n S's Direct Materials Used
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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- Assume the following information from a schedule of cost of goods manufactured: Cost of goods manufactured Beginning work in process inventory Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs added to production What is the ending work in process inventory? Multiple Choice $158,800 $68,800 $98,800 $118,800 $ 158,000 $ 26,800 $ 50,000 $ 90,000 $ 200,000The following data is provided for Garcon Company and Pepper Company. Garcon Company Pepper Company Beginning finished goods inventory $ 14,200 $ 17,050 Beginning work in process inventory 16,000 20,100 Beginning raw materials inventory (direct materials) 9,500 13,350 Rental cost on factory equipment Direct labor 22,300 23250 32,250 33 300 22, 200 443400 20,900 37,400 Ending finished goods inventory 14,800 Ending work in process inventory 19,800 200 26, 200 5 800 5,800 Ending raw materials inventory Factory utilities 8,400 750 15,000 13,750 Factory supplies used (indirect materials) 10000 10,000 5,300 General and administrative expenses 25,500 46,000 Indirect labor 1,650 8,260 7,820 2,950 Repairs-Factory equipment Raw materials purchases Selling expenses 47,500 54,500 57,600 55,000 Sales 249,030 327,510 Cash 34,000 17,700 Factory equipment, net 277,500 148,825 Accounts receivable, net 16,600 22,450 Required: 1. Complete the table to find the cost of goods manufactured for both Garcon…Calculate the cost of goods manufactured using the following information: Direct materials used Direct labor Total factory overhead General and administrative expenses Selling expenses Work in Process inventory, beginning Work in Process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Multiple Choice O O $688,600 $703,400. $696,000. $299,000 132,500 264,500 86,000 49,300 119,000 126,400 232,600 239,200
- Bledsoe Corporation has provided the following data for the month of November: Ending $ 21,100 $ 10,100 $ 56,100 Inventories Beginning $ 25,100 $ 17,100 $ 48,100 Raw materials Work in process Finished Goods Additional information: $ 72,100 $ 92,100 $ 42,110 $ 4,010 $ 41,100 Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required: Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold. Complete this question by entering your answers in the table below. Schedule of Schedule of COGM COGS Prepare a Schedule of Cost of Goods Sold. -....................................................... ................... BLEDSOE CORPORATION Schedule of Cost of Goods Sold Beginning finished goods inventory Cost of goods available for…services SQU Libraries SQU Portal Attendance English (en O b. OMR605 O c. OMR545 O d. OMR635 O e. OMR575 XYZ Company provided the following information regarding Product XY: Direct material costs OMR3 per unit of product; Direct labor costs OMR5 per direct labor hour; Predetermined overhead rate OMR10 per direct labor hour. The cost of a job for 550 units of product XY, which uses a total of 100 direct labor hours, is: Select one: Oa. OMR5,400 Ob. OMR3,300 Oc. OMR3,150 Od. None of the answers given e. OMR9,900 Total manutacturing costs assioned inclucted 10 units heom ofs tota manaMidterm Assume the following information from a schedule of cost of goods manufactured: Cost of goods manufactured Beginning work in process inventory Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs added to production What is the ending work in process inventory? Multiple Choice O $118,300 O $98,300 $68,300 O $158,300 $ 158,000 $ 26,300 $ 50,000 $ 90,000 $ 200,000
- Production and cost data Production and sales units Selling price (per unit) Materials (per unit) Labor (per unit) Manufacturing overheads Dept. A Standrad 192000 24000 $15 1.7 4.3 Dept. B Designer wear Number of machine set-ups 4 Marketing overheads $50 8 14.2 24 Engineering and PC Marketing and CS 745200 1296000 Use single-rate; direct method to allocate engineering and marketing overheads Engineering overheads include machine setting ($460,800) and inspection ($284,400) activities. Marketing involves channel ($496,000) and branding ($800,000) activities. The inspection and channel costs are driven by the number of units produced & sold. Computing product costs and profits under conventional and ABC approachesDirect materials used in production Direct labor Total actual manufacturing overhead costs Over-applied Manufacturing overhead Beginning Work in Process inventory Cost of Goods Manufactured Decrease in Finished Goods Inventory Compute the Cost of Work put into process. P 500,000 400,000 300,000 24,000 120,000 1,400,000 100,000d. $70,000 What is the journal entry to assign indirect raw materials to a job a. Debit Work in Process account and credit Raw Materials account b. Debit Finished Goods account and credit Raw Materials account c. Debit Manufacturing Overhead account and credit Raw Materials account d. Debit Raw Materials account and credit Work in Process account Lontoy.
- L13 D. 4 Data Section: $45,000 9. 642,000 91,500 93,000 Direct labor 8 Direct materials inventory, 1/1 9 Direct materials inventory, 12/31 10 Factory rent 11 Finished goods, 1/1 12 Finished goods, 12/31 13 Indirect labor 76,410 132,000 172,500 37,500 26,250 14 Indirect materials 15 Purchases of direct materials 16 Work in process, 1/1 17 Work in process, 12/31 645,180 30,300 28,665 Depreciation-equipment 18 19 Answer Section: 20 Jackson Manufacturing 21 22 Schedule of Cost of Goods Manufactured 23 For the Year Ended December 31 24 25 Work in process, 1/1 $30,300 26 Direct materials Direct materials inventory, 1/1 28 Add: 27 $91,500 FORMULA 1 Purchases of Materials 29 30 Cost of direct materials available $0 FORMULA 2 31 Less: Direct Material, 12/31 32 33 Cost of direct materials used FORMULA 3 34 Direct labor 642,000 35 Manufacturing overhead: 36 Factory rent 37 Depreciation - Equipment $76,410 FORMULA 4 MFG Enter Search the web and Windows op THOFAssume Sherwin-Williams Company, a large paint manufacturer, has determined the following activity cost pools and cost driver levels for the latest period= Activity Cost Pool Activity Cost Activity Cost Driver Machine setup $900,000 2,500 setup hours Material handling 820,000 4,000 material moves Machine operation 400,000 20,000 machine hours The following data are for the production of single batches of two products, Mirlite and Subdue: Mirlite Subdue 60,000 25,000 400 250 800 250 Gallons produced Direct labor hours Machine hours Direct labor cost Direct materials cost Setup hours Material moves $10,000 $7,500 $360,000 $150,000 Direct materials Direct labor Determine the batch and unit costs per gallon of Mirlite and Subdue using ABC. Round cost per gallon to two decimal places. Product Costs $ 15 60 Manufacturing overhead: Machine setups Material handling Mirlite 12 35 0 x $ 0 x 0 x 0 x Subdue 0 x 0x 0x 0xSaved Help Sav CH 07 i Klumper Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system cont following six activity cost pools and activity rates: Activity Cost Pool Supporting direct labor Machine processing Machine setups Activity Rates $6 per direct labor-hour $ 4 per machine-hour $ 50 per setup $ 90 per order $ 14 per shipment $ 840 per product Production orders Shipments Product sustaining Activity data have been supplied for the following two products: Total Expected Activity K425 M67 Number of units produced per year Direct labor-hours 200 2,000 80 500 Machine-hours Machine setups Production orders 100 1,500 1 4 4 Shipments Product sustaining 1 10 1 Required: How much total overhead cost would be assigned to K425 and M67 using the activity-based costing system? DELL F3 prt sc home end F4 F5 F6