Morrison Company | |||
a | Estimated Annual Mfg OH cost | $ 300,000 | |
b | Estimated Total Direct Labor cost | $ 600,000 | |
c | Predetermined Mfg OH Rate per $ Direct Labor cost=a/b= | $ 0.50 | per $ Direct Labor cost |
Actal Mfg OH Calculation | |||
Indirect Materials =$11180*20%= | $ 2,236 | ||
Indirect Labor | $ 75,000 | ||
Misc Mfg OH cost | $ 85,000 | ||
Depreciation related to Factory Equipment | $ 75,000 | ||
d | Total Actual Factory OH | $ 237,236 | |
Direct Labor cost actual | $ 525,000 | ||
e | Mfg OH applied @ predetermined rate of $0.50= | $ 262,500.0 | |
f | Overapplied MFg OH =e-d= | $ 25,264.0 |
Ans 5. | ||
k | Given Cost of Goods Sold | $ 1,000,000 |
Less Overapplied Mfg OH = | $ 25,264 | |
Adjsuted COGS | $ 974,736 |
Ans6. | |
Morrison Company | |
Income Statement | |
Particulars | Amt $ |
Sales Revenue | 1,500,000 |
Cost of Goods Sold (adjusted) | 974,736 |
Gross Profit | 525,264 |
Operating Expenses | |
Selling & Admin Wages | 230,000 |
Selling & Admin Expenses | 230,000 |
Deprecition expense-Selling & Admin Equipments | 45,000 |
Total Operating Expenses | 505,000 |
Net Operating Income /(Loss) | 20,264 |
5. (2 points) Assuming Morrison closes under or over-applied overhead to Cost of Goods Sold, compute...
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...
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...
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....
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...
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...
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...
13. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year? 14. What is the gross margin for the year? 15. What is the net operating income for the year? Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 79,000 $ 25,600 $ 37,200 The company...
Number 2 the highlight part is 02845 Additionally, while you are welcome to discuss strategies, ideas, etc. with others, each student is required to complete their own assignment. To facilitate this, everyone will use the LAST 5 digits of their student ID (02845) as the amount of Raw Materials used in production (see highlight below). NO credit will be given for a solution that does not correspond to your ID. Problem Information: Morrison Company began the year with the following...
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....