Homework Answers
March Income:
Income= Total Income- Total expenses
= Sold goods - (Purchased materials+Expenditure on direct labor wage+ Expenditure on the factory overhead+ Selling Expenses+ Administrative expenses)
= $875000 - $(168500+360000+120000+125000+80000)
= $875000-$853500
= $21500
Inventory Balances:
Inventory balances for raw materials = Purchased Materials- Used Materials
= $168500-$149250
= $19250
Inventory balances of finished goods = Total transferred money fin work in progress - Sold goods with a cost
= $600000- $525000
= $75000
Inventory balances at the end of the first month of operation = inventory balances for raw materials+inventory balances of finished goods
= $19250+$75000
= $94250
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Chapter 15 Introduction to Managerial Accounting EX 15-9 Classifying costs The following is a manufacturing cost...
Chapter 15 Introduction to Managerial Accounting EX 15-9 Classifying costs The following is a manufacturing cost report of Marching Ants Inc. Evaluate and correct this re Obj, 2,4 report. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materials used in production (including $ 607,500 562,500 Factory overhead: 517,500 140,650 348,750 315,000 151,900 219,400 123,750 90,000 Insurance and property taxes-corporate offices.. Depreciation-corporate offices . .. Total . . . EXERCISE 15-9 1. 2. Manufacturing Costs
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I nformation technology support staff salane Insurance costs A Maintenance costs of right of way, bridges, and buildings 4Safety training costs A Salaries of dispatching and communications personnel A Wages of switch and classification yard personnel Wages of train enninee Walker Mam Determine June 30. EX 15-8 Classifying costs EX 15-12 The following is a manufacturing cost report of Marching Ants Inc. Two item ve S165,000 Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 ment dat Materials...
Indicate whether the following costs of Procter & Gamble, a maker of consumer products, would be...
Indicate whether the following costs of Procter & Gamble, a maker of consumer products, would be classified as direct materials cost, direct labor cost, or factory overhead cost: Cost Classification a. Resins for body wash products b. Scents and fragrances used in making soaps and detergents c. Plant manager salary for the Iowa City, lowa, plant d. Depreciation on the Auburn, Maine, manufacturing plant e. Depreciation on assembly line in the Mehoopany, Pennsylvania, paper products plant f. Maintenance supplies g....
Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company...
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Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company...
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The following events took place for Digital Vibe Manufacturing Company during March, the first month of...
The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video monitors: a. Purchased $138,600 of materials. b. Used $93,540 of direct materials in production. c. Incurred $182,560 of direct labor wages. d. Incurred $213,040 of factory overhead. e. Transferred $426,220 of work in process to finished goods. f. Sold goods for $660,000. g. Sold goods with a cost of $367,500. h. Incurred $86,200 of selling expense....
Can I get some help solving this problem?? Instructions Amount Descriptions The following events took place...
Can I get some help solving this problem??
Instructions Amount Descriptions The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video monitors: Amount Descriptions Administrative expenses a. Purchased $137,800 of materials. Cost of goods sold Gross profit Net income b. Used $94, 100 of direct materials in production. C. Incurred $184,800 of direct labor wages. d. Incurred $212,720 of factory overhead e. Transferred $423,160 of work...
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Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) $400,00e Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 15,00e 130,e00 8,000 240,000 10,000 $473,00e $ 20,00e 30,000 $ 40,000e $ 70,00e The company uses a predetermined overhead rate of $25 per machine-hour to apply...
Chapter 15 Introduction to Managerial Accounting EX 15-9 Classifying costs The following is a manufacturing cost report of Marching Ants Inc. Evaluate and correct this re Obj, 2,4 report. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materials used in production (including $ 607,500 562,500 Factory overhead: 517,500 140,650 348,750 315,000 151,900 219,400 123,750 90,000 Insurance and property taxes-corporate offices.. Depreciation-corporate offices . .. Total . . . EXERCISE 15-9 1. 2. Manufacturing Costs
I nformation technology support staff salane Insurance costs A Maintenance costs of right of way, bridges, and buildings 4Safety training costs A Salaries of dispatching and communications personnel A Wages of switch and classification yard personnel Wages of train enninee Walker Mam Determine June 30. EX 15-8 Classifying costs EX 15-12 The following is a manufacturing cost report of Marching Ants Inc. Two item ve S165,000 Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 ment dat Materials...
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Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video monitors: a. Purchased $68,000 of materials. b. Used $52,400 of direct materials in production. C. Incurred $78,200 of direct labor wages. d. Incurred $110,200 of factory overhead. e. Transferred $182,900 of work in process to finished goods. f. Sold goods for $327,100. g. Sold goods with a cost of $145,500....
Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video monitors: a. Purchased $43, 100 of materials. b. Used $33,200 of direct materials in production c. Incurred $49,600 of direct labor wages d. Incurred $69,800 of factory overhead. e. Transferred $115,900 of work in process to finished goods. Sold goods for $207,300. 9. Sold goods with a cost of $92,200....
Can I get some help solving this problem??
Instructions Amount Descriptions The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video monitors: Amount Descriptions Administrative expenses a. Purchased $137,800 of materials. Cost of goods sold Gross profit Net income b. Used $94, 100 of direct materials in production. C. Incurred $184,800 of direct labor wages. d. Incurred $212,720 of factory overhead e. Transferred $423,160 of work...
Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) $400,00e Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 15,00e 130,e00 8,000 240,000 10,000 $473,00e $ 20,00e 30,000 $ 40,000e $ 70,00e The company uses a predetermined overhead rate of $25 per machine-hour to apply...
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