QS 14-8 Manufacturing cost flows LO C5 Compute the total manufacturing cost for a manufacturer with the following information for the mo Raw materials purchased Direct materials used Direct labor used Factory supervisor salary Salesperson commissions Depreciation expense-Factory building Depreciation expense-Delivery equipment Indirect materials. Total Manufacturing Cost is Computed as: Total manufacturing costs $ 46,400 56,750 17,200 11,200 6,000 3,600 3,300 1,700

QS 14-8 Manufacturing cost flows LO C5 Compute the total manufacturing cost for a manufacturer with the following information for the mo Raw materials purchased Direct materials used Direct labor used Factory supervisor salary Salesperson commissions Depreciation expense-Factory building Depreciation expense-Delivery equipment Indirect materials. Total Manufacturing Cost is Computed as: Total manufacturing costs $ 46,400 56,750 17,200 11,200 6,000 3,600 3,300 1,700

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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Exercise 17-17 (Algo) Using activity-based costing to allocate overhead, compute product cost and gross profit LO P3 Ice Cool produces two different models of air conditioners. The activities, costs, and cost drivers associated with the production processes follow. Process Assembly Inspections Purchase orders. Finishing Support Additional production information concerning its two models follows. Units and Activities Units produced Machine hours Setups Activity Machining Setups Inspecting Purchasing Per Unit Selling price per unit Direct materials cost per unit Direct labor cost per unit Required 1 Budgeted Cost $ 311,000 22,000 $ 333,000 $ 232,000 $ 134,000 Activity Model X 2,000 2,200 Machining Setups Inspecting Purchasing 20 520 360 Required 2 Model Z 4,000 5,000 Model X $ 415 155 140 40 300 180 Required 3 Activity Cost Driver Machine hours (MH) Setups 1. Compute the activity rate for each activity using activity-based costing. 2. Using activity-based costing, compute the overhead…
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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
Exercise 16.6 (Algo) Flow of Costs through Manufacturing Accounts (LO16-3, LO16-4, LO16-5) Lind Manufacturing had the following account balances as of January 1: $ 8,700 76,500 Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Manufacturing Overhead 53,000 During the month of January, all of the following occurred: 1. Direct labor costs were $48,000 for 1,800 hours worked. 2. Direct materials costing $29,000 and indirect materials costing $4,500 were purchased. 3. Sales commissions of $15.500 were earned by the sales force. 4. Direct materials of $21,000 were used in production. 5. Miscellaneous selling and administrative costs of $6,300 were incurred. 6. Factory supervisors earned salaries of $10,807. 7. Indirect labor costs for the month were $3,000. 8. Monthly depreciation on factory equipment was $4,500. 9. Monthly utilities expenses of $7,268 were incurred in the factory. 10. Completed units with manufacturing costs of $69,000 were transferred to…
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EXERCISE 1-7 Direct and Indirect Costs L01-1 2.000.81 10 Kubin Company's relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows: Juris Required: 1. 2. 3. 4. a. b. a. b. the Untus ha babubong asin Direct materials.. Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense.. Sales commissions...... Variable administrative expense. b. Average Cost per Unit $7.00 $4.00 $1.50 $5.00 $3.50 $2.50 $1.00 $0.50 Assume the cost object is units of production: What is the total direct manufacturing cost incurred to make 20,000 units? What is the total indirect manufacturing cost incurred to make 20,000 units? Assume the cost object is the Manufacturing Department and that its total output is 20,000 units. How much total manufacturing cost is directly traceable to the Manufacturing Department? How much total manufacturing cost is an indirect cost that…
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Exercise 17-12 (Algo) Cost drivers for activity-based costing LO P3 A manufacturer reports three activities: finishing production; product design; and sales order processing. Determine whether each of the following cost drivers relates to finishing production, design, or order processing. Cost Driver 1. Direct labor hours to finish production 2. Number of design changes 3. Finishing machine hours 4. Number of design hours 5. Number of shipments made 6. Number of sales orders processed Activity
E 3 Mc Graw Hill connect® Problem 20-1A Weighted average: Cost per equivalent unit; costs assigned to products P1 Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory C $ Check (2) Conversion cost per equivalent unit, $4.50 4 Conversion Costs added this period Direct materials % Beginning work in process inventory Direct materials Conversion Total costs to account for 5 Required 1. Compute equivalent units of production for both direct materials and conversion. 2. Compute cost per equivalent unit of production for both direct materials and conversion. Unit Oll 60,000 820,000 700,000 180,000 A 6 Direct Materials Percent Complete $ 420,000…
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