Please answer the last subpart, number 4 (highlighted in red) 1. Prepare the statement of cost of goods manufactured for the year.Statement of cost of goods manufactured:Direct materialBeginning materialRaw material purchaseRaw material available for useLess; Ending raw materialRaw material used in productionDirect laborApplied overheadTotal manufacturing costBeginning work in processTotal cost of work in processLess; Ending work in processCost of goods manufactured$20,000$510,000$530,000-$80,000$450,000$90,000$720,000$1,260,000$150,000$1,410,000-$70,000$1,340,0002. Compute the Cost of Goods Sold for the year. (Do not include the under- or over-applied overhead in thecost of goods sold.) What options are available for disposing of under- or over-applied overhead?Unadjusted cost of goods sold= Beginning finished goods inventory + Cost of goods manufactured - Endingfinished goods inventory= $260000+$1340000-$400000= $1200000The under applied overhead can be adjusted by cost of goods sold.3. Job 215 was started and completed during the year. What price would have been charged to customer if thejob required $8,500 in direct materials and $2,700 in direct labor cost and the company priced its jobs at 25%above the job's cost to absorb period cost as well as provide for profit?Price charged = (Direct materials + Direct labor + Manufacturing overhead)*(1+25%)= ($8500 + $2700 + $8500*160%) * ( 125%)= $310004. If direct materials made up $24,000 of the ending work in process inventory balance. How much is thedirect labor cost and the manufacturing overhead? Problem #4:Gitavo Products operates a job-order costing system and applies overhead cost to jobs on the basis of directmaterials used in production (not on the basis of raw materials purchased.) In computing a predeterminedoverhead rate at the beginning of the year, the company's estimates were: manufacturing overhead cost,$800,000; and direct materials to be used in production, $500,000. The company has provided the followingdata:Raw materialsWork in ProcessFinished GoodsManufacturing overhead costs:Indirect laborProperty taxesThe following actual costs were incurred during the year:Purchase of direct raw materialsDirect labor costDepreciation- equipmentMaintenanceInsuranceRent - BuildingBeginning$20,000= (20000+510000-80000)*1.6= $720000150,000260,000Actual overhead = $760000Under applied overhead = $760000 - $720000= $40,0005Ending$80,00070,000400,000$510,00090,000Required:1.a. Compute the predetermined overhead rate for the yearOverhead rate = Total manufacturing overhead / total direct materials used= $800000/$500000= 160% of direct material used170,00048,000260,00095,0007,000180,000b. Compute the amount of under- or over-applied overhead for the year.Direct material used during the year = Beginning raw material inventory + Raw material purchases -Ending raw material inventoryApplied overhead = Direct material used during the year * Predetermined overhead rate

Name: Please answer the last subpart, number 4 (highlighted in red) 1. Prepa
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Description: Please answer the last subpart, number 4 (highlighted in red) 1. Prepare the statement of cost of goods manufactured for the year.Statement of cost of goods manufactured:Direct materialBeginning materialRaw material purchaseRaw material available for

Predetermined Overhead Rate is the rate used to allocate manufacturing overhead cost to cost object…

Business

Accounting

Problem #4: Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased.) In computing a predetermined overhead rate at the beginning of the year, the company's estimates were: manufacturing overhead cost, $800,000; and direct materials to be used in production, $500,000. The company has provided the following data: Raw materials Work in Process Finished Goods Required: Beginning $20,000 The following actual costs were incurred during the year: Purchase of direct raw materials Direct labor cost Manufacturing overhead costs: Indirect labor Property taxes Depreciation equipment Maintenance Insurance Rent- Building 150,000 260,000 Ending $80,000 70,000 400,000 $510,000 90,000 170,000 48,000 260,000 95,000 7,000 180,000

Problem #4: Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased.) In computing a predetermined overhead rate at the beginning of the year, the company's estimates were: manufacturing overhead cost, $800,000; and direct materials to be used in production, $500,000. The company has provided the following data: Raw materials Work in Process Finished Goods Required: Beginning $20,000 The following actual costs were incurred during the year: Purchase of direct raw materials Direct labor cost Manufacturing overhead costs: Indirect labor Property taxes Depreciation equipment Maintenance Insurance Rent- Building 150,000 260,000 Ending $80,000 70,000 400,000 $510,000 90,000 170,000 48,000 260,000 95,000 7,000 180,000

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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