wk2 3 4 Homework Inventorys Impact on Financial Statements Cash Internal Control

The controller of the Blade Company wants you to estimate a cost function from the following two observations in a general ledger account called Maintenance: (Click to view the information.) Required 1. Estimate the cost function for maintenance. 2. Can the constant in the cost function be used as an estimate of fixed maintenance cost per month? Explain. Requirement 1. Estimate the cost function for maintenance. (Round your answers to the nearest cent as needed.) Maintenance costs = Maintenance costs = +( +( X X Requirement 2. Can the constant in the cost function be used as an estimate of fixed maintenance cost per month? Explain. the relevant range, not at cost levels the relevant range. If there are no months with zero The cost function in requirement 1 is an estimate of how costs behave machine-hours represented in the maintenance account, data in that account function provides the best available starting point for a straight line that approximates how a cost behaves be used to…

1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,410 51,520 15,030   37,090   Double line4,010 Double line    A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated?       D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20       Dec. 31, 20       2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,020 56,340 15,540   31,920   Double line  Double line6,860   A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated?       D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20       Dec. 31, 20

44 a reim- urden? aid by costs? npen- AGREE TO PAY ABOVE TOTAL AMOUNT ACCORDING TO CARD ISSUER AGREEMENT ortant to in- The cost of labor bur- rket rates, decisions. ces paid to ce, work- ce, insur- enefits. ◄ Previous Rental Customer: ZACH ZABRISKIE 6. Determine the annual cost, monthly cost, and burden markup for a salaried employee given the information in Table 8-2. Assume the employee takes full advantage of the 401(k) benefit. Table 8-2 Wage Information for Problem 6 Item Wages Bonus Allowances Social Security Medicare FUTA SUTA Workers' Comp. General Liability tv 401(k) Health Insurance Cost $145,000 $10,000 $500 per month for vehicle 6.2% of wages to $128,700 1.45% of wages 0.6% of wages to $7,000 3.0% of wages to $7,000 $4.25 per $100 of wages 1.02% of wages 100% match up to 6% of wages $375/month ♫ 7. Set up a worksheet to calculate the annual cost, aver- age hourly cost, and the burden markup of an hourly employee. The spreadh enter In t era CO pr C a C i

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Instruction: Ar 1. DIRECT OR INDIRECT COST Classify the following expenses as direct or indirect: a) factory rental b) insurance of machinery used for one product only c) warehouse rental d) insurance of office buildings e) costs of canteen for employees f) Petrol for delivery vehicles.

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List of accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Cash Cost of Completed Service Contracts Cost of Goods Sold Depreciation Expense Employer Fringe Benefits Payable Employer Payroll Taxes Payable Factory Labor Factory Wages Payable Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Property Taxes Raw Materials Inventory Salaries and Wages Payable Sales Revenue Service Contracts in Process Service Salaries and Wages Supplies Utilities Payable Work in Process Inventory

Munoz Company and Perez Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Munoz Company $ 172,000 25,000 $ 23,000 Perez Company $ 231,900 22,000 18,500 Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below.

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Hankook Company employ new employee and are assigned to make Statement of Cost of Manufactured, Statement of Cost of Goods Sold, and Income Statement. The results attached on picture below Questions : a. Identify the period cost and the total in USD b. If there is something wrong with the income statement above, correct the income statement above so all the item cost is where it should be. c. Calculate the prime costs, conversion costs, manufacturing cost, and the period cost

At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs, $840,000, and direct materials costs, $600,000. At year-end, the company's records show that actual overhead costs for the year are $691,300. Actual direct materials cost had been assigned to jobs as follows. Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory $360,000 76,000 51,000 Total actual direct materials cost $487,000 1. Determine the predetermined overhead rate. 2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Enter the overhead costs incurred and the amounts applied during…

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For each of the following, identify which expense recognition approach should be used to recognize thecost as expense.a. The cost of producing a productb. The cost of advertisingc. The cost of monthly rent on the office buildingd. The salary of an office employeee. Depreciation on an office building

Franklin Manufacturing Corporation was started with the issuance of common stock for $80,000. It purchased $7,300 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Job 1 Job 2 Job 3 Total Direct Raw Materials Used $ 1,300 2,000 2,800 $ 6,100 Direct Labor $2,100 3,800 2,000 $ 7,900 Factory overhead is applied using a predetermined overhead rate of $0.70 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $9,800 cash. Franklin paid $500 for selling and administrative expenses. Actual factory overhead was $5,930. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d-1. Prepare a schedule of cost of goods…

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i. Vice president of human resources' salary j. Property taxes on the Detriot, Michigan, headquarters building OBJ. 2 EX 18-4 Classifying costs as product or period costs For apparel manufacturer Abercrombie & Fitch, Inc., classify each of the following costs as either a product cost or a period cost: PKGLCI262 a. Cost of information technology support i. Sales commissions for the corporate headquarters j. Salaries of distribution center personnel b. Depreciation on sewing machines c. Fabric used during production d. Depreciation on office equipment e. Advertising expenses k. Wages of sewing machine operators 1. Factory janitorial supplies m. Chief financial officer's salary n. Travel costs of media relations f. Repairs and maintenance costs for sewing machines g. Salary of production quality control supervisor employees o. Factory supervisors' salaries p. Oil used to lubricate sewing machines q. Property taxes on factory building and equipment h. Utility costs for office building

1. The following information was reported for Gray Enterprises on December 31, 2020. 2. The following information was reported for Gray Enterprises on December 31, 2021.

Identify the following costs as a product cost or a period cost for a magazine publisher:a. Sales salariesb. Paper used for the magazinec. Maintenance on printing machinesd. Depreciation expense—corporate headquarters

In Principles of Accounting I, we learned the journal entry for depreciation is: Debit – Depreciation Expense $X,XXX                   Credit – Accumulated Depreciation - (asset) $X,XXX   1) How is depreciation recorded differently under job order costing and how would you explain the difference to a non-accountant? 2) Suppose you had to record depreciation of $700 on factory equipment and $225 on office equipment. What would the journal entry look like?

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