Managerial Accounting
Boston Company has the following balances as of the year ended December 31, 2015.
Direct Materials Inventory $15,000 Dr.
WIP Inventory 34,500 Dr.
Finished Goods Inventory 49,500 Dr.
Cost of Goods Sold 74,500 Dr.
Additional information is as follows:
Cost of direct materials purchased during 2015 $41,000
Cost of direct materials requisitioned in 2015 47,000
Cost of goods completed during 2015 102,000
Factory overhead applied (120% of direct labour) 48,000
Underapplied factory overhead 4,000
Required (SHOW ALL WORK):
a. Compute beginning direct materials inventory.
b. Compute beginning WIP inventory.
c. Compute beginning finished goods inventory.
d. Compute actual factory overhead incurred.
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Please show calculations on how you obtained the answers
for support.
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Please show calculations on how you obtained the answers
for support.
Required information [The following information applies to the questions displayed below.] art 1 of 4 The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. 47 pints April 30 May 31 $ $ 47,000 10,000 62,000 35,000 20,400 33,400 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory...
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A company’s overhead rate is 200% of direct labor cost. Using
the following incomplete accounts, determine the cost of direct
materials used.
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