The following information is available for Stultz Company for the year ended December 31, 2020. $990,000 Estimated manufacturing overheads Estimated direct labour hours 180,000 $951,500 Actual manufacturing overhead Manufacturing overhead applied $962,500 What was the number of direct labour hours worked during 2020?

The following information is available for Stultz Company for the year ended December 31, 2020. $990,000 Estimated manufacturing overheads Estimated direct labour hours 180,000 $951,500 Actual manufacturing overhead Manufacturing overhead applied $962,500 What was the number of direct labour hours worked during 2020?

Name: The following information is available for Stultz Company for the yea
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: The following information is available for Stultz Company for the year ended December 31, 2020$990,000Estimated manufacturing overheadsEstimated direct labour hours180,000$951,500Actual manufacturing overheadManufacturing overhead applied$962,500Wha

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: What is the dollar amount of Total Cost of Work In Process for the year ended December 31, 2020? Raw…

A: Direct material cost is the cost of raw material produced or purchased to produce the final…

Q: The following are information provided for Norman Company for the month of August 2019 (refer to the…

A: The prime cost is total of direct materials and direct labor cost. The conversion cost os total of…

Q: Use the following selected information for Jim Beam Company For the year ended 31st December 2020…

A: Factory overhead is indirect labor and indirect cost involved in operating manufacturing business.…

Q: From the following data, determine the Cost of Goods Manufactured for 2020: Accounts Amounts Sales…

A: Cost of Goods Manufactured: Cost of Goods Manufactured is the cost of the goods produced during a…

Q: 3. Lakeshore Company allocates overhead using direct labour-hours. For 2020, the estimated and…

A: Cost of goods sold exhibits direct cost incurred by company for producing goods and services.

Q: A company allocates overhead at a rate of 155% of direct labor cost. Actual overhead cost for the…

A: under applied overhead: If the amount absorbed is less than the amount incurred which may due to…

Q: Waterway Industries provided the following information from its accounting records for 2019:…

A: Given that Estimated production 50000 labor hour Actual production 46000 labor hours Actual…

Q: At May 31, 2022, the accounts of Cullumber Company show the following May 1 inventories-finished…

A: According to the given question, we are required to compute the cost of goods manufactured. Cost…

Q: At the beginning of the year, Barrington Manufacturing had the following account balances:…

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: Ogleby Inc.'s accounting records reflect the following inventories:…

A: Cost of goods manufactured = Beginning Work in process inventory + Total manufacturing costs -…

Q: An analysis of the accounts of Marin Company reveals the following manufacturing cost data for the…

A: WIP Inventory -The phrase "work in process" (WIP) inventory describes items that are partially…

Q: Greer Company developed the following data for the current year: Beginning Work in Process Inventory…

A: Direct labor cost for the year can be calculated by:Direct labor cost for the year = Total…

Q: For the year ended December 31, 2022, the job cost sheets of Cullumber Company contained the…

A: Job order costing is a method of costing that is used by manufacturers who produce a variety of…

Q: The T-account showing the manufacturing overhead activity for Davis Corp. for 2024 is as follows:…

A: In "T - account" the actual manufacturing overhead will be shown in Debit side of "Manufacturing…

Q: Enter the following entries for the month of August 2021. Purchased raw materials on…

A: Journal entry: It is the activity of the accountant to record and summarize business economic…

Q: Good Manufacturing Company applies manufacturing overhead at the rate of 150% of direct labor hour.…

A: Manufacturing overhead is the cost that is associated with making the product. Generally, these are…

Q: (Partial) Income Statement tA $

A: Income statement refers to the financial record which reflect the total revenue generated by ac…

Q: The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials…

A: The product costs comprises direct materials, direct labor and overhead costs. The overhead costs…

Q: At the beginning of the year, Barrington Manufacturing had the following account balances:…

A: Cost accounting is one of the useful branch of accounting. Under this, different type of costs are…

Q: An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the…

A: The cost of goods manufactured indicates the total amount incurred to manufacture a product. It…

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

The following information is available for Stultz Company for the year ended December 31, 2020
$990,000
Estimated manufacturing overheads
Estimated direct labour hours
180,000
$951,500
Actual manufacturing overhead
Manufacturing overhead applied
$962,500
What was the number of direct labour hours worked during 2020?
O O
173.000
b. 175,000
180.000
d.
d. 192.000
pe here to search
E
71
G

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction:

VIEW

Step 2: Explanation:

VIEW

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

Please provide answer in text (Without image)
At May 31, 2020, the account of Vaugh Company show the following. 1. May 1 Inventories-finished goods $14,300, work in process $15,100 and raw materials $8,900. 2. May 31 inventories-finished goods $9,600, work in process $16,100, and raw materials $7,600. 3. Debit posting to work in process were direct materials $62,800, direct labor $53,100, and manufacturing overhead applied $42,300. (Assume that overhead applied was equal to overhead incurred) 4. Sales revenue totaled $216,200 Prepare a condensed cost of goods manufactured schedule.
Baltimore Manufacturing had a Work in Process balance of $64,000 on January 1, 2018. The year-end balance of Work in Process was $51,000 and the Cost of Goods Manufactured was $500,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.
At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1 inventories—finished goods $ 14,800, work in process $ 17,600, and raw materials $ 8,600. 2. May 31 inventories—finished goods $ 9,600, work in process $ 17,000, and raw materials $ 8,000. 3. Increases to work in process were direct materials $ 64,300, direct labor $ 51,400, and manufacturing overhead applied $ 42,100. 4. Sales revenue totaled $ 217,000. (a) Prepare a condensed cost of goods manufactured schedule for May 2020. SHEFFIELD COMPANYCost of Goods Manufactured Schedulechoose the accounting periodchoose the accounting period select an opening section nameselect an opening section name $ enter a dollar amountenter a dollar amount select an account titleselect an account title $ enter a dollar amountenter a dollar amount select an account titleselect an account title enter a dollar amountenter a dollar amount…
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
Malone Company has the following balances for the current month: Indirect materials used $1320 Direct labor 5469 Sales salaries 11588 Indirect labor 1508 Production manager's salary 10170 Marketing costs 4286 Factory rent Direct materials used What are the total period costs? 11814 2021
Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials inventory $20,000 $ 80,000 Work in process inventory 30,000 50,000 Finished goods inventory 40,000 70,000 During 2020, 1) $70,000 of raw materials was purchased. 2) Incurred direct labor costs amounted to $120,000. 3) Applied manufacturing overhead was $180,000. Instructions: (a) Please calculate the direct raw materials was used during 2020.