Homework Answers
A)
|
MADELINE COMPANY STATEMENT OF COST OF GOODS MANUFACTURED FOR THE MONTH OF AUGUST 31 2017 |
||
| Raw material inventory ,Aug 1 2017 | 190000 | |
| Purchase of raw material | 796000 | |
| Raw material available for use | 986000 | |
| less:Raw material inventory ,Aug 31 2017 | -222000 | |
| Indirect material used/supplies used | -2000 | |
| Direct material used | 762000 | |
| Direct manufacturing labor | 385700 | |
| Overhead allocated to jobs | 307000 | |
| Total manufacturing cost incurred during the month | 1454700 | |
| Work in process inventory ,Aug 1 2017 | 127000 | |
| 1581700 | ||
| less:Work in process inventory ,Aug 31 2017 | -95000 | |
| Cost of goods manufactured | 1486700 | |
B)
|
MADELINE COMPANY STATEMENT OF COST OF GOODS SOLD FOR THE MONTH OF AUGUST 31 2017 |
|
| Finished goods inventory ,Aug 1 2017 | 358000 |
| Add:cost of goods manufactured | 1486700 |
| Cost of goods available for sale | 1844700 |
| Less:Finished goods inventory ,Aug 31 2017 | -330000 |
| cost of goods sold | 1514700 |
| Under-applied overhead | 5000 |
| Adjusted cost of goods sold | 1519700 |
##
Actual overhead = Indirect supplies + Indirect manufacturing labor + Insurance -plant +Depreciation manufacturing + other factory overhead
2000 +95000 +33000 +48000+134000
312000
Overhead under-applied /(over-applied) =Actual overhead -Allocated overhead
= 312000 -307000
= 5000
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Given the following information, prepare a sched inventory balances...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory,...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,387,000 39,000 59,200 69,900...
Exercise JoJo Co. had the following balances and information for October Beg finished goods inventory =...
Exercise JoJo Co. had the following balances and information for October Beg finished goods inventory = $18 Beg. work in process inventory = $3 Beg, raw materials inventory = $9 End, finished goods inventory = $9 End. Work in process inventory = $6 End. raw materials inventory = $15 Raw material purchases = $OU Factory wages paid = $90 Indirect materials = $b Indirect labor $21 Other overhead costs = $54 Sales = $330 Predetermined overhead rate = 200% direct...
Exercise 175 (Part Level Submission) The following inventory information is available for Ricci Manufacturing Corporation for...
Exercise 175 (Part Level Submission) The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2017: Beginning Ending Inventories: Ra maials Work in process Finished goods $17,000 $19,000 9,000 14,000 11,000 8,000 $37,000 $41,000 In addition, the following transactions occurred in 2017: . Raw materials purchased on account, $75,000 2. Incurred factory labor, $80,000, all is direct labor. (Credit Factory Wages Payable) 3. Incurred the following overhead costs during the year: Utilities $6,800, Depreciation...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory,...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,143,000 40,000 50,800 65,100...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory,...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,444,000 38,000 50,500 63,900...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory,...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory: Dec 31, 2017 Work in process inventory, Dec. 31, 2017 Pinished goods inventory. Dec. 31, 2017 $1,143,000 37,000 53,200 60,400 169,800...
The following selected account balances are provided for Delray Mfg. Sales $ 1,132,000 Raw materials inventory,...
The following selected account balances are provided for Delray
Mfg.
Sales
$
1,132,000
Raw materials inventory, Dec. 31, 2016
37,000
Work in process inventory, Dec. 31, 2016
54,100
Finished goods inventory, Dec. 31, 2016
64,400
Raw materials purchases
174,100
Direct labor
232,000
Factory computer supplies used
19,000
Indirect labor
46,000
Repairs—Factory equipment
5,250
Rent cost of factory building
51,000
Advertising expense
89,000
General and administrative expenses
132,000
Raw materials inventory, Dec. 31, 2017
49,200
Work in process inventory, Dec. 31,...
Required information Use the following information for the Exercises below. The following selected account balances are...
Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory,...
Required information Use the following information for the Exercises below. The following selected account balances are...
Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg Sales $ 1,162,000 37,000 54,300 68,400 173,800 250,000 23,100 59,000 5,250 56,000 93,000 133,000 48,600 47,600 71,500 Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative, expenses...
Required information Use the following information for the Exercises below. The following selected account balances are...
Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. Sales $1,309,000 Raw materials inventory, Dec. 31, 2016 42,000 Work in process inventory, Dec. 31, 55,600 2016 Finished goods inventory, Dec. 31, 2016 65, 100 Raw materials purchases 170,400 Direct labor 241,000 Factory computer supplies used 23,000 Indirect labor 43,000 Repairs-Factory equipment 5,250 Rent cost of factory building 54,000 Advertising expense 84,000 General and administrative expenses 139,000 Raw materials inventory,...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,387,000 39,000 59,200 69,900...
Exercise JoJo Co. had the following balances and information for October Beg finished goods inventory = $18 Beg. work in process inventory = $3 Beg, raw materials inventory = $9 End, finished goods inventory = $9 End. Work in process inventory = $6 End. raw materials inventory = $15 Raw material purchases = $OU Factory wages paid = $90 Indirect materials = $b Indirect labor $21 Other overhead costs = $54 Sales = $330 Predetermined overhead rate = 200% direct...
Exercise 175 (Part Level Submission) The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2017: Beginning Ending Inventories: Ra maials Work in process Finished goods $17,000 $19,000 9,000 14,000 11,000 8,000 $37,000 $41,000 In addition, the following transactions occurred in 2017: . Raw materials purchased on account, $75,000 2. Incurred factory labor, $80,000, all is direct labor. (Credit Factory Wages Payable) 3. Incurred the following overhead costs during the year: Utilities $6,800, Depreciation...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,143,000 40,000 50,800 65,100...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,444,000 38,000 50,500 63,900...
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory: Dec 31, 2017 Work in process inventory, Dec. 31, 2017 Pinished goods inventory. Dec. 31, 2017 $1,143,000 37,000 53,200 60,400 169,800...
The following selected account balances are provided for Delray
Mfg.
Sales
$
1,132,000
Raw materials inventory, Dec. 31, 2016
37,000
Work in process inventory, Dec. 31, 2016
54,100
Finished goods inventory, Dec. 31, 2016
64,400
Raw materials purchases
174,100
Direct labor
232,000
Factory computer supplies used
19,000
Indirect labor
46,000
Repairs—Factory equipment
5,250
Rent cost of factory building
51,000
Advertising expense
89,000
General and administrative expenses
132,000
Raw materials inventory, Dec. 31, 2017
49,200
Work in process inventory, Dec. 31,...
Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory,...
Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg Sales $ 1,162,000 37,000 54,300 68,400 173,800 250,000 23,100 59,000 5,250 56,000 93,000 133,000 48,600 47,600 71,500 Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative, expenses...
Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. Sales $1,309,000 Raw materials inventory, Dec. 31, 2016 42,000 Work in process inventory, Dec. 31, 55,600 2016 Finished goods inventory, Dec. 31, 2016 65, 100 Raw materials purchases 170,400 Direct labor 241,000 Factory computer supplies used 23,000 Indirect labor 43,000 Repairs-Factory equipment 5,250 Rent cost of factory building 54,000 Advertising expense 84,000 General and administrative expenses 139,000 Raw materials inventory,...
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