1. Blasi Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Beginning inventories: Finished goods Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year Results of operations: Raw materials (all direct) requisitioned for use in production Direct labor cost Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Selling and administrative: Selling and administrative salaries Other selling and administrative expenses Cost of goods manufactured Sales revenue Cost of goods sold (unadjusted) Required: a. What is the total manufacturing cost added to Work in Process during the year? b. What is the cost of goods available for sale during the year? What is the net operating income for the year? $ 33,000 $540,000 40,000 direct labor-hours 5 462,000 $ 567,000 39,000 direct labor-hours $121,000 $ 451,000 $263,000 $ 299,000 $ 1,371,000 $3,298,000 $ 1,302,000

1. Blasi Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Beginning inventories: Finished goods Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year Results of operations: Raw materials (all direct) requisitioned for use in production Direct labor cost Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Selling and administrative: Selling and administrative salaries Other selling and administrative expenses Cost of goods manufactured Sales revenue Cost of goods sold (unadjusted) Required: a. What is the total manufacturing cost added to Work in Process during the year? b. What is the cost of goods available for sale during the year? What is the net operating income for the year? $ 33,000 $540,000 40,000 direct labor-hours 5 462,000 $ 567,000 39,000 direct labor-hours $121,000 $ 451,000 $263,000 $ 299,000 $ 1,371,000 $3,298,000 $ 1,302,000

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Description: i need a and b and c answer. 1. Blasi Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost ofGoods Sold at the end of the year. The company has supplied the following data

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 17E: Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the...

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A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from job cost sheets from their first and only jobs so far: Using the information provided. A. What is the balance in work in process? B. What Is the balance in the finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
Channel Products Inc. uses the job order cost system of accounting. The following is a list of the jobs completed during March, showing the charges for materials issued to production and for direct labor. Assume that factory overhead is applied on the basis of direct labor costs and that the predetermined rate is 200%. Required: Compute the amount of overhead to be added to the cost of each job completed during the month. Compute the total cost of each job completed during the month. Compute the total cost of producing all the jobs finished during the month.
A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the information from the job cost sheets from their first and only jobs so far: Using the Information provided. A. What Is the balance in work in process? B. What Is the balance in finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
Cost flow relationships The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencils: Using the information given, determine the following missing amounts: A. Cost of goods sold B. Finished goods inventory at the end of the month C. Direct materials cost D. Direct labor cost E. Work in process inventory at the end of the month
Lorrimer Company has a job-order cost system. The following debits (credits) appeared in the Work-in-Process account for the month of June. During the month of June, direct labor totaled 30,000 and 24,000 of overhead was applied to production. Finished Goods was debited 100,000 during June. Lorrimer Company applies overhead at a predetermined rate of 80% of direct labor cost. Job number 83, the only job still in process at the end of June, has been charged with manufacturing overhead of 3,400. What was the amount of direct materials charged to Job number 83? a. 3,400 b. 4,250 c. 8,350 d. 7,580
Yellowstone Fabricators uses a process cost system and applies actual factory overhead to work in process at the end of the month. The following data came from the records for March: There were no beginning inventories and no ending work in process inventory. From the information presented, compute the following: 1. Unit cost of production under absorption costing and variable costing. 2. Cost of the ending inventory under absorption costing and variable costing.
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