Calculate the conversion costs for Facey Company Depreciation on sales office $10,000 Depreciation on factory equipment $15,000 Factory supervisor salary $60,500 Sales commissions $25,000 Lubricants used in factory equipment $4,500 Insurance costs for factory $11,000 Wages paid to maintenance workers $105,000 Fabric used to upholster furniture $30,000 Freight-in (on raw materials) $3,000 Costs of delivery to customers $8,000 Wages paid to assembly-line workers $155,500 Lumber used to build product $82,000 Utilities in factory $44,500 Utilities in sales office $26,000

Calculate the conversion costs for Facey Company Depreciation on sales office $10,000 Depreciation on factory equipment $15,000 Factory supervisor salary $60,500 Sales commissions $25,000 Lubricants used in factory equipment $4,500 Insurance costs for factory $11,000 Wages paid to maintenance workers $105,000 Fabric used to upholster furniture $30,000 Freight-in (on raw materials) $3,000 Costs of delivery to customers $8,000 Wages paid to assembly-line workers $155,500 Lumber used to build product $82,000 Utilities in factory $44,500 Utilities in sales office $26,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 4EA: Hicks Contracting collects and analyzes cost data in order to track the cost of installing decks on...

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An examination of Buckhorn Fabricators records reveals the following transactions: a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the weighted average method, was 10,000 gal @ .52 per gal. b. Production returned to the storeroom materials that cost 775. c. Materials valued at 770 were charged to Factory Overhead (Repairs and Maintenance), but should have been charged to Work in Process. d. Defective material, purchased on account, was returned to the vendor. The material returned cost 234. e. Goods sold to a customer, on account, for 5,000 (cost 2,500) were returned because of a misunderstanding of the quantity ordered. The customer stated that the goods returned were in excess of the quantity needed. f. Materials requisitioned totaled 22,300, of which 2,100 represented supplies used. g. Materials purchased on account totaled 25,500. Freight on the materials purchased was 185. h. Direct materials returned to the storeroom amounted to 950. i. Scrap materials sent to the storeroom were valued at an estimated selling price of 685 and treated as a reduction in the cost of all jobs worked on during the period. j. Spoiled work sent to the storeroom valued at a sales price of 60 had production costs of 200 already charged to it. The cost of the spoilage is to be charged to the specific job worked on during the period. k. The scrap materials in (i) were sold for 685 cash. Required: Record the entries for each transaction.
All applicable Mini-Exercises are available with McGraw-Hill’s Connect™Accounting. Total manufacturing costs Acme, Inc., incurs the following costs during May: accounting Mini-Exercise 13.1LO 3, 4 Sales expense. . . . . . . . . . . . . . . . $11,500Direct labor . . . . . . . . . . . . . . . . . . 26,000Factory supplies . . . . . . . . . . . . . . 2,500Advertising . . . . . . . . . . . . . . . . . . 2,800Raw material used . . . . . . . . . . . . 18,000Administrative expense . . . . . . . $ 21,500Plant depreciation . . . . . . . . . . . 6,200Indirect labor. . . . . . . . . . . . . . . 8,000Utilities . . . . . . . . . . . . . . . . . . . . 10,000 **75% of this amount relates to the factory.Required:Calculate Acme’s total manufacturing costs for May.
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Whitman Printing has contracts to complete weekly printing supplements for its customers. For the current year, manufacturing overhead cost estimates total $336,000 for an annual production capacity of 12 million pages. Whitman Printing decided to evaluate the use of additional cost pools. After analyzing manufacturing overhead costs, Whitman determined that the number of design changes, setups, and inspections are the primary manufacturing overhead cost drivers. The following information was gathered during the analysis: Cost pool Manufacturing overhead costs Activity level Design changes $ 60,000 200 design changes Setups 96,000 8,000 setups Inspections 180,000 12,000 inspections Total manufacturing overhead costs $336,000 Two customers, Money Managers…
Please solve this MCQs The following events took place at a manufacturing company for the current year:(1) Purchased $95,000 in direct materials.(2) Incurred labor costs as follows: (a) direct, $56,000 and (b) indirect, $13,600.(3) Other manufacturing overhead was $107,000, excluding indirect labor.(4) Transferred 80% of the materials to the manufacturing assembly line.(5) Completed 65% of the Work-in-Process during the year.(6) Sold 85% of the completed goods.(7) There were no beginning inventories.What is the company's Cost of Goods Sold? $139,561.50. $252,600.00. $164,190.00. $214,710.50.
Angela Company provided the following information for the current year: Purchases of raw materials 4,600,000 Indirect labor 720,000 Ending raw materials 680,000 Beginning goods in process 1,520,000 Depreciation on headquarters building 420,000 Factory supervisor's salary 1,120,000 Direct labor 3,960,000 Beginning raw materials 800,000 Depreciation on factory building 640,000 Ending goods in process 2,000,000 1. What amount should be reported as cost of goods manufactured for the current year?
Please help me by showing your solution in good accounting form. Thank you! MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Site Contract Price Cost Incurred Estimated Costs to Complete Billings on Contract Collections on Billings 1 5 000 000 3 750 000 - 5 000 000 5 000 000 2 7 000 000 1 000 000 4 000 000 900 000 900 000 3 2 500 000 1 000 000 1 000 000 1 500 000 1 000 000 If the company records revenue over time, how much must be shown as a current asset in the balance sheet of MOC Construction Company as of December 31?A. 5,500,000 C. 250,000B. 500,000 D. 100,000 If the company records revenue at a point in time, how much must be shown as a current asset in the balance sheet of MOC Construction Company as of December 31?A. 5,100,000 C. 250,000B. 500,000 D. 100,000
Please asssist me with accounting answers- i need practice, plase explain if applicable for the answers. (Not graded Question) Administrative salaries (non-factory) $140,000 Administrative rent (non-factory) 70,000 Advertising and promotion expense 82,000 Depreciation-administrative 44,000 Depreciation-factory 60,000 Depreciation-selling 34,000 Direct labor 350,000 Factory rent 36,000 Factory supplies used 24,000 Finished goods inventory (January 1) 114,000 Finished goods inventory (December 31) 104,000 Indirect material used 28,000 Indirect labor 38,000 Materials inventory (January 1) 26,000 Materials inventory (December 31) 40,000 Net delivered cost of materials purchased 276,000 Other factory overhead 52,000 Sales 1,690,000 Sales salaries expense 144,000 Work in process inventory (January 1) 36,000 Work in process inventory ( December 31) 62,000 Bourne Manufacturing CompanySchedule of Cost of Goods Manufactured and SoldFor…
Angela Company provided the following information for the current year: Purchases of raw materials 4,600,000 Indirect labor 720,000 Ending raw materials 680,000 Beginning goods in process 1,520,000 Depreciation on headquarters building 420,000 Factory supervisor's salary 1,120,000 Direct labor 3,960,000 Beginning raw materials 800,000 Depreciation on factory building 640,000 Ending goods in process 2,000,000 1. What amount should be reported as raw materials available for use for the current year?2. What amount should be reported as gross purchases for the current year?3.
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Radz Company has two support departments (Administration and Janitorial) and three producing departments (Fabricating, Assembly, and Finishing). Costs and activities are as follows: Administration Janitorial Fabricating Assembly Finishing direct cost $60000 $55000 $40000 $50000 $25000 number of employees 10 30 40 20 square feet 2000 1000 28000 15000 direct labour hours 5000 6000 1000 machine hours 1000 2000 5000 Administrative services are allocated based on the number of employees; janitorial services are allocated based on square footage. Overhead rates for the Fabricating and Assembly producing departments are based on direct labor hours while for Finishing department rate is based on machine hours. A recent job QW8 had the following…
Journalize the following transactions for Malone Custom Furniture Manufacturing (omit explanations): a. Incurred and paid advertising expenses, $3,500. b. Incurred manufacturing wages of $30,000, 60% of which was direct labor and 40% of which was indirect labor. Wages will be paid at a later date. c. Purchased raw materials on account, $27,000. d. Used in production: direct materials, $12,000; indirect materials, $5,500 e. Recorded manufacturing overhead: depreciation on plant, $14,000; plant insurance (previously paid), $1,800; plant property tax, $4,500 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 150% of direct labor costs. g. Completed production on jobs with costs of $55,000. h. Sold inventory on account, $64,000; cost of goods sold, $35,000. The company uses the perpetual inventory system. i. Adjusted for overallocated or underallocated overhead.
The following information relates to Wagner, Inc.: Advertising Costs $10,600 Administrative Salaries 12,800 Delivery Vehicle Depreciation 1,200 Factory Repair and Maintenance 800 Indirect Labor 16,500 Indirect Materials 14,500 Manufacturing Equipment Depreciation 2,500 Administrative Office Rent 52,000 President's Salary 1,500 Sales Revenue 460,000 Sales Salary 5,200 How much were Wagner's period costs? Question content area bottom Part 1 A.$ 465 comma 200 $465,200 B.$ 83 comma 300 $83,300 C.$ 34 comma 300 $34,300 D.$ 6 comma 700
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) University Printers has two service departments (Maintenance and Personnel) and two operating departments (Printing and Developing). Management has decided to allocate maintenance costs on the basis of machine-hours in each department and personnel costs on the basis of labor-hours worked by the employees in each. The following data appear in the company records for the current period: Maintenance Personnel Printing Developing Machine-hours - 608 384 2,208 Labour-hours 221 - 323 1,156 Department direct costs 10,000 26,000 35,000 23,000 Required: Allocate the service department costs using the reciprocal method.(Martix algebra is not required because there are only two service departments.) (Do not round intermediate calculation. Round your answers to the nearest…

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bartleby, a Learneo, Inc. business

Depreciation on sales office	$10,000
Depreciation on factory equipment	$15,000
Factory supervisor salary	$60,500
Sales commissions	$25,000
Lubricants used in factory equipment	$4,500
Insurance costs for factory	$11,000
Wages paid to maintenance workers	$105,000
Fabric used to upholster furniture	$30,000
Freight-in (on raw materials)	$3,000
Costs of delivery to customers	$8,000
Wages paid to assembly-line workers	$155,500
Lumber used to build product	$82,000
Utilities in factory	$44,500
Utilities in sales office	$26,000