i need help please 1Superman CompanyRoderick CompanySuperman Company has the following costs and expenses for the year ending December 21, 2X20.Raw materials, 1/1/20Raw materials, 12/31/20Raw materials purchasesWork-in-process, 1/1/20Work-in-process, 12/31/20Finished goods, 1/1/20Finished goods, 12/31/20Direct laborFactory manager's salaryInsurance, factoryP30,000 Property taxes, factory building20,000 Sales revenue205,000 Delivery expenses80,000 Sales commissions50,000 Indirect labor110,000 Factory machinery rent120,000 Factory utilities350,000 Depreciation, factory building35,000 Administrative expenses14,000P6,0001,500,000100,000150,000105,00040,000Roderick Company reported the following costs and expenses in May.Factory utilitiesDepreciation on factory equipmentDepreciation on delivery trucksP15,600 Direct labor12,650 Sales salariesP89,10046,4002,5008,800 Property taxes on factorybuilding48,900 Repairs to office equipment80,800 Factory repairs137,600 Advertising13,000 Office supplies used65,00024,000Indirect factory labor2,300300,000Indirect materialsDirect materials usedFactory manager's salary2,00018,0005,640Requirement:1. Prepare a cost of goods manufactured schedule for Superman Company for 2X20. Note: Assume thatall raw materials used were direct materials. (10 points)2. Prepare an income statement for Superman Company for 2020. (10 points)3. Assume that Superman Company's accounting records show the balances of the following currentasset accounts: Cash P17,000, Accounts Receivable (net) P120,000, Prepaid Expenses P13,000, andShort-Term Investments P26,000. Prepare the current assets section of the balance sheet forSuperman Company as of December 31, 2020. (10 points)Requirement: Using the given information, determine the total amount of: (3 items x 5 points)1. Manufacturing overhead2. Product costs3. Period costs2Tom CorporationTom Corporation incurred the following costs while manufacturing its product.Materials used in productionDepreciation on plantProperty taxes on storeLabor costs of assembly-line workersFactory supplies usedP120,000 Advertising expense60,000 Property taxes on plant7,500 Delivery expense110,000 Sales commissions25,000 Salaries paid to sales clerksP45,00019,00021,00035,00050,000Work-in-process inventory was P10,000 at January 1 and P14,000 at December 31. Finished goods inventorywas P60,500 at January 1 and P50,600 at December 31. Note: Assume all materials were direct.Requirement: Using the given information, compute for: (2 items x 5 points)1. Cost of goods manufactured2. Cost of goods sold

Manufacturing overheads are the indirect cost incurred in the manufacturing of products. It is…

Roderick Company reported the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks P15,600 Direct labor 12,650 Sales salaries 8,800 Property taxes on factory building 48,900 Repairs to office equipment 80,800 Factory repairs 137,600 Advertising 13,000 Office supplies used P89,100 46,400 2,500 Indirect factory labor Indirect materials Direct materials used Factory manager's salary 2,300 2,000 18,000 5,640 Requirement: Using the given information, determine the total amount of: (3 items x 5 points) 1. Manufacturing overhead 2. Product costs 3. Period costs

Roderick Company reported the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks P15,600 Direct labor 12,650 Sales salaries 8,800 Property taxes on factory building 48,900 Repairs to office equipment 80,800 Factory repairs 137,600 Advertising 13,000 Office supplies used P89,100 46,400 2,500 Indirect factory labor Indirect materials Direct materials used Factory manager's salary 2,300 2,000 18,000 5,640 Requirement: Using the given information, determine the total amount of: (3 items x 5 points) 1. Manufacturing overhead 2. Product costs 3. Period costs

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
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.
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.
Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. No indirect materials were used during the period. Other information pertaining to OReillys inventories and production for July is as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.
On December 1, Carmel Valley Production Inc. had a work in process inventory of 1,200 units that were complete as to materials and 50% complete as to labor and overhead. December 1 costs follow: During December the following transactions occurred: a. Purchased materials costing 50,000 on account. b. Placed direct materials costing 49,000 into production. c. Incurred production wages totaling 50,500. d. Incurred overhead costs for December: e. Applied overhead to work in process at a predetermined rate of 125% of direct labor cost. f. Completed and transferred 10,000 units to finished goods. (Hint: You should first compute equivalent units and unit costs. The unit cost should include applied, not actual, factory overhead.) Carmel Valley uses the weighted average cost method. The ending inventory of work in process consisted of 1,000 units that were completed as to materials and 25% complete as to labor and overhead. Required: Prepare the journal entries to record the above December transactions.
Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000 units one-half completed at a cost of 1,250 for materials, 675 for labor, and 950 for overhead. Production costs for the monthmaterials, 99,150; labor, 54,925; factory overhead, 75,050. Units completed and transferred to stock38,500. Work in process, end of month3,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost.
Selected information from Skylar Studios shows the following: Prepare journal entries to record the following: raw material purchased direct labor incurred depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2
Proteger Company manufactures insect repellant lotion. The Mixing Department, the first process department, mixes the chemicals required for the repellant. The following data are for the current year: Direct materials are added at the beginning of the process. Ending inventory is 95 percent complete with respect to direct labor and overhead. The cost of goods transferred out for the year is: a. 4,471,200 b. 3,571,200 c. 3,780,000 d. 3,024,000
FIFO Method, Single Department Analysis, One Cost Category Refer to the data in Problem 6.33. Required: Prepare a cost of production report for the Fabrication Department for December using the FIFO method of costing.
Cost flow relationships The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencils: Using the information given, determine the following missing amounts: A. Cost of goods sold B. Finished goods inventory at the end of the month C. Direct materials cost D. Direct labor cost E. Work in process inventory at the end of the month