A partial listing of costs incurred during February at Urfer Corporation appears below: Factory supplies. $9,000 Administrative wages and salaries. Direct materials. Sales staff salaries. Factory depreciation. Corporate headquarters building rent. Indirect labor. Marketing. Direct labor. The total of the period costs listed above for February is: $379,000 O $277,000 $61,000 $106,000 $142,000 $53,000 $28,000 $30,000 $24.000 $129.000 $74,000 $318,000

A partial listing of costs incurred during February at Urfer Corporation appears below: Factory supplies. $9,000 Administrative wages and salaries. Direct materials. Sales staff salaries. Factory depreciation. Corporate headquarters building rent. Indirect labor. Marketing. Direct labor. The total of the period costs listed above for February is: $379,000 O $277,000 $61,000 $106,000 $142,000 $53,000 $28,000 $30,000 $24.000 $129.000 $74,000 $318,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A partial listing of costs incurred at Falkenberg Corporation during October appears below: Direct materials ........................... $195,000 Utilities, factory ............................ $9,000 Sales commissions ...................... $75,000 Adminnistrative salaries .............. $113,000 Indirect labor ................................ $30,000 Advertising ................................... $119,000 Depreciation of production equipment...... $28,000 Direct labor ................................... $105,000 Depreciation of administrative equipment... $44,000 Required: b. What is the total amount of period cost listed above?
Parmitan Corporation has provided the following data concerning last month’s manufacturing operations.Purchases of raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $53,000Indirect materials included in manufacturing overhead . . . . . . . . . . . . . . . $8,000Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $62,000Manufacturing overhead applied to work in process . . . . . . . . . . . . . . $41,000Underapplied overhead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,000Beginning EndingInventories: Raw materials . . . . . . . . . . . . . . . . . . . …$24,000 $6,000Work in process . . . . . . . . . . . . . . . . . . . ……………….$41,000 $38,000Finished goods . . . . . . . . . . . . . . . . . …………………. $86,000 $93,000Required:1. Prepare a schedule of cost of goods manufactured for the month.2. Prepare a schedule of cost of goods sold for the month.
Parmitan Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $53,000 Indirect materials included in manufacturing overhead . . . . . . . . . . . . . . . $8,000 Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $62,000 Manufacturing overhead applied to work in process . . . . . . . . . . . . . . $41,000 Underapplied overhead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,000 Beginning Ending Inventories: Raw materials . . . . . . . . . . . . . . . . . . . …$24,000 $6,000 Work in process . . . . . . . . . . . . . . . . . . . ……………….$41,000 $38,000 Finished goods . . . . . . . . . . . . . . . . . …………………. $86,000…
Estimating costs based on behavior patterns The following informationprovides the amount of cost incurred in August for the cost items indicated. DuringAugust, 8,000 units of the firm’s single product were manufactured.Raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $41,600Factory depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,500Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,200Production supervisor’s salary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,100Computer rental expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,200Maintenance supplies used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800Required:a. How much cost would you expect to be incurred for each of these itemsduring September when 9,600 units of the product are planned for production?b. Calculate the average total…
Arden Company reported the following costs and expenses for the most recent month: Direct materials . . . . . . . . . . . . . . . . . . . . . . $80,000Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . $42,000Manufacturing overhead . . . . . . . . . . . . . . . $19,000Selling expenses . . . . . . . . . . . . . . . . . . . . . $22,000Administrative expenses . . . . . . . . . . . . . . . $35,000 1. What is the total amount of product costs?2. What is the total amount of period costs?3. What is the total amount of conversion costs?4. What is the total amount of prime costs?
Acitelli corporation, which applies manufacturing overhead on the basis of machine hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead…………….. $357,000 Estimated machine hours………………………. 8,500 Actual manufacturing overhead………………… $358,000 Actual machine hours…………………………… 8,560 The estimates of the manufacturing overhead and of machine hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year
1. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at the end of the year? By how much? 2. Were the jobs overcosted or undercosted? By how much? Manufacturing overhead costs. . . . . . $630,000 Direct labor cost. . . . . . . . . . . . . . . . . . $1,550,000 Machine hours. . . . . . . . . . . . . . . . . . . . 90,000 At the end of the year, the company had actually incurred the following: Direct labor cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,220,000 Depreciation on manufacturing plant and equipment. . . . $500,000 Property taxes on plant. . . . . . . . . . . . . . . . . . . . . . . . . . $21,000 Sales salaries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,000 Delivery drivers' wages. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,000 Plant janitors'…
Manufacturing overhead costs. . . . . . $630,000 Direct labor cost. . . . . . . . . . . . . . . . . . $1,550,000 Machine hours. . . . . . . . . . . . . . . . . . . . 90,000 At the end of the year, the company had actually incurred the following: Direct labor cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,220,000 Depreciation on manufacturing plant and equipment. . . . $500,000 Property taxes on plant. . . . . . . . . . . . . . . . . . . . . . . . . . $21,000 Sales salaries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,000 Delivery drivers' wages. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,000 Plant janitors' wages. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,500 Machine hours. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,500 hours 1-is manufacturing overhead underallocated or…
Black Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead...................... $139,080Estimated machine-hours..................................... 3,800Actual manufacturing overhead ........................... $137,000Actual machine-hours .......................................... 3,780 The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. a.The predetermined overhead rate is closest to:b. The applied manufacturing overhead for the year is closest to:c.The overhead for the year was:
K Rios Corporation reports costs for the year as follows: Direct Materials Used Wages to Line Workers Office Rent Indirect Materials Used How much is the total product costs for the year? A. $605,000 OB. $1,155,000 OC. $550,000 OD. $1,199,500 $430,000 120,000 44,500 605,000
At the beginning of the year in GHI, the opening work-in-progress was $240,000. During the year, the following expenditure was incurred: $ Prime cost 720,000 Factory overheads 72,000 The closing work-in-progress was 350,000 The factory cost of goods completed during the year was..................................
A partial listing of costs incurred during December at Gagnier Corporation appears below: Factory Supplies Administrative wages and salaries Direct materials Sales staff salaries Factory depreciation Corporate headquarters building rent Indirect labor Marketing Direct labor 89,000 325,000 O 310,000 $8,000.00 O 399,000 $105,000.00 $153,000.00 $68,000.00 $49,000.00 $34,000.00 The total of the period costs listed above for December is: $32,000.00 $103,000.00 $83,000.00