Required information [The following information applies to the questions displayed below.] Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. Finished goods Work in process January 1 $124,000 235,000 134,000 January 31 $117,000 251,000 124,000 Raw material The following additional data pertain to January operations. Raw material purchased Direct labor Actual manufacturing overhead Actual selling and administrative $192,000 300,000 170,000 115,000 benses The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year. Required: 1. Compute the company's prime cost for January. Prime cost

Required information [The following information applies to the questions displayed below.] Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. Finished goods Work in process January 1 $124,000 235,000 134,000 January 31 $117,000 251,000 124,000 Raw material The following additional data pertain to January operations. Raw material purchased Direct labor Actual manufacturing overhead Actual selling and administrative $192,000 300,000 170,000 115,000 benses The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year. Required: 1. Compute the company's prime cost for January. Prime cost

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 business manufactures custom patios made of concrete, brick, fiberglass, and lumber- depending upon customer preference. The company's fiscal year is the calendar year. At the beginning of July, selected balances were as follows: Direct Materials Inventory, July 1 $4200 Work-In-Process Inventory, July 1 5540* Manufacturing Overhead Applied to Date 32640 Actual Manufacturing Overhead to Date 31650 *Details for Work in Process Job 85 Job 86 Job 87 Total Direct Materials $600 800 900 Direct Labor 320 540 580 Manufacturing Overhead 400 675 725 = 1320 + 2015 + 2205 = 5540 (the last row are the separate columns added together and then totaled at the end). During July, total direct materials purchased were $4900. Overhead costs incurred were $3800. Direct materials and direct labor used were as follows: Materials Requested Amounts Labor Time Ticket Amounts Job 85 $1100 $840 Job 86 500 360 Job 87 1300 1200…
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Provide Answer with calculation and explanation
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