Cost of Goods Manufactured for a Manufacturing Company The following information is available for Fuller Manufacturing Company for the month ending January 31: Cost of direct materials used in production $106,200 Direct labor 127,400 47,800 64,800 58,400 Work in process inventory, January 1 Work in process inventory, January 31 Total factory overhead Determine Fuller Manufacturing's cost of goods manufactured for the month ended January 31. Fuller Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended January 31 Costs Type Amount Manufacturing costs incurred during January: Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured Amount 0000

Cost of Goods Manufactured for a Manufacturing Company The following information is available for Fuller Manufacturing Company for the month ending January 31: Cost of direct materials used in production $106,200 Direct labor 127,400 47,800 64,800 58,400 Work in process inventory, January 1 Work in process inventory, January 31 Total factory overhead Determine Fuller Manufacturing's cost of goods manufactured for the month ended January 31. Fuller Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended January 31 Costs Type Amount Manufacturing costs incurred during January: Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured Amount 0000

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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Cost of Goods Manufactured and Income Statement with Predetermined Overhead and Labor Cost Classification Assume information pertaining to Bauer Hockey for April of the current year follows. Sales Purchases ● Raw materials Manufacturing supplies Office supplies Salaries (including fringe benefits) Administrative Production supervisors Sales Depreciation Plant and machinery Office and office equipment Utilities Plant Office Inventories $670,950 Finished goods Additional information follows: 202,500 10,800 1,980 92,340 22,050 94,500 21,600 7,200 13,500 5,400 April 1 April 30 $45,315 $47,250 Raw materials Manufacturing supplies 5,580 6,660 Office supplies 1,620 1,350 Work-in-process 34,650 36,180 81,000 79,200 000 panions •Manufacturing overhead is applied to products at 125% of direct labor dollars. Employee base wages are $15 per hour. Employee fringe benefits amount to 20% of the base wage rate. They are classified as manufacturing overhead. During April, production employees worked…
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Factory Overhead Rates, Entries, and Account Balance Eclipse Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 Estimated factory overhead cost for fiscal year beginning August 1 $548,880 $835,200 Estimated direct labor hours for year 11,600 Estimated machine hours for year 22,870 Actual factory overhead costs for August $43,790 $71,880 Actual direct labor hours for August 1,040 Actual machine hours for August 1,780 Question Content Area a. Determine the factory overhead rate for Factory 1.$fill in the blank f94b7703c00e013_1 per machine hour b. Determine the factory overhead rate for Factory 2.$fill in the blank f94b7703c00e013_2 per direct labor hour c. Journalize the entries…
The following information pertains to Thornton Manufacturing Company for March Year 3. Assume actual overhead equaled applied overhead. March 1 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues Required A Required B Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. $ 124,100 118,300 76,300 Complete this question by entering your answers in the tabs below. $ 85,400 145,700 80,500 Raw materials available for use $ 118,500 100,800 61, 600 356,000 Prepare a schedule of cost of goods manufactured and sold. Direct raw materials used THORNTON MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For March Year 3 Total manufacturing costs 0 0 0
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Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: OnCompany OffCompany Materials inventory, December 1 $75,740 $103,010 Materials inventory, December 31 (a) 116,400 Materials purchased 192,380 (a) Cost of direct materials used in production 202,980 (b) Direct labor 285,540 231,770 Factory overhead 88,620 115,370 Total manufacturing costs incurred in December (b) 666,470 Total manufacturing costs 722,560 722,560 Work in process inventory, December 1 145,420 248,250 Work in process inventory, December 31 122,700 (c) Cost of goods manufactured (c) 660,290 Finished goods inventory, December 1 128,000 115,370 Finished goods inventory, December 31 134,060 (d) Sales 1,116,410 1,030,100 Cost of goods sold (d) 666,470 Gross…
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