Alpine Industries had opening work-in-progress $5,000, manufacturing costs $130,000, and closing work-in-progress $35,000. Calculate the cost of production for the period.
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- A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following Independent allocation bases? Budgeted direct labor hours: 90,615 Budgeted direct labor expense: $750000 Estimated machine hours: 150,000Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
- Winston Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. The total machine hours for the year were 54,300. The actual factory overhead for the year was $1,375,000. Determine the over- or underapplied amount for the year. Oa. $17,500 underapplied Ob. $118,250 underapplied Oc. $17,500 overapplied Od. $118,250 overappliedThe ABC company has the following estimated costs for the next year: Direct materials: $15,000 Indirect materials: $5,000 Direct labor: $55,000 Salary of production supervisor: $35,000 Rent on factory equipment: $16,000 Sales commission: $75,000 Advertising expenses: $11,000 It is estimated that 53,000 machine hours and 8,000 direct labor hours will be worked during the next year. What will be the predetermined overhead rate if company applies manufacturing overhead cost to jobs on the basis of direct labor hours. Select one: a. $14 b. $17 C. $7 d. $15 23°C uaoThe accounting records of Nelson Manufacturing revealed the following selected costs: Sales commissions, $96,000; plant insurance, $80,000; and administrative expenses, $150,000. What is Nelson Manufacturing's period costs total?
- Winston Company estimates that the factory overhead for the following year will be $675,400. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 30,700 hours. The total machine hours for the year were 54,100. The actual factory overhead for the year was $1,183,000. a. Determine the total factory overhead amount applied. Round to the nearest dollar. b. Compute the over- or underapplied amount for the year. Enter the amount as a positive number. C. Journalize the entry to transfer the over- or underapplied factory overhead to cost of goods sold. If an amount box does not require an entry, leave it blank.Winston Company estimates that the factory overhead for the following year will be $1,134,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 37,800 hours. The total machine hours for the year were 54,300 hours. The actual factory overhead for the year was $1,652,000. Required: (a) Determine the total factory overhead amount applied. (b) Calculate the overapplied or underapplied amount for the year. Enter the amount as positive values. (c) Prepare the journal entry to close Factory Overhead into Cost of Goods Sold. Refer to the Chart of Accounts for exact wording of account titles.The accounting records of Carter Industries revealed the following selected costs: Sales commissions, $88,000; plant machinery maintenance, $140,000; and administrative expenses, $210,000. What is Carter Industries' period costs total?
- Winston Company estimates that the factory overhead for the following year will be $1,225,600. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 38,300 hours. The total machine hours for the year were 54,000. The actual factory overhead for the year was $1,718,000. Determine the total factory overhead amount applied. Round to the nearest dollar. $ Compute the over- or underapplied amount for the year. Enter the amount as a positive number. $ overapplied or underapplied Journalize the entry to transfer the over- or underapplied factory overhead to cost of goods sold. If an amount box does not require an entry, leave it blank. CashCost of Goods SoldFactory OverheadMaterialsWork in ProcessWinston Company estimates that the factory overhead for the following year will be $675,400. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 30,700 hours. The total machine hours for the year were 54,100. The actual facto overhead for the year was $1,183,000. a. Determine the total factory overhead amount applied. Round to the nearest dollar. b. Compute the over- or underapplied amount for the year. Enter the amount as a positive number. C. Journalize the entry to transfer the over- or underapplied factory overhead to cost of goods sold. If an amount box does not require an entry, leave it blank. %24Winston Company estimates that the factory overhead for the following year will be $1,168,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 36,500 hours. The total machine hours for the year were 54,400 hours. The actual factory overhead for the year was $1,765,000. Enter the amount as a positive number. a. Determine the total factory overhead amount applied. Round to the nearest dollar.$fill in the blank f3300e016fa0008_1 b. Compute the over- or underapplied amount for the year.$fill in the blank f3300e016fa0008_2 c. Journalize the entry to transfer the over- or underapplied factory overhead to cost of goods sold. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select -
