Homework Answers
| 14 | ||||||||||||
| Raw material inventory are material which are used in production of product and thus is incorrect | ||||||||||||
| Conversion costs includes direct labor and manufacturing overhead costs incurred for producing goods and thus is incorrect | ||||||||||||
| Cost of goods sold is the total costs of goods sold and thus is incorrect | ||||||||||||
| Finished goods inventory are goods which are completed and not yet sold and thus is incorrect | ||||||||||||
| Goods in process inventory are products whose manufacturing is not completed and thus is in process. Thus, it is correct | ||||||||||||
| 15 | ||||||||||||
| Option (A), (D) and (E ) are not related to production of goods and thus not component of manufactured product. They are therefore incorrect | ||||||||||||
| Option (B) are the sub parts of component for manufacturing the product and thus not correct answer | ||||||||||||
| Manufacturing costs of product consists of direct material, direct labor and factory overhead. They are therefore major costs component of product manufactured | ||||||||||||
| Thus, option (C ) is correct answer | ||||||||||||
| 16 | ||||||||||||
| Calculation of plantwide overhead rate is shown below | ||||||||||||
| Plantwide overhead rate | Total manufacturing costs/Total machine hours | |||||||||||
| Plantwide overhead rate | (200000+400000)/(1000+3000) | |||||||||||
| Plantwide overhead rate | 600000/4000 | |||||||||||
| Plantwide overhead rate | $150 | per MH | ||||||||||
| Thus, company's plantwide overhead rate if machine hours are used as allocation base is $150 per MH | ||||||||||||
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need help with question #4
OIL In Process Units started Units completed Ending Work in Process Product 230,000 570,000 620.000 180.000 Percent of Conversion Added 60% 100% 100% 70% A) 758,000 B) 800,000 C) 620,000 D) 746,000 E) 884,000 Tasty Bakery produces donuts which go through two operations, mixing and baking, before they are ready to be packaged. Next year's expected costs and activities are shown below. Direct labor hours Machine hours Overhead costs Mixing 300.000 DLH 1,000,000 MH $500,000...
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need hwlp with question 5
Compute Tasty's departmental overhead rate for the mixing department based on machine hours. A) $1.50 per MH. B) $3.33 per MH. C) $0.60 per MH. D) $0.50 per MH. E) $2.00 per MH. 5) Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for overhead allocation is: Direct materials used $ 87,000 Direct labor used 160,000 155% Predetermined overhead rate...
Please help really having a hard time
prepare a schedule of cost goods manufactured
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costs of goods manufactured and cost of goods sold
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