Accounting the controller at emporia precision parts pats asks for The controller at Emporia Precision Parts asks for your help in sorting outsome cost information. She is called to a meeting, but hands you thefollowing information for June:Prime costs, June$147,000Total manufacturing costs, June267,000Cost of goods manufactured, June270,000Cost of goods sold, June212,00015,0009,00072,00084,000Direct labor costs, June60,000Direct material inventory, June 30Work-in-process inventory, June 1Finished goods inventory, June 30Direct materials purchased, JuneCompute for the month of June:a. Direct materials used, June.b. Direct material inventory, June 1.c. Conversion costs, June.d. Work-in-process inventory, June 30.

Step 1:-Define Work-In-Process (WIP) InventoryAs the name suggests, WIP is the type of inventory,…

Answered: The controller at Emporia Precision…

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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Molly just started working as a junior accountant at a manufacturing firm that uses job order costing. She has asked you, the senior accountant, for some help with calculating overhead allocation rates. The following data has been provided for the year ended December 31, 2020: Estimated Actual Machine Hours Direct Labor Hours Direct Labor Cost Manufacturing Overhead Cost 10,000 20,000 $200,000 $560,000| 11,000 19,000 $190,000 $600,000| Actual data from August is as follows: Machine Hours Direct Labor Hours Direct Labor Cost August 900 1,600 $16,000 a. If the company uses a normal costing system and has selected machinehours as the appropriate allocation base, what is the allocation rate? b. Using the allocation rate determined in part 1, what is the amount of overhead allocated for the month ended August 31, 2020
Use the information below to answer the following two questions: Chamomile Inc. is a manufacturing company whose total manufacturing overhead costs fluctuate somewhat from month to month according to the number of machine-hours worked in its production facility. These costs for the last four months in 2019 are given below. Machine-hours Total manufacturing overhead September 6,500 62,500 70,500 October 9,000 November 5,000 10,000 $ 55,000 December $ 70,000 The manufacturing overhead costs above consist of rent, maintenance, and utilities. The company has analyzed these costs at the 5,000 machine-hours level of activity as follows: Rent (fixed) Maintenance (mixed) Utilites (mixed) 30,000 14,500 Total factory overhead costs 55,000 The company also found that the fixed maintenance cost in November was $4,500. 5 The company expects that it will work for 7,000 machine-hours in January 2020. Using the high-low method, how much is the estimated utilities cost in January 2020? (Round to the…
Amal (the cost accountant) in Dream Company asked the financial accounting department to provide cost information for the production department for the month of May (June information is not yet available). Because the financial accounting department tracks information by department, it is able to produce this information. The production department information for May is as follows: Unit produced and sold Material used in production $240,000 Labor (assembly and $180,000 supervisors) Facilities costs (rent, utilities, S60,000 insurance....etc) Total production cost $480,000 6000 Amal reviewed this cost information with the production manager, Ali Khalid, who has worked as production manager at Dream company for several years. After careful review, Ali and Amal came up with the following breakdown of variable and fixed costs for May: Total Cost Variable Costs Fixed Costs Material used in $240,000 $240,000 0 production labor(assembly and 180,000 120,000 supervisors) Facilities costs (rent,…
Cavy Company estimates that total factory overhead costs will be $1,011,028 for the year. Direct labor hours are estimated to be 100,700. a. Determine the predetermined factory overhead rate. Round your answer to the nearest cent.$fill in the blank 8b99eb02a009f9f_1 b. Determine the amount of factory overhead applied to Job 567 if the amount of direct labor hours is 1,200 and Job 999 if the amount of direct labor hours is 2,800. Job 567 $fill in the blank 8b99eb02a009f9f_2 Job 999 $fill in the blank 8b99eb02a009f9f_3 c. Prepare the journal entry to apply factory overhead for April according to the predetermined overhead rate. fill in the blank aa9138f9703b038_2 fill in the blank aa9138f9703b038_4
Can I please get some help with this question? Thank you
Al-Bustan Co. gathered the following information on total costs and factory machine usage for the last six months: Month Total cost Factory Machine Hours January 14,810 13,900 February 29,210 16,600 March 29,000 6,600 April 19,340 13,200 May 29,810 16,500 June 14,910 6,800 Instructions Using the high-low method of analyzing costs, answer the following questions and show computations to support your answers. (a) What is the variable portion of the mixed costs? (b) What is the fixed portion of the mixed costs? (c) If it is estimated that 5,000 factory machine hours will be run in July, what is the expected total cost for July?
Sunland Co. gathered the following information on power costs and factory machine usage for the last six months: Power Cost Factory Machine Hours $28,390 15,800 36,069 21,400 32,895 18,700 ITT 26,235 15,100 23,890 13,500 20,700 Month January February March April May June Using the high-low method of analyzing costs, answer the following questions and show computations to support your answers. (a) Your answer is correct. What is the estimated variable portion of power costs per factory machine hour? (Round answer to 2 decimal places, e.g. 15.25.) Variable power costs $ (b) eTextbook and Media * Your answer is incorrect. 10.500 Fixed power costs What is the estimated fixed power cost each month? High 1.41 per factory machine hour 20,683 $ Low Attempts: 1 of 5 used
Using the step method, what is the factory overhead rate of the cutting department? Galinganmo Corp has two service departments and two producing departments. The following are data available for the year 2021: FOH cost Estimated Area Labor Hrs Maintenance Security Cutting Assembly P129,000 105,000 416,000 380,000 2,900 1,100 2,000 1,600 Occupied 1,200 1,500 1,900 3,200 The maintenance costs are allocated based on estimated labor hours and security is allocated based on space occupied. The producing department uses machine hours with 50,000 for cutting and 25,000 for assembly to determine the factory overhead rate. P10.54 P8.32 O P20.35 P10.43
Cavy Company estimates that total factory overhead costs will be $572,128 for the year. Direct labor hours are estimated to be 94,100. a. Determine the: 1. Predetermined factory overhead rate. Round your answer to the nearest cent.$fill in the blank acece905b02a058_1 per labor hour 2. Amount of factory overhead applied to Job 345 if the amount of direct labor hours is 1,200 and Job 777 if the amount of direct labor hours is 3,300. Job 345 $fill in the blank acece905b02a058_2 Job 777 $fill in the blank acece905b02a058_3 b. Journalize the entry to apply factory overhead for April, assuming Jobs 345 and 777 are the only jobs in production during the month. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select -
If Lind assigns manufacturing overhead of $34,400, what will be the balances I’m the Direct Materials, Work in Process, and Finished Goods Inventory accounts at the end of January? As of January 31, what will be the balance in the Manufacturing Overhead account? What was Lind's operating income for January?
Please help with parts c & d. Thank you
Angler Industries produces a product which goes through two operations, Assembly and Finishing, before it is ready to be shipped. Next year's expected costs and activities are shown below. Assembly 248,888 DLH Finishing 154,000 DLH 68,000 MH 448,800 MH $440,000 Direct labor hours Machine hours Overhead costs Assume that Angler Industries allocates overhead using a plantvide overhead rate based on machine hours. How much total overhead will be assigned to a product that requires 1 direct labor hour and 3.90 machine hours in the Assembly Department, and 4.00 direct labor hours and 0.6 machine hours in the Finishing Department? Multiple Chaises O O O $21.50 $17.60 $2.00. $18.10 $ 677,680 $13.20.

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