ab.Cd.e.f9.h1.kRaw Materials Inventory50,00029,50011,8008,700Work in Process Inventory29,50088,500132,75049,75040,000201,000Finished Goods Inventory201,000161,000Factory Wages Payable137,5000Factory Overhead11,80049,00074,9503,000Required: Enter a valid formula to compute the amount for each of the following.Direct materials usedIndirect materials usedDirect labor usedIndirect labor usedCost of goods manufacturedCost of goods sold (before closing over-or underapplied overhead)Actual overhead incurredOverhead appliedThe amount of over-or underapplied overheadUse dropdown button to indicate whether overhead is over- or underapplied.Cost of goods sold (after closing over-or underapplied overhead)88,50049,000132,750

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1 7. Raw Materials Inventory 50,000 8,700 Work in Process Inventory 29,500 88,500 132,750 49,750 29,500 11,800 40,000 Finished Goods Inventory 201,000 201,000 Direct labor used Indirect labor used 161,000 Required: Enter a valid formula to compute the Direct materials used Indirect materials used Cost of goods manufactured Cost of goods sold (before closing over-or une Actual overhead incurred Overhead applied The amount of over-or underapplied overheac Use dropdown button to indicate whether over Cost of goods sold (after closing over-or unde

1 7. Raw Materials Inventory 50,000 8,700 Work in Process Inventory 29,500 88,500 132,750 49,750 29,500 11,800 40,000 Finished Goods Inventory 201,000 201,000 Direct labor used Indirect labor used 161,000 Required: Enter a valid formula to compute the Direct materials used Indirect materials used Cost of goods manufactured Cost of goods sold (before closing over-or une Actual overhead incurred Overhead applied The amount of over-or underapplied overheac Use dropdown button to indicate whether over Cost of goods sold (after closing over-or unde

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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View Policies Current Attempt in Progress Manufacturing cost data for Marin Company are presented as follows. Determine the missing amount for each letter (a) through (i). Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Work in process 1/1/22 Total cost of work in process Work in process 12/31/22 Cost of goods manufactured Save for Later Case A 72,000 58,800 250,100 282,800 237,020 (a) (b) (c) Case B $88,300 109,600 103,700 85,200 13,600 (d) (e) (f) Case C Attempts: 0 of 7 used $166,400 129,600 323,000 430,400 89,600 (g) (h) (i) Submit Answer
(b) x Your answer is incorrect Following the weighted-average method of process costing, determine the following 1. Total costs to account for in this assembly department. $ 2. The cost per equivalent unit for DM. 3. The cost per equivalent unit for conversion costs. w Transcribed Text No. Account Titles and Explanation (2) WIP Inventory-Assembly RM Inventory WIP Inventory-Assembly Salaries and Wages Payable MOH Control w Transcribed Text Total equivalent units of work done DM J 3,310 $ $ C Conversion Costs 2.750 226660 32 Debit per unit per unit 120,990 42750 Credit As Nash Manufacturing produced bookshelves this month, its accountants were in contact with production managers to keep tabs on costs. The WIP Inventory-Assembly account had a beginning balance as follows: DM costs of $41,200 and conversion costs of $31,500. Additional DM costs were added to this assembly department this month totaling $120.990, along with conversion costs of $42.750. Direct materials were pulled from RM…
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need answers for E2-4B & E2-5B! E2-4B Manufacturing cost data for Olsen Company, which uses a job order cost system, are presented below. Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Work in process 1/1/14 Total cost of work in process Work in process 12/31/14 Cost of goods manufactured Case A $ (a) 50,000 37,500 135,650 (b) 213,300 (c) 193,200 Case B $ 78,000 120,000 (d) (e) 15,500 11,800 (g) Case C $ 72,600 (h) (i) 212,600 25,050 (j) (k) 222,000 Instructions Indicate the missing amount for each letter. Assume that in all cases manufacturing over- head is applied on the basis of direct labor cost and the rate is the same. E2-5B Pronto Kopy Company applies operating overhead to photocopying jobs on the basis of machine hours used. Overhead costs are expected to total $320,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $308,000 of overhead costs are incurred and 130,000 hours are used.
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Maglie Company manufactures two video game consoles: handheld and home. The handheld consoles are smaller and less expens than the home consoles. The company only recently began producing the home model. Since the introduction of the new product. profits have been steadily declining. Management believes that the accounting system is not accurately allocating costs to products particularly because sales of the new product have been increasing Management has asked you to investigate the cost allocation problem. You find that manufacturing overhead is currently assigned to products based on their direct labor costs. For your investigation, you have data from last year. Manufacturing overhead was $1,366,000 based on production of 340.000 handheld consoles and 89,000 home consoles. Direct labor and direct materials costs were as follows. Direct labor Materials Handheld $1,294, 500 790,000 Cost Driver Number of production runs Quality tests performed Shipping orders processed Total overhead…
7:36 The accounting records of Falcon Company revealed the following information Raw materials used Direct labor Manufacturing overhead Work-in-process inventory, 1/1 Finished-goods inventory, 1/1 Work-in-process inventory, 12/31 Finished-goods inventory, 12/31 Falcon's cost of goods manufactured is: Multiple Choice O None of the answers is correct. O $537,000. $ 66,000 131,000 366,000 56,000 195,000 82,000 146,000
A. Total manufacturing cost? B. Work in Process, 01/01/x1? C. Work in Process, 12/31/x1?
Required: Prepare a quantitative comparison of the traditional and activity-based cost assignments.
Subject: Accounting