Data table Actual direct materials used Actual direct manufacturing labor costs paid in cash Indirect materials used Supervision and engineering salaries paid in cash Plant utilities and repairs paid in cash Plant depreciation Actual direct manufacturing labor-hours Cost of individual jobs completed and transferred to finished goods Cost of goods sold EA 20,000 50,000 2,000 49,000 7,000 20,000 3,000 $ 230,000 $ 225,000 $ $ $

Data table Actual direct materials used Actual direct manufacturing labor costs paid in cash Indirect materials used Supervision and engineering salaries paid in cash Plant utilities and repairs paid in cash Plant depreciation Actual direct manufacturing labor-hours Cost of individual jobs completed and transferred to finished goods Cost of goods sold EA 20,000 50,000 2,000 49,000 7,000 20,000 3,000 $ 230,000 $ 225,000 $ $ $

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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Budgeted manufacturing overhead costs	$1,160,000

Budgeted direct manufacturing labor-hours	29,000

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Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [L03-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials $ 217,000 $ 268,000 Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 159,000 $ 371,000 $ 359,000 Inventory balances at the beginning and end of the year were as follows: Beginning $ 54,000 Ending $ 35,000 $ 23,000 Raw materials Work in process Finished goods $ 39,000 ? The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $735,0003; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $40,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods…
Question Content Area Compute conversion costs given the following data: direct materials, $376,200; direct labor, $200,400; factory overhead, $179,400 and selling expenses, $48,400. a. $555,600 b. $131,000 c. $756,000 d. $379,800
What is the cost of goods manufacturerd solution this general accounting question
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Beginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =
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IMAGE (A) Category Unit Batch Product Facility Total Pooled Cost Types of Costs $ 388,000 Indirect labor wages, supplies, factory utilities, machine maintenance 215,400 Materials handling, inventory storage, labor for setups, packaging, labeling and shipping, scheduling Research and development 112,600 307,000 Machine hours Cost Driver Number of production orders Time spent by research department Rent, general utilities, maintenance, facility depreciation, Square footage administrative salaries IMAGE (B) Direct materials cost Direct labor cost Number of labor hours Number of machine hours Number of production orders Research and development time Number of units Square footage Type of Product Total Cost Cost per Unit a Commercial a. Home a. Miniature Combined total $ 0 b. Commercial b. Home b. Miniature Combined total $ 0 Commercial $25.07 per unit $ 10.35 per hour 6,000 10,000 Home Miniature Total $15.07 per unit $ 8.35 per hour $12.07 per unit $9.35 per hour 12,000 2,000 45,000 25,000…