None A PARTIAL LISTING OF COSTS INCURRED AT GILHOOLY CORPORATION DURINGSEPTEMBER APPEARS BELOW:DIRECT MATERIALSUTILITIES, FACTORYADMINISTRATIVE SALARIESINDIRECT LABORSALES COMMISSIONSDEPRECIATION OF PRODUCTION EQUIPMENT$183,000$9,000$90,000$25,000$33,000$25,000DEPRECIATION OF ADMINISTRATIVE EQUIPMENT $32,000DIRECT LABORADVERTISING$124,000$148,000THE TOTAL OF THE MANUFACTURING OVERHEAD COSTS LISTED ABOVE FORSEPTEMBER IS:A. $366,000B. $34,000c. $669,000D. $59,000

Step 1: Define Manufacturing OverheadThese are supporting costs that are necessary to incur by the…

Answered: A PARTIAL LISTING OF COSTS INCURRED AT…

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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The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials$ 16,700Indirect labor147,000Property taxes, factory9, 700Utilities, factory87, 000Depreciation, factory273, 900Insurance, factory 11, 700 Total actual manufacturing overhead costs incurred$ 546, 000Other costs incurred: Purchases of raw materials (both direct and indirect)$ 417,000Direct labor cost$ 77,000Inventories: Raw materials, beginning$ 21, 700Raw materials, ending$ 31, 700 Work in process, beginning$ 41, 700Work in process, ending$ 71, 700 The company uses a predetermined overhead rate of $26 per machine - hour to apply overhead cost to jobs. A total of 21,400 machine - hours were used during the year. 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.
The following costs were incurred by ABC Company: Direct labor $ 950,000 Direct material purchases 645,000 Depreciation on plant 55,000 Factory supervisor's salary 98,000 Plant maintenance 26,000 Plant utilities 30,000 Sales 2,555,000 Selling and administrative expenses 480,000 Beginning direct materials inventory 72,000 Beginning work-in-process inventory 54,000 Beginning finished goods inventory 75,000 Ending direct materials inventory 68,000 Ending work-in-process inventory 51,000 Ending finished goods inventory 88,000 Required: Calculate the following values: Direct materials used Cost…
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: $ 16,700 147,000 9,700 87,000 273,900 11,700 $ 546,000 Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: $ 417,000 $ 77,000 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 $ 21,700 $ 31,700 $ 41,700 $ 71,700 The company uses a predetermined overhead rate of $26 per machine-hour to apply overhead cost to jobs. A total of 21,400 machine- hours were used during the year. 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…
Consider the following costs incurred in a recent period: Direct Materials $ 33,000 Depreciation on factory equipment $ 12,000 Factory janitor's salary $ 23,000 Direct labor $ 28,000 Utilities for factory $ 9,000 Selling expenses $ 16,000 Production supervisor's salary $ 34,000 Administrative expenses $ 21,000 What was the total amount of the period costs listed above for the period? a. $78,000 b. $71,000 c. $37,000 d. $46,000
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 $ 15,300 133,000 8,300 Property taxes, factory Utilities, factory 73,000 Depreciation, factory 152,100 10,300 Insurance, factory $ 392,000 Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) $ 403,000 $ 63,000 Direct labor cost Inventories: Raw materials, beginning Raw materials, ending $ 20,300 $ 30,300 Work in process, beginning $ 40,300 Work in process, ending $ 70,300 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,000 machine-hours were used during the year. 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.
Asteroid Industries accumulated the following cost information for the year: Salesperson salaries Indirect materials Indirect labor Factory depreciation Direct labor $ 16,600 4,600 9,100 13,400 37,600 Using the above information, total factory overhead costs equal:
Given the following costs incurred in a recent period: Direct materials - P33,000 Depreciation on factory equipment - P12,000 Factory janitor’s salary - P23,000 Direct labor - P28,000 Utilities for factory - P9,000 Selling expenses - P16,000 Production supervisor’s salary - P34,000 Administrative expenses - P21,000. Determine the following values: • period cost • product cost • operating expenses
The following data from the just completed year are taken from the accounting records of KentonCompany: Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000 Required: 1.Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold 3. Prepare an income statement.
Here is selected data for Betty Boo Corporation: Cost of raw material purchased $77,900 Cost of requisitioned direct materials $43,600 Cost of requisitioned indirect materials $3900 Direct labor $80,100 Manufacturing overhead incurred $100,400 Cost of goods completed $233,900 Cost of goods sold $142,500 Beginning raw materials inventory $17,400 Beginning work in process inventory $32,500 Beginning finished goods inventory $35,200 Manufacturing overhead allocation rate (based on direct labor) 130% The journal entry to transfer completed goods to the finished goods inventory account would include a Question 38 options: debit to Finished Goods Inventory account for $238,100. debit to Finished Goods account for $233,900. debit to Work-in-Process Inventory account for $233,900. credit to Work-in-Process Inventory account for $238,100.
Refer to the information given. For each of the activity cost pools identified,indicate whether it represents a unit-level, batch-level, product-sustaining-level, or facility-level activity.
The following cost data relate to the manufacturing activities of ABC Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials $ 16,900 Indirect labor 149,000 Property taxes, factory 9,900 Utilities, factory 89,000 Depreciation, factory 316,900 Insurance, factory 11,900 Total actual manufacturing overhead costs incurred $ 593,600 Other costs incurred: Purchases of raw materials (both direct and indirect) $ 419,000 Direct labor cost $ 79,000 Inventories: Raw materials, beginning $ 21,900 Raw materials, ending $ 31,900 Work in process, beginning $ 41,900 Work in process, ending $ 71,900 The company uses a predetermined overhead rate of $28 per machine-hour to apply overhead cost to jobs. A total of 21,600 machine-hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of…
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