Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year:
Beginning Balance
Ending Balance
Raw materials
$
14,450
$
22,450
Work in process
$
27,450
$
9450
Finished Goods
$
62,450
$
77,450
The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,450 machine-hours and incur $264,255 in manufacturing overhead cost. The following transactions were recorded for the year:
Raw materials were purchased, $315,450.
Raw materials were requisitioned for use in production, $307,450 ($280,550 direct and $26,900 indirect).
The following employee costs were incurred: direct labor, $377,450; indirect labor, $96,450; and administrative salaries, $172,450.
Selling costs, $147,450.
Factory utility costs, $10,450.
Depreciation for the year was $154,000 of which $138,000 is related to factory operations and $16,000 is related to selling, general, and administrative activities.
Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,090 machine-hours.
Sales for the year totaled $1,271,000.
Required:
Do not enter any commas (except for the pre-determined OH rate) and round to the nearest dollar
Based on the data presented above, complete the following Table
Pre-Determined OH Rate (round to 2 decimal places)
$
Direct Materials used in Production
$
Direct Labor
$377,450
Total Manufacturing Costs
$
Cost of Goods Manufactured
$
Adjusted Cost of Goods Sold
$
Total Selling and Admin Exp
$335,900
Operating Income
$
Schedule of cost of Goods Manufactured | ||
Direct Material | ||
Begining Raw Material | $14,450 | |
Raw Material Purchased | $3,15,450 | |
Raw Material Available | $3,29,900 | |
Less: Ending Raw Material | -$22,450 | |
Raw Material used in Production | $3,07,450 | |
Less: indirect Material included in Manufacturing OH | -$26,900 | $2,80,550 |
Direct Labour | $3,77,450 | |
Manufacturing OH applied to WIP (264255/33450*34090) | $2,69,311 | |
Total Manufacturing Cost | $9,27,311 | |
Add: Beginning WIP | $27,450 | |
Less: Ending WIP | -$9,450 | |
Cost of Goods Manufactured | $9,45,311 |
schedule of Cost of Goods Sold | |
Beginning Finished Goods Inventory | $62,450 |
Add: Cost of Goods Manufactured | $9,45,311 |
Good Available for sale | $10,07,761 |
Less: Ending Finished Goods Inventory | -$77,450 |
cost of Ccost of Goods Sold | $9,30,311 |
Income Statement | |
Sales | $12,71,000 |
Less: Cost of Goods Sold | $9,30,311 |
Selling & Admin Expense | $3,35,900 |
Net Income | $4,789 |
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,550 $ 22,550 Work in process $ 27,550 $ 9550 Finished Goods $ 62,550 $ 77,550 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,550 machine-hours and incur $271,755...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,550 $ 22,550 Work in process $ 27,550 $ 9550 Finished Goods $ 62,550 $ 77,550 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,550 machine-hours and incur $271,755...
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