Mama Mia Corp. produces customized products. The following accounts appeared in the ledger as of December 31, 2020. Direct Materials 01.01 P220,500.00 Compute 12.31 378,000.00 Factory Overhead Compute Work In Process 01.01 178,500.00 DM Compute Compute DL 1,575,000.00 OH 12.31 130,000.00 Accounts Payable 26,250.00 01.01 1,433,250.00 210,000.00 12.31 Sales

Mama Mia Corp. produces customized products. The following accounts appeared in the ledger as of December 31, 2020. Direct Materials 01.01 P220,500.00 Compute 12.31 378,000.00 Factory Overhead Compute Work In Process 01.01 178,500.00 DM Compute Compute DL 1,575,000.00 OH 12.31 130,000.00 Accounts Payable 26,250.00 01.01 1,433,250.00 210,000.00 12.31 Sales

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 9EB: The cost data for BC Billing Solutions for the year 2020 is as follows: Using the high-low method,...

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How can I get this problem resolve? The following accounts are from last year’s books at Sharp Manufacturing: Raw Materials Debit Credit Balance 0 (b) 154,200 (a) 164,500 10,300 Work In Process Debit Credit Balance 0 (f) 510,800 (b) 132,100 (c) 168,200 (e) 210,500 0 Finished Goods Debit Credit Balance 0 (g) 461,000 (f) 510,800 49,800 Manufacturing Overhead Debit Credit (b) 22,100 (e) 210,500 (c) 26,100 (d) 156,200 6,100 Cost of Goods Sold Debit Credit (g) 461,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the manufacturing overhead overapplied or underapplied for the year?
The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Required:1. Calculate Lone Oak’s manufacturing overhead for the year.2. Calculate Lone Oak’s cost of goods manufactured.3. Compute the company’s cost of goods sold.4. Determine net income for 20x1, assuming a 30% income tax rate.5. Determine the number of completed units manufactured during the year.6. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how the solution will change if the following data change: indirect labor is $115,000 and other factory costs amount to $516,000.
In using FIFO method, Richer Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Richer Company presented the following costs on three processes: *see image attached* 1. What is the amount of cost of goods manufactured? a. P226,926.61 b. P234,541.61 c. P240,072.00 d. None of the above 2. What is the total units to account for (TUTAF) in Department 1? a. 16,000 b. 15,100 c. 15,000 d. 15,700
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The cost data for BC Billing Solutions for the year 2020 is as follows: Using the high-low method, express the companys overtime wages as an equation where x represents number of invoices processed. Assume BC has monthly fixed costs of $3,800. Predict the overtime wages if 9,000 invoices are processed. Predict the overtime wages if 6,500 invoices are processed. Using Excel, create a scatter graph of the cost data and explain the relationship between the number of invoices processed and overtime wage expense.
Spring 2021 : Cost Accounting - ACT208 Dashboard My courses ACT208 (S21) Najay Murray - Notes Discussion Question 1 Discussion Question 1 Search Search forums Discussion Question 1 Discussion Question 1 Settings Display mode Display replies flat, with oldest first Display replies flat, with newest first Display replies in threaded form Display replies in nested form Discussion Question 1 by Najay Murray - Thursday, 21 January 2021, 12:12 AM Number of replies: 9 Within the costing system of a manufacturing company the following types of expenses were incurred: Cost of oils used to lubricate production machinery Motor vehicle licenses for lorries Depreciation of factory plant and equipment Cost of chemicals used in the laboratory Commission paid to sales representatives Salary of the secretary to the finance director Trade discount given…
BiskBisk Tiles is a small distributor of marble tiles. BiskBisk identifies its three major activities and cost pools as ordering, receiving and storage, and shipping, and it reports the following details for 2019 Activity Cost Driver Quantity of Cost Driver Cost per Unit of Cost Driver 1. Placing and paying for orders of marble tiles Number of orders 900 $80 per order 2. Receiving and storage Loads moved 4,100 $50 per load 3. Shipping of marble tiles to retailers Number of shipments 2,500 $40 per shipment For 20192019, BiskBisk buys 230 comma 000230,000 marble tiles at an average cost of $ 2$2 per tile and sells them to retailers at an average price of $ 7$7 per tile. Assume BiskBisk has no fixed costs and no inventories. 1. Calculate BiskBisk's operating income for 20192019. 2. For 20202020, retailers are demanding a 55% discount off the 20192019 price. BiskBisk's suppliers are only willing to…
Francis manufacturers, a manufacturer of wood doors and windows, has prepared thefollowing list of accountsAdvertisingAssemblers wagesProduction supervisor’s salaryDepreciation of machineryFactory utilitiesLathe machine (machine for shaping wood) Operators wagesMachinery repairsOffice salariesPurchase of gluePurchase of screws and nailsPurchase of pinePurchase of oak$36,00084,20021,4009,20055,60066,40022,600113,8001,60080099,000250,000There is no beginning or ending inventory. Calculate the following:(D) Prime cost(E) Conversion cost(f) Production cost
Vic Company manufactures road graders. Because its managers all have engineering backgrounds, they prefer nonfinancial information for their decision-making models. Therefore, they require the accountants gather data to assist in the examination of nonfinancial results of operations. The following information relates to the manufacture of a paver: 2019 2020 Units produced and sold 6,800 5,600 Direct manufacture labor-hours 136,000 115,200 Direct materials used (tons) 29,000 24,400 Direct manufacture cost per hour $21 $22 Direct materials cost per ton $431 $443 What is the partial productivity for direct materials for each year? What is the partial productivity for direct manufacturing labor for each year? What is the total factor productivity for each year?
Classic manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The following items (in millions) pertain to Classic Corporation. Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured. Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the direct materials and direct labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. For Specific Date Work-in-process inventory, January 1, 2020 $12 Direct materials inventory, December 31, 2020 8 Finished-goods inventory, December 31, 2020 11 Accounts payable, December 31, 2020 20 Accounts receivable, January 1, 2020 59 Work-in-process inventory, December 31, 2020 1 Finished-goods inventory, January 1, 2020 46 Accounts receivable, December 31,…
Davidow, Inc. is a privately held furniture manufacturer. For August 2020, Davidow had the following standards for one of its products, a wicker chair: LOADING... (Click the icon to view the standards per chair.) The following data were compiled regarding actual performance: actual output units (chairs) produced, 2,800; square yards of input purchased and used, 5,300; price per square yard, $6.00; direct manufacturing labor costs, $9,360; actual hours of input, 900; labor price per hour, $10.40. . Requirement 1. Show computations of price and efficiency variances for direct materials and direct manufacturing labor. Give a plausible explanation of why each variance occurred. Let's begin by determining the formula used to calculate the actual costs of direct materials, then enter the amounts in the formula and calculate the cost. × = Actual cost Direct materials × = Next we will calculate the…
Trinity product Limited makes and sells three types of electronic security systems for which the following information is available Standard cost and selling price per unitDay Scan Night scanOmni scanGH¢GH¢GH¢Material70110155Manufacturing labour405570Installation labour243244Variable overheads162028Selling price250320460 Fixed cost for the period are GH¢450,000 and installation labour, which is highly skilled is available for 25,000 hours only in a period and is paid GH¢8 per hour. Both manufacturing and installation labour are variable cost. The maximum demand for the period is: Day scan 2,000 units; Night scan 3,000 units; Omni scan 1,800 units.Requiredd) Having carried out an investigation of the availability of installation labour, the firm thinks that by offering GHS 12 per hour, additional installation would become available and thus overcome the labour shortage. Based on the result obtained above, you are required to advice the firm whether or not to implement this proposal.