Homework Answers
Actual direct labor hours = 4,200
Direct labor cost = $40 per hour
total direct labor cost = Actual direct labor hours x Direct labor cost
= 4,200 x 40
- $168,000
Estimated overheads = $200,000
Estimated machine hours = 2,500
Predetermined overhead rate = Estimated overheads/Estimated machine hours
= 200,000/2,500
= $80 per machine hour
Applied overhead = Actual machine hours x Predetermined overhead rate
= 2,700 x 80
= $216,000
Actual overheads = $230,000
Applied overheads = $216,000
Under applied overheads = Actual overheads- Applied overheads
= 230,000-216,000
= $14,000
A.
| Schedule of Cost of Goods Manufactured | |
| Raw materials beginning | 26,000 |
| Raw materials purchase | 25,000 |
| Total raw materials available | 51,000 |
| Raw materials ending | -33,000 |
| Direct materials used | $18,000 |
| Direct labor | 168,000 |
| Manufacturing overhead applied | 216,000 |
| Total Manufacturing cost | $402,000 |
| Work in process inventory beginning | 64,000 |
| Work in process inventory ending | -71,000 |
| Cost of goods manufactured | $395,000 |
B.
| Schedule of Cost of Goods Sold | |
| Finished goods inventory, beginning | 48,000 |
| Cost of goods manufactured | 395,000 |
| Cost of goods available for sale | $443,000 |
| Finished goods inventory ending | -45,000 |
| Cost of goods sold | $398,000 |
Please give a positive rating if you are satisfied with this solution and if you have any query kindly ask.
Thanks!!!
Add Answer to:
2. MD Manufacturing has the following beginning and ending account balances Beginning Balance Ending. Balanse Raw...
help asap 2. MD Manufacturing has the following beginning and end acturing has the following beginning...
help asap
2. MD Manufacturing has the following beginning and end acturing has the following beginning and ending account balances Beginning Balance Ending Balance Raw Materials $26,000 $33,000 Work-in-Process $64,000 $71,000 Finished Goods Inventory $48,000 $45,000 uses normal costing, MD allocates overhead based on machine hours. At the beginning of the year, MD estimated overhead for the year to be $200.000 and machine hours to be 2,500 hours. Actual machine hours during the vear was 2,700 and actual overhead incurred...
1 / 1 110% R 17.000 Beginning balance, Finished Goods Inventory Purchases of raw materials Factory...
1 / 1 110% R 17.000 Beginning balance, Finished Goods Inventory Purchases of raw materials Factory electricity Direct labor payroll Depreciation on factory equipment Insurance on factory building Indirect materials used in production Total raw materials used in production Indirect labor payroll Cost of goods manufactured Cost of goods sold 54,000 10,000 32.000 35 000 8,000 7,000 65,000 24 000 200,000 210,000 Estimated manufacturing overhead is $450,000 and overhead is allocated based on machine hours. Estimated machine hours are 750,000...
110% Beginning balance, Finished Goods Inventory 17,000 Purchases of raw materials 54,000 Factory electricity 10,000 Direct...
110% Beginning balance, Finished Goods Inventory 17,000 Purchases of raw materials 54,000 Factory electricity 10,000 Direct labor payroll 32,000 Depreciation on factory equipment 35 000 Insurance on factory building 8,000 Indirect materials used in production 7.000 Total raw materials used in production 65.000 Indirect labor payroll 24 000 Cost of goods manufactured 200,000 Cost of goods sold 210.000 Estimated manufacturing overhead is $450,000 and overhead is allocated based on machine hours. Estimated machine hours are 750,000 hours. Actual machine hours...
12. Caspar Co. had the following balances in 2017: Account Balance Beginning Raw Materials Inventory $5,000...
12. Caspar Co. had the following balances in 2017: Account Balance Beginning Raw Materials Inventory $5,000 Ending Raw Materials Inventory $7,000 Purchases of Raw Materials $60,000 Beginning WIP Inventory $15,000 Ending WIP Inventory $18,000 Beginning FG Inventory $3,000 Ending FG Inventory $8,000 Direct Labor $45,000 Overhead (including $2,000 of Indirect Materials) $35,000 Calculate the following: a. Raw Materials Available for Use: b. Direct Materials Used: c. Total Manufacturing Costs: d. Cost of Goods Manufactured: e. Cost of Goods Sold:
Q5. Dreams Manufacturing, Inc. provided the following information for the year: Purchases Raw Materials $270.000 Plant...
Q5. Dreams Manufacturing, Inc. provided the following information for the year: Purchases Raw Materials $270.000 Plant Utilities and Insurance 202.500 Indirect Materials 35,250 Indirect Labor 14.250 Ending Balance - Work-in-Process Inventory 42.000 Ending Balance-Raw Materials Inventory 45.000 Direct Labor 352,500 Depreciation on Factory Plant and Equipment 18,000 Beginning Balance Work-in-Process Inventory 18,000 Beginning Balance Raw Materials Inventory 63,000 Required: Prepare a statement of the cost of goods manufactured using the following format: Schedule of Cost of Goods Manufactured Beginning Work-in-Process...
Q5. Dreams Manufacturing, Inc. provided the following information for the year: Purchases Raw Materials $270.000 Plant...
Q5. Dreams Manufacturing, Inc. provided the following information for the year: Purchases Raw Materials $270.000 Plant Utilities and Insurance 202.500 Indirect Materials 35,250 Indirect Labor 14.250 Ending Balance - Work-in-Process Inventory 42.000 Ending Balance-Raw Materials Inventory 45.000 Direct Labor 352,500 Depreciation on Factory Plant and Equipment 18,000 Beginning Balance Work-in-Process Inventory 18,000 Beginning Balance Raw Materials Inventory 63,000 Required: Prepare a statement of the cost of goods manufactured using the following format: Schedule of Cost of Goods Manufactured Beginning Work-in-Process...
tyare corporation Tyare Corporation had the following inventory balances at the beginning and end of May....
tyare corporation
Tyare Corporation had the following inventory balances at the beginning and end of May. Raw materials Finished Goods Work in Process May 1 $ 26,000 $75,500 $14,000 May 30 $31,000 $67,000 $ 16,567 During May, $59,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 310 hours of direct labor...
Raw materials beginning and ending balances were $30,000 and 35,000 respectively. Company purchased $76,000 of additional...
Raw materials beginning and ending balances were $30,000 and 35,000 respectively. Company purchased $76,000 of additional raw materials during the year, and the company’s work in process had a beginning balance of $17,000 and an ending balance of $9,000. Murray’s company incurred $145,000 of administrative expenses and $57,205 in selling costs during the year. The company had direct labor costs of $81,000, and it incurred actual manufacturing overhead costs of $42,000. There were $5,500 worth of indirect materials used for...
Bottum Corporation, a manufacturing Corporation, has provided data concerning its operations for May. The beginning balance...
Bottum Corporation, a manufacturing Corporation, has provided data concerning its operations for May. The beginning balance in the raw materials account was $28,500 and the ending balance was $53,000. Raw materials purchases during the month totaled $80,000. Manufacturing overhead cost incurred during the month was $119,500, of which $3,700 consisted of raw materials classified as indirect materials. The direct materials cost for May was Multiple Choice $80,000 $55,500 $104,500 $51,800 Weatherhead Inc. has provided the following data for the month...
Media Manufacturing costs: Comment $2,000 Property taxes, factory Utilities, factory $6,000 Indirect labor $12,000 $15,000 Depreciation,...
Media Manufacturing costs: Comment $2,000 Property taxes, factory Utilities, factory $6,000 Indirect labor $12,000 $15,000 Depreciation, factory Insurance, factory $7,000 Total actual manufacturing overhead costs $42,000 Other costs incurred: Purchases of raw materials $30,000 Direct labor cost $45,000 Inventories: $10,000 $5,000 $7,000 Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending $6,500 $15,000 $5,000 The company uses a predetermined overhead rate to apply overhead cost to production. The rate...
help asap
2. MD Manufacturing has the following beginning and end acturing has the following beginning and ending account balances Beginning Balance Ending Balance Raw Materials $26,000 $33,000 Work-in-Process $64,000 $71,000 Finished Goods Inventory $48,000 $45,000 uses normal costing, MD allocates overhead based on machine hours. At the beginning of the year, MD estimated overhead for the year to be $200.000 and machine hours to be 2,500 hours. Actual machine hours during the vear was 2,700 and actual overhead incurred...
1 / 1 110% R 17.000 Beginning balance, Finished Goods Inventory Purchases of raw materials Factory electricity Direct labor payroll Depreciation on factory equipment Insurance on factory building Indirect materials used in production Total raw materials used in production Indirect labor payroll Cost of goods manufactured Cost of goods sold 54,000 10,000 32.000 35 000 8,000 7,000 65,000 24 000 200,000 210,000 Estimated manufacturing overhead is $450,000 and overhead is allocated based on machine hours. Estimated machine hours are 750,000...
110% Beginning balance, Finished Goods Inventory 17,000 Purchases of raw materials 54,000 Factory electricity 10,000 Direct labor payroll 32,000 Depreciation on factory equipment 35 000 Insurance on factory building 8,000 Indirect materials used in production 7.000 Total raw materials used in production 65.000 Indirect labor payroll 24 000 Cost of goods manufactured 200,000 Cost of goods sold 210.000 Estimated manufacturing overhead is $450,000 and overhead is allocated based on machine hours. Estimated machine hours are 750,000 hours. Actual machine hours...
12. Caspar Co. had the following balances in 2017: Account Balance Beginning Raw Materials Inventory $5,000 Ending Raw Materials Inventory $7,000 Purchases of Raw Materials $60,000 Beginning WIP Inventory $15,000 Ending WIP Inventory $18,000 Beginning FG Inventory $3,000 Ending FG Inventory $8,000 Direct Labor $45,000 Overhead (including $2,000 of Indirect Materials) $35,000 Calculate the following: a. Raw Materials Available for Use: b. Direct Materials Used: c. Total Manufacturing Costs: d. Cost of Goods Manufactured: e. Cost of Goods Sold:
Q5. Dreams Manufacturing, Inc. provided the following information for the year: Purchases Raw Materials $270.000 Plant Utilities and Insurance 202.500 Indirect Materials 35,250 Indirect Labor 14.250 Ending Balance - Work-in-Process Inventory 42.000 Ending Balance-Raw Materials Inventory 45.000 Direct Labor 352,500 Depreciation on Factory Plant and Equipment 18,000 Beginning Balance Work-in-Process Inventory 18,000 Beginning Balance Raw Materials Inventory 63,000 Required: Prepare a statement of the cost of goods manufactured using the following format: Schedule of Cost of Goods Manufactured Beginning Work-in-Process...
Q5. Dreams Manufacturing, Inc. provided the following information for the year: Purchases Raw Materials $270.000 Plant Utilities and Insurance 202.500 Indirect Materials 35,250 Indirect Labor 14.250 Ending Balance - Work-in-Process Inventory 42.000 Ending Balance-Raw Materials Inventory 45.000 Direct Labor 352,500 Depreciation on Factory Plant and Equipment 18,000 Beginning Balance Work-in-Process Inventory 18,000 Beginning Balance Raw Materials Inventory 63,000 Required: Prepare a statement of the cost of goods manufactured using the following format: Schedule of Cost of Goods Manufactured Beginning Work-in-Process...
tyare corporation
Tyare Corporation had the following inventory balances at the beginning and end of May. Raw materials Finished Goods Work in Process May 1 $ 26,000 $75,500 $14,000 May 30 $31,000 $67,000 $ 16,567 During May, $59,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 310 hours of direct labor...
Bottum Corporation, a manufacturing Corporation, has provided data concerning its operations for May. The beginning balance in the raw materials account was $28,500 and the ending balance was $53,000. Raw materials purchases during the month totaled $80,000. Manufacturing overhead cost incurred during the month was $119,500, of which $3,700 consisted of raw materials classified as indirect materials. The direct materials cost for May was Multiple Choice $80,000 $55,500 $104,500 $51,800 Weatherhead Inc. has provided the following data for the month...
Media Manufacturing costs: Comment $2,000 Property taxes, factory Utilities, factory $6,000 Indirect labor $12,000 $15,000 Depreciation, factory Insurance, factory $7,000 Total actual manufacturing overhead costs $42,000 Other costs incurred: Purchases of raw materials $30,000 Direct labor cost $45,000 Inventories: $10,000 $5,000 $7,000 Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending $6,500 $15,000 $5,000 The company uses a predetermined overhead rate to apply overhead cost to production. The rate...
Most questions answered within 3 hours.
-
Peabody, Inc., sells fireworks. The company’s marketing director
developed the following cost of goods sold budget...
asked 3 minutes ago -
A signal transduction pathway includes the steps listed
below.
1. An inactive signal transduction molecule is...
asked 2 minutes ago -
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 8 minutes ago -
The following data relate to direct materials costs for
November:
Actual costs
4,700 pounds at $5.35...
asked 7 minutes ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 30 minutes ago -
Which of the following is a measure of profitability?
A.
Quick (acid-test) ratio
B.
Net sales...
asked 33 minutes ago -
Find the total pressure exerted by 2 grams of ethane and 3 grams
of CO2 contained...
asked 35 minutes ago -
A fireman standing on a 5.2 m high ladder operates a water hose
with a round...
asked 31 minutes ago -
A cream formulation is studied for accelerated stability study.
Creaming was observed when formulation was tested...
asked 34 minutes ago -
A 1,150 lumen light bulb is placed 37 cm in front of a mirrored
wall, whose...
asked 44 minutes ago -
Given that z is a standard normal random variable, compute the
following probabilities (to 4 decimals)....
asked 50 minutes ago -
You begin preparation of the calibration curve to measure
absorbance vs concentration of FeSCN2+. To do...
asked 1 hour ago