Direct materials$190,000Direct labor (5000 hours@ $9hour)45,00018,00025,00023,500Indirect laborPlant facility rentDepredation on plant machinery and equipmentSales commisions24,000Administrative expenses39,000amount of manufacturing overhead allocated to all jobs during June 2014 totals

Name: Direct materials$190,000Direct labor (5000 hours@ $9hour)45,00018,000
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Description: Direct materials$190,000Direct labor (5000 hours@ $9hour)45,00018,00025,00023,500Indirect laborPlant facility rentDepredation on plant machinery and equipmentSales commisions24,000Administrative expenses39,000amount of manufacturing overhead allocat

Formula: Manufacturing overhead = Indirect labor + Plant facility rent + Depreciation on plant…

Business

Accounting

Direct materials Direct labor (5000 hourse $9hour) Indirect labor Plant facility rent Depredation on plant machinery and equipment $190,000 45,000 18,000 25,000 23,500 Sales commissions 24,000 Administrative expenses 39,000

Direct materials Direct labor (5000 hourse $9hour) Indirect labor Plant facility rent Depredation on plant machinery and equipment $190,000 45,000 18,000 25,000 23,500 Sales commissions 24,000 Administrative expenses 39,000

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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Direct Materials Used $465,000 Wages to Line Workers 240,000 Office Rent 72,500 Indirect Materials Used 480,000 How much is the total product costs for the year?
Direct Materials Direct Labor Manufacturing overhead Total Manufacturing costs Work-in-process 1/1 Work-in-process 12/31 Cost of goods manufactured Sales Finished Goods 1/1 Cost of Goods Available Finished Goods 12/31 Cost of Goods Sold Gross Profit Operating Expenses Net Operating Income Case 1 $36,000 $12,000 $78,000 $12,000 $66,000 $180,000 $42,000 $78,000 $54,000 Case 2 $5,000 $6,000 $21,000 $2,000 $33,000 $50,000 $9,000 $7,000 $10,000 a Calculate the unknown amounts for both Case 1 and 2 b For Case 1, compute the total prime costs for the year. c For Case 1, compute the total conversion costs for the year. d For Case 1, compute the average price per unit if the company sold 15,000 uni e For Case 1, compute the operating income per unit if the company sold 15,000 units f For Case 1, compute the POHR assuming Manufacturing overhead is applied based on DL cost g For Case 1, review beginning and ending work in process. As an auditor or manager what one question might you possibly…
P 245,000 250,000 176,000 Direct materials Indirect materials Direct labor 111,000 74,000 58,000 112,000 Indirect labor Factory utilities Advertising costs Sales commissions Depreciation on administration building Salaries of administrative personnel Depreciation- delivery equipment Overtime pay- factory workers Rework cost on defective products Discovered during quality inspection 93,000 220,000 42,000 31,500 22,500
b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. Entry Description Debit Credit b. Work in Process fill in the blank 6 fill in the blank 7 Factory Overhead fill in the blank 9 fill in the blank 10 Materials fill in the blank 12 fill in the blank 13 c. Factory labor used, $756,000, of which $182,000 was indirect. Entry Description Debit Credit c. Work in Process fill in the blank 15 fill in the blank 16 Factory Overhead fill in the blank 18 fill in the blank 19 Wages Payable fill in the blank 21 fill in the blank 22
Factory maintenance costs $90,000 Direct labor, wages 352,000 Direct labor, health insurance 32,000 Indirect labor, health insurance 15,000 Health insurance for production supervisor 6,500 Administrative costs 55,000 Rental of office space for administrative staff 17,500 Sales commissions 52,500 Direct material 1,230,000 Indirect materials 632,000 Advertising expense 39,000 Depreciation on factory building 62,000 Indirect labor, wages 70,000 Production supervisor's salary 32,000 Use the data to determine the total product cost.
Estimated cost and operating data for four companies for the upcoming year is as follow: Description Company X Company Y Company Z Company A Direct labor hours 80,000 45,000 60,000 45,000 Machine hours 30,000 70,000 21,000 28,500 Direct material cost $400,000 $290,000 $300,000 $265,000 Manufacturing overhead cost $536,000 $315,000 $480,000 $380,000 Predetermined overhead rates are computed using the following allocation bases in the four companies: Company Allocation Base X Direct labor hours Y Machine hours Z Direct material cost A 105% of DM cost Required: Compute each company’s predetermined overhead rate.
Details $ Advertising expenses 140,000 Office expenses 400,000 Depreciation of office equipment 895,000 Direct raw materials 1,650,000 Production foremen salaries 540,000 Production workers wages 1,050,000 Indirect material charges 420,000 Depreciation of factory machinery 955,000 Carriage outwards 85,000 Wages of truck drivers 1,700,000 Electricity 960,000 Administrative staff salaries 3,200,000 Warehouse staff salaries 2,300,000 Salesmen commission 6,500,000 License fee 500,000 Insurance 600,000 Notes: Apportion the following charges as indicated below: Details Factory Administration Distribution Selling Electricity 40% 25% 20% 15% Insurance 45% 20% 15% 20% Identify the factory overheads: (i) Production foreman salaries (ii) License fees (iii) Direct expenses…
Test and Pack Department 120,000 Total $306,000 The direct labor information for the production of 7,500 units of each product is as follows: Assembly Department Test and Pack Department Blender 750 dlh 2,250 dlh Toaster oven 2,250 750 Total 3,000 dlh 3,000 dlh Four Finger Appliance used direct labor hours to allocate production department factory overhead to products. If required, round all per unit answers to the nearest cent. a. Determine the two production department factory overhead rates. Assembly Department per direct labor hour Test and Pack Department per direct labor hour b. Determine the total factory overhead and the factory overhead per unit allocated to each product. Product Total Factory Overhead Factory Overhead Per Unit Blender Toaster oven
A-6
September 1, purchased raw materials ($120 million direct materials, $10 million indirect materials) for $130 million cash September 2, moved all the raw material into production. September 22 the company records applied overhead at the rate of 80% of direct material costs September 29, paid cash for manufacturing labor services, $220 million ($200 million direct labor and $20 million indirect labor). September 30, actual costs of other overhead items was calculated to be $76 million. September 30, all the goods charged into production were completed and moved to Finished Goods Inventory Account. September 30, 95% of the completed goods were sold for cash at a markup of 15 % of the cost before adjusting for over or under applied overhead costs. i need only journal.
Harith Company's industrial photo-finishing division, Rho, incurred the following cost and expenses in 2021: Direct Materials Direct Labor Factory Overhead General, selling and administrative Totals VARIABLE P200,000 150,000 70,000 30,000 P450,000 15% FIXED P42,000 48,000 P90,000 During 2021, Rho produced 300,000 units of industrial photo-prints, which were sold for P2.00 each. Oslo's investment in Rho was P500,000 and P700,000 at January 1 and December 31, 2021 respectively. Harith normally imputes interest on investment at 15% of average invested capital. For the year ended December 31, 2021, Rho's return on average investment was 10% 8.6% -5%