The following information is available for a custom manufacturer Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods seld (not considering over- or underapplied overhead) Sales Predetermined overhead rate based on direct materials used $ 38,200 12,600 8,950 95,490 83,400 100, 200 80% Costs incurred for the period Raw materials purchases, Direct materials used Direct labor used Factory overhead (actual). Indirect materials used Indirect labor used Other overhead costs. Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. -Compute overapplied or underapplied overhead. Complete this question by entering your answers in the tabs below. $ 18,660 43,650 23,000 9,500 16,600 4,500

The following information is available for a custom manufacturer Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods seld (not considering over- or underapplied overhead) Sales Predetermined overhead rate based on direct materials used $ 38,200 12,600 8,950 95,490 83,400 100, 200 80% Costs incurred for the period Raw materials purchases, Direct materials used Direct labor used Factory overhead (actual). Indirect materials used Indirect labor used Other overhead costs. Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. -Compute overapplied or underapplied overhead. Complete this question by entering your answers in the tabs below. $ 18,660 43,650 23,000 9,500 16,600 4,500

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...

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Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
Selected information from Skylar Studios shows the following: Prepare journal entries to record the following: raw material purchased direct labor incurred depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2
Overhead costs are assigned to each product based on __________________. A. the proportion of that products use of the cost driver B. a predetermined overhead rate for a single cost driver C. price of the product D. machine hours per product
Analyze the following T-accounts to determine the amount of direct and indirect materials used. Analyze the T-accounts to find the direct materials used and total materials used. Raw Materials Inventory Work-in-Process Inventory Bal. 15 Bal. 40 Purchased 200 Used Direct Materials 530 Cost of Goods Bal. 55 Direct Labor 320 Manufactured Manufacturing Overhead 145 Bal. 35 Next, calculate the indirect materials used. Materials requisitioned Direct materials used Indirect materials used
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Cullumber Company reported the following amounts for May: Raw materials purchased Beginning raw materials inventory Ending raw materials inventory Direct labor incurred Indirect materials requisitioned and used Actual manufacturing overhead costs Beginning work-in-process inventory Ending work-in-process inventory $257000 $257000. $256800. ◆ $259900. O $261100. 12300 8200 54000 4300 40000 15400 12300 How much is the cost of direct materials used in production?
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Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used, $19,000; direct labor, $6,000; manufacturingoverhead, $21,000; beginning Work-in-Process Inventory, $14,800; and ending Work-in-Process Inventory, $8,000. Cost of Goods Manufactured Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred during Period Total Manufacturing Costs to Account For Cost of Goods Manufactured Requirement 3. Using the results from Requirement 2, calculate the cost per unit for goods manufactured assuming 1,100 units were manufactured. ÷ = Unit product cost ÷ = Requirement 4. Beginning Finished Goods Inventory had 225 units that had a unit cost of $45 each. Ending Finished Goods Inventory has 250 units left.…
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