Cotton White, Inc., makes specialty clothing for chefs. The company reported the following costs for 2 Tactory rent Company advertising Wages paid to seamstresses Depreciation on salespersons' vehieles Thread $ 36,500 25,500 76,800 31,300 1,040 24,000 30,300 75,800 41,600 840 18,400 6,900 50,500 Utilities for factory Cutting room supervisor's salary President's salary Premium quality cotton material Buttons Pactory insurance Depreciation on sewing machines Wages paid to cutters

Cotton White, Inc., makes specialty clothing for chefs. The company reported the following costs for 2 Tactory rent Company advertising Wages paid to seamstresses Depreciation on salespersons' vehieles Thread $ 36,500 25,500 76,800 31,300 1,040 24,000 30,300 75,800 41,600 840 18,400 6,900 50,500 Utilities for factory Cutting room supervisor's salary President's salary Premium quality cotton material Buttons Pactory insurance Depreciation on sewing machines Wages paid to cutters

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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Kapoor Catering Co. uses a job cost system. Its activities in November 2020, the first month of operation, were as follows: Information State University On-the-Go Home Precious Pre-school Direct Materials Cost (food) $53,000 $36,900 $81,800 Direct Labor Cost $44,600 $40,700 $53,600 Labor Hours 2,920 3,510 4,160 The company applies overhead at a rate of $16.00 per labor hour. It completed all of its jobs in November. Total revenue for the three jobs amounted to $392,700. The actual overhead for the month was $147,400, of which $122,000 should be credited to accounts payable and $38,000 should be credited to Accumulated Depreciation.Determine the costs that should be assigned to each of the jobs.
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Cotton White, Incorporated, makes specialty clothing for chefs. The company reported the following costs for the current year: Factory rent Company advertising Wages paid to sewing personnel Depreciation on salespersons' vehicles Thread Utilities for factory Cutting room supervisor's salary President's salary Premium quality cotton material Buttons Factory insurance Depreciation on sewing machines Wages paid to cutters 1. Direct Materials Cost 2. Direct Labor Cost 3. Manufacturing Overhead Cost 4. Total Manufacturing Cost 5. Prime Cost $ 36,000 24,600 75,200 31,300 1,110 6. Conversion Cost 7. Total Period Cost 24,800 31,500 75,500 41, 200 785 Required: 1. Compute the cost of direct materials for Cotton White. 2. Compute the cost of direct labor for Cotton White. 3. Compute the cost of manufacturing overhead for Cotton White. 4. Compute the total manufacturing cost for Cotton White. 5. Compute the prime cost for Cotton White. 6. Compute the conversion cost for Cotton White. 7. Compute…
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