On January 8, ABC Company purchases Raw material of $42,000 on account On January 30, ABC Company incurs $32,000 of factory labor costs. Of that amount, $27,000 relates to wages payable and $5,000 relates to payroll taxes payable in February 30/1/2020 ABC company incurred the following manufacturing overhead for the month of January: $1500 Depreciation of factory machines $3000 Depreciation of factory building $500 Factory water and electricity bill on account $250 Factory building property taxes will be paid at the end of the year 2020 $200 Factory machines repair on account On January, ABC Company uses $24,000 of direct materials and $6,000 of indirect materials in January On January, the $32,000 total factory labor cost consists of $28,000 of direct labor and $4,000 of indirect labor

On January 8, ABC Company purchases Raw material of $42,000 on account On January 30, ABC Company incurs $32,000 of factory labor costs. Of that amount, $27,000 relates to wages payable and $5,000 relates to payroll taxes payable in February 30/1/2020 ABC company incurred the following manufacturing overhead for the month of January: $1500 Depreciation of factory machines $3000 Depreciation of factory building $500 Factory water and electricity bill on account $250 Factory building property taxes will be paid at the end of the year 2020 $200 Factory machines repair on account On January, ABC Company uses $24,000 of direct materials and $6,000 of indirect materials in January On January, the $32,000 total factory labor cost consists of $28,000 of direct labor and $4,000 of indirect labor

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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Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $28,000; factory rent, $34,000; factory utilities, $24,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 Balances on March 31 Direct materials $ 31,000 $ 40,000 18,000 9,000 Direct labor 25,000 12,500 Applied overhead Costs during April Direct materials 137,000 103,000 215,000 151,000 $105,000 100,000 Direct labor Applied overhead ? Status on April 30 Finished Finished In (sold) (unsold) process
Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: Work-in-process inventory (January 1) $ 140,400 Work-in-process inventory (March 31) 171,000 Finished goods inventory (January 1) 540,000 Finished goods inventory (March 31) 510,000 Direct materials used 378,000 Indirect materials used 84,000 Direct manufacturing labor 480,000 Indirect manufacturing labor 186,000 Property taxes on manufacturing plant building 28,800 Salespersons' company vehicle costs 12,000 Depreciation of manufacturing equipment 264,000 Depreciation of office equipment 123,600 Miscellaneous plant overhead 135,000 Plant utilities 92,400 General office expenses 305,400 Marketing distribution costs 30,000 Required: Prepare a cost of goods manufactured schedule for the quarter. Prepare a cost of goods sold schedule for the quarter.
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Rundle Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials $ 55,900 Work in Process 83,000 Finished Goods 26,500 During the accounting period, Rundle purchased $239,100 of raw materials and issued $249,800 of materials to the production department. Direct labor costs for the period amounted to $324,000, and manufacturing overhead of $47,300 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,400 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,700 were sold for $800,200 during the period. Selling and administrative expenses amounted to $71,600. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b1. Prepare a schedule of cost of goods manufactured and sold. b2. Prepare an income statement.
Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $25,000; factory rent, $31,000; factory utilities, $23,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $630,000 cash in April. Costs of the three jobs worked on in April follow.
Meyers Corporation had the following inventory balances at the beginning and end of November: November 1 November 30 Raw Materials $ 24,000 Finished Goods $66,000 $ 18,000 $ 45,000 Work in Process $9,000 $ 15,000 During November, $51,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $6 per direct labor- hour, and it paid its direct labor workers $9 per hour. A total of 300 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $6,000 of direct materials cost. The Corporation incurred $36,000 of actual manufacturing overhead cost during the month and applied $33,000 in manufacturing overhead cost. The actual direct labor-hours worked during November totaled: (Round your answers to the nearest dollar.) - 3,667 hours - 5,500 hours - 4,000 hours - 6,000 hours
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Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $22,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three jobs worked on in April follow. Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $22,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three jobs worked on in April…
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Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $22,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 Balances on March 31 Direct materials $ 28,000 $ 39,000 Direct labor 22,000 19,000 Applied overhead 11,000 9,500 Costs during April Direct materials 132,000 210,000 $ 115,000 Direct labor 104,000 154,000 103,000 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In…
Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $22,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 Balances on March 31 Direct materials $ 28,000 $ 39,000 Direct labor 22,000 19,000 Applied overhead 11,000 9,500 Costs during April Direct materials 132,000 210,000 $ 115,000 Direct labor 104,000 154,000 103,000 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In…
United Corporation recorded the following transactions for February 2019: a. February 1: $74,000 in raw materials were purchased on account. b. February 7: $63,000 in raw materials were requisitioned for use in production as direct materials c. February 8: $7,000 of raw materials were used as indirect materials. d. February 12: Total labor wages of $97,000 were incurred for direct labor e. February 15: Labor wages of $13.000 were incurred for indirect labor. 1. February 21: Additional manufacturing overhead costs of $180,000 were incurred. All of these costs will be paid in the future. Record the above transactions in United Corporation's journal. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (1.o., January 15 would be 15/Jan). Date + F + m 11 m F T General Journal Account/Explanation Page 02 PR Debit Credit