Saved HW01 Problem 2-6 A manager checked production records and found that a worker produced 184 units while working 40 hours. In the previous week, the same worker produced 129 units while working 30 hours. 2. points a. Compute Current period productivity and Previous period productivity. (Round your answers to 2 decimal places.) eBook Current period productivity Previous period productivity 4.6 Units / hr 4.3 Units / hr Print b. Did the worker's productivity increase, decrease, or remain the same? (Round your intermediate calculations and final answer to 2 decimal places. Omit the "%" sign in your response.) References Worker's productivity increased by

Saved HW01 Problem 2-6 A manager checked production records and found that a worker produced 184 units while working 40 hours. In the previous week, the same worker produced 129 units while working 30 hours. 2. points a. Compute Current period productivity and Previous period productivity. (Round your answers to 2 decimal places.) eBook Current period productivity Previous period productivity 4.6 Units / hr 4.3 Units / hr Print b. Did the worker's productivity increase, decrease, or remain the same? (Round your intermediate calculations and final answer to 2 decimal places. Omit the "%" sign in your response.) References Worker's productivity increased by

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Manufacturing overhead applied $ 150,000 Actual amount of manufacturing overhead costs 120,000 Amount of overhead applied during the year that is in: Work in Process $ 37,500 25% Finished Goods 52,500 35% Cost of Goods Sold 60,000 40% Total overhead applied $ 150,000 100% Knowledge Check 01 If the Manufacturing Overhead account is closed to Cost of Goods Sold, the related entry will ________. multiple choice 1 decrease the cost of goods sold by $30,000 increase the cost of goods sold by $30,000 decrease the cost of goods sold by $150,000 increase the cost of goods sold by $150,000 Knowledge Check 02 If the Manufacturing Overhead account is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold, the related entry will include a ________. multiple choice 2 debit to Cost of Goods Sold for $12,000 credit to Cost of Goods Sold for $12,000 credit to Cost of Goods Sold for $30,000 debit to Work in…
Check my workCheck My Work button is now enabled Item 5 Brighton Services repairs locomotive engines. It employs 100 full-time workers at $20 per hour. Despite operating at capacity, last year's performance was a great disappointment to the managers. In total, 10 jobs were accepted and completed, incurring the following total costs. Direct materials $ 1,048,400 Direct labor 4,400,000 Manufacturing overhead 1,100,000 Of the $1,100,000 manufacturing overhead, 30 percent was variable overhead and 70 percent was fixed. This year, Brighton Services expects to operate at the same activity level as last year, and overhead costs and the wage rate are not expected to change. For the first quarter of this year, Brighton Services completed two jobs and was beginning the third (Job 103). The costs incurred follow. Job Direct Materials Direct Labor 101 $ 138,500 $ 503,000 102 106,000 313,700 103 95,300 195,400 Total…
NFL Inc. produces sport’s equipment made to customer’s specifications. The following data pertain to Job 101. 6-month ending June 30, 2016 6-month ending 12/31/2016 Materials – Dept. 1 P100,000 P200,000 Direct Labor rate – Dept. 1 P10/hour P15/hour Labor hours used – Dept. 1 4,000 hours 2,000 hours Direct labor rate – Dept. 2 P20/hour P30 Labor hours used – Dept. 2 1,000 hours 3,000 hours Machine hours used – Dept. 2 2,000 hours 1,000 hours Additional data: a. NFL Inc. determined that the amount of operating expenses is 10% of full production cost of job. b. The company has provided a net profit mark up of 20% based on sales. c. Applied factory overhead: Department 1 P5.00 per direct labor hour Department 2 P2.00 per machine hour What is the net profit if Job 101 was completed and sold in year 2016?
Instructions: a) Enter each cost item on your answer sheet, placing an "X" mark under the appropriate headings. Direct Materials Direct Labor Manufacturing Overhead Period Costs 1 Rent on manufacturing equipment ($2,000/month) 2 Insurance on manufacturing building ($750/month) 3 Raw materials ($80/bicycle) 4 Manufacturing utilities ($1,000/month) 5 Office supplies ($800/month) 6 Wages for workers ($30/bicycle) 7 Depreciation on office equipment ($650/month) 8 Miscellaneous materials ($1.20/bicycle) 9 Property taxes on manufacturing building ($2,400/year) 10 Manufacturing supervisor's salary ($3,000/month) 11 Advertising cost (30,000/year) 12 Sales commissions ($10/bicycle) 13 Depreciation on manufacturing building ($1,500/month) b) Compute total manufacturing costs for the month…
QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statement
Problem 1Classify the following as to Fixed, Variable or Mixed Cost1. Factory Rent2. Wages of workers paid based on units produced3. Cost Accountant Salary4. Depreciation based on output5. Salary of Factory supervisor6. Basic Salary plus sales commission of salesman7. Paper in manufacturing of books8. Factory Insurance9. Monthly Depreciation of Building10. Bottle used in packaging
Q1Moona Inc. produces Mobile phones. Information of the company's operations last year appear below: Fixed cost: Fixed Manufacturing overhead Rs 40,000Fixed Selling & Administrative Rs 60,000Selling Price per unit Rs 100Variable cost per unit: Direct Materials Rs 30 Direct labor Rs 10Variable Manufacturing overhead Rs 5Variable Selling & Administrative Rs 2Units In beginning Inventory 0 Units Produced 2000Units Sold 1900 Required: a. Compute the unit product cost under both absorption and variable costing.b. Prepare an income statement for the year using absorption costing.c. Prepare a contribution format income statement for the year using variable costing. d. Prepare a report reconciling the difference in net operating income between absorption and variable costing for the year.
6. During the month, Job Arch2 used specialized machinery for 350 hours and incurred $700 in utilities on account, $400 in factory depreciation expense, and $200 in property tax on the factory. Work in Process Inventory Factory Depreciation Expense Finished Goods Inventory Utilities Expense Manufacturing Overhead Accounts Payable Accounts Receivable Property Taxes Payable Accumulated Depreciation PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Using the above accounts, prepare journal entries for the following transactions: Record the costs incurred: DR ? ? CR ? ? CR ? ? CR ? ? Record the allocation of overhead at the predetermined rate of $1.50 per machine hour: DR ? ? CR ? ?
Q6 The Zee manufacturing company produces a single product which goes through one process only. The manufacturing cycle takes a month. The company started its manufacturing operation on 1st February, 2018 and costs of production for this month were as follows: Material Rs. 41,412; Labor Rs. 32,054; FOH Rs. 23,870 The production statistics for the month were as follow: Units completed and transfer to finished goods store Rs. 6,500 Unit in Process on February 31, 2018 was 1,600 (Material 40%, Labor and FOH 20 per cent) Requirement: Prepare the Cost of Production Report at the end of February, 2018
ParticularsAmountDirect materialR12Direct laborR50Variable manufacturing overheadR6.50Fixed manufacturing overhead (R81,000/2,550 units)R31.76Unit product cost for the month under absorption costingR100.26 Prepare an income statement for the month using the Marginal costing method
*CAN YOU ANSWER PARTS 4-8* Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 29,000 Credits ? Debits 148,000 Bal. 12/31 39,000 Manufacturing Overhead Debits 196,800 Credits ? Work in Process Bal. 1/1 34,000 Credits 512,000 Direct materials 104,000 Direct labor 192,000 Overhead 220,800 Bal. 12/31 ? Factory Wages Payable Debits 213,000 Bal. 1/1 16,000 Credits 208,000 Bal. 12/31 11,000 Finished Goods Bal. 1/1 54,000 Credits ? Debits ? Bal. 12/31 81,000 Cost of Goods Sold Debits ? Required: 1. What was the cost of raw materials used in production during the year? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost for the year consisted of indirect labor? 4. What was the cost of goods manufactured for the year? 5. What was the…
Question Q1Moona Inc. produces Mobile phones. Information of the company's operations last year appear below: Fixed cost:Fixed Manufacturing overhead Rs 40,000Fixed Selling & Administrative Rs 60,000Selling Price per unit Rs 100Variable cost per unit:Direct Materials Rs 30Direct labor Rs 10Variable Manufacturing overhead Rs 5Variable Selling & Administrative Rs 2Units In beginning Inventory 0Units Produced 2000Units Sold 1900 Required: a. Compute the unit product cost under both absorption and variable costing.b. Prepare an income statement for the year using absorption costing.c. Prepare a contribution format income statement for the year using variable costing. d. Prepare a report reconciling the difference in net operating income between absorption and variable costing for the year.