Splish Brothers Corporation has the following cost records for June 2025.Indirect factory labor$4,300Factory utilities$370Direct materials used18,800Depreciation, factory equipment1,310Work in process, 6/1/252,820Direct labor37,600Work in process, 6/30/253,560Maintenance, factory equipment1,680Finished goods, 6/1/254,700Indirect materials used2,150Finished goods, 6/30/257,050Factory manager's salary2,820

Answer information:Step 1:a.Cost of Goods Manufactured Splish Brothers Corporation Cost of Goods…

Answered: Splish Brothers Corporation has the…

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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Wildhorse Corporation has the following cost records for the year ended December 31, 2022: Indirect factory labour $5,360 Direct materials used 250,300 Work in process (1/1/2022) 31,800 Work in process (12/31/2022) 26,800 Finished goods (1/1/2022) 35,800 Finished goods (12/31/2022) 29,300 Factory utilities 41,300 Depreciation, factory equipment 34,400
Uhtred Manufacturing had the following transactions in October: Purchased raw materials on account, $58,800. Used materials in production: $21,900 in the Mixing Department; $4,800 in the packaging Department; $920 in indirect materials. Incurred labor costs: $7,500 in the Mixing Department; $4,050 in the Packaging Department; $2,520 in indirect labor. Incurred manufacturing overhead costs: $9,540 in machinery depreciation; paid $2,890 for rent and paid for utilities at a cost of $1,920. Prepare the journal entries for Uhtred Manufacturing.
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The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $78,750 $94,450 Work in process 108,600 96,800 Finished goods 113,750 109,100 December 31 Advertising expense $ 69,000 Depreciation expense-office equipment 22,750 Depreciation expense-factory equipment 14,860 Direct labor 184,350 Heat, light, and power-factory 5,950 Indirect labor 24,600 Materials purchased 122,200 Office salaries expense 77,750 Property taxes-factory 4,170 Property taxes-office building 13,200 Rent expense-factory 6,675 Sales 862,000 Sales salaries expense 138,500 Supplies-factory 5,000 Miscellaneous costs-factory 5,280 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* b. Prepare the 20Y8 income statement. *Refer to the Amount Descriptions list…
Presented below are incomplete 2022 manufacturing cost data for Sunland Corporation. Determine the missing amounts. Direct Total Work in Materials Direct Manufacturing Manufacturing Process Used Labor Overhead Costs (1/1) $35,720 $75,200 $45,120 $112,800 (b) $140,060 $49,820 $84,600 $274,480 2$ (c) $49,820 $109,040 $113,740 $272,600 $378,820
Accenture Chemicals has the following data relating to its factory in the year ended 31 December 2020: Direct material costs OMR 500 Direct labor cost OMR 250 The total indirect expenses for the factory are OMR 30,000. There were 5,000 labor hours worked and 25,000 machine hours consumed in the factory in the year 2020. Compute the overhead rate based on direct labor hour. None of these b. OMR 6.000 / hour COMR 1.000 / hour d. OMR 6.150 / hour
Uhtred Manufacturing had the following transactions in October: Purchased raw materials on account, $58,800. Used materials in production: $21,900 in the Mixing Department; $4,800 in the packaging Department; $920 in indirect materials. Incurred labor costs: $7,500 in the Mixing Department; $4,050 in the Packaging Department; $2,520 in indirect labor. Incurred manufacturing overhead costs: $9,540 in machinery depreciation; paid $2,890 for rent and paid for utilities at a cost of $1,920. Prepare the journal entries for Uhtred Manufacturing. Journal Date Description Debit Credit 1 1 2 2 2 2 3 3 3 3 4 4 4
Superior Manufacturing Company has the following cost and expense data for the year ending December 31, 2010. Raw materials, I/1/10- Raw materials, 12/31/10- Raw materials purchases Indirect materials - $15,000 MO Work in process, 1/1/10- Work in process, 12/31/10 - Finished goods, 1/1/10 – Finished goods, 12/31/10- Direct labor - Factory manager's salary - $35,000 MO $30.000 $20,000 Property taxes, factory building $6,000 MO $205,000 Sales (net) $1,500,000 Insurance, factory $14.000 MO Delivery expenses $100,000 $80,000 Sales commissions $150,000 $50,000 Indirect labor $110,000 Factory machinery rent $40,000MO $120,000 Factory utilities $350,000 Depreciation, factory building $24,000 MO $90,000 MO $65,000 MO Administrative expenses $300,000 X Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2010. (b) Prepare an income statement for Superior Company for 2010. (c) Assume that Superior Company's ledgers show the balances of the following current…
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Hemlock Company developed the following data for the current year: Beginning work in process inventory $275,000 Direct materials used 160,000 Actual overhead 340,000 Overhead applied 225,000 Cost of goods manufactured 265,000 Total manufacturing costs 860,000 Hemlock Company's direct labor cost for the year is?
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The following cost data relate to the manufacturing activities of Newberry Company during the just completed year: Total actual manufacturing OH costs incurred (including 15,000 of indirect materials) 353,000 Purchases of raw materials (both direct and Indirect) 250,000 Direct labor cost 135,000 Raw Materials, beg 10,000 Raw Materials, end 15,000 Work in Process, beg 20,000 Work in process, end 35,000 The company uses a predetermined overhead rate to apply manufacturing overhead cost to production. The predetermined overhead rate for the year was $15 per machine-hour. A total of 23,000 machine-hours were recorded for the year. Required: Compute the amount of underapplied or overapplied manufacturing overhead cost for the year.

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