A partial listing of costs incurred during February at Urfer Corporation appears below: Factory supplies. $9,000 Administrative wages and salaries. Direct materials. Sales staff salaries. Factory depreciation. Corporate headquarters building rent. Indirect labor. Marketing. Direct labor. The total of the period costs listed above for February is: $379,000 O $277,000 $61,000 $106,000 $142,000 $53,000 $28,000 $30,000 $24.000 $129.000 $74,000 $318,000

A partial listing of costs incurred during February at Urfer Corporation appears below: Factory supplies. $9,000 Administrative wages and salaries. Direct materials. Sales staff salaries. Factory depreciation. Corporate headquarters building rent. Indirect labor. Marketing. Direct labor. The total of the period costs listed above for February is: $379,000 O $277,000 $61,000 $106,000 $142,000 $53,000 $28,000 $30,000 $24.000 $129.000 $74,000 $318,000

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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GrandSlam Incorporated incurred the following costs during March: Selling expenses Direct labor Manufacturing overhead, actual Interest expense Raw materials used Administrative expenses $ 156,300 280,000 41,900 163,800 497,000 116, 200 During the month, 19,200 units of product were manufactured and 11,100 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31, there were no inventories for raw materials or work in process. Required: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. 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 GrandSlam for the month of March. Assume that sales for the month was $1,047,000 and the company's effective income tax rate was 35%.
Use the following data to compute total manufacturing costs for the month: Sales commissions $ 11,300 Direct labor 40,100 Indirect materials 15,700 Factory utilities 9,500 Indirect labor 14,000 Depreciation—office equipment 5,500 Direct materials 41,000 Corporate office salaries 43,000 Depreciation—factory equipment 8,000
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
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PROVIDE Answer with calculation
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…
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Borchardt Corporation has provided the following data concerning last month's operations. Direct materials Direct labor Manufacturing overhead applied to Work in Process Work in process inventory $169,000 O$235,000 How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured? $173,000 O$178.000 Beginning $ 66,000 hs $ 29,000 $ 58,000 $ 82,000 Ending $ 57,000
The following cost data for the month of May were taken from the records of the Terrence Manufacturing Company: (CIA adapted) Depreciation on factory equipment $ 1,000 Depreciation on sales office 500 Advertising 7,000 Wages of production workers 28,000 Raw materials used 47,000 Sales salaries and commissions 10,000 Factory rent 2,000 Factory insurance 500 Materials handling 1,500 Administrative salaries 2,000 Based upon this information, the manufacturing cost incurred during the month was: $83,000. $80,000. $80,500. $78,500.
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Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $180,000 $145,500 Work in process 334,600 290,700 Finished goods 675,000 715,000 Direct labor $2,260,000 Materials purchased during January 1,375,000 Factory overhead incurred during January: Indirect labor 115,000 Machinery depreciation 90,000 Heat, light, and power 55,000 Supplies 18,500 Property taxes 10,000 Miscellaneous costs 33,100 a. Prepare a cost of goods manufactured statement for January.
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.