Number 2 the highlight part is 02845
1) | Predetermined OH rate | = | Estimated total manu. OH / Estimated total direct labor cost | ||||||
= | $ 300000 / $ 600000 | ||||||||
= | 50% |
2) | Amount of OH applied | = | Predetermined OH rate x Actual direct labor cost incurred | ||||||
= | 50% x $ 525000 | ||||||||
= | $ 2,62,500.00 |
3) | Raw Materials | |||
Beg. Bal | $ 1,25,000.00 | WIP | $ 2,276.00 | |
Purchase | $ 1,00,000.00 | Manu. OH | $ 569.00 | |
$ - | End. Bal. | $ 2,22,155.00 | ||
$ 2,25,000.00 | $ 2,25,000.00 | |||
Work in Process | ||||
Beg. Bal | $ 3,20,000.00 | F.G | $ 8,00,000.00 | |
R.M | $ 2,276.00 | |||
D.L | $ 5,25,000.00 | |||
Manu. OH | $ 2,62,500.00 | End. Bal. | $ 3,09,776.00 | |
$ 11,09,776.00 | $ 11,09,776.00 | |||
Finished Goods | ||||
Beg. Bal | $ 4,00,000.00 | COGS | $ 10,00,000.00 | |
WIP | $ 8,00,000.00 | End. Bal. | $ 2,00,000.00 | |
$ 12,00,000.00 | $ 12,00,000.00 |
4) | Actual Manu. OH incurred | |||
Indirect Material | $ 569.00 | |||
Indirect Labor | $ 75,000.00 | |||
Misc. Manu. OH costs | $ 85,000.00 | |||
Factory Manu. Equipment | $ 75,000.00 | |||
$ 2,35,569.00 | ||||
Manu. OH applied | $ 2,62,500.00 | |||
Overapplied OH | $ 26,931.00 |
5) | Unadjusted Cost of Goods sold | $ 10,00,000.00 | ||
Less: Overapplied OH | $ 26,931.00 | |||
Adjusted Cost of Goods sold | $ 9,73,069.00 |
6) | Income Statement | |||
Sales | $ 15,00,000.00 | |||
Less: | Cost of Goods sold | $ 9,73,069.00 | ||
Gross Margin | $ 5,26,931.00 | |||
Less: | Expenses: | |||
Salaries Expense | $ 2,30,000.00 | |||
Selling and Adm. Costs | $ 2,30,000.00 | |||
Depreciation Expense | $ 45,000.00 | |||
Total expenses | $ 5,05,000.00 | |||
Operating income | $ 21,931.00 |
Is this okay?
Number 2 the highlight part is 02845 Additionally, while you are welcome to discuss strategies, ideas,...
use
any 15,000 as used raw material
Problem Information: Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 125,000 Work-in-Process $ 320,000 Finished Goods $ 400,000 . . . Morrison applies overhead to production using direct labor cost. As of the beginning of the year, Morrison estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000. The following transactions occurred during the year: 1. Purchased...
The highlighted numbers are the raw materials used in
production. Since 80% of that number is direct materials, then 9876
are direct materials. Since 20% is indirect materials, 2469 are
indirect materials.
Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 125,000 Work-in-Process $ 320,000 Finished Goods $ 400,000 Morrison applies overhead to production using direct labor cost. As of the beginning of the year, Morrison estimated total manufacturing overhead for the year...
1. 2. Problem Information: Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 125.000 • Work-in-Process $ 320,000 • Finished Goods S 400.000 Morrison applies overhead to production using direct labor cost. As of the beginning of the year, Morrison estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000 The following transactions occurred during the year: Purchased $100,000 of raw materials on account. Used...
HELP! THANK YOU!
Problem Information: Morrison Company began the year with the following balances in its inventory accounts: • Raw Materials $ 125,000 • Work-in-Process $ 320,000 • Finished Goods $ 400.000 Morrison applies overhead to production using direct labor cost. As of the beginning of the year, Morrison estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000 The following transactions occurred during the year: 1. Purchased $100,000 of raw materials...
126% + Zoom Add Page T Text View Insert Table Chart Shape Media Comment Collaborate Format Document 1. (1 point) Compute the predetermined overhead rate Morrison will use to apply MOH to work in process. 2. (1 point) year. Compute the amount of overhead applied to Work-in-Process during the 3. (3 points) Compute the ending balances in Raw Materials, Work-in-process, and Finished Goods accounts (hint: don't forget to include beginning balances). 4. (2 points) Compute the amount of over- or...
Urgent please, thank you.
Problem Information: Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 125,000 Work-in-Process $ 320,000 Finished Goods $ 400,000 . Morrison applies overhead to production using direct labor cost. As of the beginning of the year, Morrison estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000. The following transactions occurred during the year: 1. Purchased $100,000 of raw materials on...
REQUIRED. Round all answers to the nearest dollar. 1. (1 point) Compute the predetermined overhead rate Morrison will use to apply MOH to Work-in-process. 2. (1 point) Compute the amount of overhead applied to Work-in-process during the year. 3. (3 points) Compute the ending balances in Raw Materials, Work-in-process, and Finished Goods accounts (hint: don't forget to include beginning balances). 4. (2 points) Compute the amount of over- or under-applied overhead for the year (be sure to label it as...
please show equations and work used to figure out the
problems
. Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 125,000 Work-in-Process $ 320,000 Finished Goods $ 400,000 . Morrison applies overhead to production using direct labor cost. As of the beginning of the year, Morrison estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000. The following transactions occurred during the year: 1....
5. (2 points) Assuming Morrison closes under or over-applied overhead to Cost of Goods Sold, compute adjusted COGS for the period. 6. (2 points) Prepare a traditional format income statement for the year. (ignore income taxes). 7. (1 point) Clarity of supporting computations. Problem Information: Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 125,000 Work-in-Process $ 320,000 Finished Goods $ 400,000 Morrison applies overhead to production using direct labor cost. As of...
Problem Information: Jackson Company began the year with the following balances in its inventory accounts: Raw Materials $ 125,000 Work-in-Process $ 320,000 Finished Goods $ 400,000 Jackson Co. applies overhead to production using direct labor cost. As of the beginning of the year, Jackson co. estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000. The following transactions occurred during the year: 1. Purchased $100,000 of raw materials on account....