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 accounting records of Dela Cruz Corporation revealed the following costs direct material used, $750,000; direct labor used, $1,275,000; factory overhead,$1,125,000; indirect materials used $500,000; indirect labor used $600,000; selling and marketing expenses $660,000; general and administrative expenses $440,000. Dela Cruz Corporation Period Cost is? a. $0 b. $1,100,000 c. $1,700,000 d. $2,200,000
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:
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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A partial listing of costs incurred during December at Gagnier Corporation appears below: Factory Supplies Administrative wages and salaries Direct materials Sales staff salaries Factory depreciation Corporate headquarters building rent Indirect labor Marketing Direct labor 89,000 325,000 O 310,000 $8,000.00 O 399,000 $105,000.00 $153,000.00 $68,000.00 $49,000.00 $34,000.00 The total of the period costs listed above for December is: $32,000.00 $103,000.00 $83,000.00
The records of ABC Corporation revealed the following data for the current year. Work_in_Process_P73,150 Finished_Goods_P115,000 Cost_of_Goods_Sold_P133,650 Direct_Labor_P111,600 Direct_Material_P84,200. Assume that ABC has underapplied overhead of P37,200 and that this amount is material. How much is the denominator use to allocate the underapplied overhead?

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