a. Show labor and overhead cost flows through T-accounts.b. Prepare an income statement for the company for August. ### Case Study: Royal Consulting and Mediation Practice**Overview:**For the month of August, Royal Consulting and Mediation Practice (RCMP) worked 900 hours for Alberta Company and 2,100 hours for Ontario Corporation. RCMP bills clients at the rate of $400 per hour; labor cost for its consulting staff is $200 per hour. The total number of hours worked in August was 3,000, and overhead costs were $60,000. Overhead is applied to clients at $24 per labor-hour. Additionally, RCMP had $240,000 in marketing and administrative costs. All transactions are on account, and all services were billed.**Transactions:**(a) Record Labor Cost (b) Record Applied Service Overhead (c) Record Cost of Services Billed (d) Record Actual Service Overhead **Required:**a. Show labor and overhead cost flows through T-accounts. b. Prepare an income statement for the company for August.**Instructions:**Complete this question by entering your answers in the tabs below.### T-Accounts**Wages Payable:**| Beg. bal. | | ||-----------|---------|---------|| | | End bal.|**Work-in-Process:**| Beg. bal. | | ||-----------|---------|---------|| | | End bal.|**Cost of Services Billed:**| Beg. bal. | | ||-----------|---------|---------|| | | End bal.|**Service Overhead Control:**| Beg. bal. | | ||-----------|---------|---------|| | | End bal.|**Applied Service Overhead:**| Beg. bal. | | ||-----------|---------|---------|| | | End bal.|### Next StepsProceed to **Required B** to continue with the preparation of the income statement.

A ledger is a log or list of accounts that keep track of account transfers. An income statement is a…

Answered: For August, Royal Consulting and…

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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Use the following information to calculate the cost of goods manufactured during July. Work in process inventory, 1 July Manufacturing overhead applied during the month Work in process inventory, 31 July Finished goods inventory, 1 July Finished goods inventory, 31 July Cost of goods sold during July 9,000 20,000 14,000 7,500 5,000 75,000
Thank you.
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
how do you define prime costs? conversion costs? The following costs were incurred in July: Direct Materials $39,500 Direct Labor $30, 400 Manufacturing Overhead $28, 900 Selling Expenses $26, 500 Administrative Expenses $35, 800 What are total conversion costs during the month of July?
The following is a manufacturing cost report of Marching Ants Inc. Evaluate and correct this report.
Required: 1) Calculate the raw material used by Pro-Leather Company. 2) Calculate the indirect materials used by Pro-Leather Company 3) What is the total manufacturing overhead cost incurred by Pro-Leather Company during the period? 4) Determine the prime cost & conversion cost of the cases manufactured. 5) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. 6) Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. 7) What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year? 8) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity? thank you very much
ate dir and th ble for ory, Au ate fix verhea ate dir to ca August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct materials purchased Direct materials used Variable manufacturing overhead Total manufacturing overhead Total manufacturing costs incurred during August 2022 Cost of goods manufactured Cost of goods sold Finished goods inventory, August 1, 2022 Print Done 215 75 335 385 265 485 1,610 1,690 1,700 220 X ean thes ust.
1. Prepare a physical flow schedule for July.
In Wildhorse Company, materials are entered at the beginning of each process, and conversion costs are incurred uniformly throughout the process. Work in process inventories, with the percentage of work done on conversion costs, and production data for its Sterilizing Department in selected months during 2022 are as follows. Beginning Ending Work in Process Work in Process Conversion Units Completed and Conversion Month Units Cost% Transferred Out Units Cost% January 14.300 2,600 60 March 15,600 3,900 30 May 18.200 9,100 80 July 13,000 1,700 40 (a) Your answer is correct. For January and May, compute the physical units to be accounted for and the physical units accounted for. January May Units to be accounted for Beginning work in process i i Started into production 16900 27300 Total units 16900 27300 Units accounted for Transferred out 14300 18200 Ending work in process 2600 9100 Total units 16900 27300 || || оо
1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,500 51,210 15,510 37,540 Double line5,340 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,110 56,360 15,500 31,830 Double line Double line6,920 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20

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