Custom Creations Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include:Depreciation on sales office$ 9,900Depreciation on factory equipment16,00050,400Factory supervisor salarySales commissions23,9003,300Lubricants used in factory equipmentInsurance costs for factory21,600115,70010,700Wages paid to maintenance workersFabric used to upholster furnitureFreight-in (on raw materials)Costs of delivery to customersWages paid to assembly-line workersLumber used to build product3,3009,400115,40082,70054,80026,100Utilities in factoryUtilities in sales officeConversion costs for Custom Creations Furniture Company totaled>

Conversion costs is the amount of costs of production which is required for the purpose of…

Custom Creations Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Depreciation on sales office Depreciation on factory equipment Factory supervisor salary Sales commissions $ 9,900 16,000 50,400 23,900 3,300 21,600 115,700 10,700 3,300 9,400 Lubricants used in factory equipment Insurance costs for factory Wages paid to maintenance workers Fabric used to upholster furniture Freight-in (on raw materials) Costs of delivery to customers Wages paid to assembly-line workers Lumber used to build product Utilities in factory Utilities in sales office Conversion costs for Custom Creations Furniture Company totaled> 115,400 82,700 54,800 26,100

Custom Creations Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Depreciation on sales office Depreciation on factory equipment Factory supervisor salary Sales commissions $ 9,900 16,000 50,400 23,900 3,300 21,600 115,700 10,700 3,300 9,400 Lubricants used in factory equipment Insurance costs for factory Wages paid to maintenance workers Fabric used to upholster furniture Freight-in (on raw materials) Costs of delivery to customers Wages paid to assembly-line workers Lumber used to build product Utilities in factory Utilities in sales office Conversion costs for Custom Creations Furniture Company totaled> 115,400 82,700 54,800 26,100

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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Custom Creations Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Depreciation on sales office $ 9,800 Depreciation on factory equipment 16,700. Factory supervisor salary Sales commissions Lubricants used in factory equipment Insurance costs for factory Wages paid to maintenance workers Fabric used to upholster furniture Freight-in (on raw materials) Costs of delivery to customers Wages paid to assembly-line workers Lumber used to build product 50,200 23,400 3,800 21,400 115,600 10,900 3,200 9,200 A. $261,800. OB. $131,700. OC. $236,600. D. $325,100. 115,100 82,100 54,100 26,900 Utilities in factory Utilities in sales office Manufacturing overhead costs for Custom Creations Furniture Company totaled
Uhtred Manufacturing had the following transactions in October: Purchased raw materials on account, $58,800. Used materials in production: $21,900 in the Mixing Department; $4,800 in the packaging Department; $920 in indirect materials. Incurred labor costs: $7,500 in the Mixing Department; $4,050 in the Packaging Department; $2,520 in indirect labor. Incurred manufacturing overhead costs: $9,540 in machinery depreciation; paid $2,890 for rent and paid for utilities at a cost of $1,920. Prepare the journal entries for Uhtred Manufacturing. Journal Date Description Debit Credit 1 1 2 2 2 2 3 3 3 3 4 4 4
The Company manufactures furniture at its New York factory. Some of its costs from the past year include: Depreciation on sales office $ 9,700 Depreciation on factory equipment 16,600 Factory supervisor salary 50,200 Sales commissions 23,600 Lubricants used in factory equipment 3,000 Insurance costs for factory 21,400 Wages paid to maintenance workers 115,400 Fabric used to upholster furniture 10,800 Freight-in (on raw materials) 3,600 Costs of delivery to customers 9,000 Wages paid to assembly-line workers 115,600 Lumber used to build product 82,200 Utilities in factory 54,800 Utilities in sales office 26,100 Direct material costs for The Company totaled
Listed here are the costs associated with the production of 1,000 drum sets manufactured by TrueBeat. 1. Plastic for casing-$20,000 2. Wages of assembly workers-$89,000 3. Property taxes on factory-$6,000 4. Office accounting salaries-$39,000 5. Drum stands-$35,000 6. Rent cost of office for accountants-$48,000 7. Office management salaries-$210,000 8. Annual fee for factory maintenance $16,000 9. Sales commissions-$21,000 10. Factory machinery depreciation, straight-line-$41,000 Costs Required: 1. Classify each cost and its amount as either product or period. The first cost is completed as an example. Costs 1. Plastic for casing 2. Wages of assembly workers 3. Property taxes on factory 4. Office accounting salaries 5. Drum stands 6. Rent cost of office for accountants 7. Office management salaries 8. Annual fee for factory maintenance 9 Sales commissions 10 Factory machinery depreciation, straight-line i $ Product 20,000 Period
Flounder Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) Compute cost of goods manufactured. $108,000 Cost of goods manufactured $ 54,000 6,750 99,000 20,900 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $40,500 12,700 18,800 Work in process inventory was $10,850 at January 1 and $13,900 at December 31. Finished goods inventory was $54,000 at January 1 and $41,000 at December 31. 31,500 45,000
Randall Company manufactures chocolate bars. The following were among Randall's manufacturing costs during the current year: Wages Machine operators $ 300,000 Selling and administrative personnel $ 75,000 Materials used Lubricant for oiling machinery $ 25,000 Cocoa, sugar, and other raw materials $ 250,000 Packaging materials $ 190,000 Randall's direct materials amounted to:
A manufacturing company makes cellphone. Conversion costs that change raw materials to become finished products cost N$669000. The workers on the production line were paid N$350000. The total Cost at the manufacturing plant were 849 000.Company had no opening or closing inventories of work in process. What was the amount for manufacturing overheads costs for the period?
Candace's Candies, Inc. produces gummy bears. The company purchases raw materials, stores them in a warehouse, and then runs them through two processes: production and packaging. During September, the production process incurred the following costs in processing: Wages of workers operating production equipment Manufacturing overhead allocated to the production department Direct materials $50,700 5,000 250,000 Equivalent units of production was 23,000 units for materials and 22,500 units for conversion. Use the FIFO method to compute the September cost per equivalent unit of production for direct materials. OA. $2.42 OB. $2.48 O C. $11.11 OD. $10.87
Fanning Company makes and sells lawn mowers for which it currently makes the engines. It has an opportunity to purchase the engines from a reliable manufacturer. The annual costs of making the engines are shown here. Cost of materials (13,100 Units × $22) $ 288,200 Labor (13,100 Units × $14) 183,400 Depreciation on manufacturing equipment* 38,000 Salary of supervisor of engine production 74,000 Rental cost of equipment used to make engines 24,000 Allocated portion of corporate-level facility-sustaining costs 81,000 Total cost to make 13,100 engines $ 688,600 *The equipment has a book value of $97,000 but its market value is zero. Required Determine the maximum price per unit that Fanning would be willing to pay for the engines. Determine the maximum price per unit that Fanning would be willing to pay for the engines, if production increased to 18,550 units? (For all requirements, round your intermediate calculations and final…
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