**Guillo Company Financial Data for the Current Year**- **Beginning Work in Process Inventory:** $240,000- **Direct Materials Used:** $144,000- **Actual Overhead:** $288,000- **Overhead Applied:** $207,129- **Cost of Goods Manufactured:** $264,000- **Total Manufacturing Costs:** $720,000**Guillo Company's Direct Labor Cost for the Year:** *To calculate the direct labor cost, consider the formula:*\[\text{Total Manufacturing Costs} = \text{Beginning Work in Process Inventory} + \text{Direct Materials Used} + \text{Direct Labor} + \text{Overhead Applied}\]Using the provided figures, we can deduce:\[720,000 = 240,000 + 144,000 + \text{Direct Labor} + 207,129\]Solving for the Direct Labor Cost:\[\text{Direct Labor} = 720,000 - (240,000 + 144,000 + 207,129)\]The Direct Labor Cost calculation can be filled in the space provided based on the completion of this calculation.

Direct labor cost for the year = Total manufacturing costs - Direct materials used - overhead…

Answered: Guillo Company developed the following…

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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A company uses a process cost accounting system using the weighted average cost flow assumption. Its Assembly Department's beginning work in process inventory consisted of 50,000 units, 75% complete with respect to direct labor and manufacturing overhead. The department started and finished 127,500 units this period. The ending work in process inventory consists of 40,000 units that are 25% complete with respect to direct labor and manufacturing overhead. All direct materials are added at the beginning of the process. The department incurred direct labor costs of $240,000 and manufacturing overhead costs of $320,000 for the period. The conversion cost per equivalent unit is: $3.294. $3.733. $3.200. $2.987. "12 C Ac Feb 75% 1 am Miss Ⓒ Ac Oct S 75% 1 an= Miss
Williams Company computed its cost per equivalent unit for direct materials to be $2.60 and its cost per equivalent unit for conversion to be $3.75. A total of 250,000 units of product were completed and transferred out as finished goods during the month. The ending Work in Process inventory consists of 36,000 equivalent units of direct materials and 36,000 equivalent units of conversion costs. The amount that should be reported in ending Work in Process Inventory is:
The Assembling Department of Fletcher Company has the following cost and production data for the month of April. Costs: Work in process, April 1 Direct materials: 100% complete $100,000 Conversion costs: 25% complete 85,700 Cost of work in process, April 1 $185,700 Costs incurred during production in April Direct materials $ 708,000 Conversion costs 300,000 Costs incurred in April $1,008,000 Units transferred out totaled 18,000. Ending work in process was 2,000 units that are 100% complete as to materials and 50% complete as to conversion costs. Instructions Compute the equivalent units of production for (1) materials and (2) conversion costs for the month of April. (b) Compute the unit costs for the month. (c) Determine the…
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The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory 0 Units started in production 23,800 Units finished during the period 17,900 Units in process at the end of the period(complete as to materials, ¼ complete as to labor and overhead) 5,900 Cost of materials used $ 59,130 Labor and overhead costs $ 61,110 Cost per equivalent unit of materials is
The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory 0 Units started in production 20,600 Units finished during the period 16,300 Units in process at the end of the period (complete as to materials, ¼ complete as to labor and overhead) 4,300 Cost of materials used $ 38,570 Labor and overhead costs $ 39,615 Cost per equivalent unit of labor and overhead is:
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Yamishi Production had the following inventories for the first quarter of 2022: MaterialsWork in process Finished goods Beginning $606,600 312,100 416,100 Ending $522,100 280,800 540,200 Purchases of materials during the quarter were $427,800. Total direct labor costs were incurred in the amount of $1,482,000. Actual overhead costs were incurred as follows: operating supplies used, $17,100; janitorial and maintenance, $87,300; employee benefits, $26,400; utilities, $162,000; depreciation of factory, $43,200; property taxes, $24,000; factory insurance, $29,000. Net sales for the quarter were $3,562,200. Selling and administrative expenses were $508,000. Income taxes should be computed at 40 percent. Calculate cost of goods manufactured. 6. Company produces small boats. Each boat uses 2 sheets of direct materials at $3 a sheet, it takes 2 hours to finish one boat and hourly rate is $5, factory utilities and supervision cost $6 per boat and variable cost amounts to $2 per direct labor…

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