fill out the yellow highlighted cells based on the information provided 00 >0A Cellfx Select oneH.KJan. 11: Purchased leather materials for bags on account for $76,000Accounts payable$ 76,000Jan 14: Issued materials ($43,500) to production which included leather materials ($40,000) to specific jobs and bag cleaning materials (SJan 21: Payroll costs were incurred as follows: $18,000 for stitching assembly workers, $9,000 for factory supervisors, $15,000 for salespenSalaries payableSelling expense$ 15,000$42,000Jan 31: Recorded depreciation: $1,200 for production building and $1,800 for office building.Accumulated depreciation3,000%24 DKJan 31: Applied manufacturing overhead at a rate of 25% of direct material cost used in production.What is the amount of overapplied or underapplied manufacturing overhead related to the above transactions?Select one5051

There are several forms of cost accounting that is being used in business. One of them is Job…

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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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K Rios Corporation reports costs for the year as follows: Direct Materials Used Wages to Line Workers Office Rent Indirect Materials Used How much is the total product costs for the year? A. $605,000 OB. $1,155,000 OC. $550,000 OD. $1,199,500 $430,000 120,000 44,500 605,000
Q.3. Cost department of Nina Industries made the following estimates for the coming year: Factory overhead Rs.425000; direct materials Rs.850000; production 20800 units; direct labor Rs.250000; direct labor hours 106250. Required: a) Factory overhead rate based on: i. Direct labor cost ii. Direct labor hours iii. Direct material cost b) Total cost of Job No. 924 using each rate in (a) above. Job No.924 requires direct materials cost Rs.21000; direct labor cost Rs.14800 for 3700 hours. (11)
Leafon Corporation has two production departments, Casting and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Casting Department's predetermined overhead rate is based on machine hours and the Customizing Department's predetermined overhead rate is based on direct labor hours. At the beginning of the current year, the company had made the following estimates: Customizing Casting Machine-hours (MH) 20,000 17,500 Direct labor-hours (DLH) 7,000 9,000 Total Fixed MOH ℗ 175,000 P 165,500 Variable MOH per MH P 2.50 Variable MOH per DLH P 9.00 During the current month, the company started and finished Job Leaf-118. The following data were recorded for this job: Job Leaf-118 Customizing Casting Machine-hours 500 700 Direct labor-hours 100 450 The TOTAL AMOUNT of Overhead Applied to Job Leaf-118 is closest to Note: For interim calculations, use 5 decimal places; ROUND-UP final answer to a whole number.
Peacock Ltd.'s production cost for August are: Particulars Amount Direct Labor Indirect Labor Direct Materials Property Taxes on Production equipment Heat, Light and Power Insurance on Plant and Equipment 15,000 8,000 32,000 1,200 2,500 500 Calculate Peacock Ltd.'s factory overheads for August. a. Factory overheads for August are $21,500 b. Factory overheads for August are $12,200 c. Factory overheads for August are $27,200 d. Factory overheads for August are $30,000
of 2 ook sk -int rences N 124,011 F1 @ W Required information Problem 6-13A & 6-14A (Algo) [The following information applies to the questions displayed below.] Snow Mountain Equipment has 24 employees distributed among the following departments: Sales: 5 Factory: 12 Administration: 7 The total annual payroll for Snow Mountain Equipment is $900,000. Problem 6-14A (Algo) Required: Compute the labor distribution based on the number of employees per department. F2 Sales Factory Administration 3 E 15 80 F3 $ Q F4 % 5 K F7 *00 8 DII F8 ( 9 F9 C ) 7 F10
mpany appeared in 28.000 & Power 1,750,000 150,000 and of 2021 P320,000 65,000 88,000 P25,000 60,000 80,000 15,500 14,400 7. The records of the Bulacan Stereo Company showed the following information for three months ending March 31, 2023: Materials purchased Inventories, January 1, 2023 Finished goods (100 stereo sets) Materials Direct labor Factory overhead Marketing expenses General and administrative expenses Sales (12,400 stereo sets at 100% above product costs) Inventories, March 31, 2023 No unfinished work on hand Finished goods (200 stereo sets coming form the cost of goods manufactured) Materials P1,946,700 43,000 268,000 2,125,800 764,000 516,000 461,000 ? 167,000
b) Quality Footwear incurs these costs for the month: Production wages $ 6 200 Advertising costs $ 800 $ 8.000 $ 4 000 Depreciation on factory equipment $1.000 Factory cleaners' wages $860 Repairs and maintenance on office building $2.500 Glue and pins $ 400 Leather material used Research costs Required: Determine each of the following costs: (list the costs under each cost category when calculating the answer). 1. Product costs ANSWER b (i):
$6,000 A Company uses a job order costing system and allocates its manufacturing overhead costs based on direct labor costs. The Company's production costs for the year were: direct labor, $80,000; direct materials, $40,0003; and factory overhead applied $20,000. The predetermined overhead rate :was %.400 .a O 25% b O .50% 4% d O 200% .e O
1 Determine if each item is a period or product cost. Also determine whether the costs are selling/administrative if a period cost, or direct/indirect if product cost. Period cost Product cost Selling expense General and administrative expense Direct cost Indirect cost A. Paid $77,500 for materials used for the product B. Paid sales commissions of $58,200. C. Paid $38,800 in salaries for factory employees that make the product D. Paid $88,300 in salaries for executives (president and vice presidents). E. Recorded depreciation 16,400 was depreciation on factory equipment F. Recorded depreciationcost of 14,000 on the headquarters building where sales/admin are staffed F. Paid $3,100 for various suppl
Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $96,000. b. Direct materials used, $41,000. Indirect materials used, $18,600. c. Direct labor used, $32,000. Indirect labor used, $8,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs, $8,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $60,000. g. Sales of jobs on credit was $85,000. h. Cost of jobs sold was $60,000. View transaction list Journal entry worksheet
5. Income statement; profit percentage. The Shelikoff Company submits the following informa- Tion on December 31, 19--: $314.000 Sales for the year.. Inventories at the beginning of the year: Finished goods Work in process Materials Purchases of materials for the year Direct labor 5,900 4,600 3,800 140,000 67,350/ Factory overhead: 50% of labor cost Inventories at the end of the year: Finished goods Work in process. Materials. 9.270 6,200 4,300 Other expenses for the year: Marketing expenses Administrative expenses 23,115 17,650 Required: (1) An income statement for the year ended December 31, 19-- (2) The percentage of income to sales, before income tax.
ord Applicati... WP WileyPLUS B Bloomberg for Edu... 02:40:21 Mc Graw Hill x 9 Mango Company applies overhead based on direct labor costs. For the current year, Mango Company estimated total overhead costs to be $300,000, and direct labor costs to be $150,000. Actual overhead costs for the year totaled $330,000, and actual direct labor costs totaled $170,000. At year-end, the balance in the Factory Overhead account is a: F1 Multiple Choice $330,000 Debit balance. $170,000 Debit balance. $10,000 Credit balance. $340,000 Credit balance. F2 < Prev Saved F3 39 of 50 ㅊ DII F4 Frontline - Sign In R myRutgers Portal ⠀ Next Help F5 Save & Exit DOLL Submit O

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