Magna Carta Interiors is a job-order manufacturer. The company uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours are 150,000 and estimated factory overhead is $1,140,000. The following information is for September. Job X was completed during September, while Job Y was started but not finished. September 1, inventories:   Materials $ 25,700 Work-in-process (All Job X) 55,100 Finished goods 107,300 Materials purchases $ 174,000 Direct materials requisitioned:   Job X $ 75,700 Job Y 69,700 Direct labor hours:   Job X 8,700 Job Y 7,200 Labor costs incurred:   Direct labor ($7.70 per hour) $ 122,430 Indirect labor 50,100 Factory supervisory salaries 12,800 Rental costs:   Factory $ 11,000 Administrative offices 4,900 Total equipment depreciation costs:   Factory $ 12,100 Administrative offices 4,500 Indirect materials used $ 30,400 The total…

Grass Reed Bayou is a bottling company in The Netherlands. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $680,000, and management budgeted $320,000 of direct labor costs. During the year, the company incurred the following actual costs. Direct materials used    $ 382,000Direct labor    313,000Factory overhead    650,700The January 1 balances of inventory accounts are shown below. Materials-all direct    $ 64,000Work-in-process    41,400Finished goods    25,600The December 31 balances of these inventory accounts were ten percent lower than the balances at the beginning of the year. The cost of goods manufactured during the year is:

General Accounting Question Solution

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5/1/25 Lease Receivable 5/1/25 12/31/25 Cost of Goods Sold Sales Revenue Inventory (To record the lease) Cash Lease Receivable (To record lease payment) Lease Receivable Interest Revenue 5/1/26 Cash Lease Receivable Interest Revenue 12/31/26 Lease Receivable Interest Revenue 98000.20 65000 20456.70 20456.70 98

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Julie Finn is preparing the materials purchases budget for the first quarter. The production manager has provided the following production budget information: January 60,000 units February 55,000 units March 50,000 units Each unit requires 5 gallons of direct materials, and Julie wants to maintain an ending inventory equal to 15% of the next month's production needs. How many gallons will Julie budget purchase in February? a. 271,250 b. 275,000 c. 282,500 d. 312,500

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Tucker Company makes chairs. Tucker has the following production budget for January-March. January February March Units Produced 8,959 10,313 12,637 Each chair produced uses 5 board feet of wood. Management wants ending inventory levels of raw materials to equal 20% of the production needs (in wood) for the next month. How many board feet of wood does Tucker need to purchase in February?