A review of accounting records for last year disclosed the followingselected information:Variable costs:Direct materials used48,000Direct labor1,65,000Manufacturing overhead95,000Selling costs86,000Fixed costs:Manufacturing overhead 2,50,000Selling costs1,00,000Administrative costs ☐ 2,23,000In addition, the company suffered a $15,200 uninsured factory fire lossduring the year.What were the product costs and period costs for last year?

Key DefinitionsProduct Costs:Costs directly related to the manufacturing of a product. These…

Answered: A review of accounting records for last…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

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A review of Plunkett Corporation's accounting records for last year disclosed the following selected Variable costs Direct materials used $ 56,000 Direct labor $179,100 Manufacturing overhead $154,000 Selling costs $108,400 Fixed costs Manufacturing overhead $267,000 Selling costs $121,000 Administrative costs $235,900 In addition, the company suffered a $27,700 uninsured factory fire loss during the year. What were Plunkett's product costs and period costs for last year
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Equinox Fabrication Plant suffered a fire incident in August due to which most of the records for the year were destroyed. The following accounting data for the year that were recovered: Total manufacturing overhead estimated at the beginning of the year $105,840 Total direct labor costs estimated at the beginning of the year $186,000 Total direct labor hours estimated at the beginning of the year 3,600 direct labor hours Actual manufacturing overhead costs for the year $99,760 Actual direct labor costs for the year $142,000 Actual direct labor hours for the year 2,950 direct labor hours The company bases its manufacturing overhead allocation on direct labor hours. Calculate the predetermined overhead allocation rate for the year?
The Quadrangle Fabrication Plant suffered a fire incident at the beginning of the year, which resulted in the loss of property including the accounting records. Some data for the year were retrieved, and extracts from it are shown below: Total manufacturing overhead costs estimated at the beginning of the year $102,940 Total direct labor costs estimated at the beginning of the year $184,000 Total direct labor hours estimated at the beginning of the year 3,300 direct labor hours Actual manufacturing overhead costs for the year $98,770 Actual direct labor costs for the year $150,000 Actual direct labor hours for the year 2,500 direct labor hours The company's manufacturing overhead allocation is based on direct labor hours. How much manufacturing overhead was allocated to production during the year? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) Question content area…
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Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $ 65,000 Work-in-Process Inventory, Beginning 10,500 Work-in-Process Inventory, Ending 9,000 Selling and Administrative Expense 15,000 Finished Goods Inventory, Ending 15,000 Finished Goods Inventory, Beginning ? Direct Materials Used ? Factory Overhead Applied 12,000 Operating Income 14,000 Direct Materials Inventory, Beginning 11,000 Direct Materials Inventory, Ending 6,000 Cost of Goods Manufactured 60,000 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Conrad, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of total manufacturing cost?
A distraught employee, Fang W. Arson, put a torch to manufacturing plant on a blustery February 26. The resultingblaze destroyed the plant and its contents. Fortunately, certain accounting records were kept in another building. Theyreveal the following for the period from January 1, 2017 to February 26, 2017.Revenues 6,00,000 Direct materials 26/2/2017 56,000Indirect manufacturing costs 60 % of conversion costsPrime costs 320,000 Work in process 1/1/2017 34,000Gross margin percentage based onrevenues 25% Finished goods 1/1/2017 40,000Direct materials consumed 120,000 Direct materials 1/1/2017 20,000Cost of goods available for sale 4,60,000Required: Prepare the statement of cost of goods sold.
Please solve this MCQs The following events took place at a manufacturing company for the current year:(1) Purchased $95,000 in direct materials.(2) Incurred labor costs as follows: (a) direct, $56,000 and (b) indirect, $13,600.(3) Other manufacturing overhead was $107,000, excluding indirect labor.(4) Transferred 80% of the materials to the manufacturing assembly line.(5) Completed 65% of the Work-in-Process during the year.(6) Sold 85% of the completed goods.(7) There were no beginning inventories.What is the company's Cost of Goods Sold? $139,561.50. $252,600.00. $164,190.00. $214,710.50.
Please solve this MCQs The following events took place at a manufacturing company for the current year: (1) Purchased $95,000 in direct materials.(2) Incurred labor costs as follows: (a) direct, $56,000 and (b) indirect, $13,600.(3) Other manufacturing overhead was $107,000, excluding indirect labor.(4) Transferred 80% of the materials to the manufacturing assembly line.(5) Completed 65% of the Work-in-Process during the year.(6) Sold 85% of the completed goods.(7) There were no beginning inventories. What is the journal entry to record the direct labor costs for the period? A. Labor Inventory XXX Wages Payable XXXB. Work-In-Process Inventory XXX Wages Payable XXXC. Manufacturing Overhead Control XXX Wages Payable XXXD. Wages Expense XXX Cash XXX Option AOption BOption COption D
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A distraught employee, Fang W. Arson, put a torch to manufacturing plant on a blustery February 26. The resulting blaze destroyed the plant and its contents. Fortunately, certain accounting records were kept in another building. They reveal the following for the period from January 1, 2017 to February 26, 2017. 6,00,000 Direct materials 26/2/2017 Revenues Indirect manufacturing costs 60 % of conversion costs 56,000 320,000 Work in process 1/1/2017 25% Finished goods 1/1/2017 34,000 40,000 Prime costs Gross margin percentage based on revenues 120,000 Direct materials 1/1/2017 4,60,000 Direct materials consumed 20,000 Cost of goods available for sale Required: Prepare the statement of cost of goods sold.

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