A/P R/E$253CashRMWIPFGМОНPP&EBeg$39$89$14$19$120$28a.b.с.d.е.f.g.h.i.j.k.End19 The amount of underapplied or overapplied overhead closed entirely to Cost of Goods Sold (transaction k) was:А.$8В.$18C.$24D.$29Е.$120 The ending balance in Finished Goods Inventory was:A.$1В.$24C.$25D.$43Е.None of the above.Page 12 of 12 PDF Practice midterm 1 Spring 2022. XO File | C:/Users/chris/Favorites/Downloads/ACC%203200%20SPRING/Practice%20midterm%201%20Spring%202022.pdfof 12+D Page viewA Read aloudT Add textV DrawE HighlightO Erase12с.Salaries & wages paid in cash (70% direct; 20% indirect; 10% selling & admin)2$50d.Depreciation on PP&E (90% manufacturing; the remainder selling & admin)2$60Factory utility expenses paid on account$34е.Advertising expenses paid in cashManufacturing overhead applied to productionf.18g.105h.Cost of goods manufactured24204i.Cash sales to customers$375Cost of goods sold (unadjusted)2$j.k. Underapplied or overapplied overhead closed entirely to Cost of Goods Sold180To answer the following two questions, enter the numbers relevant for each calculation into the table below using positivenumbers to designate increases to an account balance and negative numbers to designate decreases.CashRMWIPFGМОНPP&EАРR/EBeg$39$89$14$19$120$28$253b.с.d.e.f.g.h.i.j.k.End19 The amount of underapplied or overapplied overhead closed entirely to Cost of Goods Sold (transaction k) was:А.$8В.$18C.$24D.$29Е.$120 The ending balance in Finished Goods Inventory was:A.$1В.$24С.$25D.$43E.None of the above.Page 12 of 121:01 PMO Type here to search日CHRISTIAN MANTILLA46°F2/21/2022+

Calculation of actual overhead Salary and wages (70% x 50) 35 Depreciation on PP&E (90%…

A/P R/E $253 Cash RM WIP FG МОН PP&E Beg $39 $89 $14 $19 $120 $28 a. b. с. d. е. f. g. h. i. j. k. End 19 The amount of underapplied or overapplied overhead closed entirely to Cost of Goods Sold (transaction k) was: А. $8 В. $18 C. $24 D. $29 Е. $1 20 The ending balance in Finished Goods Inventory was: A. $1 В. $24 C. $25 D. $43 Е. None of the above. Page 12 of 12

A/P R/E $253 Cash RM WIP FG МОН PP&E Beg $39 $89 $14 $19 $120 $28 a. b. с. d. е. f. g. h. i. j. k. End 19 The amount of underapplied or overapplied overhead closed entirely to Cost of Goods Sold (transaction k) was: А. $8 В. $18 C. $24 D. $29 Е. $1 20 The ending balance in Finished Goods Inventory was: A. $1 В. $24 C. $25 D. $43 Е. None of the above. Page 12 of 12

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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A-6
WAK 200 A LEXO C * 40 W Question 1 of 30 S View Policies Current Attempt in Progress 3 VLE Knight Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: (a) *** 4. 438 4 69 4 Manufacturing overhead Save for Later R F HINGA % LO 5 a p G > Determine the total amount of manufacturing overhead. 16 6 H $ LA WAS MAN Do & $15,600 7 13,050 U 4,000 49,300 84,200 139,700 J 8,700 Direct labor 8 Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used K 9 L O 14 RS FACIAL COMP MOBILE AL SE P $69,400 11 49,900 3,000 2,200 2,960 15,600 3,000 Attempts: 0 of 1 used Submit Answer prt sc www. backspace -/10 E TASSURA Scr ik enter insert delete pause home end clear pg up pg dn 7
Multiple Choice $47,700 $67,030 $81,030$61,700
5 Cc Ce X Cla v2.cengagenow.com O search Ce Print Item Date Hc Nov. Fa Item So Mohamed In 1 Bal., 8,400 units, 80% completed 30 Direct materials, 76,000 units 30 Direct labor 30 Factory overhead 30 Goods finished, ? units 30 Bal., 6,700 units, 70% completed bry My ofirvaker Winke/vekurs med extent Win Debit The following information concerns production in the Forging Department for November. All direct materials are placed into the process at of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $110,040 of direct m ACCOUNT Work in Process-Forging Department 972,800 95,340 131,670 W Ap Check My Work 0 more Check My Work uses remaining. Credit < a. Determine the number of units transferred to the next department. 77,700 ✓ units 1.21 ? c. Determine the cost of units started and completed in November. 72,426.90 X go 12.80 V C Debit du Ac Ac AC ACCOUNT NO. Balance 129,528 1,102,328 1,197,668 1,329,338 2 a ? b. Determine the…
r田 1/1 gageNOWv2 | Online teachirs X om/ilrn/takeAssignment/takeAssignmentMan.uo?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook What are the total costs to account for if a company's beginning inventory had $231,430 in materials, $186,360 in conversion costs, and added direct material costs ($4,231,378), direct labor ($2,313,394), and manufacturing overhead ($1,156,704)? Total costs $
Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventaries Raw materials Mork in process Finished goods Beginning of period $ 35,000 9,200 53,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 37,900 18,100 33,200 $ 197,000 150,000 14,000 34,500 91,500
Instructions Labels and Amount Descriptions Starting Question Instructions Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May. Rainier Company Yakima Company 2 Materials inventory, May 1 $281,120.00 $176,500.00 3 Materials inventory, May 31 (a) 177,500.00 4 Materials purchased 713,200.00 340,300.00 5 Cost of direct materials used in production 751,600.00 (a) 6 Direct labor 1,058,600.00 (b) 7 Factory overhead 328,000.00 179,200.00 8 Total manufacturing costs incurred during May (b) 1,034,000.00 9 Total manufacturing costs 2,678,800.00 1,477,500.00 10 Work in process inventory, May 1 540,600.00 443,500.00 11 Work in process inventory, May 31 451,000.00 (c) 12 Cost of goods manufactured (c) 1,028,000.00 13 Finished goods inventory, May 1 476,000.00 200,500.00 14 Finished goods inventory, May 31 495,600.00 (d) 15 Sales 4143 000.00. 1670.000.00. Previous neck My Work 5 more Check My Work uses…
Question 7
Applying Excel 13: Predetermined Overhead Rate ✓ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 A B Raw Materials Inventory 57,500 5,700 43,000 Finished Goods Inventory 216,000 Factory Overhead 14,800 61,000 52,300 6,000 Multiple Choice с =+C17/F11 =+C17/(SUM(B17:B19)) =+E5/E3 37,000 14.800 173,000 =+E5/E4 122,100 D E Assuming the company applies overhead as a percentage of direct labor cost, which formula accurately computes the predetermined overhead rate? Work in Process Inventory 37,000 216,000 111.000 122,100 54,100 Factory Wages Payable 172,000 0 111.000 ......... 61,000
Indicator ' A 16 17 18 19 20 (1) $126,000 105,000 84,000 $200,000 D (2) $150,000 128,000 22,000 $138,000 E 1 2 Required: 3 Determine the missing amount for each separate situation involving work in process cost flows. 4 5 6 Total manufacturing costs 7 Work in process inventory, beginning 8 Work in process inventory, ending 9 Cost of goods manufactured 10 11 12 13 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 14 Nothing in this area will be graded, but it will be submitted with your assignment. 15 (3) $217,000 32,000 185,000 $237,000 F G H 1 J
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Question 8 SP for Direct Labor per direct labor hour $1.70 Actual Direct Labor $12,960 SQ x SP for Direct Labor $11,560 Actual Direct Labor Hours 6,500 The standard quantity (SQ) of direct labor hours is: O 6500 O 7000 O 6800 O 7624 (rounded) O Cannot be determined.