Brief Exercise 16.1 During the year, Coronado Boat Yard has incurred manufacturing costs of $420,000 in...
Brief Exercise 16.1
During the year, Coronado Boat Yard has incurred manufacturing
costs of $420,000 in building three large sailboats. At year-end,
each boat is about 70 percent complete. How much of these
manufacturing costs should be recognized as expense in Coronado
Boat Yard's income statement for the current year? Explain.
Brief Exercise 16.2
During the current year, the cost of direct materials purchased by
a manufacturing firm was $325,000, and the direct materials
inventory increased by $65,000. What was the cost of direct
materials used during the year?
Homework Answers
16.1.
NIl.
None of the costs will be recognized as expense, since the boats are still in the process of completion.
The costs incurred till date will be recognized as work in process in asset side of the balance sheet.
These will be recognised as cost of goods sold when the boats are sold.
16.2.
| cost of materials purchased | 325,000 |
| less:decrease in inventory | (65,000) |
| cost of direct materials used | 260,000 |
Add Answer to:
Brief Exercise 16.1
During the year, Coronado Boat Yard has incurred manufacturing
costs of $420,000 in...
Brief Exercise 6-18 Burns Company incurred the following costs during the year: direct materials $22.90 per...
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* Brief Exercise 19-07 a-b (Part Level Submission) Coronado Company has the following data: direct labor...
* Brief Exercise 19-07 a-b (Part Level Submission) Coronado Company has the following data: direct labor $248,000, direct materials used $188,000, total manufacturing overhead $253,000, and beginning work in process $36,000. Compute total manufacturing costs. Total manufacturing costs $ Attempts: 0 of 3 use *(b) The parts of this question must be completed in order. This part will be available when you complete the part above.
Root Shoe Company makes loafers. During the most recent year, Root incurred total manufacturing costs of...
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A Company incurred direct materials costs of $85000 during the
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Root Shoe Company makes loafers. During the host recent year, Root incurred total manufacturing costs of...
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During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials,...
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pt.b *Brief Exercise 19-07 a-b (Part Level Submission) Coronado Company has the following data: direct labor $248,0...
pt.b
*Brief Exercise 19-07 a-b (Part Level Submission) Coronado Company has the following data: direct labor $248,000, direct materials used $188,000, total manufacturing overhead $253,000, and beginning work in process $36,000. *(a) Your answer is correct. Compute total manufacturing costs. Total manufacturing costs $1689,000 Attempts: 2 of 3 used *(b) Your answer is incorrect. Try again. Compute total cost of work in process. Total cost of work in process o 472,000 Attempts: 1 of 3 used Copyright © 2000-2019 by...
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Brief Exercise 15-06 Coronado Company estimates that annual manufacturing overhead costs will be $828,000. Estimated annual operating activity bases are direct labor cost $450,000, direct labor hours 45,000, and machine hours 90,000. Compute the predetermined overhead rate for each activity base. (Round...
Exercise 18-36 Coronado Construction Company uses the percentage-of-completion method of accounting. In 2017, Coronado began work...
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* Brief Exercise 19-07 a-b (Part Level Submission) Coronado Company has the following data: direct labor $248,000, direct materials used $188,000, total manufacturing overhead $253,000, and beginning work in process $36,000. Compute total manufacturing costs. Total manufacturing costs $ Attempts: 0 of 3 use *(b) The parts of this question must be completed in order. This part will be available when you complete the part above.
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A Company incurred direct materials costs of $85000 during the
year. Manufacturing overhead applied was $80000 and is applied
based on direct labor costs. The predetermined overhead rate is
80%. How much are the Company’s total manufacturing costs for the
year?
X Your answer is incorrect. Swifty Company incurred direct materials costs of $85000 during the year. Manufacturing overhead applied was $80000 and is applied based on direct labour costs. The predetermined overhead rate is 80%. How much are Swifty...
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pt.b
*Brief Exercise 19-07 a-b (Part Level Submission) Coronado Company has the following data: direct labor $248,000, direct materials used $188,000, total manufacturing overhead $253,000, and beginning work in process $36,000. *(a) Your answer is correct. Compute total manufacturing costs. Total manufacturing costs $1689,000 Attempts: 2 of 3 used *(b) Your answer is incorrect. Try again. Compute total cost of work in process. Total cost of work in process o 472,000 Attempts: 1 of 3 used Copyright © 2000-2019 by...
Coronado Company estimates that annual manufacturing overhead
costs will be $828,000. Estimated annual operating activity bases
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Brief Exercise 15-06 Coronado Company estimates that annual manufacturing overhead costs will be $828,000. Estimated annual operating activity bases are direct labor cost $450,000, direct labor hours 45,000, and machine hours 90,000. Compute the predetermined overhead rate for each activity base. (Round...
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