A gift shop had overhead expenses totalling $2,757 during the month of July. The business recorded departmental sales for the month of July as follows: china, $3,975; silver, $8,990; crystal, $2,976; linens, $1,999; new gifts, $6,268; antiques, $8,705. Use this information to find the overhead for each department based on sales. Enter the overhead values for each department. Department Overhead China Silver Crystal Linens New Gifts $ S S $ Antiques (Do not round until the final answer. Then round to the nearest cent as needed.)

A gift shop had overhead expenses totalling $2,757 during the month of July. The business recorded departmental sales for the month of July as follows: china, $3,975; silver, $8,990; crystal, $2,976; linens, $1,999; new gifts, $6,268; antiques, $8,705. Use this information to find the overhead for each department based on sales. Enter the overhead values for each department. Department Overhead China Silver Crystal Linens New Gifts $ S S $ Antiques (Do not round until the final answer. Then round to the nearest cent as needed.)

Name: A gift shop had overhead expenses totalling $2,757 during the month o
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: A gift shop had overhead expenses totalling $2,757 during the month of July. The business recorded departmental sales for the month of July asfollows: china, $3,975; silver, $8,990; crystal, $2,976; linens, $1,999; new gifts, $6,268; antiques, $8,70

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

P Company has provided the following data for the month of March: Beginning P25,000 Raw materials inventory Work-in-process inventory 16,000 Finished goods inventory 36,000 Ending P30,000 Direct materials purchases Direct labor incurred Manufacturing overhead Indirect materials included in overhead 18,000 59,000 March Activity P71,000 83,000 74,000 5,000 Prepare a Schedule of Cost of Goods Manufactured and a Partial Income Statement Showing the Cost of Goods Sold
QuikCard processes credit card receipts for local banks. QuikCard processed 1,300,000 receipts in October. All receipts are processed the same day they are received. October costs were labor of $14,000 and overhead of $25,000. What is the cost to process 1,800 receipts? Multiple Choice $54.00 O $19.38 $38.77 O $21.67
Cost of Goods Manufactured and Sold LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied by its accountant: Direct materials inventory Work-in-process inventory Finished goods inventory 56,500 During June, direct labor cost was $145,500, direct materials purchases were $339,500, and the total overhead cost was $367,800. The inventories at the end of June were: Direct materials inventory Work-in-process inventory Finished goods inventory Required: Direct materials: 1. Prepare a cost of goods manufactured statement for June. LeMans Company Statement of Cost of Goods Manufactured For the Month of June Beginning inventory Materials available Total manufacturing costs added Direct materials used in production Cost of goods manufactured $62,800 31,700 $63,400 35,300 51,900 Sold For the Month of June 2. Prepare a cost of goods sold schedule for June. LeMans Company Statement of Cost of Goods Cost of goods sold
The following information is from ABC Company's general ledger for the month of September: Beginning and ending finished goods inventory, respectively, were 61,600 and 56,000. Cost of goods sold for September was $144,000. Required: How much was ABC Company's cost of goods manufactured in September? Cost of goods manufactured
Vaibh
Walter Pinkman assembles merchandise and is paid $0.11 for each unit assembled. During the most recent week, he worked 46 hours and assembled 5,628 units.Gross Pay = $ Sidney Darling is a telemarketer, who is paid $0.31 for every telemarketing call he places. During the most recent week, he worked 42 hours and placed 1,669 calls.Gross Pay = $
Columbine Company makes artificial flowers and reports the following data for the month: Journalize the entries relating to materials and labor. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Purchases of materials, on account $48,000 Materials requisitions: Direct materials 39,500 Indirect materials 300 Labor incurred (not yet paid): Direct labor 27,600 Indirect labor 1,940
Need Help with this question please
Hi owns and operates three Compufix shops in Caloocan City area. Compufix repairs and upgrades computers on site. In August, purchases of materials equaled P 9,750, the beginning inventory materials was P 850, and the ending inventory of materials was P 950. Payments for direct labor during the month totaled P 18,570. Overhead incurred was P 15,000. The Caloocan City shops also spent P 5,000 on advertising during the month. Administrative costs (primarily accounting and legal services) amounted to P 3,000 for the month. Revenues for August were P 60,400. What was the total cost of services for August?
The following data are taken from the general ledger and other records of Du-sik Manufacturing on January 31, the end of the first month of operations in the current fiscal year: Sales - 75,000; Materials inventory (January 1) - 25,000; Work in process inventory (January 1) - 24,000; Finished goods inventory (January 1) - 32,000; Materials Purchased - 21,000; Direct labor cost - 18,000; Factory overhead (including 1,000 of indirect materials used and 3,000 of indirect labor cost) - 12,000; Selling and Administrative expenses - 10,000; Inventories at January 31: Materials - 22,000; Work in Process - 20,000; Finished Goods - 30,000. How much is the cost of goods sold? *
John Stern operates a retail store. The business is studying order processing costs behavior and has gathered the following data for a recent seven-month period. Month Sales Order Order Processing Costs June 3,000 $40,000 July 1,500 $28,000 August 4,000 $65,000 September 2,800 $39,000 October 2,300 $32,000 November 1,000 $20,000 December 2,000 $30,000 Determine the variable cost per sales order and the fixed cost using the high-low method. What is the equation of the total mixed cost function? Prepare the scatter gram, clearly showing any outliers. Using the “line of best fit”, determine Stern’s fixed cost per month and the variable cost per sales order In view of Stern’s cost behavior pattern, which of the two methods appear more appropriate? Explain your answer.
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $17,792 Direct labor 28,982 Factory overhead 39,947 Work in process inventory, March. 1 17,999 Work in process inventory, March 31 18,186 Finished goods inventory, March 1 20,960 Finished goods inventory, March 31 24,711 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold.