Jean-Pierre, Inc. makes and sells Fakes. Manufacturing Overhead is applied based on Direct Labor (DL)Hours incurred.Expected DL Hours for October 2022 - 1,800 DL HoursExpected Overhead for October 2022 - $144,000Beginning and ending inventory balances for October:10/1/2210/31/22Materials Inventory$28,00025,000During October of 2022:Required:WIP Finished Fakes Inventory$29,00022,000$50,00055,000Jean-Pierre, Inc. purchased $55,000 of MaterialsIncurred $57,350 of Direct Labor (1,850 DL Hours @ $31 per DL Hour)Incurred Manufacturing Overhead totaling $151,000What is Cost of Goods Manufactured for October 2022?What is Cost of Goods Sold for October 2022 before closing any over/under applied overhead toCOGS?What is COGS if any over/under applied overhead is closed to COGS?What is Jean-Pierre, Inc.'s October gross profit if they sold the finished Fakes for $350,000?

The cost of goods manufactured includes the total cost of goods that are finished during the period.…

Jean-Pierre, Inc. makes and sells Fakes. Manufacturing Overhead is applied based on Di Hours incurred. ● Beginning and ending inventory balances for October: Expected DL Hours for October 2022 - 1,800 DL Hours Expected Overhead for October 2022 - $144,000 10/1/22 10/31/22 ● During October of 2022: ● Jean-Pierre, Inc. purchased $55,000 of Materials ● Materials Inventory $28,000 25,000 Required: WIP $50,000 55,000 ● Incurred $57,350 of Direct Labor (1,850 DL Hours @ $31 per DL Hour) Incurred Manufacturing Overhead totaling $151,000 Finished Fakes Inventory $29,000 22,000 What is Cost of Goods Manufactured for October 2022? What is Cost of Goods Sold for October 2022 before closing any over/under ap COGS? What is COGS if any over/under applied overhead is closed to COGS? What is Jean-Pierre, Inc.'s October gross profit if they sold the finished Fakes

Jean-Pierre, Inc. makes and sells Fakes. Manufacturing Overhead is applied based on Di Hours incurred. ● Beginning and ending inventory balances for October: Expected DL Hours for October 2022 - 1,800 DL Hours Expected Overhead for October 2022 - $144,000 10/1/22 10/31/22 ● During October of 2022: ● Jean-Pierre, Inc. purchased $55,000 of Materials ● Materials Inventory $28,000 25,000 Required: WIP $50,000 55,000 ● Incurred $57,350 of Direct Labor (1,850 DL Hours @ $31 per DL Hour) Incurred Manufacturing Overhead totaling $151,000 Finished Fakes Inventory $29,000 22,000 What is Cost of Goods Manufactured for October 2022? What is Cost of Goods Sold for October 2022 before closing any over/under ap COGS? What is COGS if any over/under applied overhead is closed to COGS? What is Jean-Pierre, Inc.'s October gross profit if they sold the finished Fakes

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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Question

Jean-Pierre, Inc. makes and sells Fakes. Manufacturing Overhead is applied based on Direct Labor (DL)
Hours incurred.
Expected DL Hours for October 2022 - 1,800 DL Hours
Expected Overhead for October 2022 - $144,000
Beginning and ending inventory balances for October:
10/1/22
10/31/22
Materials Inventory
$28,000
25,000
During October of 2022:
Required:
WIP Finished Fakes Inventory
$29,000
22,000
$50,000
55,000
Jean-Pierre, Inc. purchased $55,000 of Materials
Incurred $57,350 of Direct Labor (1,850 DL Hours @ $31 per DL Hour)
Incurred Manufacturing Overhead totaling $151,000
What is Cost of Goods Manufactured for October 2022?
What is Cost of Goods Sold for October 2022 before closing any over/under applied overhead to
COGS?
What is COGS if any over/under applied overhead is closed to COGS?
What is Jean-Pierre, Inc.'s October gross profit if they sold the finished Fakes for $350,000?

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Jean-Pierre, Inc. makes and sells Fakes. Manufacturing Overhead is applied based on Direct Labor (DL) Hours incurred. Expected DL Hours for October 2023 - 1,800 DL Hours Expected Overhead for October 2023 - $144,000 Beginning and ending inventory balances for October: Materials Inventory 10/1/23 10/31/23 $25,000 28,000 WIP Finished Fakes Inventory $55,000 $22,000 50,000 29,000 During October of 2023: • Jean-Pierre, Inc. purchased $55,000 of Materials Incurred $57,350 of Direct Labor (1,850 DL Hours @ $31 per DL Hour) • . Incurred Manufacturing Overhead totaling $147,000 Required: What is Cost of Goods Manufactured for October 2023? What is Cost of Goods Sold for October 2023 before closing any over/under applied overhead to COGS? What is COGS if any over/under applied overhead is closed to COGS? What is Jean-Pierre, Inc.'s October gross profit if they sold the finished Fakes for $350,000?
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Fairfield Company's raw materials inventory transactions for the most recent month are summarized here: Beginning raw materials Purchases of raw materials Raw materials issued Materials requisition 1445 Materials requisition 1446 Materials requisition 1447 $ 11,100 112,000 1. Direct Materials 2. Indirect Materials 3. Ending Balance 48,500 For Job 101 34,000 For Job 102 11,000 Used on multiple jobs Required: 1. How much of the raw materials cost would be added to the Work in Process Inventory account during the period? 2. How much of the raw materials costs would be added to the Manufacturing Overhead account? 3. Compute the ending balance in the Raw Materials Inventory account.
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