McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended....
McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended. Total manufacturing costs were $1,430,000. Cost of goods manufactured was $1,401,500. Applied manufacturing overhead was 20 percent of total manufacturing costs. Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on December 31.
3. Compute the value of the company’s work-in-process inventory on December 31.
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Homework Answers
Work in process inventory December 31 = Work in process inventory January 1+Total manufacturing cost-Cost of goods sold
X = 0.75X+1430000-1401500
X = 0.75X+28500
0.25X = 28500
X(Work in process inventory December 31) = 28500/.25 = $114000
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McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended....
McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended....
McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended. Total manufacturing costs were $1,260,000. Cost of goods manufactured was $1,223,000. Applied manufacturing overhead was 30 percent of total manufacturing costs. Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on December 31. 1. Compute the total direct-labor cost for the year. 2. Calculate the total cost...
McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended....
McAllister, Inc. employs a normal costing system. The following
information pertains to the year just ended.
Total manufacturing costs were $1,330,000.
Cost of goods manufactured was $1,296,500.
Applied manufacturing overhead was 30 percent of total
manufacturing costs.
Manufacturing overhead was applied to production at a rate of
80 percent of direct-labor cost.
Work-in-process inventory on January 1 was 75 percent of
work-in-process inventory on December 31.
Exercise 3-28 Part 1
Required:
1. Compute the total direct-labor cost for the
year....
Required information [The following information applies to the questions displayed below.] McAllister, Inc. employs a normal...
Required information [The following information applies to the questions displayed below.] McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended. • Total manufacturing costs were $1,450,000. · Cost of goods manufactured was $1,422,500. • Applied manufacturing overhead was 20 percent of total manufacturing costs. • Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. • Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on...
Farber Corporation uses a job-order costing system. The information below is from the financial records of...
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Question 8 Red Fire Inc. produces fire trucks. The company uses a normal job-order costing system...
Question 8
Red Fire Inc. produces fire trucks. The company uses a normal
job-order costing system to calculate its cost of goods
manufactured. The company’s policy is to price its job at cost plus
30% markup. On January 1, 2020, there was only one job in process,
with the following costs:
Questions Red Fire Inc. produces fire trucks. The company uses a normal job-order costing system to calculate its cost of goods manufactured. The company's policy is to price its...
Question 8 Red Fire Inc. produces fire trucks. The company uses a normal job-order costing system...
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McAllister, Inc. employs a normal costing system. The following
information pertains to the year just ended.
Total manufacturing costs were $1,330,000.
Cost of goods manufactured was $1,296,500.
Applied manufacturing overhead was 30 percent of total
manufacturing costs.
Manufacturing overhead was applied to production at a rate of
80 percent of direct-labor cost.
Work-in-process inventory on January 1 was 75 percent of
work-in-process inventory on December 31.
Exercise 3-28 Part 1
Required:
1. Compute the total direct-labor cost for the
year....
Required information [The following information applies to the questions displayed below.] McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended. • Total manufacturing costs were $1,450,000. · Cost of goods manufactured was $1,422,500. • Applied manufacturing overhead was 20 percent of total manufacturing costs. • Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. • Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on...
Question 8
Red Fire Inc. produces fire trucks. The company uses a normal
job-order costing system to calculate its cost of goods
manufactured. The company’s policy is to price its job at cost plus
30% markup. On January 1, 2020, there was only one job in process,
with the following costs:
Questions Red Fire Inc. produces fire trucks. The company uses a normal job-order costing system to calculate its cost of goods manufactured. The company's policy is to price its...
Question 8 Red Fire Inc. produces fire trucks. The company uses a normal job-order costing system to calculate its cost of goods manufactured. The company's policy is to price its job at cost plus 30% markup. On January 1, 2020, there was only one job in process, with the following costs: Job 200 $13,600 Direct materials Direct labour Applied overhead Total 18,000 27,000 $58,600 The following balances were taken from the company's general ledger as of January 1, 2020: Direct...
The accounting records of NuTronics, Inc., include the following information for the year ended December 31, 2015. Dec. 31 $24,000 $20,000 Jan. 1 Inventory of materials Inventory of work in process Direct materials used Direct labor Selling expenses General and administrative 8,000 90,000 210,000 70,000 12,000 140,000 expenses Overhead is assigned to production at $192,000. NuTronics, Inc. Schedule of the Cost of Finished Goods Manufactured For the Year Ended December 31, 2015 Manufacturing costs assigned to production Total manufacturing costs...
Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense-administrative office Depreciation expense-plant and equipment Direct labor wages Materials Inventory, Dec. 31 Materials Inventory, Jan. 1 Direct materials purchases Finished goods inventory, Dec. 31 Finished goods inventory, Jan. 1 Heat, light, and power-plant Indirect labor Property taxes-plant Sales representatives' salaries Sales revenue Factory supervisor's salary Supplies-administrative office Supplies-plant Work-in-process inventory, Dec. 31 Work-in-process inventory, Jan. 1 38,65e 95,500 561,600 40,250 28,500 202,500 24,400 16,900...
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