Homework Answers
Answer : Manufacturing overhead
These overheads are all indirect costs incurred during production process. These overheads are applied to products based on their consumption.
Direct materials are direct costs which are traceable to the products directly.
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A) 300. ) ST00. 200. D) $U. 10) The cost of direct materials flow through all...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
Direct materials, direct labor and manufacturing overhead initially flow into which of the following categories? Finished...
Direct materials, direct labor and manufacturing overhead initially flow into which of the following categories? Finished goods inventory, Indirect costs, Cost of goods sold, Work in process inventory
1. Three costs in every product are direct materials, direct labor, and period costs direct materials,...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials, work in process, and manufacturing overhead direct materials, direct labor, and manufacturing overhead direct materials, work in progress, and finished goods 2. What is the journal entry for under applied overhead? Manufacturing overhead Finished Goods Inventory Finished Goods Inventory Manufacturing Overhead Manufacturing overhead Cost of goods sold Cost of goods sold Manufacturing overhead 3. Use a piece of scrap paper...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,600 109,300 42,300 December 31 (Ending) $ 109,500 107,400 45,100 Direct materials purchased during the year amount to $514,200, and the cost of goods sold for the year was $1,865,000 Required: Prepare a cost of goods sold statement. $ 109,300 CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory...
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) Direct labor...
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate (as % of direct labor cost) $68,800 $51,800 $77,400 $97,600 $223,400 $151,800 $15,100 $30,600 $33,700 140% What is the balance in work in process inventory at the end of the...
Cost of materials purchases on account Cost of materials requisitioned (includes $2,300 of indirect) Direct labor...
Cost of materials purchases on account Cost of materials requisitioned (includes $2,300 of indirect) Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods completed Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate (as % of direct labor cost) $77,900 $45,300 $80,300 $98,800 $276,900 $149,000 $19,600 $35,300 $25,700 115% The journal entry to record actual manufacturing overhead costs includes a O A. debit...
11) Weyant Corporation has provided the following data concerning last month's operations. Direct materials 18,000 Direct...
11) Weyant Corporation has provided the following data concerning last month's operations. Direct materials 18,000 Direct labor $68,000 Manufacturing overhead applied to Work in Process $75,000 Overapplied overhead 6.000 Beginning Ending Raw materials inventory S13,000 IS19,000 Work in process inventory S64.000 IS 74,000 Finished goods inventory 32,000 $40,000 The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?...
cises i Saved The following balances are from the accounts of Tappan Parts: Direct materials inventory...
cises i Saved The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,999 32,789 5,500 December 31 (Ending) $ 25,400 28,600 7,100 Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was $52,700. Required: Prepare a cost of goods sold statement TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process Inventory Manufacturing...
Ryde and Rowe Inc. had the following account balances as of January 1. Direct Materials Inventory...
Ryde and Rowe Inc. had the following account balances as of January 1. Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Manufacturing Overhead 3 $8,700 76,500 53,00e 5 During the month of January, all of the following occurred 1. Direct labor costs were $49,000 for 1,800 hours worked. 2. Direct materials costing $30,000 and indirect materials costing $4,300 were purchased. 3. Sales commissions of $18,000 were earned by the sales force. 4. $24,000 worth of direct materials were...
A company's overhess rates 200% of direct labor cost Using the folowing incomplete accounts, determine the...
A company's overhess rates 200% of direct labor cost Using the folowing incomplete accounts, determine the cost of direct materials used Work in Process Intory Finished Goods Inventory Factory Overhead 144.000 145,828 Beginning FG Beginning WIP Direct Materials Direct Labor Applied Overhead To Finished Goods Ending WIP Ending FG 271, eee 41,000 Multiple Chois 562.000 ooooo 3271.000 Using the following accounts and an overhead rate of 50% of direct labor cost determine the amount of spelled overness work In Process...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,600 109,300 42,300 December 31 (Ending) $ 109,500 107,400 45,100 Direct materials purchased during the year amount to $514,200, and the cost of goods sold for the year was $1,865,000 Required: Prepare a cost of goods sold statement. $ 109,300 CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory...
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate (as % of direct labor cost) $68,800 $51,800 $77,400 $97,600 $223,400 $151,800 $15,100 $30,600 $33,700 140% What is the balance in work in process inventory at the end of the...
Cost of materials purchases on account Cost of materials requisitioned (includes $2,300 of indirect) Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods completed Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate (as % of direct labor cost) $77,900 $45,300 $80,300 $98,800 $276,900 $149,000 $19,600 $35,300 $25,700 115% The journal entry to record actual manufacturing overhead costs includes a O A. debit...
11) Weyant Corporation has provided the following data concerning last month's operations. Direct materials 18,000 Direct labor $68,000 Manufacturing overhead applied to Work in Process $75,000 Overapplied overhead 6.000 Beginning Ending Raw materials inventory S13,000 IS19,000 Work in process inventory S64.000 IS 74,000 Finished goods inventory 32,000 $40,000 The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?...
cises i Saved The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,999 32,789 5,500 December 31 (Ending) $ 25,400 28,600 7,100 Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was $52,700. Required: Prepare a cost of goods sold statement TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process Inventory Manufacturing...
Ryde and Rowe Inc. had the following account balances as of January 1. Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Manufacturing Overhead 3 $8,700 76,500 53,00e 5 During the month of January, all of the following occurred 1. Direct labor costs were $49,000 for 1,800 hours worked. 2. Direct materials costing $30,000 and indirect materials costing $4,300 were purchased. 3. Sales commissions of $18,000 were earned by the sales force. 4. $24,000 worth of direct materials were...
A company's overhess rates 200% of direct labor cost Using the folowing incomplete accounts, determine the cost of direct materials used Work in Process Intory Finished Goods Inventory Factory Overhead 144.000 145,828 Beginning FG Beginning WIP Direct Materials Direct Labor Applied Overhead To Finished Goods Ending WIP Ending FG 271, eee 41,000 Multiple Chois 562.000 ooooo 3271.000 Using the following accounts and an overhead rate of 50% of direct labor cost determine the amount of spelled overness work In Process...
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