Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. Type January 1 January 31 Finished goods $ 125,000 $ 117,000 Work in process 235,000 251,000 Raw material 132,000 124,000 The following additional data pertain to January operations. Raw material purchased $191,000 Direct labor 400, 000 Actual manufacturing overhead 170,000 Actual selling and administrative expenses 110,000 The company applies manufacturing overhead at the rate of 60 percent of direct - labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year. 2. Compute the total manufacturing cost for January.

Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. Type January 1 January 31 Finished goods $ 125,000 $ 117,000 Work in process 235,000 251,000 Raw material 132,000 124,000 The following additional data pertain to January operations. Raw material purchased $191,000 Direct labor 400, 000 Actual manufacturing overhead 170,000 Actual selling and administrative expenses 110,000 The company applies manufacturing overhead at the rate of 60 percent of direct - labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year. 2. Compute the total manufacturing cost for January.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The manufacturing operations of Wildhorse, Inc. had the following balances for the month of January: Inventories Raw Materials Work in Process Finished Goods January 1 January 31 $15,600 27,300 18,200 $16,900 Cost of goods sold $ 29,900 20,800 Wildhorse transferred $377,000 of completed goods out of Work in Process Inventory during January. Compute the cost of goods sold.
Valdosta Company is working on its costing information for January. Using normal costing, they use one overhead control account and charges overhead to production at 75% of direct labor cost. The company does not formally close the account until the end of the year. The beginning and ending inventories for the month of August are August 1 August 31 Direct Materials $62,000 $67,000 Work in Process $171,000 $145,000 Finished Goods $78,000 $85,000 Production data for the month of August follows: Direct labor $250,000 Actual manufacturing overhead $195,500 Direct materials purchased $163,000 Transportation in $2,000 Valdosta Company's cost of goods transferred to finished goods inventory for August is Group of answer choices $484,000 $495,000 $577,000 $623,500
The following information pertains to Acme Manufacturing Company for June. Assume actual overhead equaled applied overhead. June 1 June 30 Inventory Balances Raw Materials $100,000 $60,000 Work in Process 120,000 145,000 Finished Goods 78,000 80,000 Activity during June: Raw materials purchased $120,000 Direct labor costs 100,000 Manufactured overhead 63,000 Complete the following Schedule of Cost of Goods Manufactured and Sold
Prepare a cost of production report for the Cutting Department of Dalton Carpet Company for January. Use the average cost method to solve for the missing values with the following data: need help doing this report Description Dollar Amount Work in process, January 1, 3,400 units, 75% completed $32,000 Materials added during January from Weaving Department, 64,000 units 369,200 Direct labor 177,000 Factory overhead 89,710 Goods finished during January (includes goods in process, January 1), 63,500 units ? Work in process, January 31, 3,900 units, 10% completed ?
Valdosta Company is working on its costing information for January. Using normal costing, they use one overhead control account and charges overhead to production at 75% of direct labor cost. The company does not formally close the account until the end of the year. The beginning and ending inventories for the month of August are August 1 August 31 Direct Materials $62,000 $67,000 Work in Process $171,000 $145,000 Finished Goods $78,000 $85,000 Production data for the month of August follows: Direct labor $250,000 Actual manufacturing overhead $195,500 Direct materials purchased $163,000 Transportation in $2,000 Valdosta Company's manufacturing overhead control balance for the month of August is Group of answer choices $8,000 credit, overapplied $8,000 debit, underapplied $8,000 debit, overapplied $8,000 credit, underapplied
andall Company manufactures products to customer specifications. A job costing system is used to accumulate production costs. Factory overhead cost was applied at 120% of direct labor cost. Selected data concerning the past year's operation of the company are presented below. January 1 December 31 Direct materials $ 86,000 $ 49,000 Work in process 75,000 51,000 Finished goods 124,000 109,000 Other information Direct materials purchases $ 333,000 Cost of goods available for sale 980,000 Actual factory overhead costs 269,000 The amount of underapplied or overapplied overhead is: Multiple Choice $59,000 overapplied. $59,000 underapplied. $17,000 overapplied. $17,000 underapplied. $0.
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 5,000 Direct labor $ 58,000 Manufacturing overhead applied to work in process $ 87,000 Underapplied overhead $ 4,000 Inventories Beginning Ending Raw materials $ 12,000 $ 18,000 Work in process $ 56,000 $ 65,000 Finished goods $ 35,000 $ 42,000 Required: 1. Prepare a schedule of cost of goods manufactured for the month (see picture below for reference). 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 5,000 Direct labor $ 58,000 Manufacturing overhead applied to work in process $ 87,000 Underapplied overhead $ 4,000 Inventories Beginning Ending Raw materials $ 12,000 $ 18,000 Work in process $ 56,000 $ 65,000 Finished goods $ 35,000 $ 42,000 Can you please help me to do the following: Prepare a schedule of cost of goods manufactured for the month as well as prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $200,000 and incurred direct labor cost of $120,000. Overhead totaled $325,000 for the month. Information on inventories was as follows: Materials Work in process Finished goods Required: September 1 September 30 $120,000 80,000 70,000 $130,000 90,000 65,000 Download Excel spreadsheet 1. What was the cost of direct materials used in September? 2. What was the total manufacturing cost in September? 3. What was the cost of goods manufactured for September? 4. Assume that Lauren Ashley Company's monthly incurred direct labor cost increased by 25% and total overhead costs decreased by 20%. Using Excel (or some other spreadsheet software tool), calculate Lauren Ashely's new cost of goods manufactured that results from the changes in direct labor cost and overhead costs. Even for a relatively simple exercise, this requirement illustrates the time and effort savings of utilizing…