1 i201:37:31BookИсGraw"Fnnyhttps://ezto.mheducation.com/ext/map/index.html?_con=con&external...Direct materials.Utilities, factoryAdministrative salariesIndirect laborSales commissionsMultiple ChoiceO$586,000A partial listing of costs incurred at ABC Corporation during September appears below:Depreciation of production equipmentDepreciation of administrative equipmentDirect laborAdvertisingThe total of the manufacturing overhead costs listed above for September is:$50,000$292,000Saved$30,000< PrevA₁12 of 24✩4Next >00Help$ 113,000$ 5,000$ 81,000$ 25,000$ 48,000$ 20,000$30,000$ 129,000$ 135,000Q Search{=Save & ExitSubmit

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Description: 1 i201:37:31BookИсGraw"Fnnyhttps://ezto.mheducation.com/ext/map/index.html?_con=con&external...Direct materials.Utilities, factoryAdministrative salariesIndirect laborSales commissionsMultiple ChoiceO$586,000A partial listing of costs incurred at AB

Overhead is the amount of cost incurred by the entity on the production of the goods. It includes…

Business

Accounting

A partial listing of costs incurred at ABC Corporation during September appears below: Direct materials. Utilities, factory Administrative salaries. Indirect labor. Sales commissions Multiple Choice $ 48,000 $ 20,000 Depreciation of production equipment Depreciation of administrative equipment $ 30,000 Direct labor $ 129,000 Advertising $ 135,000 The total of the manufacturing overhead costs listed above for September is: $586,000 $50,000 $292,000 $ 113,000 $5,000 $30,000 $ 81,000 $ 25,000 Jury

A partial listing of costs incurred at ABC Corporation during September appears below: Direct materials. Utilities, factory Administrative salaries. Indirect labor. Sales commissions Multiple Choice $ 48,000 $ 20,000 Depreciation of production equipment Depreciation of administrative equipment $ 30,000 Direct labor $ 129,000 Advertising $ 135,000 The total of the manufacturing overhead costs listed above for September is: $586,000 $50,000 $292,000 $ 113,000 $5,000 $30,000 $ 81,000 $ 25,000 Jury

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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Mason Company has two manufacturing departments—Machining and Assembly. The company considers all of its manufacturing overhead costs to be fixed costs. It provided the following estimates at the beginning of the year as well as the following information with respect to Jobs A and B: Estimated Data Machining Assembly Total Manufacturing overhead $ 20,184,000 $ 841,000 $ 21,025,000 Direct labor hours 29,000 696,000 725,000 Machine hours 696,000 24,000 720,000 Job A Machining Assembly Total Direct labor hours 5 10 15 Machine hours 11 2 13 Job B Machining Assembly Total Direct labor hours 4 5 9 Machine hours 12 3 15 Required: 1. If Mason Company uses a plantwide predetermined overhead rate with direct labor-hours as the allocation base, how much manufacturing overhead cost would be applied to Job A? Job B? (Round your answers to the nearest whole dollar amount.) 2. Assume that Mason Company uses departmental…
The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc.Manufacturing CostsFor the Quarter Ended June 30 Materials used in production (including $56,200 of indirect materials) $607,500 Direct labor (including $84,400 maintenance salaries) 562,500 Factory overhead: Supervisor salaries 517,500 Heat, light, and power 140,650 Sales salaries 348,750 Promotional expenses 315,000 Insurance and property taxes—plant 151,900 Insurance and property taxes—corporate offices 219,400 Depreciation—plant and equipment 123,750 Depreciation—corporate offices 90,000 Total $3,076,950 Marching Ants Inc.Manufacturing CostsFor the Quarter Ended June 30 $- Select - - Select - Factory overhead: $- Select - - Select - - Select - - Select - - Select - - Select - - Select - Total…
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Calculating Activity-Based Costing Overhead Rates Assume that manufacturing overhead for Glassman Company consisted of the following activities and costs: Setup (1,000 setup hours) $148,000 Production scheduling (400 batches) 64,000 Production engineering (60 change orders) 120,000 Supervision (2,000 direct labor hours) 56,000 Machine maintenance (12,000 machine hours) 84,000 Total activity costs $472,000 The following additional data were provided for Job 845 Direct materials costs $8,000 Direct labor cost (5 Milling direct labor hours; 35 Finishing direct labor hours) $2,000 Setup hours 5 hours Production scheduling 1 batch Machine hours used (25 Milling machine hours; 5 Finishing machine hours) 30 hours Production engineering 3 change orders a. Calculate the cost per unit of activity driver for each activity cost category. Setup Production scheduling cost Production engineering cost Supervision cost Machine…
Presented below are certain operating data for the four departments of Tally Manufacturing Company. Service Production 1 2 1 2 Total manufacturing overhead costs either identifiable with or allocated to each department $72,000 $86,400 $108,000 $117,600 Square feet of factory floor space 48,000 96,000 Number of factory workers 110 70 Planned direct labor hours for the year 24,000 36,000 Allocate, to the two production departments, the costs of service departments 1 and 2, using factory floor space and number of workers, respectively, as bases. Do not round bases when calculating reallocations of service departments. Production 1 2 Identifiable and allocated overhead Answer Answer Reallocation of service departments: Dept. 1 Factory floor space Answer Answer Dept. 2 Number of factory workers Answer Answer Total manufacturing overhead Answer Answer What is the apparent…
The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 1 Materials used in production (including $52,800 of indirect materials) $616,000.00 2 Direct labor (including $83,800 maintenance salaries) 565,500.00 3 Factory overhead: 4 Supervisor salaries 521,000.00 5 Heat, light, and power 140,800.00 6 Sales salaries 347,800.00 7 Promotional expenses 320,000.00 8 Insurance and property taxes—plant 151,500.00 9 Insurance and property taxes—corporate offices 218,600.00 10 Depreciation—plant and equipment 124,750.00 11 Depreciation—corporate offices 85,000.00 12 Total $3,090,950.00 Evaluate and correct this report. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure…
During the past month, the following costs were incurred in the three production departments and two service departments of Kim & Co.: Supplying Department Administration Factory support Direct cost From: Service department costs Administration Factory support Total allocations Administration Direct costs Total costs 0.10 $ 640,000 Using Department Factory Support Fabrication 0.40 0.30 0.20 $1,720,000 $1,330,000 Required: Allocate service department costs to Fabrication, Assembly, and Finishing using the reciprocal method, and determine the total costs of Fabrication, Assembly, and Finishing after this allocation. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amounts.) Assembly 0.20 0.20 $284,000 Administration Factory Support Finishing 0.10 0.50 $254,000 Cost Allocation To: Fabrication Assembly Finishing
Walton Company incurred manufacturing overhead cost for the year as follows. Direct materials $ 39.00 /unit Direct labor $ 27.40 /unit Manufacturing overhead Variable $ 11.10 /unit Fixed ($18.80/unit for 1,900 units) $ 35,720 Variable selling and administrative expenses $ 10,360 Fixed selling and administrative expenses $ 15,500 The company produced 1,900 units and sold 1,400 of them at $182.00 per unit. Assume that the production manager is paid a 1 percent bonus based on the company’s net income. Required Prepare an income statement using absorption costing. Prepare an income statement using variable costing. Determine the manager’s bonus using each approach. Which approach would you recommend for internal reporting?
Knight Company reports the following costs and expenses in May. Factory utilities $ 10,500 Direct labor $69,000 Depreciation on factory equipment 12,650 sales salaries 47,000 Depreciation on delivery trucks 4,000 Property taxes on factory building 2,000 Indirect factory labor 48,900 Repairs to office equipment 1,500 Indirect materials 80, 800 Factory repairs 2,000 Direct materials used 137,000 Advertising 15,000 Factory manager's salary 8,000 Office supplies used 2,600 Instruction: From the information, determine the total amount of: Manufacturing overhead. Product costs. Period costs.
Maryville Incorporated incurred the following costs during June: Raw materials used Direct labor Manufacturing overhead, actual Selling expenses Administrative expenses Interest expense $ 331,000 652,000 448,000 267,000 194,000 91,000 During the month, 53,000 units of product were manufactured and 48,000 units of product were sold. On June 1, Maryville carried no Inventories. On June 30, there were no inventories other than finished goods. Required: a. Calculate the cost of goods manufactured during June and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during June. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for Maryville for the month of June. Assume that sales for the month was $2,448,000 and the company's effective income tax rate was 30%. Complete this question by entering your…
Wilmington Company has two manufacturing departments--Assembly and Fabrication. It considers all of its manufacturing overhead costs to be fixed costs. The first set of data that is shown below is based on estimates from the beginning of the year. The second set of data relates to one particular job completed during the year-Job Bravo. Estimated Data Manufacturing overhead costs Direct labor-hours Machine-hours Job Bravo Direct labor-hours Machine-hours Assembly $1,400,000 70,000 28,000 Assembly Fabrication 15 7 7 10 Fabrication Total $1,680,000 $3,080,000 Total 22 17 42,000 140,000 112,000 168,000 Required: 1. If Wilmington used a plantwide predetermined overhead rate based on direct labor-hours, how much manufacturing overhead would be applied to Job Bravo? 2. If Wilmington uses departmental predetermined overhead rates with direct labor-hours as the allocation base in Assembly and machine-hours as the allocation base in Fabrication, how much manufacturing overhead would be applied…