Need help with the questions. The last question was find the Net income during the year. The following data were taken from the cost records of the Beca Company for lastyear:Depreciation, factoryequipmentDepreciation, administrationequipmentSupplies, factoryMaintenance, factoryequipmentUtilities, factorySales commissionsIndirect laborRent, factory buildingPurchases of raw materialsDirect labor costAdvertising expenseSalesAdministrative salariesInventories:Raw materialsWork in processFinished goods$40,00010,0001,50020,0008,00030,00054,50070,000124,00080,00090,000720,00085,000Beginning Ending$15,000 $11,00021,00024,0008,00069,000Compute the followings:Example of Answer: 4000 No comma, space, decimal point, or $ sign.Raw materials used in production during the year =A/Total factory overhead costs incurred during the year =Cost of goods manufactured during the year =ACost of goods sold during the year =

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Description: Need help with the questions. The last question was find the Net income during the year. The following data were taken from the cost records of the Beca Company for lastyear:Depreciation, factoryequipmentDepreciation, administrationequipmentSupplies,

Factory overheads are also sometimes referred to as manufacturing overheads which include the…

Business

Accounting

Compute the followings: Example of Answer: 4000 No comma, space, decimal point, or $ sign. Raw materials used in production during the year A/ Total factory overhead costs incurred during the year = A/ Cost of goods manufactured during the year = A Cost of goods sold during the year = P

Compute the followings: Example of Answer: 4000 No comma, space, decimal point, or $ sign. Raw materials used in production during the year A/ Total factory overhead costs incurred during the year = A/ Cost of goods manufactured during the year = A Cost of goods sold during the year = P

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
For E2-17, prepare any journal entries that would have been different if the only trigger points had been the purchase of materials and the sale of finished goods. 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.)
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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?
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A manufacturing company has two service and two production departments. Building Maintenance and Factory Office are the service departments. The production departments are Assembly and Machining. The following data have been estimated for next years operations: The direct charges identified with each of the departments are as follows: The building maintenance department services all departments of the company, and its costs are allocated using floor space occupied, while factory office costs are allocable to Assembly and Machining on the basis of direct labor hours. 1. Distribute the service department costs, using the direct method. 2. Distribute the service department costs, using the sequential distribution method, with the department servicing the greatest number of other departments distributed first.
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