Homework Answers
| Cash | |||
| Beg. Bal. | $ 29,000 | ||
| 9 | $ 530,000 | 3 | $ 96,000 |
| 9 | $ 140,000 | ||
| End. Bal. | $ 323,000 | ||
| Accounts Receivable | |||
| Beg. Bal. | $ 53,000 | ||
| 6 | $ 510,000 | 9 | $ 530,000 |
| End. Bal | $ 33,000 | ||
| Raw Materials | |||
| Beg. Bal. | $ 10,000 | 2 | $ 150,000 |
| 1 | $ 160,000 | ||
| End. Bal. | $ 20,000 | ||
| Work in process | |||
| Beg. Bal. | $ 135,000 | ||
| 2 | $ 120,000 | 5 | $ 280,000 |
| 3 | $ 69,000 | ||
| 8 | $ 138,000 | ||
| End. Bal | $ 182,000 | ||
| Finished Goods | |||
| Beg. Bal. | $ 58,000 | ||
| 5 | $ 280,000 | 7 | $ 320,000 |
| End. Bal | $ 18,000 | ||
| Accounts payable | |||
| Beg. Bal. | $ 16,000 | ||
| 9 | $ 140,000 | 1 | $ 160,000 |
| 4 | $ 52,000 | ||
| End. Bal | $ 88,000 | ||
| Sales Revenue | |||
| 6 | $ 510,000 | ||
| End. Bal. | $ 510,000 | ||
| Cost of goods sold | |||
| 7 | $ 320,000 | 10 | $ 29,000 |
| End. Bal. | $ 291,000 | ||
| Manufacturing Overhead | |||
| 2 | $ 30,000 | ||
| 3 | $ 27,000 | 8 | $ 138,000 |
| 4 | $ 52,000 | ||
| 10 | $ 29,000 | ||
Total manufacturing cost = $271,000
Calculations:
| Beginning Inventory | $ 10,000 |
| Add: Purchase of Raw Materials | $ 160,000 |
| Deduct: Ending inventory | ($ 20,000) |
| Direct Materials Used in Production | $ 150,000 |
| Add: Direct labor | $ 69,000 |
| Add: Manufacturing overhead | |
| Indirect material | $30,000 |
| Indirect labor | $27,000 |
| Other overheads | $ 52,000 |
| Total Manufacturing costs | $3,28,000 |
Add Answer to:
Adams Corporation manufactures stained glass windows. Since each job is unique in color and design, Adams...
Drew Corp. Designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since...
Drew Corp. Designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform is unique in color and design, Drew uses a job order costing system. On January 1, the T-accounts for some of Drew's primary balance sheet accounts were as follows: Raw materials inventory- 59400 Finished Goods Inventory-34600 Accounts receivable-47300 Work in process Inventory-25500 Cash-38200 accounts payable- credit 41900 During the year, the following events occurred: 1. Drew purchased raw materials costing 114000...
Drew Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since...
Drew Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform is unique in color and design, Drew uses a job order costing system. On January 1, the T-accounts for some of Drew's primary balance sheet accounts were as follows: Raw Materials Inventory 15,000 Work in Process Inventory 31,000 Beg. Beg. Accounts Receivable 56,000 Accounts Payable Beg. Beg. 42,000 Finished Goods 22,000 Cash 32,000 Beg. Beg. During the year, the following events...
1. Boursaw Corporation has provided the following data concerning last month’s operations. 2. Boursaw Corporation has...
1. Boursaw Corporation has provided the following data
concerning last month’s operations.
2. Boursaw Corporation has provided the following data
concerning last month’s operations.
3. Boursaw Corporation has provided the following data
concerning last month’s operations.
4. Boursaw Corporation has provided the following data
concerning last month’s operations.
$33,000 Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor cost Manufacturing overhead applied to Work in Process Underapplied overhead $ 4,000 $58,000 $78,000 $ 5,000 Beginning Ending Raw...
Drew Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since...
Drew Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform is unique in color and design, Drew uses a job order costing system. On January 1, the T-accounts for some of Drew's primary balance sheet accounts were as follows: Raw Materials Inventory 15,000 Work In Process Inventory Beg. 31,000 Beg. Beg. Finished Goods Inventory 22,000 Cash 32,000 Beg. Accounts Receivable 56,000 Accounts Payable Beg. Beg. 42,000 During the year, the following...
Saved Bledsoe Corporation has provided the following data for the month of November: Raw materials Work...
Saved Bledsoe Corporation has provided the following data for the month of November: Raw materials Work in process Finished Goods $ 25,700 $21,700 $17,700 $10,70 $ 48,780 $56,780 Additional information: Raw saterials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process $72,769 $92, 700 $42,778 s 4,07e $41,700 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold Required: Prepare a...
Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it c...
Gilkison Corporation uses a job-order costing system to assign
manufacturing costs to jobs. At the end of the month it closes out
any overapplied or underapplied manufacturing overhead to Cost of
Goods Sold. Its balance sheet on October 1 appears below:
Gilkison Corporation
Balance Sheet
October 1
Assets:
Cash
$
10,700
Raw materials
$
4,700
Work in process
15,700
Finished goods
19,700
40,100
Property, plant, and equipment (net)
229,700
Total assets
$
280,500
Liabilities and Stockholders' Equity:
Accounts payable
$...
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials...
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead $31,000 $ 4,770 $58,400 $87,000 $ 4,080 Inventories Raw materials Work in process Finished goods Beginning $ 10,600 $ 54,700 $ 33,200 Ending $ 18,800 $ 65,300 $ 43,300 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost...
Drew Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since...
Drew Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team’s uniform is unique in color and design, Drew uses a job order costing system. On January 1, the T-accounts for some of Drew’s primary balance sheet accounts were as follows: Raw Materials Inventory Work in Process Inventory Beg. 15,000 Beg. 31,000 Accounts Receivable Accounts Payable Beg. 56,000 Beg. 42,000 Finished Goods Cash Beg. 22,000 Beg. 32,000 During the year, the following events...
Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2....
Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials of $45,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,400 was classified as indirect materials. 3. Factory labor costs incurred were $65,400, of which $50,200 pertained to factory wages payable and $15,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,000 was direct labor and $10,400 was indirect labor. 5. Manufacturing overhead...
The following T-accounts represent November activity. Materials Inventory EB (11/30) 55,500 Work-In-Process Inventory BB (11/1) 32,100...
The following T-accounts represent November activity. Materials Inventory EB (11/30) 55,500 Work-In-Process Inventory BB (11/1) 32,100 Dir. Materials 86,500 Cost of Goods Sold Finished Goods Inventory EB (11/30) 103,000 Manufacturing Overhead Control Applied Manufacturing Overhead 267,000 Sales Revenue 771,400 Wages Payable Additional Data • Materials of $115,000 were purchased during the month, and the balance in the Materials Inventory account increased by $11,600. • Overhead is applied at the rate of 150 percent of direct labor cost. • Sales are...
Drew Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform is unique in color and design, Drew uses a job order costing system. On January 1, the T-accounts for some of Drew's primary balance sheet accounts were as follows: Raw Materials Inventory 15,000 Work in Process Inventory 31,000 Beg. Beg. Accounts Receivable 56,000 Accounts Payable Beg. Beg. 42,000 Finished Goods 22,000 Cash 32,000 Beg. Beg. During the year, the following events...
1. Boursaw Corporation has provided the following data
concerning last month’s operations.
2. Boursaw Corporation has provided the following data
concerning last month’s operations.
3. Boursaw Corporation has provided the following data
concerning last month’s operations.
4. Boursaw Corporation has provided the following data
concerning last month’s operations.
$33,000 Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor cost Manufacturing overhead applied to Work in Process Underapplied overhead $ 4,000 $58,000 $78,000 $ 5,000 Beginning Ending Raw...
Drew Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform is unique in color and design, Drew uses a job order costing system. On January 1, the T-accounts for some of Drew's primary balance sheet accounts were as follows: Raw Materials Inventory 15,000 Work In Process Inventory Beg. 31,000 Beg. Beg. Finished Goods Inventory 22,000 Cash 32,000 Beg. Accounts Receivable 56,000 Accounts Payable Beg. Beg. 42,000 During the year, the following...
Saved Bledsoe Corporation has provided the following data for the month of November: Raw materials Work in process Finished Goods $ 25,700 $21,700 $17,700 $10,70 $ 48,780 $56,780 Additional information: Raw saterials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process $72,769 $92, 700 $42,778 s 4,07e $41,700 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold Required: Prepare a...
Gilkison Corporation uses a job-order costing system to assign
manufacturing costs to jobs. At the end of the month it closes out
any overapplied or underapplied manufacturing overhead to Cost of
Goods Sold. Its balance sheet on October 1 appears below:
Gilkison Corporation
Balance Sheet
October 1
Assets:
Cash
$
10,700
Raw materials
$
4,700
Work in process
15,700
Finished goods
19,700
40,100
Property, plant, and equipment (net)
229,700
Total assets
$
280,500
Liabilities and Stockholders' Equity:
Accounts payable
$...
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead $31,000 $ 4,770 $58,400 $87,000 $ 4,080 Inventories Raw materials Work in process Finished goods Beginning $ 10,600 $ 54,700 $ 33,200 Ending $ 18,800 $ 65,300 $ 43,300 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost...
Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials of $45,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,400 was classified as indirect materials. 3. Factory labor costs incurred were $65,400, of which $50,200 pertained to factory wages payable and $15,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,000 was direct labor and $10,400 was indirect labor. 5. Manufacturing overhead...
The following T-accounts represent November activity. Materials Inventory EB (11/30) 55,500 Work-In-Process Inventory BB (11/1) 32,100 Dir. Materials 86,500 Cost of Goods Sold Finished Goods Inventory EB (11/30) 103,000 Manufacturing Overhead Control Applied Manufacturing Overhead 267,000 Sales Revenue 771,400 Wages Payable Additional Data • Materials of $115,000 were purchased during the month, and the balance in the Materials Inventory account increased by $11,600. • Overhead is applied at the rate of 150 percent of direct labor cost. • Sales are...
Most questions answered within 3 hours.
-
(CO 2) A field can be added to a report to
values for two or more...
asked 5 minutes ago -
Identify 3 research scenarios that might provide a low,
medium, and high degree of variability in...
asked 28 minutes ago -
how
does gravity affect the trajectory of projectile? what would be the
shape of the trajactory...
asked 1 hour ago -
Two small plastic spheres are given positive electrical charges.
When they are a distance of 15.4...
asked 1 hour ago -
An acidic solution containing gold ions is
electrolyzed, producing gaseous oxygen (from water) at the anode...
asked 1 hour ago -
Assume that the population of Mexico is 128
million and that the population increases 1.01
percentannually....
asked 2 hours ago -
Can someone please help me add appropriate descriptive
comments to each line of code in the...
asked 2 hours ago -
Romeo wishes to throw a bouquet of flowers to Juliet, who is on
a second-story balcony,...
asked 3 hours ago -
Why is QE a controversial monetary policy tool.
A. It may lead to excessive inflation.B. By...
asked 4 hours ago -
Principles of Programming midterm study guide help!
1.)
______ Which of the following would reference the...
asked 3 hours ago -
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 4 hours ago -
1. The bus bars of a power station are in two sections A and B
separated...
asked 4 hours ago