine the cost of work in process, finished goods, and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period.
Stangl Incorporated has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In ProcessFinished GoodsCost of Goods SoldTotalDirect materials$ 1,480$ 7,410$14,430$ 23,320Direct labor5,28017,67034,41057,360Manufacturing overhead applied3,7708,70016,53029,000Total$10,530$33,780$65,370$109,680 Manufacturing overhead for the month was underapplied by $3,000. The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month...
Orr Company makes and sells a single product call ed a Bik. It takes four yards of Material A to make one Bik. Budget ed production of Biks for the next three months is as follows: February March April Budgeted Biks to be produced 21,000 units 26,000 units 33,000 units The company wants to maintain monthly ending inve ntories of Material A equal to 29% of the next month's production needs • Material A costs $1.75 per yard. The company...
please show all the formulas used step by step
6. During the month of May, Cassidy Manufacturers incurred $30,000, $40,000 and $20,000 of direct material, direct labor and manufacturing overhead costs respectively. If the cost of goods manufactured was $95,000 and the ending work in process inventory was 15,000, the beginning inventory of work in process must have been: a $10,000 b. $20,000 c. $110,000 d. $5,000 e. None of the above
Mulligan Manufacturing Company uses a job order cost system with overhead applied to products at a rate of 150 percent of direct labor cost. Required: Treating each case independently, selected from the manufacturing data given below, find the missing amounts. You should do them in the order listed. (Hint: For the manufacturing costs in Case 3, first solve for conversion costs and then determine how much of that is direct labor and how much is manufacturing overhead.) (Do not round...
Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dolars. At the beginning of the most recent direct labor cost to be $65,000 and its total manufacturing overhead cost to be $91,000 Several incomplete general ledger accounts show the transactions that occurred during the most recent accounting perlod which is given in second requirement. Required: 1. Calculate the predetermined overhead rate Rate ost 2. Fill in the missing...
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...
Rieb Incorporated has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Direct materials Direct labor Manufacturing overhead applied Total Work In Process $ 3,740 9,900 6,400 $ 20,040 Finished Goods $ 8,820 24,150 11,200 $ 44,170 Cost of Goods Sold $ 47,340 130,080 62,400 $ 239,820 Total $ 59,900 164,130 80,000 $ 304,030 Manufacturing overhead for...
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