Classifying Costs The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materials used in production (including $54,900 of indirect materials) Direct labor (including $82,400 maintenance salaries) Factory overhead: Supervisor salaries Heat, light, and power Sales salaries Promotional expenses Insurance and property taxes-plant Insurance and property taxes-corporate offices Depreciation-plant and equipment Depreciation-corporate offices Total Marching Ants Inc. Factory overhead: $593,400 549,400 Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Total manufacturing costs incurred 505,400 137,400 340,600 307,700 148,300 214,300 120,900 87,900 $3,005,300

Classifying Costs The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materials used in production (including $54,900 of indirect materials) Direct labor (including $82,400 maintenance salaries) Factory overhead: Supervisor salaries Heat, light, and power Sales salaries Promotional expenses Insurance and property taxes-plant Insurance and property taxes-corporate offices Depreciation-plant and equipment Depreciation-corporate offices Total Marching Ants Inc. Factory overhead: $593,400 549,400 Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Total manufacturing costs incurred 505,400 137,400 340,600 307,700 148,300 214,300 120,900 87,900 $3,005,300

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 12P: Bangor Products Co. obtained the following information from its records for April: Required: 1....

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A manufacturing company has two service and two production departments. Human Resources and Machine Repair are the service departments. The production departments are Grinding and Polishing. The following data have been estimated for next years operations: The direct charges identified with each of the departments are as follows: The human resources department services all departments of the company, and its costs are allocated using the numbers of employees within each department, while machine repair costs are allocable to Grinding and Polishing on the basis of machine hours. 1. Distribute the service department costs, using the direct method. 2. Distribute the service department costs, using the sequential distribution method, with the department servicing the greatest number of other departments distributed first.
Cost of direct materials used in production for a manufacturing company Walker Manufacturing Company reported the following materials data for the month ending June 30: Determine the cost of direct materials used in production by Walker during the month ended June 30.
Monterrey Products Co. uses the process cost system. A record of the factory operations for the month of October follows: Required: Prepare a cost of production summary, assuming that the production losses are considered to be normal.
Cost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold Bisby Company manufactures fishing rods. At the beginning of July, the following information was supplied by its accountant: During July, the direct labor cost was 43,500, raw materials purchases were 64,000, and the total overhead cost was 108,750. The inventories at the end of July were: Required: 1. What is the cost of the direct materials used in production during July? 2. What is the cost of goods manufactured for July? 3. What is the cost of goods sold for July?
Bangor Products Co. obtained the following information from its records for April: Required: 1. Prepare, in summary form, the journal entries that would have been made during the month to record issuing materials to production, the distribution of labor, and overhead costs; the completion of the jobs; and the sale of the jobs. 2. Prepare schedules computing the following for April: a. The gross profit or loss for each job completed and for the business as a whole. b. For each job, the gross profit or loss per unit. (Round to the nearest cent.)
The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be 3,150,000, and total direct labor costs would be 1,800,000. During February, the actual direct labor cost totalled 160,000, and factory overhead cost incurred totaled 283,900. a. What is the predetermined factory overhead rate based on direct labor cost? b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory OverheadBlending Department? d. Does the balance in part (c) represent over- or underapplied factory overhead?
PREDETERMINED FACTORY OVERHEAD RATE Marston Enterprises calculates a predetermined factory overhead rate so that factory overhead may be applied to production during the month. It calculates the overhead using three different methods and then decides which one to use. Total estimated factory overhead costs are 600,000. Total estimated direct labor hours are 30,000. Total estimated direct labor costs are 1,200,000. Total machine hours are estimated to be 200,000. Calculate the predetermined overhead application rates based on (1) direct labor hours, (2) direct labor costs, and (3) machine hours.
Classifying Costs The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materials used in production (including $69,300 of indirect materials) $748,300 Direct labor (including $103,900 maintenance salaries) 692,900 Factory overhead: Supervisor salaries 637,500 Heat, light, and power 173,200 Sales salaries 429,600 Promotional expenses 388,000 Insurance and property taxes-plant 187,100 Insurance and property taxes-corporate offices 270,200 Depreciation-plant and equipment 152,400 Depreciation-corporate offices 110,900 Total $3,790,100 Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Factory overhead: Total manufacturing costs incurred
The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materlals used In production (Including $56,200 of Indirect materials).... Direct labor (Including $84,400 malntenance salarles)......... Factory overhead: Supervisor salarles... Heat, light, and power.. $ 607,500 562,500 517,500 140,650 Sales salarles...... 348,750 Promotional expenses.... Insurance and property taxes-plant... Insurance and property taxes-corporate offices......... Depreclation-plant and equipment.... Depreclation-corporate offices... Total,.... 315,000 151,900 219,400 123,750 90,000 $3,076,950
The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc.Manufacturing CostsFor the Quarter Ended June 30 Materials used in production (including $59,600 of indirect materials) $644,000 Direct labor (including $89,400 maintenance salaries) 596,300 Factory overhead: Supervisor salaries 548,600 Heat, light, and power 149,100 Sales salaries 369,700 Promotional expenses 333,900 Insurance and property taxes—plant 161,000 Insurance and property taxes—corporate offices 232,600 Depreciation—plant and equipment 131,200 Depreciation—corporate offices 95,400 Total $3,261,800 Marching Ants Inc.Manufacturing CostsFor the Quarter Ended June 30 $- Select - - Select - Factory overhead: $- Select - - Select - - Select - - Select - - Select - - Select - - Select - Total…
The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc.Manufacturing CostsFor the Quarter Ended June 30 Materials used in production (including $56,200 of indirect materials) $607,500 Direct labor (including $84,400 maintenance salaries) 562,500 Factory overhead: Supervisor salaries 517,500 Heat, light, and power 140,650 Sales salaries 348,750 Promotional expenses 315,000 Insurance and property taxes—plant 151,900 Insurance and property taxes—corporate offices 219,400 Depreciation—plant and equipment 123,750 Depreciation—corporate offices 90,000 Total $3,076,950 Marching Ants Inc.Manufacturing CostsFor the Quarter Ended June 30 $- Select - - Select - Factory overhead: $- Select - - Select - - Select - - Select - - Select - - Select - - Select - Total…
The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc.Manufacturing CostsFor the Quarter Ended June 30 Materials used in production (including $56,200 of indirect materials) $607,500 Direct labor (including $84,400 maintenance salaries) 562,500 Factory overhead: Supervisor salaries 517,500 Heat, light, and power 140,650 Sales salaries 348,750 Promotional expenses 315,000 Insurance and property taxes—plant 151,900 Insurance and property taxes—corporate offices 219,400 Depreciation—plant and equipment 123,750 Depreciation—corporate offices 90,000 Total $3,076,950