Flounder Company reports the following costs and expenses in May. Factory utilities $16,000 Direct labor $72,700 Depreciation on factory equipment 14,250 Sales salaries 50,000 Depreciation on delivery trucks 4,900 Property taxes on factory building 2,600 Indirect factory labor 53,500 Repairs to office equipment 1,800 Indirect materials 85,000 Factory repairs 2,970 Direct materials used 141,700 Advertising 15,600 Factory manager's salary 8,100 Office supplies used 3,420 From the information: (a) Determine the total amount of manufacturing overhead. Manufacturing overhead $

Flounder Company reports the following costs and expenses in May. Factory utilities $16,000 Direct labor $72,700 Depreciation on factory equipment 14,250 Sales salaries 50,000 Depreciation on delivery trucks 4,900 Property taxes on factory building 2,600 Indirect factory labor 53,500 Repairs to office equipment 1,800 Indirect materials 85,000 Factory repairs 2,970 Direct materials used 141,700 Advertising 15,600 Factory manager's salary 8,100 Office supplies used 3,420 From the information: (a) Determine the total amount of manufacturing overhead. Manufacturing overhead $

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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Question: Alton Company produces metal belts. During the current month, the company incurred the following product costs: Raw materials $84,000 Direct labor $52,000 Electricity used in the Factory $22,000 Factory foreperson salary $3,100 Maintenance of factory machinery $2,000 What are Alton Company's direct product costs?
Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars). Information on January 1 (Beginning): Direct materials inventory $ 83 Work-in-process inventory 111 Finished goods inventory 1,630 Information for the year: Administrative costs $ 3,360 Direct labor 12,450 Direct materials purchases 8,250 Factory and machine depreciation 11,530 Factory supervision…
Cornelius Company produces women’s clothing. During the year, the company incurred the following costs: Factory rent $ 380,000 Direct labor 300,000 Utilities—factory 38,000 Purchases of direct materials 555,000 Indirect materials 66,000 Indirect labor 60,000 Inventories for the year were as follows: January 1 December 31 Materials $ 25,000 $ 40,000 Work-in-Process 45,000 40,000 Finished Goods 135,000 75,000 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold.
Green Company's costs for the month of August are as follows: Direct materials used $27,000 Direct labour $34,000 Sales salaries $14,000 Indirect labour $10,000 Indirect materials $15,000 General corporate administrative costs $12,000 Property taxes on manufacturing facility $2,000 Rent on factory $17.000 The beginning work-in-process inventory is $16,000 and the ending work-in-process inventory is $9,000. What is the cost of goods manufactured for the month? a. $112,000 b. $105,000 C. $132,000 d. $138,000
Custom Creations Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Depreciation on sales office $ 9,800 Depreciation on factory equipment 16,700. Factory supervisor salary Sales commissions Lubricants used in factory equipment Insurance costs for factory Wages paid to maintenance workers Fabric used to upholster furniture Freight-in (on raw materials) Costs of delivery to customers Wages paid to assembly-line workers Lumber used to build product 50,200 23,400 3,800 21,400 115,600 10,900 3,200 9,200 A. $261,800. OB. $131,700. OC. $236,600. D. $325,100. 115,100 82,100 54,100 26,900 Utilities in factory Utilities in sales office Manufacturing overhead costs for Custom Creations Furniture Company totaled
The Company manufactures furniture at its New York factory. Some of its costs from the past year include: Depreciation on sales office $ 9,700 Depreciation on factory equipment 16,600 Factory supervisor salary 50,200 Sales commissions 23,600 Lubricants used in factory equipment 3,000 Insurance costs for factory 21,400 Wages paid to maintenance workers 115,400 Fabric used to upholster furniture 10,800 Freight-in (on raw materials) 3,600 Costs of delivery to customers 9,000 Wages paid to assembly-line workers 115,600 Lumber used to build product 82,200 Utilities in factory 54,800 Utilities in sales office 26,100 Direct material costs for The Company totaled
A partial listing of costs incurred during December at Gagnier Corporation appears below: Factory Supplies Administrative wages and salaries Direct materials Sales staff salaries Factory depreciation Corporate headquarters building rent Indirect labor Marketing Direct labor 89,000 325,000 O 310,000 $8,000.00 O 399,000 $105,000.00 $153,000.00 $68,000.00 $49,000.00 $34,000.00 The total of the period costs listed above for December is: $32,000.00 $103,000.00 $83,000.00
Listed here are the costs associated with the production of 1,000 drum sets manufactured by TrueBeat. 1. Plastic for casing-$20,000 2. Wages of assembly workers-$89,000 3. Property taxes on factory-$6,000 4. Office accounting salaries-$39,000 5. Drum stands-$35,000 6. Rent cost of office for accountants-$48,000 7. Office management salaries-$210,000 8. Annual fee for factory maintenance $16,000 9. Sales commissions-$21,000 10. Factory machinery depreciation, straight-line-$41,000 Costs Required: 1. Classify each cost and its amount as either product or period. The first cost is completed as an example. Costs 1. Plastic for casing 2. Wages of assembly workers 3. Property taxes on factory 4. Office accounting salaries 5. Drum stands 6. Rent cost of office for accountants 7. Office management salaries 8. Annual fee for factory maintenance 9 Sales commissions 10 Factory machinery depreciation, straight-line i $ Product 20,000 Period
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Knight Company reports the following costs and expenses in May. Factory utilities $ 10,500 Direct labor $69,000 Depreciation on factory equipment 12,650 sales salaries 47,000 Depreciation on delivery trucks 4,000 Property taxes on factory building 2,000 Indirect factory labor 48,900 Repairs to office equipment 1,500 Indirect materials 80, 800 Factory repairs 2,000 Direct materials used 137,000 Advertising 15,000 Factory manager's salary 8,000 Office supplies used 2,600 Instruction: From the information, determine the total amount of: Manufacturing overhead. Product costs. Period costs.
Hartley Uniforms produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Hartley Uniforms reports the following cost data for the past year: Budget Actual 7,600 hours 6,100 hours Direct labor hours Machine hours 7,200 hours 6,300 hours Depreciation on salespeople's autos $23,000 $23,000 Indirect materials $48,500 $50,500 Depreciation on trucks used to deliver uniforms to customers solla $13,000 $70,000 $40,000 $11,000 Depreciation on plant and equipment Indirect manufacturing labor $72,500 $42,000 Customer service hotline $19,000 $21,000 Plant utilities $35,900 $38,400 Direct labor cost $72,500 $85,500 Requirements 1odel tba 1. Compute the predetermined manufacturing overhead rate. 2. Calculate the allocated manufacturing overhead for the past year. 3. Compute the underallocated or overallocated manufacturing overhead. How will this underallocated or overallocated manufacturing overhead be disposed of? 4. How can managers usA acco