The following information was taken from the record of AntonManufacturing Inc.: Increase in finished goods, P100,000; Increase in workprocess, P110,000; Decrease in raw materials P96,00O; Total costplaced in process, P5,000,000; Materials purchases, P960,000; Directlabor, P880,000; Work in process, beg. P1,600,000. How much factoryinoverhead was applied to production? *Your answer

Overhead means the cost incurred indirect in factory for the production of goods. Total cost placed…

Answered: The following information was taken…

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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A company estimates the following manufacturing costs at the beginning of the period: direct labor, $488,000; direct materials, $204,000; and factory overhead, $137,000. Required: 1. Compute its predetermined overhead rate as a percent of direct labor. 2. Compute its predetermined overhead rate as a percent of direct materials. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute its predetermined overhead rate as a percent of direct labor. Numerator: Overhead Rate Denominator: Overhead Rate = Overhead Rate
Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $ 8,600 $ 5,800 $ 71,000 Ending $ 10,800 $ 20,000 $ 25,400 $ 653,000 $ 82,000 $ 133,000 $ 106,000 $ 45,000 $ 223,000 $ 201,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.
The following information is taken from the financial records of Gunner Manufacturing: Cost of materials used $45,000 Direct labor costs 48,000 Factory overhead 39,000 Work in process, beginning 18,000 Work in process, ending 28,000 What is the cost of goods manufactured? a.$142,000 b.$122,000 c.$132,000 d.$178,000
Morris Corp applies manufacturing overhead cost to Jobs (to the work in process account) at a rate of $50 per direct labor hour (DLH). For the year, actual overhead costs totaled $240,000, and 5,000 DLHs were worked by the company's employees. a. How much overhead cost was applied to the work in process account? b. Was manufacturing overhead overapplied, or underapplied.
The following information applies to Your Company for the current year: Direct labor-hours: Estimated for the year. 85,000 Actual hours worked. 80,000 Machine hours Estimated for the year. 92,000 Actual hours worked. 95,000 Manufacturing overhead: Estimated for the year $192,000 Actual cost incurred 200,000 Overhead cost is applied to production on a basis of direct labor hours. What is the predetermined overhead rate (round if necessary)? Group of answer choices $2.35 $2.09 $2.26 $2.40 $2.50
The following cost data relate to the manufacturing activities of ABC Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials $ 16,900 Indirect labor 149,000 Property taxes, factory 9,900 Utilities, factory 89,000 Depreciation, factory 316,900 Insurance, factory 11,900 Total actual manufacturing overhead costs incurred $ 593,600 Other costs incurred: Purchases of raw materials (both direct and indirect) $ 419,000 Direct labor cost $ 79,000 Inventories: Raw materials, beginning $ 21,900 Raw materials, ending $ 31,900 Work in process, beginning $ 41,900 Work in process, ending $ 71,900 The company uses a predetermined overhead rate of $28 per machine-hour to apply overhead cost to jobs. A total of 21,600 machine-hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of…
Borchardt Corporation has provided the following data concerning last month's operations. Direct materials Direct labor Manufacturing overhead applied to Work in Process Work in process inventory $169,000 O$235,000 How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured? $173,000 O$178.000 Beginning $ 66,000 hs $ 29,000 $ 58,000 $ 82,000 Ending $ 57,000
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 60,000 ? $ 40,000 Income Statement Ending $ 37,000 $ 32,000 ? The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $30,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. COGS Schedule Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.…
A company estimates the following manufacturing costs for the next period: direct labor, $540,000; direct materials, $221,000; and factory overhead, $148,000. 1. Compute its predetermined overhead rate as a percent of direct labor.2. Compute its overhead cost as a percent of direct materials.
Beehive Corporation incurred actual overhead of $201,600 and applied overhead of $210,000. Beehive has supplied the following data relating to its inventories: Jan. 1 Dec. 31 Direct materials $42,000 $56,000 Work-in-process 21,000 28,000 Finished goods 91,000 70,000 If cost of goods manufactured was $721,000, what would cost of goods sold be, assuming under- or overapplied overhead is allocated to inventories and cost of goods sold? • A.$749,420 • B.$733,600 • C.$713,580 D.$734,580
k Jenkins Company had the following information for the year: Direct materials used Direct labor incurred (9,100 hours) Actual manufacturing overhead incurred Beginning Work in Process Inventory Ending Work in Process Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory $ 295,100 249,800 347,600 Multiple Choice 0 0 0 19,500 Jenkins Company used a predetermined overhead rate based on estimated overhead of $391,000 and 8,500 estimated direct labor hours. What was the cost of goods manufactured?
The following information has been gathered for the Harrell Manufacturing Company for its fiscal year ending December 31: Actual manufacturing overhead costs $ 229,500 Actual direct labor hours 56,600 Actual direct labor costs $ 462,000 Estimated manufacturing overhead costs $ 196,180 Estimated direct labor $ 451,000 Estimated direct labor hours 57,700 What is the predetermined manufacturing overhead rate per direct labor hour?

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