The following cost data relate to the manufacturing activities of the Kamas Company during the most recentyear. Factory overhead costs incurred during the year:P 1,6002,6005,10013,0002,500Property taxes – factoryUtilities – factoryIndirect laborDepreciation - factoryInsurance - factoryTotal Actual FOH costsP 24,800Other costs incurred during the year:P 15,00022,000Purchases of raw materialsDirect labor costInventories:Raw materials, beginningRaw materials, endingWork-in-process, beginningWork-in-process, endingP 5,0004,4003,5004,500The company uses a predetermined overhead rate to charge overhead cost to production. The rate for theyear just completed was P4.00 per machine-hour; a total of 6,000 machine-hours were recorded for theyear. Compute for the cost of goods manufactured for the year.

The cost of goods manufactured is a calculation that is used to gain a general understanding of…

Answered: The following cost data relate to 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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Here are selected basic data for Wilson Company: Estimated manufacturing overhead $243,750 Factory utilities $30,200 Estimated labor hours 35,000 Indirect labor $22,700 Actual direct labor hours 36,000 Sales commissions $54,100 Estimated direct labor cost $325,000 Factory rent $47,700 Actual direct labor cost $320,000 Factory property taxes $29,100 Factory depreciation $65,800 Indirect materials $33,700 If the company allocates overhead based on direct labor cost, what are the total actual manufacturing overhead costs?
Hh1. Account
The following costs and inventory data were taken from the accounts of Malik Company for the year 2021: 1 January 2021 (RM) 8,000 15,000 16,000 31 December 2021 (RM) 7,000 13,000 12,000 Inventories: Raw materials Work in process Finished goods Costs incurred: Raw materials purchases 98,000 42,000 8,000 10,000 6,000 9,000 17,000 Direct labor Factory rent Factory utilities Indirect materials Indirect labor Operating expenses Instructions: (a) Prepare a schedule of Cost of Goods Manufactured for Malik Company for the year ended 31 December 2021. (b) Prepare the Cost of Goods Sold section of the Statement of Profit or Loss for Malik Company for the year ended December 2021.
Cost Flow Relationships The following information is available for the first year of operations of Idgie Inc., a manufacturer of fabricating equipment: Sales $1,261,700 340,700 Gross profit Indirect labor 113,600 Indirect materials 46,700 Other factory overhead 21,400 Materials purchased 643,500 1,392,900 46,700 Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
Current information for the Healey Company follows: Beginning raw materials inventory $ 15,700 Raw material purchases 65,000 Ending raw materials inventory 17,100 Beginning work in process inventory 22,900 Ending work in process inventory 28,500 Direct labor 45,300 Total factory overhead 30,500 All raw materials used were direct materials. Healey Company's total manufacturing costs for the year are:
1) The following cost data relate to the manufacturing activities of the Kamas Company during the most recent year: Manufacturing overhead costs incurred during the year: $1,600 2,600 5,100 Property taxes Utilities, factory Indirect labour Depreciation, factory Insurance, factory Total actual costs Other costs incurred during the year: Purchases of raw materials Direct labour cost Inventories: 13,000 2,500 $24,800 Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $15,000 22,000 $5,000 4,400 3,500 4,500 The company uses a predetermined overhead rate to charge overhead cost to production. The rate for the year just completed was $4.00 per machine hour; a total of 6,000 machine hours were recorded for the year. Required: a. Compute the amount of under- or overapplied overhead cost for the year just ended. b. Prepare a schedule of cost of goods manufactured for the year. (Disclose ALL supporting calculation steps)
Franklin, Inc. estimates manufacturing overhead costs for the Year 3 accounting period as follows. Equipment depreciation. Supplies Materials handling Property taxes Production setup Rent Maintenance Supervisory salaries $190,100. 20,000 33,200 a. Predetermined overhead rate b. Applied manufacturing overhead 13,300 20,100 43,000 39,000 281,300 The company uses a predetermined overhead rate based on machine hours. Estimated hours for labor in Year 3 were 201,000 and for machines were 128,000. Required a. Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.) b. Determine the amount of manufacturing overhead applied to Work in Process Inventory during the Year 3 period if actual machine hours were 143,000. (Do not round intermediate calculations.) per machine hour
Prepare a schedule of cost of good manufactured.
Vios Company employs norma! costing for its production. the following data are provided during the current year: Net purchases of raw materials during the year Total labor costs during the year Depreciation of factory assets during the year Utilities on the factory during the year 500,000 800,000 100,000 300,000 Beginning Ending Raw materials inventory Work in process inventory Finished goods inventory 200,000 500,000 600,000 300,000 200,000 300,000 The entity uses a single account for its direct material and indirect materials. Indirect material used is one-fourth of the total material used. The indirect labor cost is 1/8 of the total labor costs. The overhead application rate is 80% of direct labor costs. Any over or under application of overhead is considered material. What is the total manufacturing cost during the current year?
Calculate the cost of goods sold for the year. Please explain
Comet Company accumulated the following account information for the year: Beginning raw materials inventory Indirect materials cost Indirect labor cost Maintenance of factory equipment Direct labor cost Multiple Choice Using the above information, total factory overhead costs would be: O $17,000. O $14.200 $11,000. O $18,400. $6,400 2,400 $8.600. 5,400 3,200 7,400
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