Factory overhead:Total factory overheadTotal manufacturing costs incurred during MarchTotal manufacturing costsCost of goods manufacturedb. Determine the cost of goods sold for March.100000010000 Statement of Cost of Goods Manufactured for a Manufacturing CompanyCost data for Johnstone Manufacturing Company for the month ended March 31 are as fInventoriesMarch 1March 31MaterialsWork in processFinished goods$193,500129,65098,690$166,410111,490113,160Direct laborMaterials purchased during MarchFactory overhead incurred during March:Indirect laborMachinery depreciationHeat, light, and powerSuppliesProperty taxesMiscellaneous costsDirect materials:$348,300371,52037,15022,4507,7406,1905,42010,060a. Prepare a cost of goods manufactured statement for March.Johnstone Manufacturing CompanyStatement of Cost of Goods ManufacturedFor the Month Ended March 31

Cost of goods manufactured shows total manufacturing costs incurred on products. It includes…

Factory overhead: Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs Cost of goods manufactured b. Determine the cost of goods sold for March. QOOOOO 10000

Factory overhead: Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs Cost of goods manufactured b. Determine the cost of goods sold for March. QOOOOO 10000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Hh1. Account
Please do not give salutations in image format thankuh
Factory Overhead Costs During August, Carrothers Company incurred factory overhead costs as follows: indirect materials, $3,110; indirect labor, $5,660; utilities cost, $1,210; and factory depreciation, $4,040. Journalize the entry to record the factory overhead incurred during August. If an amount box does not require an entry, leave it blank. Factory Overhead Materials Wages Payable Utilities Payable Accumulated Depreciation-Factory
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be $575,000, and total direct labor costs would be $460,000. During February, the actual direct labor cost totaled $40,000, and factory overhead cost incurred totaled $52,000. a. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals. % b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory Overhead-Blending Department? Amount: Debit or Credit? d. Does the balance in part (c) represent overapplied or underapplied factory overhead?
Determine and Use Overhead Rate The following selected ledger accounts of Cameron Company are for February (the second month of its accounting year): Materials Inventory Feb. 1 balance 113,400 February credits 406,800 February debits 374,400 Manufacturing Overhead February debits 493,920 Feb. 1 balance 41,760 February credits 490,860 Work in Process Inventory Feb. 1 balance 80,640 February credits 1,242,000 February debits: Direct material 342,000 Direct Labor 545,400 Man. overhead 490,860 Wages Payable February debits 696,600 Feb. 1 balance 162,000 February credits Finished Goods Inventory 637,200 Feb. 1 balance 275,400 February credits 1,381,320 February debits 1,242,000 a. Determine the amount of indirect material requisitioned for production during February. b. How much indirect labor cost was apparently incurred during February? c. Calculate the manufacturing overhead rate based on direct labor cost. %24
Metlock Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information $13,300 10.870 3,340 Manufacturing overhead 42,120 69,440 118,480 7,000 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used Determine the total amount of manufacturing overhead.. $59,480 39,820 2.150 1,130 1,720 12.900 2,260 su
Nn. 104.
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be $588,500, and total direct labor costs would be $535,000. During February, the actual direct labor cost totaled $46,000, and factory overhead cost incurred totaled $52,600. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals.fill in the blank% Journalize the entry to apply factory overhead to production for February. fill in the blank $fill in the blank $fill in the blank fill in the blank $fill in the blank $fill in the blank What is the February 28 balance of the account Factory Overhead—Blending Department? Amount: $fill in the blank Debit or Credit? ____________ Does the balance for Feb. 28…
Prepare a schedule of cost of goods manufactured.
Marigold, Inc., manufactures clamps used in the overhead bin latches of several leading airplane models. George Robinson, president of Marigold, Inc., has gathered the following cost information from the company's accounting records for the latest month of operations. Advertising Fire insurance premium for the factory building Sales office utilities. Air filters for the buffing machines used to produce the clamps Aluminum used to produce the clamps Rent on the factory building Freight to ship the clamps to customers Sales department executiv alaries Production supervisors' salaries Assembly line workers' wages $21,000 $6,000 $2,000 $1,875 $38,500 $10,500 $3,125 $43,000 $20,000 $57,000
A7 please help.........
2 ts eBook Mc Graw Hill The following information is for Punta Company for July: a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours; Job T used 4,350 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: " Utilities Depreciation Insurance Total f. Direct materials and indirect materials used are as follows: $ 16,500 48,750 Job Job T Indirect labor Total $ 19,500 84,750 Job S $ 32,250 Job T $75,000 37,250 14,250 $46,500 $ 112,250 Total 107,250 $ 51,500 158,750 214,750 $373,500 Material A Material B Subtotal Indirect materials Total g. Direct labor incurred for the two jobs and indirect labor are as follows: $ 63,000 52,500 148,000 $263,500…