D Question 2 The following costs are included in a recent summary of data for a company: advertising factory building, $146,500; direct labor, expense, $98,500; depreciation expense $263,500; direct material used, $313,500; factory utilities, $118,500; and sales salaries expense, $163,500. Determine the dollar amount of overhead costs. O $1,104,000 O $577,000 O $528,500 O $262,000 O $265,000 Question 3

D Question 2 The following costs are included in a recent summary of data for a company: advertising factory building, $146,500; direct labor, expense, $98,500; depreciation expense $263,500; direct material used, $313,500; factory utilities, $118,500; and sales salaries expense, $163,500. Determine the dollar amount of overhead costs. O $1,104,000 O $577,000 O $528,500 O $262,000 O $265,000 Question 3

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business

Section: Chapter Questions

Problem 1CE: LO2 Prepare adjusting entries at December 31 for J P Company based on the following data. (a)...

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LO2 Prepare adjusting entries at December 31 for J P Company based on the following data. (a) Factory overhead is applied at a rate of 75% of direct labor costs. At the end of the year, the direct labor costs associated with the jobs in process totaled 8,000. (b) A physical count of factory supplies at the end of the year shows that 4,920 of factory supplies were used during the year. (c) Depreciation expense for the year on the factory building was 8,700 and on factory equipment was 11,600, a total of 20,300. (d) The factory overhead account has a debit balance of 186,500 and a credit balance of 183,900 [after recording adjustments (a) through (c)].
1. The accounting records of Dela Cruz Corporation revealed the following costs direct material used, $750,000; direct labor used, $1,275,000; factory overhead,$1,125,000; indirect materials used $500,000; indirect labor used $600,000; selling and marketing expenses $660,000; general and administrative expenses $440,000. Dela Cruz Corporation Prime Cost is? a. $1,875,000 b. $2,025,000 c. $2,225,000 d. $2,200,000
1) The following information relates to Webster Inc.: Advertising Costs $10,270 Administrative Salaries 24,700 Delivery Vehicle Depreciation 1,027 Factory Repair and Maintenance 910 Indirect Labor 11,700 Indirect Materials 9,360 Manufacturing Equipment Depreciation 2,080 Office Rent 61,100 President's Salary 40,300 Sales Revenue 450,000 Sales Salary 4,500 How much were Webster's period costs? A) $141,897 B) $474,050 C) $615,947 D) $61,503
2. The selected amounts that follow were taken from Sharon Corporation's accounting records: Raw material used P 27,000Direct labor 35,000Total manufacturing costs 104,000Work-in-process inventory, 1/1 19,000Cost of goods manufactured 100,000Cost of goods available for sale 175,000Finished-goods inventory, 12/31 60,000Sales revenue 300,000Selling and administrative expenses 125,000Income tax expense 18,000 Required:Compute the following:A. Manufacturing overhead.B. Work-in-process inventory, 12/31.C. Finished-goods inventory, 1/1.D. Cost of goods sold. E. Gross margin.F. Net income.
6. The following cost relate to XYZ Corp for the year:Sales commission expenses P 185,000Direct materials 215,000Conversion cost 435,000Factory overhead 190,000 (40% of which is fixed)What is the TOTAL MANUFACTURING (PRODUCT) COSTS?
Subject: Cost Management & Accounting QUESTION – 5From the following data, Prepare Cost of Good Sold StatementMaterial consumed = Rs. 150,000 [ 20 % Indirect]Labour incurred = 200,000 [ 75 % Direct ]Rent = 35,000 [ 20 % Office ]Fuel & Power = 45,000 [ 100% Factory ]Utilities Expense = 10,000 [ 35 % Factory ]Supervisor Salaries = 30,000 [ 60 % Factory ]Depreciation = 45,000[ 10 % Furniture, 15% Office Building, 25% Factory Building & Remaining for Factory Machines]Inventories Opening ClosingRaw material Rs. 45,000 80% of OpeningW-I-Process 75% of Closing 80,000Finished Goods 90,000 20% of Cost of Goods Manufactured
Q.1 Following information relates to the Snowball Manufacturing Company: Direct materials……………………………………………. $25,000 Indirect materials………………………………………….. 5,000 Direct labor………………………………………………… 30,000 Indirect labor……………………………………………….. 4,500 Factory overhead (excluding indirect materials and indirect labor) 15,000 Plant cost 500,000 Required: Compute the prime costs, conversion costs, and product costs? Q.2. Allure Company produces women’s clothing. During 2004, the company incurred the following costs: Factory rent 265,000 Direct labor 325,000 Utilities-Factory 88,000 Purchases of direct materials 465,000 Indirect materials 70,000 Indirect labors 35,000…
5. The following data were taken from the records of CBD manufacturing company:> Depreciation on factory equipment, P1,000> Depreciation on sales office, P500> Advertising, P7,000> Shipping charges (Freight-out), P3,000> Wages of production workers, P28,000> Raw materials used, P47,000> Sales salaries and commissions, P10,000> Factory rent, P2,000> Factory insurance, P500> Materials handling, P1,500> Administrative salaries, P2,000 Based upon this information, the manufacturing cost incurred during the year was:A. P18,500B. P80,500C. P83,000D. P80,000
1 A company had the following costs in May when 400 units were produced: materials, $4,200; hourly labor, $1,600; depreciation, $800; rent, $700; and other fixed costs, $500. If the production level changes to 500 units, how much will the total costs be? Enter your answers as amounts only with neither commas nor decimals.
Year 1 financial data for the ABC Company is as follows:Sales $5,000,000 ,Direct materials 850,000 ,Direct manufacturing labor 1,700,000 ,Variable manufacturing overhead 400,000 ,Fixed manufacturing overhead 750,000 ,Variable SG&A 150,000 ,Fixed SG&A 250,000 ,Under the absorption method, Year 1 Cost of Goods sold will be: a. $2,550,000 b. $3,100,000 c. $2,950,000 d. $3,700,000
1)Learned Corporation has provided the following information:Cost perUnitCost per PeriodDirect materials $ 5.00Direct labor $ 4.25Variable manufacturing overhead $ 1.85Fixed manufacturing overhead $ 35,000Sales commissions $ 0.70Variable administrative expense $ 0.60Fixed selling and administrative expense $ 9100Required:a. For financial reporting purposes, what is the total amount of product costsincurred to make 7000 units?b. For financial reporting purposes, what is the total amount of period costsincurred to sell 7000 units?c. If the selling price is $23.80 per unit, what is the contribution margin per unitsold? (Round your answer to 2 decimal places.)d. If 8000 units are produced, what is the total amount of direct manufacturingcost incurred?e. If 8000 units are produced, what is the total amount of indirect manufacturingcosts incurred?a. Total product (manufacturing) costb. Total period (manufacturing) costc. Contribution margin per unitd. Total direct manufacturing coste. Total…
b) Refer to the following data: Direct material used $180 000 Advertising costs $ 5 000 Indirect labour $ 8 000 Rent on corporate office $ 20 000 Depreciation on factory equipment $ 60 000 Direct labour $ 30 000 Factory cleaners wages $ 20 000 Indirect materials $ 35 000 Required (show your workings for each question): Determine each of the following costs: (list the costs under each cost category when calculating the answer). Product costs