Factory overhead was budgeted at 140000? Newport Manufacturing Ltd. budgets the following for the yearended December 31, 2024:Total direct materials placed into production 148,500Total direct labor cost256,300Assume the estimated inventories on January 1, 2024, forfinished goods and work in process were $16,250 and $5,600,respectively. Also, assume the desired inventories on December31, 2024, for finished goods and work in process were $9,400and $6,100, respectively. Factory overhead was budgeted at$140,000.How much is the budgeted cost of goods sold (COGS) for 2024?

Explanation of Direct Materials: Direct materials represent the raw materials that can be directly…

Answered: Newport Manufacturing Ltd. budgets the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 7EB: A company estimates its manufacturing overhead will be $840,000 for the next year. What is the...

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At the beginning of the period, the Fabricating Department budgeted direct labor of 72,000 and equipment depreciation of 18,500 for 2,400 hours of production. The department actually completed 2,350 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.
Operating Budget, Comprehensive Analysis Allison Manufacturing produces a subassembly used in the production of jet aircraft engines. The assembly is sold to engine manufacturers and aircraft maintenance facilities. Projected sales in units for the coming 5 months follow: The following data pertain to production policies and manufacturing specifications followed by Allison Manufacturing: a. Finished goods inventory on January 1 is 32,000 units, each costing 166.06. The desired ending inventory for each month is 80% of the next months sales. b. The data on materials used are as follows: Inventory policy dictates that sufficient materials be on hand at the end of the month to produce 50% of the next months production needs. This is exactly the amount of material on hand on December 31 of the prior year. c. The direct labor used per unit of output is 3 hours. The average direct labor cost per hour is 14.25. d. Overhead each month is estimated using a flexible budget formula. (Note: Activity is measured in direct labor hours.) e. Monthly selling and administrative expenses are also estimated using a flexible budgeting formula. (Note: Activity is measured in units sold.) f. The unit selling price of the subassembly is 205. g. All sales and purchases are for cash. The cash balance on January 1 equals 400,000. The firm requires a minimum ending balance of 50,000. If the firm develops a cash shortage by the end of the month, sufficient cash is borrowed to cover the shortage. Any cash borrowed is repaid at the end of the quarter, as is the interest due (cash borrowed at the end of the quarter is repaid at the end of the following quarter). The interest rate is 12% per annum. No money is owed at the beginning of January. Required: 1. Prepare a monthly operating budget for the first quarter with the following schedules. (Note: Assume that there is no change in work-in-process inventories.) a. Sales budget b. Production budget c. Direct materials purchases budget d. Direct labor budget e. Overhead budget f. Selling and administrative expenses budget g. Ending finished goods inventory budget h. Cost of goods sold budget i. Budgeted income statement j. Cash budget 2. CONCEPTUAL CONNECTION Form a group with two or three other students. Locate a manufacturing plant in your community that has headquarters elsewhere. Interview the controller for the plant regarding the master budgeting process. Ask when the process starts each year, what schedules and budgets are prepared at the plant level, how the controller forecasts the amounts, and how those schedules and budgets fit in with the overall corporate budget. Is the budgetary process participative? Also, find out how budgets are used for performance analysis. Write a summary of the interview.
Prepare a cost of goods sold budget for the Crest Hills Manufacturing Co. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 854,000; beginning inventory of direct materials, 31,000; and ending inventory of direct materials, 26,000. Totals from other budgets included:
For the last quarter of 2020, Carica’s cost records indicate the following: Materials Requisitions (MR) Utility Services (US) Machining Assembly Total Budgeted overhead costs before any inter- department cost allocations $200,000 $1,000,000 $5,456,000 $7,458,000 $14,114,000 Support work supplied by MR (Number of requisitions) 0 25% 40% 35% 100% Support work supplied by US (Power costs) 10% 0 30% 60% 100% Questions: 1. Allocate the two support departments’ costs to the two operating departments using the following methods: a.Direct method. b. Step-down method (allocate MR first). c. Step-down method (allocate US first) d. The Algebraic. Answer quickly
Please need answer the following requirements on these general accounting question
Automatic Irrigation, Inc. is preparing its manufacturing overhead budget for the 2022 year. Relevant data consist of the following: Qtr. 4 Qtr. 1 Qtr. 2 Qtr. 3 Control Units to be produced (by quarters): 6,000 10,000 12,000 9,000 Direct labor time: 1 hour per unit Variable overhead costs per direct labor hour: Indirect Materials $0.90; Indirect Labor $1.40; and Maintenance $0.50. Fixed overhead costs per quarter: Supervisory salaries $27,600; depreciation $4,000; and maintenance $1,900. Required Prepare the manufacturing overhead budget for the 2022 year showing quarterly data.
Carica Company is a manufacturer with two production departments (Machining and Assembly) as well as two support departments (Materials Requisitions and Utility Services). For the last quarter of 2020, Carica’s cost records indicate the following: SUPPORT PRODUCTION Materials Requisitions (MR) Utility Services (US) Machining Assembly Total Budgeted overhead costs before any interdepartment cost allocations $200,000 $1,000,000 $5,456,000 $7,458,000 $14,114,000 Support work supplied by MR (Number of requisitions) 0 25% 40% 35% 100% Support work supplied by US (Power costs) 10% 0 30% 60% 100% Required: 1. Allocate the two support departments’ costs to the two operating departments using the following method 1. The Algebraic method.
Financial accounting questions
cost Accounting
Carica Company is a manufacturer with two production departments (Machining and Assembly) as well as two support departments (Materials Requisitions and Utility Services). For the last quarter of 2020, Carica’s cost records indicate the following: SUPPORT PRODUCTION Materials Utility Requisitions Services Machining Assembly Total (MR) (US) Budgeted costs before any inter- $200,000 $1,000,000 5,456,000 $7,458,000 $14,114,000 department cost allocations Support work supplied by MR 0% 25%…
Subject : Accounting
Activity-Based Costing Steampunk Corporation has the following predicted indirect costs and cost drivers for 2019 for the given activity cost pools: FabricationDepartment FinishingDepartment Cost Driver Maintenance $ 84,000 42,000 Machine hours Materials handling 126,000 63,000 Material moves Machine 294,000 21,000 Machine setups Inspections - 105,000 Inspection hours Total $ 504,000 $ 231,000 The following activity predictions were also made for the year: FabricationDepartment FinishingDepartment Machine hours 5,000 2,500 Material moves 1,500 750 Machine setups 350 25 Inspection hours - 500 It is assumed that the cost per unit of activity for a given activity does not vary between departments. Steampunk's president, Abner Punk, is trying to evaluate the company's product mix strategy regarding two of its product models, SW100 and SG150. The company has been using a company wide overhead rate based on machine hours but is considering…

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