Question:Jasper Corporation incurred the followingcosts which includes salaries and wages inApril:Salesperson's salaries$32,000Factory maintenance25,000Factory insurance10,000Administrative utilities4,000Factory supervisor salary30,000Administrative supplies1,500Advertising10,000Delivery truck insurance5,000Factory machine operator22,000Factory machine depreciation5,500Direct materials used30,000Receptionist salary17,500Required:Identify the Total Product Costs above.

Step 1:Product cost is the cost incurred on a product to get it ready to sale, means all expenses…

Answered: Question: Jasper Corporation incurred…

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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K Rios Corporation reports costs for the year as follows: Direct Materials Used Wages to Line Workers Office Rent Indirect Materials Used How much is the total product costs for the year? A. $605,000 OB. $1,155,000 OC. $550,000 OD. $1,199,500 $430,000 120,000 44,500 605,000
The following is a manufacturing cost report of Marching Ants Inc. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Costs Type Amount Materials used in production (including $60,500 of indirect materials) $653,300 Direct labor (including $90,700 maintenance salaries) 604,900 Factory overhead: Supervisor salaries—plant 556,500 Heat, light, and power—plant 151,200 Sales salaries 375,000 Promotional expenses 338,700 Insurance and property taxes—plant 163,300 Insurance and property taxes—corporate offices 235,900 Depreciation—plant and equipment 133,100 Depreciation—corporate offices 96,800 Total $3,308,700 Question Content Area a. 1. Select the correct sentence for errors in the preceding report. 1. The maintenance salaries of $90,700 and indirect materials of $60,500 should be included as factory overhead. 2. The indirect materials of $60,500 should be included as factory overhead. 3. The maintenance salaries of $90,700 should be included as…
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Question: Alton Company produces metal belts. During the current month, the company incurred the following product costs: Raw materials $84,000 Direct labor $52,000 Electricity used in the Factory $22,000 Factory foreperson salary $3,100 Maintenance of factory machinery $2,000 What are Alton Company's direct product costs?
1) The following cost data relate to the manufacturing activities of the Kamas Company during the most recent year: Manufacturing overhead costs incurred during the year: $1,600 2,600 5,100 Property taxes Utilities, factory Indirect labour Depreciation, factory Insurance, factory Total actual costs Other costs incurred during the year: Purchases of raw materials Direct labour cost Inventories: 13,000 2,500 $24,800 Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $15,000 22,000 $5,000 4,400 3,500 4,500 The company uses a predetermined overhead rate to charge overhead cost to production. The rate for the year just completed was $4.00 per machine hour; a total of 6,000 machine hours were recorded for the year. Required: a. Compute the amount of under- or overapplied overhead cost for the year just ended. b. Prepare a schedule of cost of goods manufactured for the year. (Disclose ALL supporting calculation steps)
Identify the total product costs below
Prepare a schedule of cost of goods manufactured for the year. The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials $ 16, 200 Indirect labor 142, 000 Property taxes, factory 9,200 Utilities, factory 82, 000 Depreciation, factory 169, 900 Insurance, factory 11, 200 Total actual manufacturing overhead costs incurred S 430, 500 Other costs incurred: Purchases of raw materials ( both direct and indirect) S 412, 000 Direct labor cost $ 72, 000 Inventories: Raw materials, beginning $ 21, 200 Raw materials, ending S 31, 200 Work in process, beginning $ 41, 200 Work in process, ending S 71,200 The company uses a predetermined overhead rate of $21 per machine - hour to apply overhead cost to jobs. A total of 20, 900 machine - hours were used during the year.
Metlock Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information $13,300 10.870 3,340 Manufacturing overhead 42,120 69,440 118,480 7,000 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used Determine the total amount of manufacturing overhead.. $59,480 39,820 2.150 1,130 1,720 12.900 2,260 su
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Frontier Incorporated has provided the following information for the year ended 20x8: a. Purchased raw materials on account for $240,400. b. Issued $230,400 in raw materials to production ($32,400 were not traceable to specific jobs). c. Incurred $242,400 in direct labor costs (24,520 hours) and $92,900 in supervision costs (paid in cash). d. Incurred the following additional manufacturing overhead costs: factory utilities $24,400 (paid in cash); depreciation on equipment $45,400; indirect supplies $17,900 (paid in cash). e. Incurred the following nonmanufacturing costs, both paid in cash: advertising $75,400; sales salaries $88,400. f. Applied manufacturing overhead to jobs in process at a rate of $9 per direct labor hour. g. Completed jobs costing a total of $644,400. h. Sold jobs for $856,400 on account. The cost of the jobs was $642,400. i. Closed the manufacturing overhead account balance. Required: Prepare the journal entries to record these transactions. Note: If no entry is…
Use the table below and record the amount in the appropriate column category. Cost Item Cost Prime cost Conversion Cost Factory Overhead Period Costs Rent on Factory equipment 11,000 Insurance on factory building 1,500 Raw materials 75,000 Sales Commissions 10,000 Utility costs for factory 900 Supplies for general office 300 Wages for assembly line workers 58,000 Depreciation on office equipment 800 Miscellaneous materials (Glue etc.) 1,100 Factory manager’s salary 5,700 Property taxes on factory building 400 Advertising for the laptops 14,000 Office Supervisor Salary 16,000 Depreciation of factory building 1,500
A partial listing of costs incurred during December at Gagnier Corporation appears below: Factory Supplies Administrative wages and salaries Direct materials Sales staff salaries Factory depreciation Corporate headquarters building rent Indirect labor Marketing Direct labor 89,000 325,000 O 310,000 $8,000.00 O 399,000 $105,000.00 $153,000.00 $68,000.00 $49,000.00 $34,000.00 The total of the period costs listed above for December is: $32,000.00 $103,000.00 $83,000.00

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