Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary $16,300 13,350 4,600 53,400 83,100 142,700 8,300 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $73,300 46,700 3,300 2,000 2,590 16,900 3,150

Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary $16,300 13,350 4,600 53,400 83,100 142,700 8,300 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $73,300 46,700 3,300 2,000 2,590 16,900 3,150

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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The Contreras Corporation uses a job-order costing system. The following activities took place during the month of May: a. Raw materials purchased b. Raw materials (all direct) used in production c. Salaries and wages costs: Direct labor cost Indirect labor cost Sales salaries d. Factory utility costs e. Depreciation on factory equipment f. Advertising expense g. Manufacturing overhead is applied at the predetermined rate of 150% of direct labor cost. h. Cost of Goods Manufactured for the month i. Cost of Goods Sold for the month $ 40,000 $ 35,000 $ 60,000 $ 30,000 $ 32,000 $ 15,000 $ 50,000 $ 75,000 $180,000 $150,000 Required: Prepare journal entries to record the information given above.
When calculating the predetermined manufacturing overhead rate, what is the correct basis of calculation? a.Estimated overhead costs divided by the estimated amount of the cost driver or allocation base b.Estimated amount of the cost driver divided by the estimated total overhead costs c.Estimated overhead costs divided by the number of days in a year d.Actual overhead costs of the prior year divided by the actual amount of the cost driver or allocation base
The cost accountant for Kenner Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning May 1 would be $3,000,000, and total direct labor costs would be $2,400,000. During May, the actual direct labor cost totaled $198,400, and factory overhead cost incurred totaled $253,200. Question: Journalize the entry to apply factory overhead to production for May.
Vishal
A company uses a job costing system and applies overhead to jobs using a predetermined overhead rate based on direct labor-hours. The company had the following inventories at the beginning and end of March: March 1 Direct Materials $30,000 Work in Process $12,000 Finished Goods $54,000 The following additional data pertain to operations during March: Direct materials purchased Direct labor cost Direct labor rate Overhead rate March 31 $36,000 $18,000 $72,000 Choose... $ 84,000 $ 60,000 $7.5 per direct labor hour $10 per direct labor hour The Cost of Goods Manufactured for March was:
1. How much overhead would have been charged to the company’s Work-in-Process account during the year? 2. Comment on the appropriateness of the company’s cost drivers (i.e., the use of machine hours in Machining and direct-labor cost in Assembly).
Jackson Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. (Click the icon to view the costs.) Requirements 1. 2. 3. Compute Jackson's predetermined overhead allocation rate. Prepare the journal entry to allocate manufacturing overhead. Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. Is manufacturing overhead underallocated or overallocated? By how much? 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease Cost of Goods Sold? Print Allocated overhead to WIP Done - X Data table At the beginning of 2024, the company expected to incur the following: Manufacturing overhead costs Direct labor costs $880,000 1,540,000 Machine hours 80,000 hours At the end of 2024, the company had actually incurred: Direct labor costs Depreciation on manufacturing plant and equipment Property taxes on plant…
PSMO Company currently uses normal costing method in accumulating the cost of production. The following data were provided for the current year Raw Materials: Inventory, Jan. 1 Issuance to production Purchases on account Factory Labor: Total Factory payroll Factory overhead: Plant depreciation Utilities Repair and Maintenance Indirect Materials Indirect Labor Other overhead costs Work in process: Jan. 1 Dec. 31 How much is the cost of goods manufactured? P 6,940,000 P 3,370,000 P 7,010,000 P 186,000 P600,000 3,600,000 4,350,000 2,700,000 200,000 145,000 145,000 230,000 600,000 105,000 720,000 650,000
Dakota Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Dakota allocates manufacturing overhead costs using direct manufacturing labor costs. Dakota provides the following information: E (Click the icon to view the information.) Read the requirements. Requirement 1. Compute the actual and budgeted manufacturing overhead rates for 2017. (Enter your answer as a number (not as a percentage) rounded to two decimal places, X.XX.) Actual manufacturing overhead rate Budgeted manufacturing overhead rate = Data table Budget for 2017 Actual Results for 2017 Direct material costs 2,250,000 $ 2,150,000 Direct manufacturing labor costs 1,700,000 1,650,000 Manufacturing overhead costs 3,060,000 3,217,500 Print Done
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Factory Overhead Rates and Account Balances Prostheses Industries operates two factories. The manufacturing operations of Factory 1 are m e intensive, while the manufacturing operations of Factory 2 are labor intensive. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Estimated factory overhead cost for fiscal year beginning August 1 Estimated direct labor hours for year Estimated machine hours for year Actual factory overhead costs for August Actual direct labor hours for August Actual machine hours for August 1,730 a. Determine the factory overhead rate for Factory 1. Round your answer to the nearest cent. per machine hour $887,200 Factory 2 22,180 $70,930 $1,049,400 15,900 $90,600 1,430 b. Determine the factory overhead rate for Factory 2. Round your answer to the nearest cent. per direct labor…
Mc Graw Prepare the schedule of cost of goods manufactured for Barton Company using the following information for the year ended December 31. Direct materials used Direct labor Factory overhead Work in process inventory, beginning Work in process inventory, ending $ 190,000 64,500 24,400 158, 200 148,000 Barton Company Schedule of Cost of Goods Manufactured For Year Ended December 31 Add: Work in process inventory, beginning Add: Work in process inventory, ending Less: Work in process inventory, beginning Less: Work in process inventory, ending TOL DUST UT WUK BT DIGUDDO 8:01 PM 9/20/2022