Rock It Out had the following account balances on January 1:
Cash: $836,000
Raw Materials: $18,500
WIP: $115,400
Finished Goods Inventory $45,600
The following took place during the year:
1. Purchased raw material with cash $173,600. |
2. Put material into production: $129,000 of direct material $12,000 of indirect material. |
3. Paid payroll: $158,000 in wages to direct labor $93,000 salary for supervisors |
4. Applied OH based on a pre-determined rate of $13 per machine hour. Actual machine hours were 9,950. |
5. Incurred and paid other overhead items of $35,000. |
6. Transferred items costing $473,500 to finished goods. |
7. Sold goods costing $453,900 for cash of $886,200. |
Assume that the Raw Material Inventory account contains both direct and indirect material. The company uses normal costing.
a) Ending balance of raw material = 18500+ 173600 - 129000-12000 = 51100
b) Ending balance of WIP account = (115400 + 129000 + 158000+ 129350 ) -473500 = $58250
c) Ending balance of Finished goods account = 45600+ 473500-453900 = $65200
d) Revenue as mentioned is 886200
e)Actual overhead = 12000+93000+35000 = 140000
Applied overhead = 129350
Under applied overhead = 140000-129350 = $10650
Rock It Out had the following account balances on January 1: Cash: $836,000 Raw Materials: $18,500...
12. Caspar Co. had the following balances in 2017: Account Balance Beginning Raw Materials Inventory $5,000 Ending Raw Materials Inventory $7,000 Purchases of Raw Materials $60,000 Beginning WIP Inventory $15,000 Ending WIP Inventory $18,000 Beginning FG Inventory $3,000 Ending FG Inventory $8,000 Direct Labor $45,000 Overhead (including $2,000 of Indirect Materials) $35,000 Calculate the following: a. Raw Materials Available for Use: b. Direct Materials Used: c. Total Manufacturing Costs: d. Cost of Goods Manufactured: e. Cost of Goods Sold:
The following selected account balances are provided for Delray Mfg. Sales $ 1,234,000 Raw materials inventory, Dec. 31, 2016 37,000 Work in process inventory, Dec. 31, 2016 51,800 Finished goods inventory, Dec. 31, 2016 69,900 Raw materials purchases 180,200 Direct labor 241,000 Factory computer supplies used 16,500 Indirect labor 46,000 Repairs—Factory equipment 5,250 Rent cost of factory building 57,000 Advertising expense 97,000 General and administrative expenses 132,000 Raw materials inventory, Dec. 31, 2017 45,500 Work in process inventory, Dec. 31,...
raw materials purchased $ 900 Beginning raw materials 50 Direct materials used 790 Indirect materials requested 35 Indirect labor 150 Utilities - administration area 99 Utilities - factory area 210 Rent - adminstration 100 Rent - factory 250 Taxes - administration 200 Taxes - factory 400 Other - factory 550 Other manufacturing overhead actual 75 Direct labor 250 Manufacturing overhead applied at 150% of direct costs 125% Beginning WIP 260 Ending WIP 125 Beginning finished good 20 Ending finished goods...
wemo Inc. sells video games and use normal job costing to track costs. During 2018, Beemo Inc. had the transactions: Purchased $555,000 of materials on credit 5624,300 of materials were used, with 5520.400 being direct materials and the rest indirect material 546,000 was paid to direct labor and $88,000 was paid to indirect labor d. During the year, 599,900 worth of other indirect costs were incurred of which 59.500 came from depreciation 42.980 direct labor hours were worked over the...
1. 2. Crane Corporation incurred the following transactions. Purchased raw materials on account $46,400. Raw Materials of $36,100 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,900 was classified as indirect materials. Factory labor costs incurred were $60,000. Time tickets indicated that $54,100 was direct labor and $5,900 was indirect labor. Manufacturing overhead costs incurred on account were $81,500. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing...
The following selected account balances are provided for Delray Mfg. Sales $ 1,135,000 Raw materials inventory, Dec. 31, 2016 39,000 Work in process inventory, Dec. 31, 2016 53,800 Finished goods inventory, Dec. 31, 2016 65,200 Raw materials purchases 196,900 Direct labor 228,000 Factory computer supplies used 20,700 Indirect labor 45,000 Repairs—Factory equipment 5,250 Rent cost of factory building 51,000 Advertising expense 90,000 General and administrative expenses 138,000 Raw materials inventory, Dec. 31, 2017 45,600 Work in process inventory, Dec. 31,...
The following selected account balances are provided for Delray Mfg. Sales $ 1,132,000 Raw materials inventory, Dec. 31, 2016 37,000 Work in process inventory, Dec. 31, 2016 54,100 Finished goods inventory, Dec. 31, 2016 64,400 Raw materials purchases 174,100 Direct labor 232,000 Factory computer supplies used 19,000 Indirect labor 46,000 Repairs—Factory equipment 5,250 Rent cost of factory building 51,000 Advertising expense 89,000 General and administrative expenses 132,000 Raw materials inventory, Dec. 31, 2017 49,200 Work in process inventory, Dec. 31,...
The following selected account balances are provided for Delray Mfg. Sales $ 1,272,000 Raw materials inventory, Dec. 31, 2016 35,000 Work in process inventory, Dec. 31, 2016 57,200 Finished goods inventory, Dec. 31, 2016 63,500 Raw materials purchases 184,800 Direct labor 235,000 Factory computer supplies used 15,000 Indirect labor 49,000 Repairs—Factory equipment 5,250 Rent cost of factory building 55,000 Advertising expense 102,000 General and administrative expenses 138,000 Raw materials inventory, Dec. 31, 2017 48,000 Work in process inventory, Dec. 31,...
The following selected account balances are provided for Delray Mfg. Sales $ 1,446,000 Raw materials inventory, Dec. 31, 2016 37,000 Work in process inventory, Dec. 31, 2016 53,400 Finished goods inventory, Dec. 31, 2016 68,100 Raw materials purchases 197,900 Direct labor 249,000 Factory computer supplies used 19,600 Indirect labor 54,000 Repairs—Factory equipment 5,250 Rent cost of factory building 52,000 Advertising expense 80,000 General and administrative expenses 132,000 Raw materials inventory, Dec. 31, 2017 43,600 Work in process inventory, Dec. 31,...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,469,000 38,000 53,100 61,000 158,800 241,000 24,000 47,000 5,250 53,000 105,000 135,000 41,000 44,300 71,700...