The following cost data were taken from the records of JGG manufacturing company: Depreciation expense - Equipment, 60% of which are incurred in the plant equipment 1,500 Depreciation expense in the retail outlet 500 Salaries of cashier in the retail outlet 3,000 Insurance premium paid in addition to the salary of the cashier 1,000 Salaries of delivery truck driver 1,500 Wages of production workers 28,000 Raw materials used 47,000 Operating supplies used in the production 1,000 Rent expense, 40% are paid for the retail outlet 2,000 Insurance paid for the factory building 500 Administrative salaries 2,000 Instruction: Compute for the following costs:

The following cost data were taken from the records of JGG manufacturing company: Depreciation expense - Equipment, 60% of which are incurred in the plant equipment 1,500 Depreciation expense in the retail outlet 500 Salaries of cashier in the retail outlet 3,000 Insurance premium paid in addition to the salary of the cashier 1,000 Salaries of delivery truck driver 1,500 Wages of production workers 28,000 Raw materials used 47,000 Operating supplies used in the production 1,000 Rent expense, 40% are paid for the retail outlet 2,000 Insurance paid for the factory building 500 Administrative salaries 2,000 Instruction: Compute for the following costs:

Name: Instruction: Solve the given problem. Show your solution.The followin
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Description: Instruction: Solve the given problem. Show your solution.The following cost data were taken from the records of JGG manufacturing company:Depreciation expense - Equipment, 60% of which are incurredin the plant equipment1,500Depreciation expense in t

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Instruction: Solve the given problem. Show your solution. The following cost data were taken from the records of JGG manufacturing company: Depreciation expense - Equipment, 60% of which are incurred in the plant equipment 1,500 Depreciation expense in the retail outlet 500 Salaries of cashier in the retail outlet 3,000 Insurance premium paid in addition to the salary of the cashier 1,000 Salaries of delivery truck driver 1,500 Wages of production workers 28,000 Raw materials used 47,000 Operating supplies used in the production 1,000 Rent expense, 40% are paid for the retail outlet 2,000 Insurance paid for the factory building 500 Administrative salaries 2,000 Instruction: Compute for the following costs: 1. Direct Material costs 2. Direct Labor costs 3. Factory overhead costs 4. Prime Costs 5. Conversion costs 6. Total product costs 7. Total period costs
Perez Manufacturing purchased raw materials worth $8,000 on account. The journal entry to record the purchase of raw materials on account is ________. Process costing is used. A. debit Raw Materials Inventory, $8,000; credit Accounts Payable, $8,000 B. debit Account Payable, $8,000; credit Raw Materials Inventory, $8,000 C. debit Cash, $8,000; credit Raw Materials Inventory, $8,000 D. debit Raw Materials Inventory, $8,000; credit Cash,
ournalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,760. b. Incurred manufacturing wages of $10,100, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $19,180. d. Used in production: direct materials, $8,020; indirect materials $3,720. e. Recorded manufacturing overhead: depreciation on plant, $14,150; plant insurance (previously paid), $1,340; plant property tax, $3,670 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $36,770. h. Sold inventory on account, $26,680; cost of goods sold, $12,230. i. Adjusted for overallocated or underallocated overhead.
Info in images Prepare journal entries to record the preceding transactions. The raw materials were purchased for use in production, $265,000 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. The raw materials used in production (all direct materials), $250,000. Note: Enter debits before credits. Transaction General Journal Debit Credit b. The utility bills were incurred on account, $72,000 (85% related to factory operations, and the remainder related to selling and administrative activities). Note: Enter debits before credits. Transaction General Journal Debit Credit c. The salary and wage costs accrued were $295,000 (Direct labor), $103,000 (Indirect labor), $175,000 (Selling and administrative salaries). Note: Enter debits before credits. Transaction General Journal Debit Credit d. The maintenance…
Within the costing system of Asempa manufacturing company the following types of expense are incurred. GHȼCost of oils used to lubricate production machinery 20,000Motor vehicle licences for lorries 50,000Depreciation of factory plant and equipment 40,000Cost of chemicals used in the laboratory 10,000Commission paid to sales representatives 25,000Salary of the secretary to the finance director 22,000Trade discount given to customers 12,000Holiday pay of machine operatives 32,000Salary of security guard in raw material warehouse 15,000Fees to advertising agency 8,000Rent of finished goods…
Journalize the following transactions for Carla Vista Company. (a) Purchased 5,900 units of raw materials on account for $10,930. The standard cost was $11,800. (b) Issued 5,600 units of raw materials for production. The standard units were 5,740. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) (b) Raw Materials Inventory Materials Price Variance Accounts Payable Work in Process Inventory Materials Quantity Variance Raw Materials Inventory Debit 11800 Credit 10930
Burnham Industries incurs the following costs for the month: Direct materials $1,900 Direct labor 3,100 Factory depreciation expense 3,300 Factory utilities expense 750 CEO's salary 3,900 A. What is the prime cost? B. What is the conversion cost?
Claire Corporation's trial balance includes the following expenses: Raw materials used in production Raw materials purchased General manager salary Sales manager salary Direct labor incurred General liability insurance premium Factory rent Office lease Factory utilities Depreciation on factory equipment Assuming that this list represents all expenses for the year, what amount should Claire report as a period (non-product) expense? Select one: $5,500 6,500 50,000 30,000 130,000 a. $101,000 b. $107,500 c. $83,000 d. $74,000 3,000 24,000 18,000 12,000 14,000
The Putney Company reports the following information: Sales $76,500 Cost of direct materials used in production 7,300 Depreciation on factory equipment 4,700 Indirect labor 5,900 Direct labor 10,500 Factory rent 4,200 Factory utilities 1,200 Sales salaries expense 15,600 Office salaries expense 8,900 Indirect materials 1,200 a. Compute product costs.$fill in the blank 1 b. Compute period costs.
Use the information provided for Darwin Company to answer the question that follow. Darwin Company Sales Direct materials used Depreciation on factory equipment Indirect labor Direct labor Factory rent Factory utilities Sales salaries expense Office salaries expense Indirect materials Darwin Company's period costs are Oa. $35,000 Ob. $30,300 Oc. $29,200 Od. $24,500 $76,500 7,300 4,700 5,900 10,500 4,200 1,200 15,600 8,900 1,200
The Putney Company reports the following information: Sales $76,500 Cost of direct materials used in production 7,300 Depreciation on factory equipment 4,700 Indirect labor 5,900 Direct labor 10,500 Factory rent 4,200 Factory utilities 1,200 Sales salaries expense 15,600 Office salaries expense 8,900 Indirect materials 1,200 a. Compute product costs.$fill in the blank 1 b. Compute period costs.$fill in the blank 2
Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,760. b. Incurred manufacturing wages of $10,100, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $19,180. d. Used in production: direct materials, $8,020; indirect materials $3,720. e. Recorded manufacturing overhead: depreciation on plant, $14,150; plant insurance (previously paid), $1,340; plant property tax, $3,670 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $36,770. h. Sold inventory on account, $26,680; cost of goods sold, $12,230. i. Adjusted for overallocated or underallocated overhead.