Problems Problem 1 The following information pertains to Mimi's Mini Treats Manufacturing Company: January 1, 20x7 December 31, 20x7 $13,000 $10,000 41,000 28,000 104,000 175,000 Inventories Raw Materials Work in Process Finished Goods Other information pertaining to 20x7 Raw materials used Indirect materials used Factory wages and salaries Utilities Depreciation • • $59,000 6,000 120,000 16,000 26,000 The sales price is determined by adding a 40% mark-up to the cost of inventory. For the expenses above, 80% of the wages relate to hands-on labour in the factory, and half (50%) of the utilities and depreciation relate to the factory. Required - a) How much raw material was purchased during 20x7? b) Prepare a schedule of cost of goods manufactured for 20x7, using actual manufacturing overhead. c) What amount of gross profit would show on Mimi's income statement for 20x7? Please show your work.

Problems Problem 1 The following information pertains to Mimi's Mini Treats Manufacturing Company: January 1, 20x7 December 31, 20x7 $13,000 $10,000 41,000 28,000 104,000 175,000 Inventories Raw Materials Work in Process Finished Goods Other information pertaining to 20x7 Raw materials used Indirect materials used Factory wages and salaries Utilities Depreciation • • $59,000 6,000 120,000 16,000 26,000 The sales price is determined by adding a 40% mark-up to the cost of inventory. For the expenses above, 80% of the wages relate to hands-on labour in the factory, and half (50%) of the utilities and depreciation relate to the factory. Required - a) How much raw material was purchased during 20x7? b) Prepare a schedule of cost of goods manufactured for 20x7, using actual manufacturing overhead. c) What amount of gross profit would show on Mimi's income statement for 20x7? Please show your work.

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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Indicator ' A 16 17 18 19 20 (1) $126,000 105,000 84,000 $200,000 D (2) $150,000 128,000 22,000 $138,000 E 1 2 Required: 3 Determine the missing amount for each separate situation involving work in process cost flows. 4 5 6 Total manufacturing costs 7 Work in process inventory, beginning 8 Work in process inventory, ending 9 Cost of goods manufactured 10 11 12 13 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 14 Nothing in this area will be graded, but it will be submitted with your assignment. 15 (3) $217,000 32,000 185,000 $237,000 F G H 1 J
3 Kamili Company has the following three manufacturing overhead cost drivers. Cost Driver Design changes Machine setups Electricity usage Level of Activity $2,680 $3,080 $3,260 $1,550 $3,580 $2,860 100 changes per year 2,000 setups per year 12,000 kilowatt-hours per year Overhead Cost $ 5,000 18,000 36,000 Kamili Company started and completed work on 25 different jobs during the year. One of these jobs was Job #781. Job #781 required 16 design changes, 40 machine setups, and 700 kilowatt-hours of electricity. How much manufacturing overhead should be allocated to Job #781? Note: Kamili uses activity-based costing.
Ch. 3 MG Homework  Saved Help Save & Exit SubmitThe following four companies use a process cost system:Required:Treating each case independently, find the missing amount solana co. vista.co Ray Inc. Lindsay company conversion cost ? 235200 56350 ? direct labor 43000 ? 25300 13300 depreciation 2400 17400 ? 1500 manufacturing overhead 25500 143600 ? ? rent 16100 ? 10100 830 direct materials 89100 362050 39600 17050 supervisors salary 5200 19450 2700 1900 utilities ? 34200 8850 630
TURBO HOMEWORK Turbo Company, a manufacturing firm, produces a single product. The following information has been taken from the company's production, sales, and cost records for the just completed year: TURBO COMPANY Production in units Sales in units Ending finished goods inventory in units Sales in dollars Costs: Advertising Direct labor Indirect labor Raw materials purchased Building rent (80% Factory) Utilities, factory Royalty paid for use of patent, $1 per unit produced (Classify as MOH) Maintenance, factory Rent for special production equipment, $6,000 per year plus $0.10 per unit produced Selling and administrative salaries Other factory overhead costs Other selling and administrative expenses Inventories: Raw materials Work in progress Finished goods Selling price per unit Check figure: (1) Cost of goods manufactured I. Compute the cost of goods manufactured for the year. 2. Compute the following: 30,000 ? ? $650,000 3. Prepare an income statement for the year. $50,000 80,000…
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Raw Materials Inventory 57,500 5,700 37,000 14,800 Finished Goods Inventory 216,000 43,000 173,000 Factory Overhead 14,800 61,000 52,300 6,000 Which formula solves for the amount of direct materials? 122,100 Work in Process Inventory 37,000 216,000 111,000 122,100 54,100 Factory Wages Payable 172,000 0 111,000 61,000
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Please give me step by step directions to get the correct answer Ch 26 pro 2 Single Plantwide Factory Overhead Rate Krispy Treats Snack Food Company manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. The company has budgeted the following costs for the upcoming period: Factory depreciation $21,191 Indirect labor 52,518 Factory electricity 5,989 Indirect materials 12,438 Selling expenses 29,484 Administrative expenses 16,584 Total costs $138,204 Factory overhead is allocated to the three products on the basis of processing hours. The products had the following production budget and processing hours per case: Budgeted Volume(Cases) Processing HoursPer Case Tortilla chips 7,200 0.12 Potato chips 6,900 0.10 Pretzels 3,600 0.15 Total 17,700 If required, round all per-case answers to the nearest cent. a. Determine the single plantwide factory overhead rate.$ per…