EX 18-14 Cost of goods manufactured for a manufacturing companyOBJ. 4The following information is available for Ethtridge Manufacturing Company for the monthending July 31:Cost of direct materials used in production$1,150,000Direct labor966,000Work in process inventory, July 1316,400000.0Work in process inventory, July 31355,500Total factory overhead490,500Determine Ethtridge's cost of goods manufactured for the month ended July 31.

Cost of goods manufactured refers to the costs incurred for manufacturing the goods during the…

Answered: EX 18-14 Cost of goods manufactured for…

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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Exercise 10-6A (Algo) Identifying product versus SG&A costs LO 10-2, 10-3 A review of the accounting records of Zachary Manufacturing indicated that the company incurred the following payroll costs during the month of March. Assume the company's financial statements are prepared in accordance with GAAP. 1. Salary of the company president-$32,800. 2. Salary of the vice president of manufacturing-$15,100. 3. Salary of the chief financial officer-$17,900. 4. Salary of the vice president of marketing-$15,000. 5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant-$189,000. 6. Wages of production workers-$945,000. 7. Salaries of administrative personnel-$111,000. 8. Salaries of engineers and other personnel responsible for maintaining production equipment-$169,000. 9. Commissions paid to sales staff-$245,000. Required a. What amount of payroll cost would be classified as SG&A (selling, general, and administrative) expense? b. Assuming that Zachary…
Appendix EX 20-27 Equivalent units of production and related costs The charges to Work in Process-Baking Department for a period as well as informa- tion concerning production are as follows. The Baking Department uses the average cost method, and all direct materials are placed in process during production. Work in Process-Baking Department Bal., 900 units, 40% completed 2,466 To Finished Goods, 8,100 units Direct materials, 8,400 units 34,500 Direct labor 16,200 Factory overhead Bal., 1,200 units, 60% completed 8,574 Determine the following: a. The number of whole units to be accounted for and to be assigned costs b. The number of equivalent units of production c. The cost per equivalent unit The cost of unito
7:36 The accounting records of Falcon Company revealed the following information Raw materials used Direct labor Manufacturing overhead Work-in-process inventory, 1/1 Finished-goods inventory, 1/1 Work-in-process inventory, 12/31 Finished-goods inventory, 12/31 Falcon's cost of goods manufactured is: Multiple Choice O None of the answers is correct. O $537,000. $ 66,000 131,000 366,000 56,000 195,000 82,000 146,000
Question 11?
Q3 Ex. 184 Landis Company uses a job order cost system in each of its two manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department A and machine hours in Department B. In establishing the predetermined overhead rates for 2013, the following estimates were made for the year: Department Manufacturing overhead Direct labor cost Direct labor hours Machine hours Direct materials used Direct labor cost A $2,100,000 1,400,000 Manufacturing overhead incurred Direct labor hours Machine hours 100,000 200,000 During January, the job cost sheet showed the following costs and production data: Department A $195,000 100,000 155,000 B $1,600,000 1,200,000 8,000 16,000 100,000 400,000 B $128,000 110,000 135,000 8,400 34,000 Instructions (a) Compute the predetermined overhead rate for each department. (b) Compute the total manufacturing cost assigned to jobs in January in each department. (c) Compute the balance in the Manufacturing Overhead…
M Thu Sep 8 t 14 of 15 AA Period Ce b Home | bartl... 23 my.post.edu... X 14 Unit 1-... 14 rint ezto.mheducation.com A Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense 5 Total direct manufacturing cost Total indirect manufacturing cost Okay C Required information [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: G what is the h. Average Cost per Unit $ 7.00 $4.50 $ 1.40 $ 4.00 $4.00 $ 2.10 $ 1.10 $ 0.55 14. If 12,000 units are produced, what are the total amounts of direct and indirect manufacturing costs incurred to support this level of production? (Do not round intermediate calculations.) @ 29% 4 + 88 Init 1-C... You a
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QS 19-17 (Algo) Preparing a schedule of cost of goods manufactured LO P3 Shen Company reports the costs incurred below for the month ended May 31 The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of directmaterials co is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month. 4 was completed and Job 5 Direct materials used Direct labor used Job 4 $ 2,400 3,000 SHEN COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31 Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Job 5 $ 1,900 290 Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured $ $ 4,300 3,200 7,590 0 7,590 7,590
H
20 EXERCISES Soved Prepare jourmal entries to record the following production activities for Hotwax. 1. Incurred $145,000 of direct labor in its Mixing department and $70,000 of direct labor in its Shapi Wages Payable). 2 Incured indirect labor of $11,500 (credit Factory Wages Payable). 3. Total factory payroll of $226,500 was paid in cash. View transaction list Journal entry worksheet 1 Record direct labor used, but not yet paid. Note: Enter debits before credits. Transaction General Journal Debit Credit Work in process inventory-Shaping 70,000 Work in process inventory-Mixing < Prev 6 of 8 Next search 0 門

Appendix EX 20-27 Equivalent units of production and related costs The charges to Work in Process-Baking Department for a period as well as informa- tion concerning production are as follows. The Baking Department uses the average cost method, and all direct materials are placed in process during production. Work in Process-Baking Department Bal., 900 units, 40% completed 2,466 To Finished Goods, 8,100 units ? Direct materials, 8,400 units 34,500 Direct labor 16,200 Factory overhead Bal., 1,200 units, 60% completed 8,574 ? Determine the following: a. The number of whole units to be accounted for and to be assigned costs b. The number of equivalent units of production c. The cost per equivalent unit d. The cost of units transferred to Finished Goods e. The cost of units in ending Work in Process

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