Weave Your Web | ||
Ans a. | ||
Particulars | Amt $ | |
a | Opening Stock Indirect Materials (jan 1) | 100 |
b | Add Purchase -Say X | X |
c | Less : Closing Stock Indirect materials (jan31) | 120 |
d | =Indirect Materials used =a+b-c | 60 |
So 100+X-120=60 | ||
X= 80 | ||
So Cost of Materials purchased during the month = | $ 80.00 | |
Ans b. | ||
a | Design Overhead Applied in month | $ 500.00 |
b | Total Design Labor cost in month | $ 1,000.00 |
c | Predetermined OH rate per irect labor $ cost =a/b= | $ 0.50 |
Ans c. | ||
Cost of Web Site Designed in the month | ||
Raw Materials used | $ 60.00 | |
Total Labor design cost during month | $ 1,000.00 | |
Design Overhead applied | $ 500.00 | |
d | Total Cost during the month | $ 1,560.00 |
e | Add : Opening WIP as on Jan 1 , | $ 350.00 |
f | Less : Closing WIP Jan 31 | $ 550.00 |
g | Cost of Web Site Designed in the month=d+e-f= | $ 1,360.00 |
Ans d. | ||
Journal Entry | ||
Account Title | Dr $ | Cr $ |
Manufacturing Overhead Control Account | 250 | |
Accounts Payable | 250 |
Ans e. | |
Actual design overhead | $ 650.00 |
Design Overhead applied | $ 500.00 |
Overhead Underapplied =650-500= | $ 150.00 |
Journal Entry | ||
Account Title | Dr $ | Cr $ |
Manufacturing Overhead Control Account | 150 | |
Cost of websites Sold | 150 |
3) Weave Your Web is a web site production company that creates individualized web sites for...
Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The following information is available regarding its June inventories: Beginning Inventory Ending Inventory Raw materials inventory 192000 225000 Work in process inventory—Weaving 480000 425000 Work in process inventory—Sewing 715000 960000 Finished goods inventory 1346000 1306000 Raw materials purchases (on credit) 595,000 Factory payroll cost (paid in cash) 3,280,000 Other factory overhead cost (Other Accounts credited) 212,000 Materials used Direct—Weaving 256,000 Direct-Sewing 500,000 Indirect 174,000...
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of direct labor of $4,300 and applied overhead of $3,655. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on account) for $29,000. Job 121 is started and completed, and Job 122 is started and still in process at the end of the month. Custom Cabinetry incurs...
Problem 3-11 T-Account Analysis of Cost Flows [LO3-2, LO3-3, L03-4] Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Manufacturing Overhead 202,260Credits Bal. 1/1 Debits Bal. 12/31 26,000 Credits ? Debits 142,000 36,000 Work in Process Factory Wages Payable Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 14,500 202,000 9,500 31,000Credits 503,000 Debits 207,000Bal. 1/1 101,000 183,000 223,260 Credits Bal. 12/31 Finished Goods Cost of Goods Sold Bal. 1/1 Debits Bal. 12/31 51,000Credits...
Thanks for all your help! The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $389,000. Overhead costs incurred in April are: Indirect materials, $53,000: indirect labor. $27,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in...
Custom Cabinetry has one job in process (Job 120) as of June 30, at that time, its job cost sheet reports direct materials of $6,800, direct labor of $4,400, and applied overhead of $3,740. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on account) for $26,000, Job 121 is started and completed, and Job 122 is started and still in process at the end of the month. Custom Cabinetry...
Chapter 15 Homework Custom Cabinetry has one job in process (Job 120) as of June 30, at that time, its job cost sheet reports direct materials of $8,100. direct labor of $3,700, and applied overhead of $2.960. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold on account) for $26.500, Job 121 is started and completed, and Job 122 is started and still in process at the end of the...
Check my work Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $7,900, direct labor of $2,800, and applied overhead of $2,520. Custom Cabinetry applies overhead at the rate of 90% of direct labor cost. During July, Job 120 is sold (on account) for $27,000, Job 121 is started and completed, and Job 122 is started and still in process at the end of the...
Break-Even Analysis Media outlets often have web sites that provide in-depth coverage of news and events. Portions of these web sites are restricted to members who pay a monthly subscription to gain access to exclusive news and commentary. These web sites typically offer a free trial period to introduce viewers to the web site. Assume that during a recent fiscal year, one outlet spent $1,387,440 on a promotional campaign for its web site, offering two free months of service for...
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $7,600, direct labor of $3,000, and applied overhead of $2,700. Custom Cabinetry applies overhead at the rate of 90% of direct labor cost. During July, Job 120 is sold (on account) for $27,000, Job 121 is started and completed, and Job 122 is started and still in process at the end of the month. Custom Cabinetry...
Creative Web Design uses a job-order costing system to track the costs of its web design projects. The company provides complete website design and hosting services. The following table provides data concerning the three design projects that were in process during May. There was no work in process at the beginning of May Project Happy Daycare Designer hours. Direct labour cost Car city 90 2 ,430 Jan's flowers 60 5 1,200 5 $1,320 Actual overhead costs were $3.250 for May....