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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A manufacturer uses job-order costing. On January 1, the company's inventory balances were as follow Raw materials Work in process Finished goods $50,500 $25,000 $38,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate was based on a cost formula that estimated $470,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $592,000. b. Raw materials used in production, $557,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $442,000; indirect labor, $150,000; selling and administrative salaries, $295,000. d. Incurred various selling and administrative expenses (e.g, advertising, sales travel costs, and finished goods warehousing), $381,000 e. Incurred various additional…
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be $575,000, and total direct labor costs would be $460,000. During February, the actual direct labor cost totaled $40,000, and factory overhead cost incurred totaled $52,000. a. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals. % b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory Overhead-Blending Department? Amount: Debit or Credit? d. Does the balance in part (c) represent overapplied or underapplied factory overhead?
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $604,590. Materials requisitioned, $507,860, of which $66,020 was for general factory use. Factory labor used, $622,730, of which $118,320 was indirect. Other costs incurred on account for factory overhead, $145,100; selling expenses, $223,700; and administrative expenses, $133,010. Prepaid expenses expired for factory overhead were $27,810; for selling expenses, $23,580; and for administrative expenses, $16,930. Depreciation of factory equipment was $27,810; of office equipment, $41,110; and of office building, $81,020. Factory overhead costs applied to jobs, $344,620. Jobs completed, $798,060. Cost of goods sold, $773,880. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. Materials purchased…
Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,770 Work-in-Process Inventory 21,640 Finished Goods Inventory 8,730 Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 Direct materials $2,379 $2,682 $3,174 Direct labor 1,800 1,560 4,300 Applied overhead 1,350 1,170 3,225 During April, Sangvikar experienced the transactions listed below. Materials purchased on account, $29,210. Materials requisitioned: Job 114, $16,230; Job 115, $12,430; and Job 116, $5,370. Job tickets were collected and summarized: Job 114, 140 hours at $12 per hour; Job 115, 200 hours at $14 per hour; and Job 116, 90 hours at $19 per hour. Overhead is applied on the basis of direct labor cost. Actual overhead was $4,265. Job 115 was completed and transferred to the finished goods warehouse. Job 115 was shipped, and…
Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as f Inventories March 1 March 31 Materials Work in process Finished goods $193,500 129,650 98,690 $166,410 111,490 113,160 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Direct materials: $348,300 371,520 37,150 22,450 7,740 6,190 5,420 10,060 a. Prepare a cost of goods manufactured statement for March. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be $588,500, and total direct labor costs would be $535,000. During February, the actual direct labor cost totaled $46,000, and factory overhead cost incurred totaled $52,600. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals.fill in the blank% Journalize the entry to apply factory overhead to production for February. fill in the blank $fill in the blank $fill in the blank fill in the blank $fill in the blank $fill in the blank What is the February 28 balance of the account Factory Overhead—Blending Department? Amount: $fill in the blank Debit or Credit? ____________ Does the balance for Feb. 28…
Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, June 1 Work in process inventory, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 a. For June, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Woodfall Company Statement of Cost of Goods Manufactured Costs Type Work in process inventory, June 1 Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in June Total manufacturing costs Work in process inventory, June 30 Cost of goods manufactured ✓ $260,000 340,000 182,300 70,200 74,000 33,300 44,100 ✓ Amount $ Amount 260,000 X
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: Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold Gross profit Operating expenses Net income Required: On Company $66,090 (a) 167,870 177,120 249,160 77,330 (b) 630,500 126,890 107,070 (c) 111,690 116,980 974,170 (d) (e) 126,890 (f) Off Company $83,270 94,100 (a) (b) 187,360 93,260 538,760 630,500 200,680 (c) 533,760 93,260 (d) 832,700 538,760 (e) (f) 184,860 1. Determine the amounts of…
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…
Prepare a schedule of cost of goods manufactured.
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: a. Materials purchased on account, $704,490. b. Materials requisitioned, $591,770, of which $76,930 was for general factory use. c. Factory labor used, $725,620, of which $137,870 was indirect. d. Other costs incurred on account for factory overhead, $169,080; selling expenses, $260,660; and administrative expenses, $154,990. e. Prepaid expenses expired for factory overhead were $32,410; for selling expenses, $27,480; and for administrative expenses, $19,730. f. Depreciation of factory equipment was $32,410; of office equipment, $47,910; and of office building, $94,400. g. Factory overhead costs applied to jobs, $401,560. h. Jobs completed, $929,930. i. Cost of goods sold, $901,750. Required: Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require…
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $183,050 $226,980 Work in process 329,490 308,690 Finished goods 316,680 315,500 Advertising expense $154,120 Depreciation expense-office equipment 21,790 Depreciation expense-factory equipment 29,280 Direct labor 349,550 Heat, light, and power-factory 11,580 Indirect labor 40,860 Materials purchased 342,740 Office salaries expense 119,620 Property taxes-factory 9,530 Property taxes-headquarters building 19,750 Rent expense-factory 16,120 Sales 1,604,750 Sales salaries expense 197,020 Supplies-factory 7,940 Miscellaneous costs-factory 4,990