Answered: Jones Company has the following…

Jones Company has the following balances for the current month: Direct materials used $24,000 Direct labor $36,800 Sales salaries $19,200 Indirect labor $4,800 Production manager's salary

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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Green Company's costs for the month of August are as follows: Direct materials used $27,000 Direct labour $34,000 Sales salaries $14,000 Indirect labour $10,000 Indirect materials $15,000 General corporate administrative costs $12,000 Property taxes on manufacturing facility $2,000 Rent on factory $17.000 The beginning work-in-process inventory is $16,000 and the ending work-in-process inventory is $9,000. What is the cost of goods manufactured for the month? a. $112,000 b. $105,000 C. $132,000 d. $138,000
Manufacturing overhead was estimated to be $200,000 for the year along with 20,000 direct labor hours. Actual labor hours were 22,000. The amount of manufacturing overhead applied to production would be: O $210,000. $220,000. $215,000. $200,000.
Hemlock Company developed the following data for the current year: Beginning work in process inventory $275,000 Direct materials used 160,000 Actual overhead 340,000 Overhead applied 225,000 Cost of goods manufactured 265,000 Total manufacturing costs 860,000 Hemlock Company's direct labor cost for the year is?
ABC Company listed the following data for the current year: Budgeted factory overhead $1,134,000 Budgeted direct labor hours 70,000 Budgeted machine hours 25,000 Actual factory overhead 1,100,900 Actual labor hours 71,100 Actual machine hours 24,000 If overhead is applied based on direct labor hours, the overapplied/underapplied overhead is:
immy Author Company has the following data for the past year: Actual overhead $512,000 Applied overhead: Work-in-process inventory $125,000 Finished goods inventory 170,000 Cost of goods sold 150,000 Total $445,000 Calculate the overhead variance for the year and close it to cost of goods sold. Provide all the details and working outs.
Mountain tops applies overhead on the basis of direct labor hours and reports the following information: Budget Actual Overhead $450,000 $452, 000 Direct Labor Hours 75,000 77,000 Direct Materials $195,000 Direct Labor 333,000 A. What is the predetermined overhead rate? B. How much overhead was applied during the year? C. Was overhead over applied, or under applied and by how much?
Borchardt Corporation has provided the following data concerning last month's operations. Direct materials Direct labor Manufacturing overhead applied to Work in Process Work in process inventory $169,000 O$235,000 How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured? $173,000 O$178.000 Beginning $ 66,000 hs $ 29,000 $ 58,000 $ 82,000 Ending $ 57,000
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Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $180,000 $145,500 Work in process 334,600 290,700 Finished goods 675,000 715,000 Direct labor $2,260,000 Materials purchased during January 1,375,000 Factory overhead incurred during January: Indirect labor 115,000 Machinery depreciation 90,000 Heat, light, and power 55,000 Supplies 18,500 Property taxes 10,000 Miscellaneous costs 33,100 a. Prepare a cost of goods manufactured statement for January.
A partial listing of costs incurred during December at Gagnier Corporation appears below: Factory supplies $8,000 Administrative wages and salaries $105,000 Direct materials $153,000 Sales staff salaries $68,000 Factory depreciation $49,000 Corporate headquarters building rent $34,000. Indirect labor Marketing Direct labor $32,000 $103,000 $83,000 The total of the period costs listed above for December is a. 89,000 b. $310,000 c. $325,000 d. $399,000
Dullea Corporation reported the following data for the month of May: Inventories Beginning Ending Raw materials $21,000 $21,000 Work in process $21,000 $14,000 Finished goods $27,000 $56,000 Additional information: Sales $290,000 Raw materials purchases $76,000 Direct labor cost $45,000 Manufacturing overhead cost $76,000 Selling expense $28,000 Administrative expense $42,000 The net operating income for May was: $125,000 $55,000 $45,000 $99,000 Show work and calculation
Robin Company has the following balances for the current month: Direct materials used $ 8,500 Direct labor $20,900 Sales salaries $10,500 $ 1,870 $ 6,070 $ 9,230 $ 4,650 Indirect labor Production manager's salary Marketing costs Factory lease What is Robin's total manufacturing overhead? Multiple Choice $17,170 $29,400 $12,590 $9,230