At the beginning of 2012, Conway Manufacturing Company had the following accountbalances:FG Inventory8,000Manufacturing O/HWIP Inventory2,000During the year, the following transactions took place:Direct materials placed in production:Direct labor incurred:Manufacturing overhead incurredManufacturing overhead allocated to production: $295,000Cost of Jobs CompletedSelling Price of Jobs SoldCost of Jobs Sold$80,000$190,000$300,000$500,000$750,000$440,000After these transactions have been recorded, the preliminary balance in the Manufacturing overhead account is Wright Brothers is debating the use of direct labour cost or direct labour hoursas the cost allocation base for allocating manufacturing overhead. The followinginformation is available for the year ended December 31, 2007.Estimated direct labour costActual direct labour costEstimated manufacturing overheadsActual manufacturing overhead costsEstimated direct labour hoursActual direct labour hours$449,500$441,000$359,600$338,000248,000242,000Manufacturing overhead applied based on direct labour cost is:

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At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory 2,000 FG Inventory 8,000 Manufacturing O/H During the year, the following transactions took place: $80,000 $190,000 $300,000 Direct materials placed in production: Direct labor incurred: Manufacturing overhead incurred Manufacturing overhead allocated to production: $295,000 Cost of Jobs Completed Selling Price of Jobs Sold Cost of Jobs Sold $500,000 $750,000 $440,000 er these transactions have been recorded, the preliminary balance in the Manufacturin

At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory 2,000 FG Inventory 8,000 Manufacturing O/H During the year, the following transactions took place: $80,000 $190,000 $300,000 Direct materials placed in production: Direct labor incurred: Manufacturing overhead incurred Manufacturing overhead allocated to production: $295,000 Cost of Jobs Completed Selling Price of Jobs Sold Cost of Jobs Sold $500,000 $750,000 $440,000 er these transactions have been recorded, the preliminary balance in the Manufacturin

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Asterix plc, a manufacturing company, has extracted the following balances from its books of account for the year ended 30 April 2012: $ Revenues 6 500 Purchases of raw materials 1 450 Carriage inwards 130 Carriage outwards 75 Direct labour 1 675 Factory overheads 1 350 Office overheads 1 025 Inventories at 1 May 2011: Raw materials 140 Work in progress 165 Finished goods (at transfer price) 330 Additional information: Factory overheads of $70 000 are accrued at 30 April 2012. Office overheads of $35 000 have been prepaid at 30 April 2012. Depreciation for the year on the non-current assets totaled $150 000 and this is to be split between the factory and the office in the ratio 2:1. Completed production is transferred at a mark-up on cost of 20%. Inventories were valued on 30 April 2012 as follows: Raw materials 235 work in progress…
The following data relates to the operation of Cambridge Manufacturing Company for the year ended December 31st, 2015:Sales $608,600 Direct Labor $90,000Purchases of Raw Material 315,500 Indirect Labor 15,000Return of Raw Material 13,000 Indirect Material 16,000Freight in 5,000 Factory Rent 20,200Foreman’s Salary 30,000 Selling and Admin. Expenses 35,000Factory Insurance 7,000 Bad debt Expense 1,500Inventories January 01, 2015 December 31st, 2015Raw Materials $30,000 68,000Work in process 40,000 ?Finished Goods 70,000 56,000The company assigns FOH on the basis of Direct Labor Cost.Required:a. Determine FOH Rateb. Compute the Cost of WIP on December 31st, 2015c. Prepare Statement of Cost of Goods Manufactured and Income Statement for 2015
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