234597 6 8 9 10 11 12 13 14 15 16 679 17 Raw Materials Inventory 57,500 18 19 20 5,700 37,000 14,800 Finished Goods Inventory 216,000 43,000 Factory Overhead 14,800 61,000 52,300 6,000 Which formula solves for the amount of direct materials? 173,000 122,100 Work in Process Inventory 37,000 216,000 111,000 122,100 54,100 Factory Wages Payable 172,000 0 111,000 61,000

234597 6 8 9 10 11 12 13 14 15 16 679 17 Raw Materials Inventory 57,500 18 19 20 5,700 37,000 14,800 Finished Goods Inventory 216,000 43,000 Factory Overhead 14,800 61,000 52,300 6,000 Which formula solves for the amount of direct materials? 173,000 122,100 Work in Process Inventory 37,000 216,000 111,000 122,100 54,100 Factory Wages Payable 172,000 0 111,000 61,000

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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15
Applying Excel 13: Predetermined Overhead Rate ✓ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 A B Raw Materials Inventory 57,500 5,700 43,000 Finished Goods Inventory 216,000 Factory Overhead 14,800 61,000 52,300 6,000 Multiple Choice с =+C17/F11 =+C17/(SUM(B17:B19)) =+E5/E3 37,000 14.800 173,000 =+E5/E4 122,100 D E Assuming the company applies overhead as a percentage of direct labor cost, which formula accurately computes the predetermined overhead rate? Work in Process Inventory 37,000 216,000 111.000 122,100 54,100 Factory Wages Payable 172,000 0 111.000 ......... 61,000
Indicator ' A 16 17 18 19 20 (1) $126,000 105,000 84,000 $200,000 D (2) $150,000 128,000 22,000 $138,000 E 1 2 Required: 3 Determine the missing amount for each separate situation involving work in process cost flows. 4 5 6 Total manufacturing costs 7 Work in process inventory, beginning 8 Work in process inventory, ending 9 Cost of goods manufactured 10 11 12 13 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 14 Nothing in this area will be graded, but it will be submitted with your assignment. 15 (3) $217,000 32,000 185,000 $237,000 F G H 1 J
Cost & Management Accounting AC336 Question 3 (13 Marks) Krypton Inc. manufactures two products, Vintex and Bromal. The company estimated it would incur $160,690 in manufacturing overhead costs during the current period. Overhead currently is applied to the products on the basis of direct labour hours. Data concerning the current period's operations appear below: Estimated Volume Direct labour hours per unit Direct labour cost per unit Direct material cost per unit Activity cost pool Material acquisition costs Machine costs General factory costs Required: Activity cost pool Material acquisition costs Machine costs General factory costs Vintex 4,700 units 2.1 hours Estimated overhead costs $33.60 $4.80 The company is considering using an activity-based costing system to compute unit product costs instead of its traditional single plant-wide system based on direct labour hours. The activity- based costing system would use three activity cost pools and drivers: Driver Purchase orders…
Exercise 16.6 (Algo) Flow of Costs through Manufacturing Accounts (LO16-3, LO16-4, LO16-5) Lind Manufacturing had the following account balances as of January 1: $ 8,700 76,500 Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Manufacturing Overhead 53,000 During the month of January, all of the following occurred: 1. Direct labor costs were $48,000 for 1,800 hours worked. 2. Direct materials costing $29,000 and indirect materials costing $4,500 were purchased. 3. Sales commissions of $15.500 were earned by the sales force. 4. Direct materials of $21,000 were used in production. 5. Miscellaneous selling and administrative costs of $6,300 were incurred. 6. Factory supervisors earned salaries of $10,807. 7. Indirect labor costs for the month were $3,000. 8. Monthly depreciation on factory equipment was $4,500. 9. Monthly utilities expenses of $7,268 were incurred in the factory. 10. Completed units with manufacturing costs of $69,000 were transferred to…
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Q12. Given the following information, answer the questions given below: Raw Materials Debit Credit Balance 1/1 Debits Balance 12/31 16,000 Credits 122,000 26.000 Manufacturing Overhead Debit Credit Debits 233.800 Credits Work in Process Debit Credit Balance 1/1 Direct materials Direct labor 21,000 Credits 91,000 153,000 244,800 473,000 Overhead Balance 12/31 Factory Wages Payable Debit Credit Debits 187,000 Balance 1/1 Credits Balance 12/31 Finished Goods 9,500 182,000 4,500 Debit Credit Balance 1/1 Debits Balance 12/31 41,000 Credits 61,500 Cost of Goods Sold Debit Credit Debits Cost of raw materials b. Indirect materials Indirect labor cost а. х1 x2 с. x3 d. Cost of goods manufactured Unadjusted cost of goods sold Assume that overhead is applied to production on the basis of direct labor cost f. Predetermined overhead rate g. Amount of Manufacturing overhead (under/over)applied h. Was Manufacturing overhead (under/over)applied i. Ending balance in the work in process j. Direct…
EA5. LO 8.2 Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Standard Standard Standard Quantity Price Cost $4.50 per pound $12.00 per hour Direct materials 3 pounds $13.50 Direct labor 2.00 hours $24.00 Total cost $37.50 Sitka Industries made 3,000 ladders in July and used 8,800 pounds of material to make these units. Smith Industries bought 15,500 pounds of material in the current period. There was a $250 unfavorable direct materials price variance. A. How much in total did Sitka pay for the 15,500 pounds? B. What is the direct materials quantity variance? C. What is the total direct material cost variance? D. What if 9,500 pounds were used to make these ladders, what would be the direct materials quantity variance? E. If there was a $340 favorable direct materials price variance, how much did Sitka pay for the 15,500 pounds of material?
Prob 5. 21-23
Hardev
Determine the missing amount for each letter. Total ifacturing Costs 431600 (a) 567,000 333,900 363,800 Tauthook and Media Work in Process Jan. 1 $40,200 541800 (d) 75,600 EA $ Work in Process Dec. 31 (b) 50,400 100,800 Cost of Goods Manufactured $453,600 592,200 176400 (f) 56,700 283500 (h) 340,200