Sales Supervisor's Salary Cleaning Sales office Direct labor Fire Insurance - Factory Mo Finished goods, 1/1/24 Finished goods, 12/31/24 Selling expense Indirect utilities $ $ $ $ $ $ $ $ 123,450 Custodian wages factory 30,200 B Direct materials inventory, 1/1/24 74,100 E Direct materials inventory, 12/31/24 21,000. Direct materials purchased M 18,000 Sales 14,300 27,000 34,700 Calculate total manufacturing costs. Calculate cost of goods manufactured. Calculate cost of goods sold. Marketing Costs Work in process, 1/1/24 Work in process, 12/31/24 MU $ $ $ $ $ S $ $ 39,600 16,500 13,400 109,000-> 479,800 50,000 16,300 36,000

Sales Supervisor's Salary Cleaning Sales office Direct labor Fire Insurance - Factory Mo Finished goods, 1/1/24 Finished goods, 12/31/24 Selling expense Indirect utilities $ $ $ $ $ $ $ $ 123,450 Custodian wages factory 30,200 B Direct materials inventory, 1/1/24 74,100 E Direct materials inventory, 12/31/24 21,000. Direct materials purchased M 18,000 Sales 14,300 27,000 34,700 Calculate total manufacturing costs. Calculate cost of goods manufactured. Calculate cost of goods sold. Marketing Costs Work in process, 1/1/24 Work in process, 12/31/24 MU $ $ $ $ $ S $ $ 39,600 16,500 13,400 109,000-> 479,800 50,000 16,300 36,000

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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Entries for Materials GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric Polyester filling Lumber Glue The materials purchased during June are summarized from the receiving reports as follows: Fabric Polyester filling Lumber Glue Job 601 $40,500 28,600 62,400 6,550 Materials were requisitioned to individual jobs as follows: Job 602 Job 603 $440,000 180,000 360,000 40,000 Fabric $205,000 110,000 130,000 Polyester Filling Lumber $75,000 $120,000 36,000 88,000 55,000 125,000 Glue Total $400,000 234,000 310,000
Leafon Corporation has two production departments, Casting and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Casting Department's predetermined overhead rate is based on machine hours and the Customizing Department's predetermined overhead rate is based on direct labor hours. At the beginning of the current year, the company had made the following estimates: Customizing Casting Machine-hours (MH) 20,000 17,500 Direct labor-hours (DLH) 7,000 9,000 Total Fixed MOH ℗ 175,000 P 165,500 Variable MOH per MH P 2.50 Variable MOH per DLH P 9.00 During the current month, the company started and finished Job Leaf-118. The following data were recorded for this job: Job Leaf-118 Customizing Casting Machine-hours 500 700 Direct labor-hours 100 450 The TOTAL AMOUNT of Overhead Applied to Job Leaf-118 is closest to Note: For interim calculations, use 5 decimal places; ROUND-UP final answer to a whole number.
L13 D. 4 Data Section: $45,000 9. 642,000 91,500 93,000 Direct labor 8 Direct materials inventory, 1/1 9 Direct materials inventory, 12/31 10 Factory rent 11 Finished goods, 1/1 12 Finished goods, 12/31 13 Indirect labor 76,410 132,000 172,500 37,500 26,250 14 Indirect materials 15 Purchases of direct materials 16 Work in process, 1/1 17 Work in process, 12/31 645,180 30,300 28,665 Depreciation-equipment 18 19 Answer Section: 20 Jackson Manufacturing 21 22 Schedule of Cost of Goods Manufactured 23 For the Year Ended December 31 24 25 Work in process, 1/1 $30,300 26 Direct materials Direct materials inventory, 1/1 28 Add: 27 $91,500 FORMULA 1 Purchases of Materials 29 30 Cost of direct materials available $0 FORMULA 2 31 Less: Direct Material, 12/31 32 33 Cost of direct materials used FORMULA 3 34 Direct labor 642,000 35 Manufacturing overhead: 36 Factory rent 37 Depreciation - Equipment $76,410 FORMULA 4 MFG Enter Search the web and Windows op THOF
services SQU Libraries SQU Portal Attendance English (en O b. OMR605 O c. OMR545 O d. OMR635 O e. OMR575 XYZ Company provided the following information regarding Product XY: Direct material costs OMR3 per unit of product; Direct labor costs OMR5 per direct labor hour; Predetermined overhead rate OMR10 per direct labor hour. The cost of a job for 550 units of product XY, which uses a total of 100 direct labor hours, is: Select one: Oa. OMR5,400 Ob. OMR3,300 Oc. OMR3,150 Od. None of the answers given e. OMR9,900 Total manutacturing costs assioned inclucted 10 units heom ofs tota mana
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Current Attempt in Progress Tamarisk 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: $14,800 12,120 3,840 47,120 77,440 132,480 8,000 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $66,480 44,320 2,400 1,280 1,920 14,400 2,510
Question:
20 EXERCISES Soved Prepare jourmal entries to record the following production activities for Hotwax. 1. Incurred $145,000 of direct labor in its Mixing department and $70,000 of direct labor in its Shapi Wages Payable). 2 Incured indirect labor of $11,500 (credit Factory Wages Payable). 3. Total factory payroll of $226,500 was paid in cash. View transaction list Journal entry worksheet 1 Record direct labor used, but not yet paid. Note: Enter debits before credits. Transaction General Journal Debit Credit Work in process inventory-Shaping 70,000 Work in process inventory-Mixing < Prev 6 of 8 Next search 0 門

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Inventories: Raw material April 1 $20,000 April 30 $17,000 8,000 Work in process Finished goods 12,000 30,000 39,000 Additional information for April: Raw material purchased Direct labor payroll Direct labor rate per hour Overhead rate per direct labor hour $45,000 $36,000 $ 8.00 $ 10.00 1. The prime cost incurred was? 2. The conversion incurred was? 3. The cost of goods sold was?
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Compute Manufacturinh Overhead costs: Electricity for Factory- 15,800 Labor- 31,000 Rent for factory- 23,000 Insurance on factory- 1,400 glass for bulbs- 55,200 cardboard for packaging- 7,000 Is my cost driver Labor 31,000? Wha tare my units? Estimated total Manufacturing overhead?Estimated total hours?