Jonas and Partners, a law firm, worked on a total of1,000 cases this month, 800 of which were completedduring the period. The remaining cases were 40%complete. The firm incurred $180,000 in direct labor andoverhead costs during the period and had $4,800 indirect labor and overhead costs in beginning inventory.Using the weighted average method, what was the totalcost of cases completed during the period?a) $16,800b) $17,520c) $168,000d) $175,200Uncle Butch's Hunting Supply Shop reports the following information relatedto inventory:CostRetailBeginning inventory $35,000$92,000Purchases $75,000$200,000Net additional markups$15,000Net markdowns$(22,000)Goods available for sale $110,000 $285,000SalesEnding inventory at retail$(178,000)$107,000Calculate Uncle Butch's Hunting Supply Shop's ending inventory using theretail inventory method under the average cost assumption.

Problem 1Step 1 - Calculate the equivalent units of production (EUP) for the cases still in…

Answered: Jonas and Partners, a law firm, worked…

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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Superior, Inc. produced 1,000 units of the company's product in 2018. The standard quantity of direct materials was three yards of cloth per unit at a standard cost of $1.10 per yard. The accounting records showed that 2,900 yards of cloth were used and the company paid $1.15 per yard. Standard time was two direct labor hours per unit at a standard rate of $10.75 per direct labor hour. Employees worked 1,400 hours and were paid $10.25 per hour. Read the requirements Requirement 1. What are the benefits of setting cost standards? Standard costing helps managers do the following: Requirements 1. What are the benefits of setting cost standards? 2. Calculate the direct materials cost variance and the direct materials efficiency variance as well as the direct labor cost and efficiency variances Print Done
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Morton Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $50,500 and at the end of the month was $46,500. The cost of goods manufactured for the month was $241,000. The actual manufacturing overhead cost incurred was $89,000 and the manufacturing overhead cost allocated to Work in Process was $85,000. The adjusted cost of goods sold that would appear on the income statement for November is: $241,000 $245,000 $237,000 $249,000
Emley Company incurred direct materials costs of $750,000 during the year. Manufacturing overhead applied was $700,000 and is applied based on direct labor costs. The predetermined overhead rate is 70%. How much are Emley Company's total manufacturing costs for the year?
For a small manufacturing firm, a current-period job that requires 35 hours of direct labor is to be allocated $437.50 of overhead cost based on a rate developed from previous-period data. The following additional information is available: Overhead is allocated based on direct labor hours. One thousand direct labor hours were expended in the previous period. The previous period’s average labor rate was $10/hour. The current period’s average labor rate is $10/hour. Solve, a. What were the overhead costs for the previous period? b. If overhead for the job in question had been allocated based on direct labor dollars, how much overhead cost would have been allocated? (If you did not get an answer to part a, you may assume a value of $15,000 for previous-period overhead costs.)
The manufacturing cost of XYZ Company during October includes prime costs of OMR85,000. The manufacturing overhead is 20% of the month's total manufacturing costs. If beginning work in process was OMR25,000 and ending work in process is OMR39,000, the cost of goods manufactured is:
Cerrone Inc. has provided the following data for the month of July. The balance in the Finished Goods inventory account at the beginning of the month was $50,400 and at the end of the month was $38,400. The cost of goods manufactured for the month was $291,000. The actual manufacturing overhead cost incurred was $165,400 and the manufacturing overhead cost applied to Work in Process was $154,000. The adjusted cost of goods sold that would appear on the income statement for July is: $279,000 $303,000 $291,600 $314,400
A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 36,000. The journal entry to apply the factory overhead costs for the year would include a
Cavy Company estimates that the factory overhead for the following year will be $927,200. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 24,400 hours. The machine hours for the month of April for all of the jobs were 5,210. If the actual factory overhead for April totaled $202,534, determine the over- or underapplied amount for the month. Enter the amount as a positive number.

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