Mcie Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completedyear:Beginning inventories:Raw materialsWork in processFinished goodsEstimated total manufacturing overhead at the beginning ofthe yearEstimated direct labor-hours at the beginning of the yearResults of operations:Raw materials purchased on accountRaw materials (all direct) requisitioned for use inproductionDirect labor costActual direct labor-hoursManufacturing overhead:Indirect labor costOther manufacturing overhead costs incurredCost of goods manufacturedRequired:$ 42,000$ 21,800$ 38,600$ 576,00037,800 direct labor-hours$ 506,000$ 453,800$ 592,80045,900 direct labor-hours$ 133,000$ 616,000$ 1,566,000a. Complete the T-account to determine the ending balance in Raw Materials.b. Complete the T-account to determine the ending balance in Work in Process.

Name: Mcie Corporation is a manufacturer that uses job-order costing. The c
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Description: Mcie Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completedyear:Beginning inventories:Raw materialsWork in processFinished goodsEstimated total manufacturing overhead at the begi

In the Work-in-process inventory account, the total manufacturing costs for the period are…

Answered: Required: a. Complete the T-account to…

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Accounting

Required: a. Complete the T-account to determine the ending balance in Raw Materials. b. Complete the T-account to determine the ending balance in Work in Process.

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?
Kenkel, Ltd. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 80,000. b. Requisitioned raw materials to production, 80,000. c. Distributed direct labor costs, 10,000. d. Factory overhead costs incurred, 60,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 225,000, on account.
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Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
Geneva, Inc., makes two products, X and Y, that require allocation of indirect manufacturing costs. The following data were compiled by the accountants before making any allocations: The total cost of purchasing and receiving parts used in manufacturing is 60,000. The company uses a job-costing system with a single indirect cost rate. Under this system, allocated costs were 48,000 and 12,000 for X and Y, respectively. If an activity-based system is used, what would be the allocated costs for each product?
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