(3) The amount of over- or underapplied factory overhead if the company applies factory over 8. Cost of goods sold statement; unit cost. The records of Reinecke, Inc., show the following information as of March 31, 19B: Materials used . Direct labor Indirect labor Light and power .. Depreciation Repairs to machinery. Miscellaneous factory overhead Work in process inventory, April 1, 19A. Finished goods inventory, April 1, 19A. Work in process inventory, March 31, 19B Finished goods inventory, March 31, 19B. $440,000 290,000 46,000 • 4,260 4,700 5,800 29,000 41,200 34,300 42,500 31,500 Clrnin ... ..... ....... -Foll .........i... . repon'al ....... ............... During the year, 18,000 units were completed. Required: (1) A cost of goods sold statement for the year ended March 31 , 19B. 12) The unit cost of goods manufactured. head on the basis of 30% of direct labor cost.

(3) The amount of over- or underapplied factory overhead if the company applies factory over 8. Cost of goods sold statement; unit cost. The records of Reinecke, Inc., show the following information as of March 31, 19B: Materials used . Direct labor Indirect labor Light and power .. Depreciation Repairs to machinery. Miscellaneous factory overhead Work in process inventory, April 1, 19A. Finished goods inventory, April 1, 19A. Work in process inventory, March 31, 19B Finished goods inventory, March 31, 19B. $440,000 290,000 46,000 • 4,260 4,700 5,800 29,000 41,200 34,300 42,500 31,500 Clrnin ... ..... ....... -Foll .........i... . repon'al ....... ............... During the year, 18,000 units were completed. Required: (1) A cost of goods sold statement for the year ended March 31 , 19B. 12) The unit cost of goods manufactured. head on the basis of 30% of direct labor cost.

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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Factory Overhead Rates and Account Balances Prostheses Industries operates two factories. The manufacturing operations of Factory 1 are m e intensive, while the manufacturing operations of Factory 2 are labor intensive. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Estimated factory overhead cost for fiscal year beginning August 1 Estimated direct labor hours for year Estimated machine hours for year Actual factory overhead costs for August Actual direct labor hours for August Actual machine hours for August 1,730 a. Determine the factory overhead rate for Factory 1. Round your answer to the nearest cent. per machine hour $887,200 Factory 2 22,180 $70,930 $1,049,400 15,900 $90,600 1,430 b. Determine the factory overhead rate for Factory 2. Round your answer to the nearest cent. per direct labor…
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Complete this question by entering your answers in the tabs below. The company uses a predetermined overhead rate of $24 per machine-hour to apply overhead cost to jobs. A total of 21,200 machine- hours were used during the year. Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost…
What is the ending balance in Work in Process? 2. What is the total amount of actual manufacturing overhead cost incurred during the year? (Show T-Account
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Subject: acounting