Homework Answers
| Requirement a. | |
| Beginning direct materials inventory | 72,000 |
| Add: Direct Material Purchases | 645,000 |
| Total Raw Materials Available | 717,000 |
| Less: Ending direct materials inventory | -68,000 |
| Direct materials used | 649,000 |
| Requirement b. | |
| Direct materials used | 649,000 |
| Direct Labour | 950,000 |
| Depreciation on plant | 55,000 |
| Factory Supervisor's salary | 98,000 |
| Plant Maintenance | 26,000 |
| Plant utilities | 30,000 |
| Total Manfucature costs | 1,808,000 |
| Add : Beginning Work In progess inventory | 54,000 |
| 1,862,000 | |
| Less :Ending Work In progess Inventory | -51,000 |
| Cost Goods Manufactured | 1,811,000 |
| Requirement c. | |
| Cost Goods Manufactured | 1,811,000 |
| Add : Beginning Finshed Goods inventory | 75,000 |
| Finished Goods Available for Sale | 1,886,000 |
| Less: Ending Finshed Goods Inventory | -88,000 |
| Cost of Goods Sold | 1,798,000 |
| Requirement d. | |
| Sales | 2,555,000 |
| Less: Cost of Goods Sold | -1,798,000 |
| Less: Selling and administrative expenses | -480,000 |
| Operating income | 277,000 |
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The following costs were incurred by Texman Company: $ 950,000 Direct labor Direct material purchases 645,000...
Sales ........ Direct labor ....... Selling & administrative costs Raw materials purchased Manufacturing overhead $72,000 10,000...
Sales ........ Direct labor ....... Selling & administrative costs Raw materials purchased Manufacturing overhead $72,000 10,000 7,000 20,000 13,500 Inventory_ Raw materials .... Work-in-process Finished goods Beginning $10,000 18,000 21,000 Ending $ 5,000 17,000 16,500 What were the total manufacturing costs for September? O $ $25,000 O $43,500 O $49,500 O $48,500 Sales Direct labor Selling & administrative costs Raw materials purchased Manufacturing overhead $72,000 10,000 7,000 20,000 13,500 Inventory Raw materials Work-in-process Finished goods Beginning $10,000 18,000 21,000 Ending...
I. Felder Co. incurred the following costs for June 2018: Beginning direct materials inventory $27,000 Beginning...
I. Felder Co. incurred the following costs for June 2018: Beginning direct materials inventory $27,000 Beginning finished goods inventory 26,000 Beginning work in process inventory 8,000 Depreciation on factory building 22,000 Direct labor 211,000 Direct material purchases 193,000 Ending direct materials inventory 16,000 Ending finished goods 35,000 Ending work in process 15,000 Factory supervisor's salary 46,000 Repairs of factory building 7,000 Sales 750,000 Selling and administrative expenses 130,000 Utilities in factory 14,000 Assume an income tax rate of 40 percent....
Bearcat Company presented the following information for 2019. Raw materials purchased Direct labor Manufacturing overhead incurred...
Bearcat Company presented the following information for 2019. Raw materials purchased Direct labor Manufacturing overhead incurred Sales Selling and administrative expenses Income tax rate 115,000 312,000 415,000 1,554,000 89,000 25% In addition, Bearcat had the following inventory balances at the beginning and end of the year. 1/1 Raw materials 12/31 30,000 180,000 247,000 46,000 135,000 275,000 Work in process Finished goods Required: A. Calculate cost of goods manufactured. B. Calculate cost of goods sold. C. Determine the net income. TT...
n West Shoo makes loafers. During the most recent year, West incurred total manufacturing costs of...
n West Shoo makes loafers. During the most recent year, West incurred total manufacturing costs of $24.200,000. Of this amount, $1,800,000 was direct k-in-Process Inventory, $900,000, and Finished balances for the year were Direct Materials,$700,000, Wor Goods Inventory, $1,100,000 At the end of the year, balances were Direct Materials, $900,000, Work-in-Process Inventory, $1,700,000, and Finished Goods Inventory $480,000 est Shoe Company makes loafers. During the most recent year, West incurred total manufacturing costs of $24.200,000. Of this amount, $1,800,000 was...
During the year, a company purchased raw materials of $77,322, and incurred direct labor costs of...
During the year, a company purchased raw materials of $77,322, and incurred direct labor costs of $126,100. Overhead is applied at the rate of 70% of the direct labor cost. The are the inventory balances: Beginning Ending Raw materials inventory $17,435 $16,428 Work in process inventory 241,438 234,425 Finished goods Inventory 312.842 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in productions Cost of...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials,...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials, work in process, and manufacturing overhead direct materials, direct labor, and manufacturing overhead direct materials, work in progress, and finished goods 2. What is the journal entry for under applied overhead? Manufacturing overhead Finished Goods Inventory Finished Goods Inventory Manufacturing Overhead Manufacturing overhead Cost of goods sold Cost of goods sold Manufacturing overhead 3. Use a piece of scrap paper...
Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory...
Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $4,300 $480 $520 $620 $730 $210 $220 $420 $490 $310 $200 What was the cost of direct materials used? O A. $690 OB. $480 OC. $470 OD. $430 Click to select your answer
Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost...
Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct - labor costs $152,000 85,000 127,000 148,000 286.000 259,000 35,000 65,000 53,000 140 percent The ending balance of work-in-process inventory is O A. $413,000 O B. $454,800 OC. $168,800 OD. $127,000
Moonrise Bakery applies factory overhead based on direct labor costs. The company incurred the following costs...
Moonrise Bakery applies factory overhead based on direct labor costs. The company incurred the following costs during 2017: direct materials costs, $780,000; direct labor costs, $4,300,000; and factory overhead costs applied, $2,150,000. 1. Determine the company's predetermined overhead rate for 2017 2. Assuming that the company's $84,000 ending Work in Process Inventory account for 2017 had $33,000 of direct labor costs, determine the inventory's direct materials costs. 3. Assuming that the company's $620,000 ending Finished Goods Inventory account for 2017...
A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine...
A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used. Work in Process Inventory 66,000 ? ? Beginning WIP Direct materials Direct labor Applied overhead To finished goods Ending WIP 156,000 76,000 Factory Overhead 154,000 Finished Goods Inventory 56,000 281,000 51,000 Beginning FG 286,000 Ending FG Multiple Choice $286,000. $281,000. $57,000. $154,000. $296,000.
Sales ........ Direct labor ....... Selling & administrative costs Raw materials purchased Manufacturing overhead $72,000 10,000 7,000 20,000 13,500 Inventory_ Raw materials .... Work-in-process Finished goods Beginning $10,000 18,000 21,000 Ending $ 5,000 17,000 16,500 What were the total manufacturing costs for September? O $ $25,000 O $43,500 O $49,500 O $48,500 Sales Direct labor Selling & administrative costs Raw materials purchased Manufacturing overhead $72,000 10,000 7,000 20,000 13,500 Inventory Raw materials Work-in-process Finished goods Beginning $10,000 18,000 21,000 Ending...
Bearcat Company presented the following information for 2019. Raw materials purchased Direct labor Manufacturing overhead incurred Sales Selling and administrative expenses Income tax rate 115,000 312,000 415,000 1,554,000 89,000 25% In addition, Bearcat had the following inventory balances at the beginning and end of the year. 1/1 Raw materials 12/31 30,000 180,000 247,000 46,000 135,000 275,000 Work in process Finished goods Required: A. Calculate cost of goods manufactured. B. Calculate cost of goods sold. C. Determine the net income. TT...
n West Shoo makes loafers. During the most recent year, West incurred total manufacturing costs of $24.200,000. Of this amount, $1,800,000 was direct k-in-Process Inventory, $900,000, and Finished balances for the year were Direct Materials,$700,000, Wor Goods Inventory, $1,100,000 At the end of the year, balances were Direct Materials, $900,000, Work-in-Process Inventory, $1,700,000, and Finished Goods Inventory $480,000 est Shoe Company makes loafers. During the most recent year, West incurred total manufacturing costs of $24.200,000. Of this amount, $1,800,000 was...
During the year, a company purchased raw materials of $77,322, and incurred direct labor costs of $126,100. Overhead is applied at the rate of 70% of the direct labor cost. The are the inventory balances: Beginning Ending Raw materials inventory $17,435 $16,428 Work in process inventory 241,438 234,425 Finished goods Inventory 312.842 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in productions Cost of...
Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $4,300 $480 $520 $620 $730 $210 $220 $420 $490 $310 $200 What was the cost of direct materials used? O A. $690 OB. $480 OC. $470 OD. $430 Click to select your answer
Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct - labor costs $152,000 85,000 127,000 148,000 286.000 259,000 35,000 65,000 53,000 140 percent The ending balance of work-in-process inventory is O A. $413,000 O B. $454,800 OC. $168,800 OD. $127,000
Moonrise Bakery applies factory overhead based on direct labor costs. The company incurred the following costs during 2017: direct materials costs, $780,000; direct labor costs, $4,300,000; and factory overhead costs applied, $2,150,000. 1. Determine the company's predetermined overhead rate for 2017 2. Assuming that the company's $84,000 ending Work in Process Inventory account for 2017 had $33,000 of direct labor costs, determine the inventory's direct materials costs. 3. Assuming that the company's $620,000 ending Finished Goods Inventory account for 2017...
A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used. Work in Process Inventory 66,000 ? ? Beginning WIP Direct materials Direct labor Applied overhead To finished goods Ending WIP 156,000 76,000 Factory Overhead 154,000 Finished Goods Inventory 56,000 281,000 51,000 Beginning FG 286,000 Ending FG Multiple Choice $286,000. $281,000. $57,000. $154,000. $296,000.
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