Required Information Exercise 3-31 Manufacturing Cost Flows (LO 3-2, 3-5, 3-6) [The following information applies to the questions displayed below.] Reimel Furniture Company, Inc., incurred the following costs during 20x2 Raw material used Direct labor During 20x2, manufacturing overhead of $180,000 was applied to production. Products costing $122,000 were finished, and products costing $132.000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods Exercise 3-31 Part 1 Beg. Bal Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2. Raw-Material Inventory End. Bal Beg. Bal End. Bal. Beg. Bal Beg. Bal End. Bal. $ 173,000 321,000 End. Bal $ 225,000 18,000 32,000 Wages Payable Finished-Goods Inventory Accounts Receivable Beg. Bal Direct material Direct labor Manufacturing overhead End. Bal. Beg. Bal. End. Bal. Beg. Bal End. Bal. Beg. Bal End. Bal. Work-In-Process Inventory Manufacturing Overhead Salee Revenue Cost of Goods Sold

Required Information Exercise 3-31 Manufacturing Cost Flows (LO 3-2, 3-5, 3-6) [The following information applies to the questions displayed below.] Reimel Furniture Company, Inc., incurred the following costs during 20x2 Raw material used Direct labor During 20x2, manufacturing overhead of $180,000 was applied to production. Products costing $122,000 were finished, and products costing $132.000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods Exercise 3-31 Part 1 Beg. Bal Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2. Raw-Material Inventory End. Bal Beg. Bal End. Bal. Beg. Bal Beg. Bal End. Bal. $ 173,000 321,000 End. Bal $ 225,000 18,000 32,000 Wages Payable Finished-Goods Inventory Accounts Receivable Beg. Bal Direct material Direct labor Manufacturing overhead End. Bal. Beg. Bal. End. Bal. Beg. Bal End. Bal. Beg. Bal End. Bal. Work-In-Process Inventory Manufacturing Overhead Salee Revenue Cost of Goods Sold

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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The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department 21,200 To Finished Goods, 115,000 units 153,400 370,300 144,050 Bal., 5,000 units, 70% completed Direct materials, 118,000 units @ $1.3 Direct labor Factory overhead Bal., ? units, 35% completed Cost per equivalent units of $1.30 for Direct Materials and $4.50 for Conversion Costs. a. Based on the above data, determine the different costs listed below. 1. Cost of beginning work in process inventory completed this period 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest cent.) b. Did the production costs change from the preceding period? 0000 c. Assuming that the direct materials cost per unit did…
16. East coast Corporation has provided the following data from its activity-based costing system: Activity Cost Pool Total Cost Total Activity Assembly $383,180 23,000 machine-hours Processing orders $50,798 1,100 orders Inspection $106,110 1,620 inspection-hours Data concerning one of the company's products, Product A43V, appear below: Selling price per unit $124.60 Direct materials cost per unit $22.08 Direct labor cost per unit $45.77 Annual unit production and sales 210 Annual machine-hours 320 Annual orders 80 Annual inspection-hours 10 According to the activity-based costing system, the product margin for product A43V is:
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Actual Results 62,900 pounds @ $8.20 per pound 26,500 hours @ $16.50 per hour 8,900 units $ 325,700 Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH Actual Hours SH Standard Hours Standard Rate AR Actual Rate SR Actual Cost G < Prev 8 of 8 Next Standard Cost
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Prepare a schedule of cost of goods manufactured based on the following information: Direct materials purchased $ 12,000 18,000 3,000 2,000 14,000 13,500 27,000 4,000 2,000 5,500 2,000 1,000 6,000 4,000 Direct labor Direct materials inventory, beginning Direct materials inventory, ending Work-in-process, beginning Work-in-process, ending Factory depreciation Indirect materials Factory utilities Indirect factory labor Factory maintenance Factory insurance Finished goods inventory, beginning Finished goods inventory, ending
services XYZ industries applies overhead based on direct labor cost. The following information was available for the last year: Actual manufacturing overhead OMR50,000; Underapplied manufacturing overhead OMR10,400; Actual Prime cost OMR52,000; Actual Direct material cost OMR19,000; Estimated direct labor cost OMR41,000 overhead for the year? What was the estimated man turi Select one: O a. OMR49,200 O b.OMR39,600 O c. None of the answers given O d. OMR46,800 e OMRS1,600 ge Next page
Because of the construction of the building, finished g b. Calculate the cost of the machinery if manufacturing and Acrophobia Company summarized the following manufacturing construction activities are to be charged with overhead at charged with the overhead which would have been charge 3. Overhead is to be apportioned in the ratio of direct labor. 2 Normal production of finished goods is 180,000 unita production totaled only 135,000 units. The building is to be Problem During th P120,000 installme P1,160,00 The enti inc Problem 23-10 (IAA) year Direct labor Materiale 6,000,000 7.000,000 2,000,000 4,200,000 3,000,000 Bulding 1,800 Overhead What an 1,220 The following assumptions are made: b. 1,200 1,180 a. c. d. 1,16 to the 45,000 units which were not produced. Proble Grey C P2,000, Required: Compute the cost of finished goods and building Down pa Note pa 20,000 Problem 23-11 (IAA) Prior t machir and construction activities for 2020: What a. 2,0 b. 2,4 c. 2,0 d. 2, Finished goods…
Preparing journal entries—manufacturing overhead Blue Ridge Mountain Manufacturing had the following transactions related to manufacturing overhead for the year: Incurred manufacturing overhead costs $5,000 in indirect materials $12,500 in indirect labor (credit Wages Payable) $30,600 in machinery depreciation $20,400 in other indirect costs that were paid in cash Allocated manufacturing overhead (use a compound entry) $30,000 to the Mixing Department $37,000 to the Packaging Department Requirements Prepare the journal entries for Blue Ridge Mountain Manufacturing. Determine the amount of overallocated or under-allocated manufacturing overhead by posting the transactions to the Manufacturing Overhead account. Assume the balance in Manufacturing Overhead on January 1 is $0. Prepare the adjusting entry.