From the account balances listed below, prepare a schedule of cost of goods manufactured for Sur Manufacturing Company for the month ended December 31, 2019. Finished Goods Inventory, December 31 Factory Supervisory Salaries Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Account Balances OMR 42,000 12,000 12,000 15,000 14,000 8,000 35,000 105,000 25,000 6,000 70,000 19,000 21,000 Raw Materials Inventory, December 31 Indirect Labor Sur Manufacturing Company Cost of Goods Manufactured Schedule For the Month Ended December 31, 2019

From the account balances listed below, prepare a schedule of cost of goods manufactured for Sur Manufacturing Company for the month ended December 31, 2019. Finished Goods Inventory, December 31 Factory Supervisory Salaries Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Account Balances OMR 42,000 12,000 12,000 15,000 14,000 8,000 35,000 105,000 25,000 6,000 70,000 19,000 21,000 Raw Materials Inventory, December 31 Indirect Labor Sur Manufacturing Company Cost of Goods Manufactured Schedule For the Month Ended December 31, 2019

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 journal entry to record the issuance of direct materials represented by the following materials requisitions for the month includes: Requisition No. Description Amount 372 Job No. 179 $ 5,950 373 Job No. 184 $4,400 374 Job No. 180 $ 5,225 375 General factory use $ 795 376 Job No. 182 $3,170 Multiple Choice a debit to Materials Inventory, $18,745. a debit to Materials Inventory, $19,540. a debit to Work - in - Process Inventory, $18,745. a credit to Work-in- Process Inventory, $19,540.
The following information is available from the cost records of a Company for the month of July, 2018 : (1) Material purchased (2) Material consumed (3) Actual wages paid for (4) Fixed Factory overhead incurred (5) Fixed Factory overhead budgeted (6) Units produced (7) Standard rates and prices are : $90,000 22,000 pieces 21,000 pieces 5,150 hours $25,750 $ 46,000 $42,000 1,900 $ 4.50 per piece 10 pieces per unit $ 6 per hour 2.5 hours per unit $ 8 per labour hour You are required to calculate : (i) Material price variance; (ii) Material usage variance; (iii) Direct material Standard input Direct labour rate Standard requirement Overhead Labour rate variance; (iv) Labour efficiency variance; (v) Fixed overhead expenditure variance
1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: b. Prepare an Income Statement for the year ended 2021! %24
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 Barton Company Schedule of Cost of Goods Manufactured For Year Ended December 31 Direct materials used Direct labor Factory overhead $ 225,000 66, 508 25, 200 168, 490 160,000 Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured $ 0 0
1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $4 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: c. Assume that FAN Company's accounting records show the balance of the following current asset accounts on December 31, 2021 (in thousand): Cash $110,250 Accounts Receivable $ 12,440 Prepaid Expenses $9,250 Supplies $ 500 Short-Term Investment $ 550 Prepare the current…
Rundle Company and Rooney Company assign manufacturing overhead to Work in Process Inventory using direct labor cost. The following information is available for the companies for the year. Actual direct labor cost Estimated direct labor cost. Actual manufacturing overhead cost Estimated manufacturing overhead cost Rundle Company $ 148,000 153,000 Rundle Company Rooney Company 55,600 74,970 Required a. Compute the predetermined overhead rate for each company. b. Determine the amount of overhead cost that would be applied to Work in Process Inventory for each company. c. Compute the amount of overapplied or underapplied manufacturing overhead cost for each company. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the predetermined overhead rate for each company. Note: Round your answers to 2 decimal places. Predetermined Overhead direct labor dollar direct labor dollar Rooney Company $ 173,000 105,000 91,100 90,300
Prepare an income statement
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 P 6,940,000 P 3,370,000 P 7,010,000 P600,000 3,600,000 4,350,000 P 186,000 2,700,000 How much is the total manufacturing costs assuming factory overhead is applied at 70% of direct labor costs 200,000 145,000 145,000 230,000 600,000 105,000 720,000 650,000
The following information pertains to Thornton Manufacturing Company for March Year 3. Assume actual overhead equaled applied overhead. March 1 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues Required A Required B Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. $ 124,100 118,300 76,300 Complete this question by entering your answers in the tabs below. $ 85,400 145,700 80,500 Raw materials available for use $ 118,500 100,800 61, 600 356,000 Prepare a schedule of cost of goods manufactured and sold. Direct raw materials used THORNTON MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For March Year 3 Total manufacturing costs 0 0 0
he Harriott manufacturing company uses job order costing system. The company uses machinehours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400machine hours would be worked and $5,024,000 overhead cost would be incurred during 2020.The following activities took place in the work in process inventory during February: WIP Inventory A/CNovember 1 Bal. b/f$51,250Direct Materials Used 256,400 Other transactions incurred:▪ Indirect material issued to production was $40,360▪ Total manufacturing labour incurred in November was $368,000, 75% of this amountrepresented direct labour.▪ Other manufacturing overhead costs incurred for November amounted to $340,490.▪ Two jobs were completed with total costs of $384,000 & $270,000 respectively. They weresold on account at a margin of 33⅓% on sales. 1.What is balance on the Cost of Goods Sold account after the adjustment2) Calculate the gross profit earned by Harriott on the jobs…
1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: a. Prepare a cost of goods manufactured schedule for FAN Company for 2021! %24