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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Schwiesow Corporation has provided the following information: Variable manufacturing overhead Fixed manufacturing overhead $5.10 $1.80 Direct materials Direct labor Sales commissions $1.00 Variable administrative expense $0.40 Fixed selling and administrative expense $ 5,500 If the selling price is $18.70 per unit, the contribution margin per unit sold is closest to: $4.30 $8.15 Cost per Unit Cost per Period $7.05 $ 3.50 $1.65 $ 11,000
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
At the beginning of the year, Learer Company’s manager estimated total direct labor cost assuming 30 persons working an average of 2,000 hours each at an average wage rate of $40 per hour. The manager also estimated the following manufacturing overhead costs for the year. Indirect labor $ 334,200 Factory supervision 143,000 Rent on factory building 155,000 Factory utilities 103,000 Factory insurance expired 83,000 Depreciation—Factory equipment 412,000 Repairs expense—Factory equipment 75,000 Factory supplies used 83,800 Miscellaneous production costs 51,000 Total estimated overhead costs $ 1,440,000 At year-end, records show the company incurred $1,592,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $619,000; Job 202, $578,000; Job 203, $313,000; Job 204, $731,000; and Job 205, $329,000. In addition, Job 206 is in process at the end of the year and…
Use the following data to compute total manufacturing costs for the month: Sales commissions $ 11,300 Direct labor 40,100 Indirect materials 15,700 Factory utilities 9,500 Indirect labor 14,000 Depreciation—office equipment 5,500 Direct materials 41,000 Corporate office salaries 43,000 Depreciation—factory equipment 8,000
Nancy Inc., incurred the following actual overhead costs for the month of April: Account Cost Indirect materials $10,000 Indirect labor $20,000 Factory equipment depreciation $ 8,000 Factory building rent $ 7,000 Environmental remediation costs $ 2,000 Overhead is applied based on a predetermined rate of $8 per direct labor hour, and 6,500 direct labor hours were used during April. The balance of the T account for Manufacturing Overhead (MOH) would show which of the following? Group of answer choices $5,000 of credit balance of overallocated MOH $10,000 credit balance of under allocated MOH $5,000 of debit balance of overallocated MOH $10,000 debit balance of under allocated MOH
The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 1 Materials used in production (including $52,800 of indirect materials) $616,000.00 2 Direct labor (including $83,800 maintenance salaries) 565,500.00 3 Factory overhead: 4 Supervisor salaries 521,000.00 5 Heat, light, and power 140,800.00 6 Sales salaries 347,800.00 7 Promotional expenses 320,000.00 8 Insurance and property taxes—plant 151,500.00 9 Insurance and property taxes—corporate offices 218,600.00 10 Depreciation—plant and equipment 124,750.00 11 Depreciation—corporate offices 85,000.00 12 Total $3,090,950.00 Evaluate and correct this report. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure…
Knight Company reports the following costs and expenses in May. Factory utilities $17,256 Depreciation on factory equipment $12,908 Depreciation on delivery trucks $4,025 Indirect factory labor $53,079 Indirect materials $84,719 Direct materials used $142,670 Factory manager's salary $8,399 Direct labor $72,344 Sales salaries $49,163 Property taxes on factory building $3,381 Repairs to office equipment $1,614 Factory repairs $2,617 Advertising $15,734 Office supplies used $3,274 From the information, determine the total amount of product costs.
Carla Vista Corporation incurred the following costs while manufacturing its product: Materials used in product $121,200 Advertising expense $45,050 Depreciation on plant 61,600 Property taxes on plant 19,200 Property taxes on warehouse 7,710 Delivery expense 22,000 Labour costs of assembly-line workers 111,000 Sales commissions 35,100 Factory supplies used 26,000 Salaries paid to sales clerks 50,400 Work in process inventory was $10,900 at January 1 and $14,800 at December 31. Finished goods inventory was $60,500 at January 1 and $50,800 at December 31. (a) Calculate the cost of goods manufactured. Cost of goods manufactured $enter the cost of goods manufactured in dollars
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.
Malone Company has the following balances for the current month: Indirect materials used $1320 Direct labor 5469 Sales salaries 11588 Indirect labor 1508 Production manager's salary 10170 Marketing costs 4286 Factory rent Direct materials used What are the total period costs? 11814 2021
At the beginning of the year, Learer Company’s manager estimated total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $25 per hour. The manager also estimated the following manufacturing overhead costs for the year. Indirect labor $ 319,200 Factory supervision 240,000 Rent on factory building 140,000 Factory utilities . 88,000 Factory insurance expired . 68,000 Depreciation—Factory equipment . 480,000 Repairs expense—Factory equipment 60,000 Factory supplies used . 68,800 Miscellaneous production costs . 36,000 Total estimated overhead costs $1,500,000 At year-end, records show the company incurred $1,520,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,000; Job 202, $563,000; Job 203, $298,000; Job 204, $716,000; and Job 205, $314,000. In addition, Job 206 is in process at the end of the year and had been charged $17,000 for direct labor. No jobs were in process…
Johansen Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. The Corporation has provided the following estimated costs for the next year: Direct materials $16,000 Direct labor $20,000 Rent on factory building $25,000 Sales salaries $25,000 Depreciation on factory equipment $8,000 Indirect labor $16,000 Production supervisor's salary $35,000 Jameson estimates that 25,000 direct labor-hours will be worked during the year. The predetermined overhead rate per hour will be: Group of answer choices 3.36 4.00 5.45 6.45