a. Record the following items: i. May 3. Direct materials, $862.50. Req. No. 392. ii. May 3. Direct labor, $129.00. iii. May 4. Direct labor, $248.00. iv. May 5. Direct materials, $472.50. Req. No. 399. May 5. Direct labor, $175.00. May 6. Direct labor, $192.00. vii. May 7. Direct labor, $295.00. viii. May 10. Direct materials, $360.00. Req. No. 428. v. vi. ix. May 10. Direct labor, $165.00. x. May 11. Direct labor, $152.00. xi. May 12. Direct labor, $124.00. b. Complete the cost sheet by totaling the Direct Labor and Direct Materials columns, calculating total cost using those totals and the factory overhead rate answer from step 3, and calculating cost per unit.

a. Record the following items: i. May 3. Direct materials, $862.50. Req. No. 392. ii. May 3. Direct labor, $129.00. iii. May 4. Direct labor, $248.00. iv. May 5. Direct materials, $472.50. Req. No. 399. May 5. Direct labor, $175.00. May 6. Direct labor, $192.00. vii. May 7. Direct labor, $295.00. viii. May 10. Direct materials, $360.00. Req. No. 428. v. vi. ix. May 10. Direct labor, $165.00. x. May 11. Direct labor, $152.00. xi. May 12. Direct labor, $124.00. b. Complete the cost sheet by totaling the Direct Labor and Direct Materials columns, calculating total cost using those totals and the factory overhead rate answer from step 3, and calculating cost per unit.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 15E: The books of Petry Products Co. revealed that the following general journal entry had been made at...

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Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A total of 150,000 machine hours have been budgeted for the year. During the year, an order for 1,000 units was completed and incurred the following: The accountant computed the inventory cost of this order to be 4.30 per unit. The annual budgeted overhead in dollars was: a. 577,500. b. 600,000. c. 645,000. d. 660,000.
The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000 units one-half completed at a cost of 1,250 for materials, 675 for labor, and 950 for overhead. Production costs for the monthmaterials, 99,150; labor, 54,925; factory overhead, 75,050. Units completed and transferred to stock38,500. Work in process, end of month3,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost.
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The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Using the data in P5-9, draft the journal entries to record: 1. The cost of goods received from Rolling during the month. 2. The production costs incurred in Converting during the month. 3. The cost of goods completed and transferred to finished goods during the month.
OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. No indirect materials were used during the period. Other information pertaining to OReillys inventories and production for July is as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.
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