1. Ending Balance of Raw material
Beg Raw Material |
12000 |
Raw Material Purchased | 88000 |
Raw Material Used directly into products | (61000) |
Raw Material Used indirectly | (32000) |
Ending Balance of Raw material |
7000 |
2. Total Overhead manufacturing cost applied:
Production Manager Salary |
23000 |
Factory Tools |
44000 |
Factory Rent |
55000 |
Factory Security Cost | 15000 |
Factory utilities | 5000 |
Raw Material Used indirectly | 32000 |
Total Overhead manufacturing cost applied | 174000 |
3. Total Manufacturing cost added
Direct Material used | 61000 |
Direct Labor | 115000 |
Overhead Cost | 174000 |
Total Manufacturing cost added |
350000 |
4. Total cost of work in progress = 12000
5. Cost of goods manufactured
Manufacturing cost | 350000 |
Add Beg Work in Progress | 1000 |
Less Closing Work in progress | (12000) |
Total Cost of goods manufactured | 339000 |
6 Cost of goods sold
Total Cost of goods manufactured | 339000 |
Add Beg Finished Goods | 40000 |
Less Closing Finished Goods | (1000) |
Total Cost of goods sold | 378000 |
7. Total Sales Revenue for the months
Total Cost of goods sold | 378000 |
Add Gross Profit margin @60% of cost | 226800 |
Total sales revenue | 604800 |
8.Gross Profit = 226800
9. Net Income
Gross Profit | 226800 |
Accounting Salaries | -33000 |
Finance Dept Equipment | -8000 |
VP of operations | -20000 |
Marketing cost | -6000 |
CPA Cost | -21000 |
advertising cost | -7000 |
Human resource salaries | -31000 |
Net Income | 100800 |
Partial Question 21 0.78/1 pts The JW Bike Corp had the Following Costs and Balances during...
The JW Bike Corp had the Following Costs and Balances during the Month as Follows; 1. Beg Work in Process = $1,000, End Work-in- Process=$12,000 2. Beg Finished Goods=$40,000, End Finished Goods=$1,000 3. Beg Raw Materials=$12,000, Raw Materials Purchased = $88,000, 4. Raw Materials Used Directly into Products = $67,000 5. Raw Materials Used IN-Directly = $32,000 6. Production Manager Salary =$23,000, Direct Labor Costs - $115,000 7. Accounting Salaries =$33,000, Finance Dept. Equipment =$8,000 8. VP of Operations =...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April (a) Purchased materials on account at a cost of $232,770 (b) Requisitioned materials at a cost of $111,600, of which $15,400 was for general factory use (c) Recorded factory labor of $224,900, of which $41,875 was indirect. (d) Incurred other costs Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation S34,500 22,900...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T- accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,770. (b) Requisitioned materials at a cost of $111,900, of which $16,200 was for general factory use. (c) Recorded factory labor of $224, 100, of which $42,275 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $233,470. (b) Requisitioned materials at a cost of $111,600, of which $15,500 was for general factory use. (c) Recorded factory labor of $224,100, of which $42,175 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 35,900...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $136,000. (b) Requisitioned materials at a cost of $122,000, of which $28,000 was for general factory use. (c) Recorded factory labor of $155,000, of which $24,000 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 44,000...
Lamonda Corp. uses a job order cost system. On April 1, the
accounts had balances as shown in the T-accounts below:
The following transactions occurred during April:
(a) Purchased materials on account at a cost of
$232,070.
(b) Requisitioned materials at a cost of $110,500, of
which $15,500 was for general factory use.
(c) Recorded factory labor of $225,100, of which $42,975
was indirect.
(d) Incurred other costs:
Selling expense
$
35,300
Factory utilities
24,400
Administrative expenses
50,250
Factory rent...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $233,170. (b) Requisitioned materials at a cost of $110,800, of which $15,200 was for general factory use. (c) Recorded factory labor of $224,500, of which $43,675 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 35,...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $233,270. (b) Requisitioned materials at a cost of $111,100, of which $16,500 was for general factory use. (c) Recorded factory labor of $224,500, of which $43,375 was indirect. (d) Incurred other costs: Selling expense $34,700 Factory 24,500 utilities Administrative 51,250 expenses Factory rent 11,000...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,470. (b) Requisitioned materials at a cost of $111,900, of which $15,600 was for general factory use. (c) Recorded factory labor of $224,800, of which $42,175 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $34,800 24,...
Lamonda Corp. uses a job order cost system. On April 1, the
accounts had balances as shown in the T-accounts below:
The following transactions occurred during April:
(a) Purchased materials on account at a cost of $232,170.
(b) Requisitioned materials at a cost of $112,000, of which $15,600
was for general factory use.
(c) Recorded factory labor of $224,400, of which $43,075 was
indirect.
(d) Incurred other costs:
Selling expense$35,400
Factory utilities 23,200
Administrative expenses 51,150
Factory rent 11,400...