Jaydip Determine the missing values.Direct materialsDirect labourCostOverheadTotal manufacturing costsWork in process, openingTotal cost of work in processWork in process, closingTotal cost of goods manufacturedCase 1128,200115,30055,80019,490249,500Case 268,70062,800200,100222,00018,900Case 3123,00085,900324,90035,500310,600

The cost of goods manufactured schedule is prepared to estimate the cost of goods that are finished…

irect materials irect labour Cost verhead otal manufacturing costs Work in process, opening otal cost of work in process Work in process, closing Case 1 128,200 115,300 55,800 19,490 Case 2 68,700 62,800 200,100 222,000 18,900 Case 3 123,000 85,900 324,900 35,500

irect materials irect labour Cost verhead otal manufacturing costs Work in process, opening otal cost of work in process Work in process, closing Case 1 128,200 115,300 55,800 19,490 Case 2 68,700 62,800 200,100 222,000 18,900 Case 3 123,000 85,900 324,900 35,500

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 7PB: Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the...

See similar textbooks

Related questions

Q: Farmer and Taylor formed a partnership with capital contributions of $245,000 and $295,000,…

A: Total share of income = Salary allowance + Share in balance of incomeThe journal entry to allocate…

Q: Faircloth Machinery stock currently sells for $54.80 per share. The market required return is 12.2…

A: The dividend discount model states that value of a stock now is the present value of all its future…

Q: If the MARR is 10% per year, use the present worth (PW) analysis (using the LCM approach) to…

A: The concept of annual cost is used in capital budgeting when the company wants to incur any capital…

Q: Required information Problem 6-18 (Algo) Calculate ending inventory and cost of goods sold for four…

A: The ending inventory comprises the units that remain unsold at the end of the accounting period. The…

Q: Problem Information Use the following tax rates and taxable wage bases: Employees' and Employer's…

A: FICA stands for Federal Insurance Contribution Act Tax. FICA consists of OASDI (Old Age Survivor…

Q: State University Red Cross State History Museue City Medical Center Cash Cash Antique painting Dell…

A: Compputation of Dean's charitable contribution deduction for the painting if Dean is a dealer in…

Q: TB Problem Qu. 12-120 (Algo) Quamma Corporation makes a... Quamma Corporation makes a product that…

A: Absorption costing: It is a technique that assumes both fixed cost and variable cost as product…

Q: The auto repair shop of Quality Motor Company uses standards to control labor cost for a motor…

A: Variance arises when the actual costs differ from the standard costs. The results are favorable when…

Q: Hansaben

A: Present value factor are rounded off to 5 decimals.

Q: Tamar owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in…

A: The total amount of money generated in a year from all sources, including salary, wages, tips,…

Q: The following transactions for the month of March have been journalized and posted to the proper…

A: Lets understand the basics.Cash balance is a cash remains after deducting cash payments from cash…

Q: Required information Gable Company uses three activity cost pools. Each pool has a cost driver.…

A: Activity Rate :— It is the rate used to allocate manufacturing overhead cost to cost object under…

Q: Larkspur Corporation was organized on January 1, 2020. It is authorized to issue 9,600 shares of 8%,…

A: Common shares are issued by the corporation to distribute ownership. The common shares are different…

Q: Cullumber Company had 100 units in beginning inventory at a total cost of $10,000. The company…

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

Q: Required information [The following information applies to the questions displayed below] Henna…

A: The contribution margin is calculated as the difference between the sales and variable costs. The…

Q: A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires…

A: The cash budget is prepared to estimate the financing requirements for the period. The cash budget…

Q: Inventory 1/1/2024 $ 390,000 $ 650,000 Net purchases for the year 1,402,000 1,835,000 Net markups…

A: LIFO stands for Last in first out. Using LIFO, the older inventory is left in the stock and newer…

Q: In its first year of operations, 2023, Bridgeport Corp. invoiced $181,000 in service revenue. Of…

A: Lets understand the basics.Accounting can be prepared using either,(1) Accrual basis(2) Cash basis…

Q: Wayne Co. started the year with total assets of $300,000 and total liabilities of $240,000. During…

A: As per the concept of accounting, the assets are equal to the sum of the liabilities and…

Q: 0 Required information Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P3 [The following…

A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

Q: A family friend has asked your help in analyzing the operations of three anonymous companies…

A: ROI: A percentage indicating the effectiveness of investment.Residual Income: Indicates whether a…

Q: Stores is offering employe severance package of $104,000 cash paid today; $104,000 to be paid in one…

A: Many areas of accounting or finance, such as investment analysis, personal finance, and corporate…

Q: Zen began a new consulting firm on January 5. Following are total account balances after each of the…

A: The accounting equation states that assets are equal to the sum of the liabilities and equity. The…

Q: Bonita Inc. owns the following long-lived assets: Asset Vehicles Equipment (a) Date Date Purchased…

A: Depreciation is a non cash expense.Depreciation is charged on fixed asset over the estimated useful…

Q: Hansaben

A: To calculate Farell's total trade or business loss deductible on his return in year 1, we need to…

Q: Spencer Company sells lamps and other lighting fixtures. The purchasing department manager prepared…

A: The inventory purchases budget is prepared to estimate the cost of inventory to be purchased during…

Q: Hansaben

A: Certainly! Let's compute the Return on Investment (ROI) for each year using both net book value and…

Q: Christine Erickson is the payroll accountant for Multi Winds Energy of Lincoln, Nebraska. The…

A: Here discuss the details of the payment of net pay which is incurred to the employees after…

Q: Gamma Corporation had a balance in its Allowance for Doubtful Accounts of $30,000 at January 1, 2020…

A: Bad debt expense using the percentage of accounts receivable method is an estimate of the portion of…

Q: Oakmont Company has an opportunity to manufacture and sell a new product for a four-year period. The…

A: Fullform of NPV is Net present value. It is a Capital budgeting technique which helps in decision…

Q: On April 1, 2024, Antonio purchased appliances from the Acme Appliance Company for $1,200. In order…

A: Purchased Amount = $1,200Time Period = 18 MonthsAnnual Interest Rate = 24%

Q: Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD…

A: Issue price of the bonds The issue price of a bond is the price at which a bond is originally sold…

Q: Perit Industries has $115,000 to invest. The company is trying to decide between two alternative…

A: NPV (Net Present Value) is a financial metric used to evaluate the profitability of an investment by…

Q: TB MC Qu. 4-48 (Algo) The operations of Bridgeton Corporation are... The operations of Bridgeton…

A: Variable costs are those costs which changes with change in activity level. Fixed costs do not…

Q: Flint Corporation purchased equipment costing $136,800 on January 1, 2021. At that time the useful…

A: Depreciation expense is the non-cash expense which is charged on the non-current assets. It is…

Q: Kingbird presented the following data: Net income $5,805,000 Bonds: 10%, $755,000 par value 743,000…

A: Earnings per Share (EPS) is a financial metric used to measure the profitability of a company on a…

Q: Hansaben

A: Rental Property Calculations for Tamar's CondoWe can solve this problem by following these…

Q: Quality Motor Company established the standard labor cost for a motor tune-up shown below: Standard…

A: Direct labor variance is the difference between standard direct labor cost for actual production and…

Q: Poison Corporation holds 70 percent of Snake Company's voting common shares but none of its…

A: Consolidation is an accounting technique used to combine assets, liabilities and other financial…

Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

Jaydip

Determine the missing values.
Direct materials
Direct labour
Cost
Overhead
Total manufacturing costs
Work in process, opening
Total cost of work in process
Work in process, closing
Total cost of goods manufactured
Case 1
128,200
115,300
55,800
19,490
249,500
Case 2
68,700
62,800
200,100
222,000
18,900
Case 3
123,000
85,900
324,900
35,500
310,600

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Calculation

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

During production, how are the costs in process costing accumulated? A. to cost of goods sold B. to each individual product C. to manufacturing overhead D. to each individual department
Which of the following is the step in which materials, labor, and overhead are detailed? A. determining the units to which costs are assigned B. determining the equivalent units of production C. determining the cost per equivalent units D. allocating the costs to the units transferred out and the units partially completed
Overhead costs are assigned to each product based on __________________. A. the proportion of that products use of the cost driver B. a predetermined overhead rate for a single cost driver C. price of the product D. machine hours per product
Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and fixed manufacturing overhead D. direct material, direct labor, and all variable manufacturing overhead
Assigning indirect costs to specific jobs is completed by which of the following? applying the costs to manufacturing overhead using the predetermined overhead rate using the manufacturing costs incurred applying the indirect labor to the work in process inventory
Which is the correct formula for computing the overhead rate? A. estimated use of the cost driver for production/estimated overhead for the activity B. estimated overhead for the product/estimated use of the cost driver for the activity C. estimated use of the cost driver for production/estimated overhead for the activity D. estimated overhead for the activity/estimated use of the cost driver for the activity
Describe the Source 01 the data for increasing Work in Process for (a) direct materials, (b) direct labor, and (c) factory overhead
Which of the following is a prime cost? A. direct labor B. work in process inventory C. administrative labor D. factory maintenance expenses
Which of the following is a prime cost? A. indirect materials B. direct labor C. administrative expenses D. factory depreciation expenses
Which is not a step In activity-based costing? A. identify the activities performed by the organization B. identify the cost driver(s) associated with each activity C. compute a cost rate per production D. assign costs to products by multiplying the cost driver rate by the volume of the cost driver units consumed by the product
Which of the following is a conversion cost? raw materials direct materials administrative expenses factory depreciation expenses
Which of the following is a conversion cost? A. raw materials B. direct labor C. sales commissions D. direct material used