Use the following selected information for Jim Beam Company For the year ended 31st December 2020 $1,000 Direct Materials Used (applied to production) $23,000 $132,000 $25,000 $5,500 $10,000 $15,000 $9,000 $17,000 $57,000 Ending Work in Process Managing Director salary Direct Labor Incurred in period Rent – factory Beginning Work in Process Shop cleaner salary Rent – shop Rent – head office Factory Manager salary The total of Factory Overheads for the period is: Select one: O a. $97,000 O b. $62,500 O c. $24,000 O d. $79,500

Use the following selected information for Jim Beam Company For the year ended 31st December 2020 $1,000 Direct Materials Used (applied to production) $23,000 $132,000 $25,000 $5,500 $10,000 $15,000 $9,000 $17,000 $57,000 Ending Work in Process Managing Director salary Direct Labor Incurred in period Rent – factory Beginning Work in Process Shop cleaner salary Rent – shop Rent – head office Factory Manager salary The total of Factory Overheads for the period is: Select one: O a. $97,000 O b. $62,500 O c. $24,000 O d. $79,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

X Company, a manufacturer, incurred the following costs in 2021: Selling costs $5,802 Factory supervisor salary 4,575 Factory equipment 4,651 rental Advertising costs 4,294 Direct labor 5,809 Direct materials 5,276 Legal department 5,399 costs Factory supplies 5,200 Purchasing department costs 4,886 Miscellaneous 5,609 overhead What were total period costs in 2021?
Gensource Company provided the following information from its accounting records for 2021: Estimated production 60,000 labor hours Actual production 56,000 labor hours Estimated overhead $1,800,000 Actual overhead $1,740,000 How much is the predetermined overhead rate if the Company bases it on direct labor hours? Select one: O a. $29.00 per hour b. $32.14 per hour c. $30.00 per hour d. $31.07 per hour
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 $216,200 Prepare a condensed cost of goods manufactured schedule.
Accenture Chemicals has the following data relating to its factory in the year ended 31 December 2020: · Direct material costs OMR 500 · Direct labour cost OMR 250 The total indirect expenses for the factory are OMR 30,000. There were 5,000 labour hours worked and 25,000 machine hours consumed in the factory in the year 2020. Compute the overhead rate based on direct labour hour. a. OMR 6.000/hour b. OMR 6.150/hour c. None of these d. OMR 1.000/hour Clear my choice
Following information for the year ended December 31, 2018 is obtained from the books and records of a factory : Completed Jobs Work-in-Progress 2$ $ Raw Materials supplied from Stores Wages Materials transferred to Work-in-Progress 1,00,000 1,00,000 2,000 1,000 34,000 40,000 2,000 Materials returned to Stores Factory Overheads are 80 per cent of Wages and Administration Overheads 25 per cent of Factory Cost. The value of the executed jobs during 2018 was $4,10,000. Prepare (i) Consolidated Completed Jobs Account showing the profit made or loss incurred on the jobs, and also (ii) Consolidated Work-in-Progress Account.
The following cost data pertains to DEF Inc. for December 31st, 2022: Ending Raw Materials Inventory: Beginning Work-in-Process: Ending Work-in-Process: Direct Materials Used: Direct Costs Incurred in Production: Indirect costs incurred in Production: Beginning Finished Goods Inventories: Ending Finished Goods Inventories: Sales: Selling and Administrative Expenses: Applied Overhead for the period: $50,000 $30,000 $15,000 $20,000 $40,000 $40,000 $40,000 $20,000 $190,000 $40,000 $40,000 The cost of goods sold for 2022 is $115,000 x. $137,000 $175,000 $135,000
Monty Corporation has the following cost records for June 2022. Indirect factory labor $4,500 Factory utilities $390 Direct materials used 19,600 Depreciation, factory equipment 1,370 Work in process, 6/1/22 2,940 Direct labor 39,200 Work in process, 6/30/22 3,720 Maintenance, factory equipment 1,760 Finished goods, 6/1/22 Finished goods, 6/30/22 4,900 Indirect materials 2,250 7,350 Factory manager's salary 2,940 (a) Prepare a cost of goods manufactured schedule for June 2022. MONTY CORPORATION Cost of Goods Manufactured Schedule For the Month Ended June 30, 2022 > > > $ $ $ $
The Hardville Corporation has the following account balances (in millions): E (Click the icon to view the account balances.) Prepare a statement of comprehensive income and a supporting schedule of cost of goods manufactured for the year ended December 31, 2019. Indirect manufacturing costs: Depreciation-plant, building, and equipment 97 Indirect manufacturing labour 79 Miscellaneous plant overhead 39 Account balances Plant supervisory salaries 7 Plant utilities 39 Plant supplies used 11 272 For Specific Date For Year 2019 Direct materials, January 1, 2019 $ 12 Purchases of direct materials $ 338 Add: Manufacturing costs incurred during 2019 Work in process, January 1, 2019 11 Direct manufacturing labour 102 Beginning work-in-process inventory, Jan 1, 2019 11 Finished goods, January 1, 2019 89 Depreciation-plant, building, and equipment 97 Deduct: Total manufacturing costs to account for Plant supervisory salaries 7 Direct materials, December 31, 2019 22 Miscellaneous plant overhead 39…
Frosting Corp. has provided the following relating to the most recent month (August 31, 2020) of operations, for their main product, cupcakes. Baker's salaries 20,000 Finished goods inventory, beginning Finished goods inventory, ending General & administrative expenses 18,000 20,000 20,000 Indirect materials 17,500 Production supervisor, salary 21,000 Purchases of raw materials 28,000 Raw materials inventory, ending Raw materials inventory, beginning Rent on production factory 19,000 18,000 19,000 Rent, retail store 18,000 Sales 243,000 Utilities on production factory 17,500 Utilities, retail store 17,000 Wages, retail staff WIP inventory, beginning WIP inventory, ending 20,000 19,500 21,500 Required: 2. Prepare the cost of goods sold section of the income statement 3. Prepare an income statement in good format
The following information is obtained from the records of Al Marai manufacturing company for the month of January 2021. Particulars Amount (OMR) Direct material consumed 41,000 Direct manufacturing wages 17,000 Indirect manufacturing wages 5,500 Supervisor salary 2,000 Factory rent 1,500 Factory lighting 1000 Indirect materials 1200 Depreciation of machines Office overheads 5,000 Office salaries 1,000 Office expense 800 Selling and distribution 2,300 overheads Sales 95,000 Based on the above information prepare the cost sheet and select the correct answer for the following elements: The amount of prime cost is OMR; The amount of works cost is OMR; The cost of production is OMR; The total cost of sales is OMR; The profit is OMR;
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