Homework Answers
| Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
| 1 | Option b. | ||||
| 2 | Option c. | ||||
| 3 | Option c. | ||||
| 4 | Option d. | ||||
| 5 | Hamlet Co. | Amount $ | Note | ||
| Direct Labor Payroll | 30,000.00 | A | |||
| Direct Labor rate per hour | 7.50 | B | |||
| Direct Labor hours | 4,000.00 | C=A/B | |||
| Overhead applied per hour | 10.00 | D | |||
| Overhead applied | 40,000.00 | E=C*D | |||
| Cost of goods manufactured and sold statement | Amount $ | Amount $ | Amount $ | ||
| Beginning Work in process inventory | 9,000.00 | ||||
| Direct materials used | |||||
| Beginning Raw material inventory | 18,000.00 | ||||
| Raw material Purchases | 42,000.00 | ||||
| Total Raw material available for use | 60,000.00 | ||||
| Less: Ending Raw material inventory | 15,000.00 | ||||
| Direct materials used | 45,000.00 | ||||
| Direct Labor | 30,000.00 | ||||
| Manufacturing Overhead applied | 40,000.00 | See Note E | |||
| Total Manufacturing costs | 115,000.00 | ||||
| Total cost of work in process | 124,000.00 | ||||
| Less: Ending Work in process inventory | 6,000.00 | ||||
| Cost of goods manufactured this year | 118,000.00 | ||||
| So Cost of goods manufactured this year is $ 118,000. |
Add Answer to:
Name Date: 1. Management accountants would not assist in budget planning. be prepare reports primarily for...
Bonita Corporation incurred the following transactions. 1. 2. 3. 4. Purchased raw materials on account $55,000....
Bonita Corporation incurred the following transactions. 1. 2. 3. 4. Purchased raw materials on account $55,000. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,100 was classified as indirect materials. Factory labor costs incurred were $61,000. Time tickets indicated that $54,300 was direct labor and $6,700 was indirect labor. Manufacturing overhead costs incurred on account were $82,100. Manufacturing overhead was applied at the rate of 160% of direct labor cost....
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. factory overhead cost b. miscellaneous expense c. product costs d. period cost 21. Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on the administrative building b. factory heating and lighting cost e. insurance premiums on salespersons' automobiles d. president's salary 22. Prime costs are a direct materials and factory overhead b....
2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and...
2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2019 Cost of goods sold Goods available for sale Cost of goods sold Operating expenses Selling expenses Total selling expenses ses General and administrative expenses Total general and administrative expenses Total operating expenses Income before taxes Net income Required information [The following information applies to the questions displayed below.] The...
Chapter 18 Introduction to Managerial Accounting Directed Reading Guide Why is managerial accounting important? Identify as...
Chapter 18 Introduction to Managerial Accounting Directed Reading Guide Why is managerial accounting important? Identify as a focus of Managerial (M) or Financial (F) accounting: Primarily for internal users ______ Primarily for external users ______ Follows GAAP rules ______ Summary reports of the entire company ______ Concerned about how reports will affect employee behavior ______ Managers need information for? How are costs classified? Manufacturing (product) costs categories are: materials labor overhead __________________ combines direct materials and direct labor. __________________ combines...
Managerial Internal (Inside) accounting information reports are generally prepared for A) Stockholders or Shareholders B) Creditors,...
Managerial Internal (Inside) accounting information reports are generally prepared for A) Stockholders or Shareholders B) Creditors, Lenders, or Banks C) Managers. D) Regulatory Agencies, like the IRS or SEC Which of the following is NOT an Internal User of the Financial Statements? A) Creditor or Lender or Bank B) Department Manager C) Controller D) Treasurer The work labor of Factory workers that can be physically and directly and conveniently associated with making Raw Materials (RM) into Finished Goods (FG) is...
1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a...
1. Compute the amount of underapplied or
overapplied overhead cost for the year.
2. Prepare a schedule of cost of goods manufactured for the year
using the indirect method. (Enter all deductions as a
negative.)
The following cost data relate to the manufacturing activities of Black Company during the just completed year: $ 2,800 5,000 9,800 23,900 5,800 $47,300 Manufacturing overhead costs incurred: Property taxes, factory Utilities, factory Indirect labor Depreciation, factory Insurance, factory Total actual manufacturing overhead costs Other...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather than by job 2. If factory overhead applied exceeds the actual costs, then factory overhead is said to be underapplied. 3. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 4. Period costs can be found on the balance sheet or on the income statement. 5. Managerial accounting reports are always prepared...
The following table includes costs incurred by Bridgeport Manufacturing. Required: For each of the following costs:...
The following table includes costs incurred by Bridgeport Manufacturing. Required: For each of the following costs: 1. classify the each cost item as either product or period costs, and 2. identify whether the costs should be categorized as direct materials (DM), direct labor (DL), manufacturing overhead (MOH), selling (S), or general & administrative (GA). BRIDGEPORT MANUFACTURING COSTS Requirement (1) Requirement (2) Direct materials (DM), Direct labor (DL), Manufacturing Product or Period Overhead (MOH). costs Selling (S), or General & Administrative...
b. Cost of oil lubricants for factory machinery Cost of wages of assembly worker, Salary of...
b. Cost of oil lubricants for factory machinery Cost of wages of assembly worker, Salary of plant supervisor Salary of district sales supervisor e. Which of the following costs is referred to as conversion cost? a. Direct materials cost and factory overhead cost b. Direct labor cost and factory overhead cost Direct materials cost and direct labor cost Factory overhead cost e. Direct labor cost The two basic accounting systems that may be used by manufacturers are: a. general accounting...
Knight Company reports the following costs and expenses in May. Factory utilities $16,300 Direct labor $73,300...
Knight Company reports the following costs and expenses in May. Factory utilities $16,300 Direct labor $73,300 Depreciation on factory equipment 13,350 Sales salaries 46,700 Depreciation on delivery trucks 4,600 Property taxes on factory building 3,300 Indirect factory labor 53,400 Repairs to office equipment 2,000 Indirect materials 83,100 Factory repairs 2,590 Direct materials used 142,700 Advertising 16,900 Factory manager's salary 8,300 Office supplies used 3,150 From the information: Determine the total amount of manufacturing overhead. Manufacturing overhead $ e Textbook and...
Bonita Corporation incurred the following transactions. 1. 2. 3. 4. Purchased raw materials on account $55,000. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,100 was classified as indirect materials. Factory labor costs incurred were $61,000. Time tickets indicated that $54,300 was direct labor and $6,700 was indirect labor. Manufacturing overhead costs incurred on account were $82,100. Manufacturing overhead was applied at the rate of 160% of direct labor cost....
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. factory overhead cost b. miscellaneous expense c. product costs d. period cost 21. Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on the administrative building b. factory heating and lighting cost e. insurance premiums on salespersons' automobiles d. president's salary 22. Prime costs are a direct materials and factory overhead b....
2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2019 Cost of goods sold Goods available for sale Cost of goods sold Operating expenses Selling expenses Total selling expenses ses General and administrative expenses Total general and administrative expenses Total operating expenses Income before taxes Net income Required information [The following information applies to the questions displayed below.] The...
1. Compute the amount of underapplied or
overapplied overhead cost for the year.
2. Prepare a schedule of cost of goods manufactured for the year
using the indirect method. (Enter all deductions as a
negative.)
The following cost data relate to the manufacturing activities of Black Company during the just completed year: $ 2,800 5,000 9,800 23,900 5,800 $47,300 Manufacturing overhead costs incurred: Property taxes, factory Utilities, factory Indirect labor Depreciation, factory Insurance, factory Total actual manufacturing overhead costs Other...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather than by job 2. If factory overhead applied exceeds the actual costs, then factory overhead is said to be underapplied. 3. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 4. Period costs can be found on the balance sheet or on the income statement. 5. Managerial accounting reports are always prepared...
The following table includes costs incurred by Bridgeport Manufacturing. Required: For each of the following costs: 1. classify the each cost item as either product or period costs, and 2. identify whether the costs should be categorized as direct materials (DM), direct labor (DL), manufacturing overhead (MOH), selling (S), or general & administrative (GA). BRIDGEPORT MANUFACTURING COSTS Requirement (1) Requirement (2) Direct materials (DM), Direct labor (DL), Manufacturing Product or Period Overhead (MOH). costs Selling (S), or General & Administrative...
b. Cost of oil lubricants for factory machinery Cost of wages of assembly worker, Salary of plant supervisor Salary of district sales supervisor e. Which of the following costs is referred to as conversion cost? a. Direct materials cost and factory overhead cost b. Direct labor cost and factory overhead cost Direct materials cost and direct labor cost Factory overhead cost e. Direct labor cost The two basic accounting systems that may be used by manufacturers are: a. general accounting...
Knight Company reports the following costs and expenses in May. Factory utilities $16,300 Direct labor $73,300 Depreciation on factory equipment 13,350 Sales salaries 46,700 Depreciation on delivery trucks 4,600 Property taxes on factory building 3,300 Indirect factory labor 53,400 Repairs to office equipment 2,000 Indirect materials 83,100 Factory repairs 2,590 Direct materials used 142,700 Advertising 16,900 Factory manager's salary 8,300 Office supplies used 3,150 From the information: Determine the total amount of manufacturing overhead. Manufacturing overhead $ e Textbook and...
Most questions answered within 3 hours.
-
suppose there is a normally distributed population with a mean of
250 and a standard deviation...
asked 27 minutes ago -
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 1 hour ago -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 1 hour ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 2 hours ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 2 hours ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 2 hours ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 3 hours ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 3 hours ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 3 hours ago -
What is the one ingredient that is common to being successful
with all stakeholders?
profit
trust...
asked 3 hours ago -
Write an assembly language 32 bit program that reads in lines of
text by a .txt...
asked 3 hours ago -
what is the density ( in g/L) of hydrogen gas at 29 degrees C and a...
asked 3 hours ago