Vishu The IS-51165 company uses traditional job-order costing with direct labor cost as the allocation base. The companyreports the following information for last year:Direct labor costRaw material purchasesManufacturing overhead applied to work in processActual manufacturing overhead costs$ 86,000$ 140,000$ 222,000$ 208,000Inventories Beginning EndingRaw materials $ 8,100$ 10,900Work in process $ 5,500$ 20,700Finished goods $73,000$25,500The company closes out any underapplied or overapplied overhead to Cost of Goods Sold. What was the IS-51165company's adjusted Cost of Goods Sold for last year?multiple choice$ 484,500$ 471,700$ 446,000$ 463,500

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Description: Vishu The IS-51165 company uses traditional job-order costing with direct labor cost as the allocation base. The companyreports the following information for last year:Direct labor costRaw material purchasesManufacturing overhead applied to work in p

To calculate the adjusted Cost of Goods Sold (COGS) for last year, we need to determine the…

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The IS-51165 company uses traditional job-order costing with direct labor cost as the allocation base. The company reports the following information for last year: Direct labor cost Raw material purchases Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Beginning Ending Raw materials $ 8,100 $ 10,900 $ 20,700 $25,500 $ 86,000 $ 140,000 $ 222,000 $ 208,000 Work in process $ 5,500 Finished goods $ 73,000 The company closes out any underapplied or overapplied overhead to Cost of Goods Sold. What was the IS-51165 company's adjusted Cost of Goods Sold for last year?

The IS-51165 company uses traditional job-order costing with direct labor cost as the allocation base. The company reports the following information for last year: Direct labor cost Raw material purchases Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Beginning Ending Raw materials $ 8,100 $ 10,900 $ 20,700 $25,500 $ 86,000 $ 140,000 $ 222,000 $ 208,000 Work in process $ 5,500 Finished goods $ 73,000 The company closes out any underapplied or overapplied overhead to Cost of Goods Sold. What was the IS-51165 company's adjusted Cost of Goods Sold for last year?

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 4CMA: A company is using process costing with the first-in, first-out (FIFO) method, and all costs are...

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Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A total of 150,000 machine hours have been budgeted for the year. During the year, an order for 1,000 units was completed and incurred the following: The accountant computed the inventory cost of this order to be 4.30 per unit. The annual budgeted overhead in dollars was: a. 577,500. b. 600,000. c. 645,000. d. 660,000.
Determining job costcalculation of predetermined rate for applying overhead by direct labor cost and direct labor hour methods Beemer Products Inc. has its factory divided into three departments, with individual factory overhead rates for each department. In each department, all the operations are sufficiently alike for the department to be regarded as a cost center. The estimated monthly factory overhead for the departments is as follows: Forming, 64,000; Shaping, 36,000; and Finishing, 10,080. The estimated production data include the following: The job cost ledger shows the following data for X6, which was completed during the month: Required: Determine the cost of X6. Assume that the factory overhead is applied to production orders, based on the following: 1. Direct labor cost 2. Direct labor hours (Hint: You must first determine overhead rates for each department, rounding rates to the nearest cent.)
Steeler Towel Company estimates its overhead to be $250,000. It expects to have 100,000 direct labor hours costing $2,500,000 in labor and utilizing 12,500 machine hours. Calculate the predetermined overhead rate using: A. Direct labor hours B. Direct labor dollars C. Machine hours
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Kokomo Kayak Inc. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during the month of March: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 18,000 units finished and transferred to stockroom. Work in process, end of period, 3,000 units, two-thirds completed. Required: Prepare a cost of production summary for March.
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Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: a. Materials purchased on account, 315,500. b. Materials requisitioned, 290,100, of which 8,150 was for general factory use. c. Factory labor used, 489,500 of which 34,200 was indirect. d. Other costs incurred on account for factory overhead, 600,000; selling expenses, 150,000; and administrative expenses, 100,000. e. Prepaid expenses expired for factory overhead were 18,000; for selling expenses, 6,000; and for administrative expenses, 5,000. f. Depreciation of office building was 30,000; of office equipment, 7,500; and of factory equipment, 60,000. g. Factory overhead costs applied to jobs, 711,600. h. Jobs completed, 1,425,000. i. Cost of goods sold, 1,380,000. Instructions Journalize the entries to record the summarized operations.
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Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
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Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: The materials purchased during June are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.Determine the total purchase of materials in June. b.Determine the amounts of materials transferred to Work in Process and Factory Overhead during June. c.Determine the June 30 balances that would be shown in the materials ledger accounts.