Manufacturing costs for Davenport Company during 2018 were as follows:Direct Labor for 2018Beginning Finished Goods, 1/1/18$25,700Beginning Raw Materials, 1/1/1837,100Beginning Work in Process, 1/1/18111,900$276,90024,00041,050122,200305,800Ending Finished Goods, 12/31/18Ending Raw Materials, 12/31/18Ending Work in Process, 12/31/18Material Purchases for 2018(including $23,000 of indirect material)Note: The pre-determined overhead rate is 0.91 (91%) of direct labor cost.Required:1. Prepare a Cost of Goods Manufactured report.2. Prepare a Partial Income Statement if sales revenue was $1,410,000 and operating expenses were $290,000for 2018.Complete this question by entering your answers in the tabs below.Required 1Required 2Prepare a Cost of Goods Manufactured report.DAVENPORT COMPANYCost of Goods Manufactured ReportFor the Year 2018Direct Materials Used in ProductionTotal Current Manufacturing CostsCost of Goods Manufactured<Required 1Required 2>

Calculate Direct Materials Used in Production:Beginning Raw MaterialsAdd: Material PurchasesLess:…

Answered: Manufacturing costs for Davenport…

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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Carib Tings & More does hand-crafted memorabilia for the tourism industry, in which each batch of items is a job. The company has a highly machine intensive production process, so it allocates manufacturing overhead based on machine hours. Carib Tings & More pre-determined overhead application rate for 2024 was computed from the following data:Total estimated factory overheads $2,400,000Total estimated machine hours 40,000At the end of May 2024, Carib Tings & More reported work in process inventory of $176,000.During June 2024, Carib Tings & More actually used 3,000 machine hours and recorded the following transactions.i) Purchased $324,000 worth of materials on account. Separately, Carib Tings & More paid a $2,500 bill for freight in.ii) Manufacturing wages incurred $400,000iii) Materials requisitioned (includes $30,000 of indirect materials) $420,000iv) Assigned manufacturing wages, 85% direct labour, 15% indirect labour v) Depreciation expense on factory…
The Fielder manufacturing company uses job order costing system. The company usesmachine hours to apply overhead cost to jobs. At the beginning of 2020, the companyestimated that 7,850 machine hours would be worked and $1,256,000 overhead cost wouldbe incurred during 2020.The following activities took place in the work in process inventory during February:WIP Inventory A/CFebruary 1 Bal. b/f 51,250Direct Materials Used 256,400Other transactions incurred: Indirect material issued to production was $38,000 Total manufacturing labour incurred in February was $345,000, 80% of this amountrepresented direct labour. Other manufacturing overhead costs incurred for February amounted to $340,750. Two jobs were completed with total costs of $324,000 & $240,000 respectively. Theywere sold on account at a margin of 40% on sales.Required:i) Compute Fielder’s predetermined manufacturing overhead rate for 2020.ii) State the journal entries necessary to record the above transactions in the…
Julius Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to the Julius Inc. for the year ended December 31, 2020: Job No. 915 Job No. 916 Job No. 917 Job in process, January 1, 2020: Direct Materials 40,000 60,000 30,000 30,000 40,000 20,000 Direct Labor Factory Overhead Costs added during 2020: Materials 20,000 100.000 ? 10,000 200,000 ? 100,000 400,000 ? Labor Factory Overhead Additional information: 1. Actual overhead for the year 2020 amounted to P350,000. 2. Job Nos. 915 and 916 were completed and transferred to finished goods during year 2020. 3. Job No. 915 was sold during year 2020., 4. The gross profit rate is 20% based on cost. Required: (1) Prepare the entry for the costs added during 2020 and costs transferred to finished goods when using periodic and perpetual methods. |
Cruise Manufacturing has two direct cost categories direct materials and direct labor costs. The company's variable manufacturing overhead is allocated to products based on standard direct labor hours. The following information indicates the standards of Cruise's manufacturing costs Direct Cost Categories. Standard Quantity Cost per Input Unit pound Direct Materials 12 pounds per output unit $15 per Direct Labor 3 hours per output unit $21 per hour Manufacturing Overhead Cost per Input Unit Variable Manufacturing Overhead $12 per Direct Labor Hour By the end of Apr 2019 Cruise Manufacturing records indicated the following Direct materials purchased and used Direct labor Total actual variable manufacturing overhead Actual production $11.44 per pound 95,000 pounds $22 per hour 48,000 labor hours Do not enter dollar signs or commas in the input boxes Round all answers to the nearest whole number Enter the variances as positive values. Calculate the following variances. al Direct materials…
The Harriott manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400 machine hours would be worked and s5,024,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/C November i Bal. b/f $51,250 Direct Materials Used 256,400 Other transactions incurred: • Indirect material issued to production was s40,360 • Total manufacturing labour incurred in November was $368,000, 75% of this amount represented direct labour. • Other manufacturing overhead costs incurred for November amounted to s340,490. • Two jobs were completed with total costs of s384,000 & s270,000 respectively. They were sold on account at a margin of 33%% on sales. Required: i) ii) Compute Harriott's predetermined manufacturing overhead rate for 2020. State the journal entries necessary to record the above…
What is the total manufacturing cost to account for??
The Fielder manufacturing company uses job order costing system. The company usesmachine hours to apply overhead cost to jobs. At the beginning of 2020, the companyestimated that 7,850 machine hours would be worked and $1,256,000 overhead cost wouldbe incurred during 2020.The following activities took place in the work in process inventory during February: WIP Inventory A/C Debit- February 1 Bal. b/f 51,250Debit - Direct Materials Used 256,400 Other transactions incurred:- Indirect material issued to production was $38,000- Total manufacturing labour incurred in February was $345,000, 80% of this amountrepresented direct labour.- Other manufacturing overhead costs incurred for February amounted to $340,750.- Two jobs were completed with total costs of $324,000 & $240,000 respectively. Theywere sold on account at a margin of 40% on sales Required:i) Compute Fielder’s predetermined manufacturing overhead rate for 2020 ii) Calculate the manufacturing overhead variance for Fielder and…
Epsilon Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor cost. At the beginning of 2018, they estimated total manufacturing overhead costs at sı,015,000, and they estimated total direct labor costs at $1,400,000. The administration and selling overheads are to be absorbed in each job cost at 15% of production cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The company wishes to quote for job # W500. Data for the job are as follows: Direct materials cost $169.450 Direct labour cost $230,000 Direct labour hours 400 hours Special Design Cost Distribution quote from haulage company Units of product produced $12,300 $17,930 250 crates a) Compute Epsilon Manufacturing Company predetermined manufacturing overhead rate for 2018. b) How much manufacturing overhead was allocated to Job #W500? c) Calculate the total cost & quotation price of Job #W500, given that a margin of 25% is…
Prepare the 2017 schedule of cost of goods manufactured for Barton Company using the following information. Direct materials Direct labor Factory overhead costs Work in process, Dec. 31, 2016 Work in process, Dec. 31, 2017 Direct materials Direct labor Factory overhead costs Barton Company Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Total manufacturing costs Total cost of work in process $ 190,000 66,000 Cost of goods manufactured 30,800 160,600 146,500 $ 190,000 66,000 30,800 286,800 286,800 $ 286,800
Carib Tings & More does hand-crafted memorabilia for the tourism industry, in which each batch of items is a job. The company has a highly machine intensive production process, so it allocates manufacturing overhead based on machine hours. Carib Tings & More pre-determined overhead application rate for 2024 was computed from the following data: Total estimated factory overheads $2,400,000 Total estimated machine hours 40,000 At the end of May 2024, Carib Tings & More reported work in process inventory of $176,000. During June 2024, Carib Tings & More actually used 3,000 machine hours and recorded the following transactions. Purchased $324,000 worth of materials on account. Separately, Carib Tings & More paid a $2,500 bill for freight in. i) ii) Manufacturing wages incurred $400,000 iii) Materials requisitioned (includes $30,000 of indirect materials) $420,000 iv) Assigned manufacturing wages, 85% direct labour, 15% indirect labour v) Depreciation expense on factory equipment used on…
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Company A uses direct labor cost as its activity base for assigned overhead costs to jobs. The company estimated the following amounts for 2018 for the company and for Job 201: Company OMR 120,000 OMR 20,000 OMR 24,000 Job 201 OMR 30,000 OMR 25,000 Direct materials Direct labor Manufacturing overhead costs Direct labor cost incurred 21,000 During 2018, and actual overhead costs were OR 142,000. Direct labor cost incurred 21,000 Instructions: (a) Compute the predetermined overhead rate. (b) Compute the total manufacturing costs for Job 201.

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