$ 12,865The Fiberglass Boat Company reported the following costs and expenses in May 2023:Factory utilitiesDirect labor$228,460Depreciation on factorySales staff salaries102,520equipment8,265Property taxes on factoryDepreciation on delivery trucks1,855building9,600Indirect factory labor43,230Repairs to office equipment1,335Indirect materials16,570Factory repairs6,225Direct materials used209,955Advertising36,600Factory manager's salary66,000Office supplies used5,663Instructions1. Set up a schedule as shown in the example below, listing each item above, including itsdollar amount, under the proper classification heading.2. Total each classification to show the total of all costs and expenses under each heading.Cost and Expense DescriptionFactory UtilitiesManufacturing Overhead Product Cost Period Cost$12,865

Manufacturing OverheadThese are indirect costs related to manufacturing that cannot be traced…

Answered: $ 12,865 The Fiberglass Boat Company…

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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Presented below are incomplete 2022 manufacturing cost data for Sunland Corporation. Determine the missing amounts. Direct Total Work in Materials Direct Manufacturing Manufacturing Process Used Labor Overhead Costs (1/1) $35,720 $75,200 $45,120 $112,800 (b) $140,060 $49,820 $84,600 $274,480 2$ (c) $49,820 $109,040 $113,740 $272,600 $378,820
Accenture Chemicals has the following data relating to its factory in the year ended 31 December 2020: Direct material costs OMR 500 Direct labor cost OMR 250 The total indirect expenses for the factory are OMR 30,000. There were 5,000 labor hours worked and 25,000 machine hours consumed in the factory in the year 2020. Compute the overhead rate based on direct labor hour. None of these b. OMR 6.000 / hour COMR 1.000 / hour d. OMR 6.150 / hour
Assume that a manufacturing company incurred the following costs: $ 90,000 $ 40,000 $ 35,000 $ 15,000 $ 4,000 $ 5,000 $ 20,000 $ 1,000 $ 2,500 $ 105,000 $ 6,000 $ 7,000 Direct labor Advertising Factory supervision Sales commissions Depreciation, office equipment Indirect materials Depreciation, factory building Administrative office salaries Utilities, factory Direct materials Insurance, factory Property taxes, factory What is the total amount of conversion costs?
Wachowski Company reported the following cost data for the year 2017. Factory maintenance costs $90,000 Direct labor, wages 352,000 Direct labor, health insurance 32,000 Indirect labor, health insurance 16,000 Health insurance for production supervisor 6,500 Administrative costs 54,000 Rental of office space for administrative staff 18,500 Sales commissions 52,000 Direct material 1,220,000 Indirect materials 633,000 Advertising expense 39,000 Depreciation on factory building 62,000 Indirect labor, wages 70,000 Production supervisor's salary 33,000 Use the above cost data to complete the table below. Total prime costs $4 Total manufacturing overhead costs $ Total product costs Total period costs
Wachowski Company reported the following cost data for the year 2017. Factory maintenance costs $90,000 Direct labor, wages 352,000 Direct labor, health insurance 32,000 Indirect labor, health insurance 16,000 Health insurance for production supervisor 6,500 Administrative costs 54,000 Rental of office space for administrative staff 18,500 Sales commissions 52,000 Direct material 1,220,000 Indirect materials 633,000 Advertising expense 39,000 Depreciation on factory building 62,000 Indirect labor, wages 70,000 Production supervisor's salary 33,000 Use the above cost data to complete the table below. Total prime costs Total manufacturing overhead costs $ Total product costs $ Total period costs
Accenture Chemicals has the following data relating to its factory in the year ended 31 December 2020: · Direct material costs OMR 500 · Direct labour cost OMR 250 The total indirect expenses for the factory are OMR 30,000. There were 5,000 labour hours worked and 25,000 machine hours consumed in the factory in the year 2020. Compute the overhead rate based on direct labour hour. a. OMR 6.000/hour b. OMR 6.150/hour c. None of these d. OMR 1.000/hour Clear my choice
1. Al Marai Corporation has the following cost records for June 2019. OMR 4,500 20,000 Indirect factory labor Direct materials used Work in process, 6/1/19 Work in process, 6/30/19 Finished goods, 6/1/19 Finished goods, 6/30/19 Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials Factory manager's salary 3,000 3,800 5,000 7,500 400 1,400 40,000 1,800 2,200 3,000 Instructions: Prepare a cost of goods manufactured schedule for June 2019.
What is the total manufacturing cost charged to work in process during 2018 Calculate the cost of finished goods manufactured during 2018 Calculate cost of goods sold for 2018
Cepeda Corporation has the following cost records for June 2018: + Indirect factory labor $4,500 Factory utilities $400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in process, 6/1/18 3,000 Direct labor 40,000 Work in process, 6/30/18 3,800 Maintenance, factory equipment 1,800 Finished goods, 6/1/18 5,000 Indirect materials 2,200 Finished goods, 6/30/18 7,500 Factory manager's salary 3,000 Instructions a. Prepare a cost of goods manufactured schedule for June 2018. b. Prepare an income statement through gross profit for June 2018 assuming sales revenue is $92,100.
Required information [The following information applies to the questions displayed below.] Listed here are the costs associated with the production of 1,000 drum sets manufactured by TrueBeat. Costs 1. Plastic for casing-$20,000 2. Wages of assembly workers-$83,000 3. Property taxes on factory-$8,000 4. Office accounting salaries-$41,000 5. Drum stands-$29,000 6. Rent cost of office for accountants- $36,000 7. Office management salaries-$160,000 8. Annual fee for factory maintenance- $13,000 9. Sales commissions-$20,000 10. Factory machinery depreciation, straight-line-$45,000 2. Compute the average manufacturing cost per drum set. Calculation of Manufacturing Cost per Drum Set Manufacturing costs Total manufacturing costs
Cepeda Corporation has the following cost records for June 2018: + Indirect factory labor $4,500 Factory utilities $400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in process, 6/1/18 3,000 Direct labor 40,000 Work in process, 6/30/18 3,800 Maintenance, factory equipment 1,800 Finished goods, 6/1/18 5,000 Indirect materials 2,200 Finished goods, 6/30/18 7,500 Factory manager's salary 3,000 Instructions a. Prepare a cost of goods manufactured schedule for June 2018. b. Prepare an income statement through gross profit for June 2018 assuming sales revenue is $92,100.

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