Required: Superior Corporation applies manufacturing overhead to production at 65% of direct labor cost. During the year ended 20xx. manufacturing overhead of $129,935 was applied to production; actual manufacturing overhead was $157,400. Ending Work in Process Inventory was $24,000, and ending Finished Goods Inventory was $33,840. Work in Process Inventory increased by 20% during the year and Finished Goods Inventory increased by 20% during the year, Unadjusted Cost of Goods Sold was $573,900. Complete the following schedule: (Hint: Begin with unadjusted cost of goods sold and work forward and then backward.) Item Direct Materials Used in Production Direct Labor Manufacturing Overhead Applied Total current manufacturing costs + Beginning work in process inventory -Ending work in process inventory Cost of Goods Manufactured + Beginning work in process inventory - Ending work in process inventory Unadjusted cost of goods sold Under(over)applied overhead adjustment Adjusted cost of goods sold Amount 0

Required: Superior Corporation applies manufacturing overhead to production at 65% of direct labor cost. During the year ended 20xx. manufacturing overhead of $129,935 was applied to production; actual manufacturing overhead was $157,400. Ending Work in Process Inventory was $24,000, and ending Finished Goods Inventory was $33,840. Work in Process Inventory increased by 20% during the year and Finished Goods Inventory increased by 20% during the year, Unadjusted Cost of Goods Sold was $573,900. Complete the following schedule: (Hint: Begin with unadjusted cost of goods sold and work forward and then backward.) Item Direct Materials Used in Production Direct Labor Manufacturing Overhead Applied Total current manufacturing costs + Beginning work in process inventory -Ending work in process inventory Cost of Goods Manufactured + Beginning work in process inventory - Ending work in process inventory Unadjusted cost of goods sold Under(over)applied overhead adjustment Adjusted cost of goods sold Amount 0

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Description: Required:Superior Corporation applies manufacturing overhead to production at 65% of direct labor cost. During the year ended 20xx.manufacturing overhead of $129,935 was applied to production; actual manufacturing overhead was $157,400. Ending Work

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 8P: OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
At the end of the first year of operations, 21,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept.
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Orinder Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 275,800, direct labor cost was 153,000, and overhead cost was 267,300. There were 25,000 units produced. Unit manufacturing cost (rounded to the nearest cent) is a. 28.40 b. 27.98 c. 34.95 d. 27.55
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