### Exercise Instructions#### (a) Calculate Manufacturing Overhead**Task**: Determine the total amount of manufacturing overhead.- **Manufacturing overhead**: \$ [Enter amount]**Options**:- **eTextbook and Media**: Resources available for guidance.- **Save for Later**: Option to save your progress.#### (b) Calculate Product Costs**Task**: Determine the total amount of product costs.- **Product costs**: \$ [Enter amount]**Options**:- **eTextbook and Media**: Resources available for guidance.- **Save for Later**: Option to save your progress.Both sections are part of an educational exercise designed to help learners understand and calculate various costs involved in manufacturing processes. **Costs and Expenses Report for Tamarisk Company - May**Tamarisk Company has outlined the following costs and expenses incurred during the month of May:- **Factory Utilities**: $14,800- **Depreciation on Factory Equipment**: $12,120- **Depreciation on Delivery Trucks**: $3,840- **Indirect Factory Labor**: $47,120- **Indirect Materials**: $77,440- **Direct Materials Used**: $132,480- **Factory Manager's Salary**: $8,000- **Direct Labor**: $66,480- **Sales Salaries**: $44,320- **Property Taxes on Factory Building**: $2,400- **Repairs to Office Equipment**: $1,280- **Factory Repairs**: $1,920- **Advertising**: $14,400- **Office Supplies Used**: $2,510These figures provide a comprehensive view of Tamarisk Company's financial expenditures related to factory operations and other associated costs within the specified timeframe.

Total manufacturing overhead = Factory utilities = $14800 Depreciation on…

Answered: (a) Determine the total amount of…

(a) Determine the total amount of manufacturing overhead. Manufacturing overhead e Textbook and Media Save for Later (b) LA $

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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Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,400 in raw materials were purchased for cash. b. $73,000 in raw materials were used in production. Of this amount, $65,100 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,700 were incurred and paid. Of this amount, $134,700 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,800 were incurred and paid. e. Manufacturing overhead of $126,700 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the…
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Please answer D
Note: Assume all raw materials were used as direct materials. Beginning of Year Inventories Raw materials inventory Work in process inventory Finished goods inventory. Activity during current year Raw materials purchased Direct labor Factory overhead End of Year $ 6,000 12,000 8,000 $ 7,000 9,000 5,000 $ 123,000 94,000 39,000 Factory overhead of $39,000 consists of Indirect labor of $20,000, Depreciation expense-Factory of $15,000, and Factory utilities of $4,000. a. Compute total manufacturing costs. b. Prepare a schedule of cost of goods manufactured. Complete this question by entering your answers in the tabs below. Required A Required B Compute total manufacturing costs. Total manufacturing costs $ 0
Primare Corporation provided the following data for last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor $ 30,000 $4,930 $ 60,000 $7,500 $ 4,130 Manufacturing overhead applied to work in process Underapplied overhead Rav materials Work in process Finished goods Beginning $ 11,900 $ 54,100 $34,900 Required: 1 Prepare a schedule of cost of goods manufactured. 2. Prepare a schedule of cost of goods sold. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Direct materials Required 1 Required 2 Prepare a schedule of cost of goods manufactured. Inding $19,500 $ 67,000 $ 43,200 Total raw materials available Pamare Corporation Schedule of Cost of Goods Manufactured Raw materials used in production Direct materials used in production
9. The entry to record a transfer of direct materials for use in production would include a debit to which account? O finished goods inventory O materials inventory O work-in-process inventory O cost of goods manufactured
Cost of Goods manufactured is equal to: A. Beginning W.I.P. + Manufacturing Cost less indirect cost applied – Ending W.I.P B. Beginning W.I.P. + Direct material used during current period + Direct Labour cost for current period + Manufacturing overhead applied for current period – Ending W.I.P C. Beginning W.I.P. less indirect manufacturing overhead + Direct material used during current period + Direct Labour cost for current period + Manufacturing overhead applied for current period – Ending W.I.P D. Beginning W.I.P. less period cost + Manufacturing Cost less indirect cost applied – Ending W.I.P
Determine the missing amount for each separate situation involving work in process cost flows. Total manufacturing costs Work in process inventory, beginning Work in process inventory, ending Cost of goods manufactured $ (1) 105,200 84,200 200,200 $ (2) 150,200 $ 22,200 $ 138,200 (3) 217,200 32,200 $ 237,200
New Question 1
Manufacturing overhead consists of all Manufacturing overhead consists of all a.costs other than direct materials and direct labor. b.manufacturing costs other than direct materials. c.manufacturing costs other than direct materials and direct labor. d.costs other than direct materials.
Question#6 For each item, identify all applicable cost labels. Use the following code in your answer:1 — Product Cost2 — Period Costa. Advertising _______b. Direct materials used _______c. Sales salaries _______d. Indirect factory labor _______e. Repairs to office equipment _______f. Factory manager's salary _______g. Direct labor _______h. Indirect materials _______
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