I need only question 8 and 10 to be solved please8.- What is the total amount of actual manufacturing overhead cost incurred during the year?10.- What is the cost of goods available for sale during the year? Required informationThe Foundational 15 (Algo) [LO3-1, LO3-2, LO3-3, L03-4][The following information applies to the questions displayed below]Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances wereas follows:Raw materialsWork in processFinished goods$ 66,000$ 33,600$ 38,400The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company'spredetermined overhead rate of $13.50 per direct labor-hour was based on a cost formula that estimated $540,000 oftotal manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions wererecorded for the year:a. Raw materials were purchased on account, $684,000.b. Raw materials used in production, $646,400. All of of the raw materials were used as direct materials.c. The following costs were accrued for employee services: direct labor, $490,000; indirect labor, $150,000; selling andadministrative salaries, $319,000.d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goodswarehousing), $423,000.e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $390,000.f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on alljobs during the year.g. Jobs costing $1,623,300 to manufacture according to their job cost sheets were completed during the year.h. Jobs were sold on account to customers during the year for a total of $3,547,500. The jobs cost $1,633,300 tomanufacture according to their job cost sheets.Foundational 3-8 (Algo)8. What is the total amount of actual manufacturing overhead cost incurred during the year?Total actual manufacturing overhead cost$ 1,633,300 Required informationThe Foundational 15 (Algo) [LO3-1, LO3-2, LO3-3, LO3-4][The following information applies to the questions displayed below.]Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances wereas follows:Raw materialsWork in processFinished goods$ 66,000$ 33,600$ 38,400The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company'spredetermined overhead rate of $13.50 per direct labor-hour was based on a cost formula that estimated $540,000 oftotal manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions wererecorded for the year:a. Raw materials were purchased on account, $684,000.b. Raw materials used in production, $646,400. All of of the raw materials were used as direct materials.c. The following costs were accrued for employee services: direct labor, $490,000; indirect labor, $150,000; selling andadministrative salaries, $319,000.d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goodswarehousing), $423,000.e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $390,000.f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on alljobs during the year.g. Jobs costing $1,623,300 to manufacture according to their job cost sheets were completed during the year.h. Jobs were sold on account to customers during the year for a total of $3,547,500. The jobs cost $1,633,300 tomanufacture according to their job cost sheets.Foundational 3-10 (Algo)10. What is the cost of goods available for sale during the year?Cost of goods available for sale$1,633,300

Cost accounting is widely used by the management to determine the cost of the product produced in…

I need only question 8 and 10 to be solved please 8.- What is the total amount of actual manufacturing overhead cost incurred during the year? 10.- What is the cost of goods available for sale during the year?

I need only question 8 and 10 to be solved please 8.- What is the total amount of actual manufacturing overhead cost incurred during the year? 10.- What is the cost of goods available for sale during the year?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 10.10E: Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses...

See similar textbooks

Similar questions

Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: The materials purchased during June are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.Determine the total purchase of materials in June. b.Determine the amounts of materials transferred to Work in Process and Factory Overhead during June. c.Determine the June 30 balances that would be shown in the materials ledger accounts.
Analyzing manufacturing cost accounts Summer Boards Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for May: In addition, the following information is available: Materials and direct labor were applied to six jobs in May: b.Factory overhead is applied to each job at a rate of 120% of direct labor cost. c.The May 1 Work in Process balance consisted of two jobs, as follows: d. Customer jobs completed and units sold in May were as follows: Instructions Determine the May 31 balances for each of the inventory accounts and factory overhead.
Analyzing manufacturing cost accounts Summer Boards Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for May: In addition, the following information is available: Materials and direct labor were applied to six jobs in May: b.Factory overhead is applied to each job at a rate of 120% of direct labor cost. c.The May 1 Work in Process balance consisted of two jobs, as follows: d. Customer jobs completed and units sold in May were as follows: Instructions Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:
Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
Entries for process cost system Pori Ormond Carpel Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpel hacking is added al the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories: Finished Goods 62,000 Work in ProcessSpinning Department 35,000 Work in ProcessTufting Department 28,500 Materials 17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: a Materials purchased on account 500,000 b Materials requisitioned for use FiberSpinning Department 275,000 Carpet backingTufting Department 110,000 Indirect materialsSpinning Department 46,000 Indirect materialsTufting Department 39,500 c. Labor used Direct laborSpinning Department 185,000 Direct laborTufting Department 98,000 Indirect laborSpanning Department 18,500 Indirect laborTufting Department 9,000 d Depreciation charged on fixed assets: Spinning Department 12,500 Tufting Department 8,500 e. Expired prepaid factory insurance: Spinning Department 2,000 Tufting Department 1,000 f. Applied factory overhead Spinning Department 80,000 Tufting Department 55,000 g Production costs transferred from Spinning Department to Tufting Department 547,000 h Production costs transferred from Tufting Department to Finished Goods 807,200 i. Cost of goods sold during the period 795,200 Instructions 1. Journalize the entries to record the operations, identifying each entry by letter. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts.
A schedule of cost of goods manufactured shows:a. Materials used, P600,000b. Direct labor, 1,600,000c. Overhead costs, P 1,280,000d. Work in process, ending inventory, P280,000Compute for (1) the rate of factory overhead to direct labor cost, and (2) the direct materialsincluded in the work in process inventory, assuming that the direct labor in the work in processis P100,000. a. (1) 80% ; (2) P80,000b. (1) 125% ; (2) P60,000c. (1) 80% ; (2) P100,000d. (1) 125% ; (2) P100,000
N4 Ragtime Company had the following information for the year: Direct materials used $ 112,000 Direct labor incurred (5,200 hours) $ 152,000 Actual manufacturing overhead incurred $ 168,000 Ragtime Company used a predetermined overhead rate of $34 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,500. What was cost of goods manufactured? Multiple Choice $437,000 $423,300 $428,000 $262,000
please dont provide answer in image format thank you The ABC Company had beginning work in process inventory of 50,000 and ending work in process inventory of 55,000. Manufacturing overheadapplied to work in process during the period was 78,000 and actual manufacturing overhead was 87,000. Unadjusted cost of goods sold was 900,000.What is ABC Company's adjusted cost of goods sold? A 886,000 B 891,000 C 909,000 D 914,000
Diane Company has the following details for March. Cost of Direct Material used in production P21,000.00, Direct Labor P54,250.00, Factory Overhead P35,000.00, Work in Process inventory Feb 28 P92,750.00, Work in Process inventory March 31 P87,500.00, Finished goods inventory Feb 28 P36,750.00, Finished goods inventory March 31 P42,000.00. How much is the cost of goods sold P105,000.00 P115,050.00 P110,250.00 P120,300.00
The production department of Al Noor company provides you with specific cost details. The material used OMR 34,750, Direct labor hours used: 1200 Hours, direct wages OMR 25,000. Overhead Cost is 69,500. Using these data, compute overhead rate as a percentage of direct material cost. a. 50% b. 150% c. None of these d. 20096
BJ Manufacturing Company uses Job Order Costing system to accumulate production costs. At the beginning of the year, the balances of the inventory accounts are as follows: P168,000 210,000 Raw Materials Inventory Work in Process Inventory Job 101... Job 102 ... Finished Goods Inventory Job 005 .. Job 006 ... P105,000 105,000 182,000 P 85,000 97,000 The summaries of transactions for the year are as follows: (a) Raw Materials costing P826,000 were purchased on account. (b) Materials issued to production, P785,000 distributed as follows: Job 101 P180,000 Job 102 P125,000 Indirect balance Job 103 P150,000 Job 104 P205,000 Job 105 P95,000 (c) Heat, light and power, factory plant, for the year was P116,000. (d) Depreciation for factory plant for the year, P190,000 (e) Marketing and administrative expenses, P250,000 (f) Production wages for the year was P1,250,000 of which 20% is for indirect laborers. The direct wages were distributed as: Job 101, 15%; Job 102, 20%; Job 103, 25%; Job 104,…
BJ Manufacturing Company uses Job Order Costing system to accumulate production costs. At the beginning of the year, the balances of the inventory accounts are as follows:Raw Materials Inventory ..................... P168,000Work in Process Inventory ..................... 210,000 Job 101........................ P105,000 Job 102 ....................... 105,000Finished Goods Inventory ..................... 182,000 Job 005 ...................... P 85,000 Job 006 ...................... 97,000The summaries of transactions for the year are as follows:(a) Raw Materials costing P826,000 were purchased on account.(b) Materials issued to production, P785,000 distributed as follows:Job 101 P180,000 Job 103 P150,000Job 102 P125,000 Job 104 P205,000Indirect balance Job 105 P95,000(c) Heat, light and power, factory plant, for the year was P116,000.(d) Depreciation for factory plant for the year, P190,000(e) Marketing and administrative expenses, P250,000(f) Production wages for the year was…