Round off all amounts to three decimal places.direct materials cost. Factory overhead is allocated on the basis of direct labor costReguired: The amount of direct labor and the amount of factory overhead in Finished Goodsfor Ser

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Description: Round off all amounts to three decimal places.direct materials cost. Factory overhead is allocated on the basis of direct labor costReguired: The amount of direct labor and the amount of factory overhead in Finished Goodsfor Ser

Finished goods refer to the resources or materials that have been completely transformed into…

Business

Accounting

1. Manufacturing cosls. 00,000. of which $80,000 is indirect labor. Materials ed. of which $280,000 represents direct materials. Other manufacturing expenses total mished goods on hand at the end of the period are stated at cost, $176.000, of which Set materials cost. Factory overhead is allocated on the basis of direct labor cost of factory overhead in Finished Go

1. Manufacturing cosls. 00,000. of which $80,000 is indirect labor. Materials ed. of which $280,000 represents direct materials. Other manufacturing expenses total mished goods on hand at the end of the period are stated at cost, $176.000, of which Set materials cost. Factory overhead is allocated on the basis of direct labor cost of factory overhead in Finished Go

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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Manufacturing cost data for Sheffield Company are presented below. (a) Indicate the missing amounts for each letter (a) through (i). Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Work in process 1/1/20 Total cost of work in process Work in process 12/31/20 Cost of goods manufactured $ Option A 51,200 44,600 179,400 203,000 $170,800 (a) (b) (c) $ Option B $93,900 43,200 43,800 23,600 32,100 (e) $ Alamat Option C $75,200 50,200 179,100 200,000 34,200 (h) ()
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XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (4,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. OMR 383,000 O b. OMR 418,000 O c. OMR 363,000 O d. None of the given answer is correct O e. OMR 393,000
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Ab. 160.
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1. ABC Co. uses a job-order cost system and applies overhead cost to jobs on the basis of direct materials used in production. The company's estimates were: manufacturing overhead cost, S400,000; and direct materials to be used in production, s250,000. The company's inventory accounte at the beginning of the year were: Beginning S 10,000 Ending $ 40,000 Raw Materials Work in Process 75,000 35,000 200,000 Finished Goods 130,000 The following actual costs were incurred during the year: Purchase of raw material (all direct) Direct labor cost S 255,000 45,000 Manufacturing overhead costs: Indirect labor 85.000 90,000 130,000 45,000 7,000 24,000 Utilities Depreciation of equipment Maintenance Insurance Rent, building Required: b) Compute the amount of under- or overapplied overhead for the year. 2. Prepare a schedule of cost of goods manufactured for the year. 3. Compute the cost of goods sold for the year. 4. Job 207 was started and completed during the year. What price would have been…
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