Saved Required information [The following information applies to the questions displayed below.] McAllister, Inc., employs a normal costing system. The following information pertains to the year just ended. • Total manufacturing costs were $2,500,000. . Cost of goods manufactured was $2,425,000. . Applied manufacturing overhead was 30 percent of total manufacturing costs. . Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. • Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on December 31. 2. Calculate the total cost of direct materialused during the year

Saved Required information [The following information applies to the questions displayed below.] McAllister, Inc., employs a normal costing system. The following information pertains to the year just ended. • Total manufacturing costs were $2,500,000. . Cost of goods manufactured was $2,425,000. . Applied manufacturing overhead was 30 percent of total manufacturing costs. . Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. • Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on December 31. 2. Calculate the total cost of direct materialused during the year

Name: Calculate the total cost of direct material used during the year Saved
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Calculate the total cost of direct material used during the year SavedRequired information[The following information applies to the questions displayed below.]McAllister, Inc., employs a normal costing system. The following information pertains to th

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: If a company purchases raw materials on account for $19,830 when the standard cost is $18,900, it…

A: standard cost is the amount management thinks should be incurred to produce a good or service.…

Q: Answer with working+Formula

A: Step 1We can compute the direct material price and quantity variances: Formula: Direct material…

Q: Assuming that the direct materials used are $1,500,000, compute the total manufacturing costs using…

A: Total manufacturing cost is the sum of various costs incurred by a business in order to manufacture…

Q: Refer to the information given. For each of the activity cost pools identified,indicate whether it…

A: Indicate whether it represents the unit level, batch level, product-sustaining level or facility…

Q: What is The November increase or decrease in costs per equivalent unit for direct materials and…

A: Calculate the cost per equivalent unit for direct materials and conversion costs including beginning…

Q: Belmain Co. expects to maintain the same inventories at the end of 20Y7 as at the beginning of the…

A: Variable cost: It is the cost that changes with the change in the level of units

Q: Williams Company's direct labour cost is 25% of its conversion cost. If the manufacturing overhead…

A: Direct labor is an important part of the total costs because it includes the work done by the…

Q: Have assembled the following data för the most recent year. The actual cost of inputs, their…

A: Since the student has specifically asked for cost of material and labour per unit to be calculated,…

Q: Which formula is used to determine the required purchases of raw materials for the direct materials…

A: Direct Material Budget :— This budget is prepared to estimate the raw material required to be…

Q: Total manufacturing costs

A: Costs from material and labor that’s directly or indirectly related to producing an item are called…

Q: The following cost of data to the manufacturing activities of Black Company during the just…

A: COGM is the cost of the inventory that has been manufactured during a period.

Q: Give me answer

A: Step 1: Introduction to the Manufacturing CostsThe costs necessary for converting raw materials into…

Q: All of the following is a period cost EXCEPT: a. Salary of an accountant. b. Cost of a…

A: There are two types of costs that are incurred in the business. One is product cost and other is…

Q: Problem 10-45 Variances; Journal Entries; Missing Data (Appendix) (LO 10-3, 10-6, 10-9) Aquafloat…

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…

Q: Find: 1. Total Manufacturing Cost during the current year 2. Cost of goods Manufactured during the…

A: Total manufacturing costs is the total costs incurred for manufacturing the product. This is…

Q: Calculate the cost of goods manufactured for a company that has direct materials costs of $410,000,…

A: The cost of goods manufactured includes the cost of goods that are finished during the period. The…

Q: If the costs for direct materials, direct labor, and factory overhead were $60,000, $35,000, and…

A: Total conversion cost = Direct labor + factory overhead = $35,000 + $25,000 = $60,000

Q: Compute the followings: Example of Answer: 4000 No comma, space, decimal point, or $ sign. Raw…

A: Factory overheads are also sometimes referred to as manufacturing overheads which include the…

Q: Primara Corporation has a standard cost system in which it applies overhead to products based on the…

A: When there is any change in actual and budgeted variance occurs it may be favourable or…

Q: The following information relates to production activities of Mercer Manufacturing for the year.…

A: Variance is the difference between the standard costs and the actual costs. If the standard costs…

Q: The following information relates to production activities of Mercer Manufacturing for the year.…

A: Direct costs are the expenses that are directly used for the production of goods and services for…

Q: 17) What is the Variable Overhead standard for machine hours per unit ?

A: 17) variable overhead standard for machine hours per unit = standard machine hours / standard units…

Q: 425,000; manufacturing overhead, $375,000; and selling and administrative expenses, $220,000.…

A: Costing System - A costing system is created to keep track of the costs incurred as a result of the…

Q: Questions Question 1 Aero3D Ltd produces a range of filament cartridges for 3D printers. The…

A: Activity-based costing is a costing approach in which a company's activities are identified and the…

Q: The accounting records of Dixon Company revealed the following costs: direct materials used,…

A: Introduction:- Product costs: Product costs are those which are incurred in the production of…

Q: 1) The following cost data relate to the manufacturing activities of the Kamas Company during the…

A: Cost of goods manufactured :— It is the total cost of finished goods transferred from work in…

Q: Calculate the cost of materials used if beginning raw materials inventory is $50,000, raw materials…

A: Cost of materials used = Beginning raw materials inventory + Raw materials purchased - Ending raw…

Q: Classifying Costs The following report was prepared for evaluating the performance of the plant…

A: MANUFACTURING COST Total manufacturing cost is the combination of direct material cost, direct labor…

Q: The following report was prepared for evaluating the performance of the plant manager of Marching…

A: Manufacturing costs are those costs which are directly or indirectly involved in the production of…

Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

Topic Video

Question

Calculate the total cost of direct material used during the year

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Assume (1) estimated fixed manufacturing overhead for the coming period of $207,000, (2) estimated variable manufacturing overhead of $2.00 per direct labor hour, (3) actual manufacturing overhead for the period of $320,000, (4) actual direct labor-hours worked of 54,000 hours, and (5) estimated direct labor-hours to be worked in the coming period of 55,000 hours. The amount of overhead applied to production during the period is closest to: (Round your intermediate value of "Predetermined overhead rate" to two decimal places.) Multiple Choice $317,000. $311,040. $325,926. $322,564.
c) Having carried out the allocation and apportionment process of its operations, the management accountant of Flowers Ltd is left with the reapportionments to carry out. The data below represent the current state of the overhead distribution summary and the additional detail that is needed to answer the question that follows. Flower Ltd overhead distribution summary Production department T M Amount in Amount in Kes Kes 25,000 20,000 Total b/d Reapportionment percentages A (%) B (%) Required Production department M T 30 20 20 25 F Amount in Kes 30,000 F 25 30 i. The repeated distribution method ii. Algebraic method Service department A Amount in Kes 10,000 Service department A - B Amount in Kes 20,000 25 B 25 a) Reapportion the service department overheads into the production departments on the basis of each of the following:
Marigold, Inc., manufactures clamps used in the overhead bin latches of several leading airplane models. George Robinson, president of Marigold, Inc., has gathered the following cost information from the company's accounting records for the latest month of operations. Advertising Fire insurance premium for the factory building Sales office utilities. Air filters for the buffing machines used to produce the clamps Aluminum used to produce the clamps Rent on the factory building Freight to ship the clamps to customers Sales department executiv alaries Production supervisors' salaries Assembly line workers' wages $21,000 $6,000 $2,000 $1,875 $38,500 $10,500 $3,125 $43,000 $20,000 $57,000
Which of the following would probably properly classified as a step cost with respect to the volume of production ? Depreciation computed on an annual basis Total salaries paid to quality -control inspectors Real estate taxes President of the company's salary
How to determine the residual income (RI) for the Electronics Division for the past year and for each proposal? Is the division income same as income from operations?
Belmain Co. expects to maintain the same inventories at the end of 20Y7 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various department heads were asked to submit estimates of the costs for their departments during the year. A summary report of these estimates is as follows: EstimatedFixed Cost Estimated Variable Cost(per unit sold) Production costs: Direct materials $26 Direct labor 17 Factory overhead $114,300 13 Selling expenses: Sales salaries and commissions 23,700 6 Advertising 8,000 Travel 1,800 Miscellaneous selling expense 2,000 5 Administrative expenses: Office and officers' salaries 23,200 Supplies 2,900 2 Miscellaneous administrative expense 2,660 3 Total $178,560 $72 It is…
Required: 1) Calculate the raw material used by Pro-Leather Company. 2) Calculate the indirect materials used by Pro-Leather Company 3) What is the total manufacturing overhead cost incurred by Pro-Leather Company during the period? 4) Determine the prime cost & conversion cost of the cases manufactured. 5) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. 6) Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. 7) What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year? 8) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity? thank you very much
A company uses activity-based costing to determine the costs of its three products: A, B, and C. The budgeted cost and activity for each of the company's three activity cost pools are shown in the following table: Budgeted Activity Activity Cost Pool Budgeted Cost Product A Product B Product C Activity 1 $ 87,000 7,700 10,700 21,700 Activity 2 $ 62,000 8,700 16,700 9,700 Activity 3 $ 116,000 4,200 2,700 3,325 How much overhead will be assigned to Product B using activity-based costing?
The cost of the beginning work in process inventory was comprised of $\$ 3,000) of direct materials, \(\S 10, 000) of direct labor, and \(\$ 10,000) of factory overhead. Costs incurred during the period were comprised of \(\S 15,000) of direct materials costs, and \(\$ 100,000 $ of conversion costs. The equivalent units of production (EUP) for the period were 9, 000 for direct materials and \(6.000) for conversion. The costs per EUP were: $0.33 per EUP for direct materials and \(\5 3.34) per EUP for conversion. \(\S 1.67) per EUP for direct materials and \(\$ 9.43) per EUP for conversion. \(\$ 1.10) per EUP. \(\$ 2.00) per EUP for direct materials and \(\S 20.00) per EUP for conversion.