Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours.
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- Calculator Freeman Furnishings has summarized its data as shown: Depreciation of factory building $116,000 Factory real estate taxes $15,000 Factory utility expenses $85,000 Indirect materials $32,000 Indirect labor $25,000 Direct labor cost $86,000 Direct labor hours incurred 25,500 Estimated direct labor hours 26,000 Raw material purchased $350,000 Raw material, beginning inventory $40,000 Raw material, ending inventory $29,000 Work in process, beginning inventory $53,000 Work in process, ending inventory $67,000 Estimated overhead $286,000 Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours. %24Freeman Furnishings has summarized its data as shown: Depreciation of factory building $77,500 Factory real estate taxes $15,000 Factory utility expenses Indirect materials $85,000 $32,000 $25,000 $84,000 Indirect labor Direct labor cost Direct labor hours incurred Estimated direct labor hours Raw material purchased Raw material, beginning Inventory Raw material, ending Inventory Work in process, beginning Inventory Work in process, ending Inventory Estimated overhead Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours. x 21,500 22,000 $370,000 $40,000 $29,000 $52,000 $67,000 $247,500Consider the following costs incurred in a recent period: Direct Materials $ 33,000 Depreciation on factory equipment $ 12,000 Factory janitor's salary $ 23,000 Direct labor $ 28,000 Utilities for factory $ 9,000 Selling expenses $ 16,000 Production supervisor's salary $ 34,000 Administrative expenses $ 21,000 What was the total amount of the period costs listed above for the period? a. $78,000 b. $71,000 c. $37,000 d. $46,000
- Dexter company manufaturing costd were as follows: Direct material and Direct Labor P 100,000 Depreciation of manufacturing equipment P70,000 Depreciation of manufacturing building P40,000 Janitors wages for cleaning factory premises P15,000 How much is the prime cost?Dexter company manufaturing costd were as follows: Direct material and Direct Labor P 100,000 Depreciation of manufacturing equipment P70,000 Depreciation of manufacturing building P40,000 Janitors wages for cleaning factory premises P15,000 1. How much is the Prime Cost? 2. How much is the manufacturing overhead?Selected information from Skybox Studios shows the following: Raw Material Purchased $5,000 Direct Materials $1,500 Direct Labor $11,000 Factory Depreciation $2,000 Total Manufacturing Overhead Incurred $15,000 Machine Hours Per Month 28,000 Unit Cost for Materials $2 Unit Cost of Conversation $8 Number units transferred 15,000 Prepare journal entries to record the following: a. Raw material purchased b. Direct labor incurred c.Depreciation expense (hint: this is part of manufacturing overhead) d. Raw materials used e. Overhead applied on the basis of $0.50 per machine hour f.The transfer from department 1 to department 2
- Dexter company manufaturing costd were as follows: Direct material and Direct Labor P 100,000 Depreciation of manufacturing equipment P70,000 Depreciation of manufacturing building P40,000 Janitors wages for cleaning factory premises P15,000 How much is the manufacturing overhead?Income Statement Kelly Metal Products Corporation sold 60,000 units of product for $46 each during 2016. During the year, 30,000 shares of common stock were outstanding. Kelly Metal Products Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory $96,000 Cost of materials purchased 630,000 Cost of material available 726,000 Less: Ending materials Inventory 66,000 Total materials used 660,000 Less: Indirect material used 39,000 Direct materials used $621,000 Direct labor 405,000 Manufacturing overhead Indirect material 39,000 Indirect labor 75,000 Factory supplies used 36,000 Factory depreciation 234,000 Factory repairs and maintenance 84,000 Total manufacturing overhead 468,000 Total manufacturing costs for the year 1,494,000 Add: Beginning work in process inventory Total cost of work in process during the year 102,000 1,596,000 Less: Ending work in process inventory Cost of goods manufactured Add:…Sun Inc. has provided the following information: $ 60,000 55,000 Beginning Work-in-Process Inventory Beginning Raw Materials Inventory Purchases and Freight In of Raw Materials Ending Raw Materials Inventory 315,000 80,000 Direct Labor 70,000 Depreciation-Plant and Equipment Plant Utilities, Insurance, and Property Taxes 25,000 15,500 Ending Work-in-Process Inventory Selling and distribution overhead 23,000 40,000 Calculate the cost of goods manufactured. a) $412,500 b) $437,500 c) $477,500 d) $422,000
- Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense—administrative office $ 36,200 Depreciation expense—plant and equipment 92,000 Direct labor—wages 534,300 Materials Inventory, Dec. 31 35,000 Materials Inventory, Jan. 1 25,000 Direct materials purchases 185,000 Finished goods inventory, Dec. 31 24,400 Finished goods inventory, Jan. 1 16,200 Heat, light, and power—plant 47,600 Indirect labor 27,400 Property taxes—plant 37,000 Sales representatives’ salaries 151,000 Sales revenue 1,628,000 Factory supervisor’s salary 67,800 Supplies—administrative office 18,400 Supplies—plant 30,200 Work-in-process inventory, Dec. 31 11,400 Work-in-process inventory, Jan. 1 26,000 Required: Prepare a statement of cost of goods manufactured and an income statement for Huntersville for the year ended December 31.…Angela Company provided the following information for the current year: Purchases of raw materials 4,600,000 Indirect labor 720,000 Ending raw materials 680,000 Beginning goods in process 1,520,000 Depreciation on headquarters building 420,000 Factory supervisor's salary 1,120,000 Direct labor 3,960,000 Beginning raw materials 800,000 Depreciation on factory building 640,000 Ending goods in process 2,000,000 1. What amount should be reported as gross purchases for the current year?Angela Company provided the following information for the current year: Purchases of raw materials 4,600,000 Indirect labor 720,000 Ending raw materials 680,000 Beginning goods in process 1,520,000 Depreciation on headquarters building 420,000 Factory supervisor's salary 1,120,000 Direct labor 3,960,000 Beginning raw materials 800,000 Depreciation on factory building 640,000 Ending goods in process 2,000,000 1. What amount should be reported as raw materials available for use for the current year?2. What amount should be reported as gross purchases for the current year?3.
