Synder Corp., a lamp manufacturer, provide the following information for the year ended December 2008: Inventories Materials Work in process Finished goods Beginning Ending $50,000 $25,000 65,000 43,000 100,000 40,000 Other information: Depreciation: Plant Building & Equipment Materials purchases Insurance on plant Sales salaries expense $15,000 Repairs & maintenance- plant 155,000 Indirect labour 20,000 Direct labour 48,000 Administrative expenses Sales revenue $5,000 30,000 120,000 52,000 550,700
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- Classifying costs as factory overhead Which of the following items are properly classified as part of factory overhead for Caterpillar? a. Amortization of patents on new assembly process b.Consultant fees for a study of production line employee productivity C. Depreciation on Peoria. Illinois, headquarters building d.Factory supplies used in the Morganton. North Carolina, engine parts plant e.Interest expense on debt f. Plant manager's salary at Aurora, Illinois, manufacturing plant g.Properly taxes on the Danville, Kentucky, tractor tread plant h.Sales incentive fees to dealers i. Steel plate j. Vice president of finance's salarySynder corp present the following information for the year ended December 2008. Inventories Beginning Ending Materials $50,000 $25,000 Work in progress $100,000 $65,000 Finished Goods $40,000 $43,000 Other Information: Depreciation of plant, building and equipment $15,000 Material purchases $155,000 Insurance on plant $20,000 Sales Salaries Expense $48,000 Repairs and maintenance-plant $5,000 Indirect Labour $30,000 Direct Labour…In June Paul CableSource has the following transactions:Purchased $145666 of materials on accountIssued $130000 of material to productionIssued $3333 of supplies from materials inventoryDirect Labor of $69000 was charged to productionPaid $34000 for miscellaneous items for the manufacturing plantRecognized $25000 depreciation for the manufacturing plant.Applied manufacturing overhead for the plantAt beginning of the year management estimated Labor to be $5000000 and overhead to be $4500000.Management applies overhead based on total labor cost based on a predetermined rate using normalcosting beg bal end balMaterial Inventory ? 92000WIP ? 67000FG INV 13455 75644COGS 262100Show the t-accounts for Material, WIP, FG, Cogs, and Applied Overhead and Overhead Control. Is overhead under or overapplied and by how much? Fill in the above amounts for…
- Synder Corp., a lamp manufacturer, provide the following information for the year ended December 2008: Inventories Beginning Ending Materials $50,000 $25,000 Work in process 100,000 65,000 Finished goods Other information: 40,000 43,000 $15,000 Repairs & maintenance- plant $5,000 155,000 Indirect labour 30,000 20,000 Direct labour 120,000 48,000 Administrative expenses 52,000 Sales revenue 550,700 Depreciation: Plant Building & Equipment Materials purchases Insurance on plant Sales salaries expense Requirements: i) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2008 ii) Prepare an income statement for Synder Corp. for the year ended December 31, 2008 iii) What is the unit product cost if Synder manufactured 3,000 lamps for the year?Lofton Ltd., a microwave manufacturer, provide the following information for the year ended December 2008: Inventories Beginning Ending Materials $50,000 $25,000 Work in process 100,000 65,000 Finished goods Other information: 40,000 43,000 $15,000 Repairs & maintenance- plant $5,000 155,000 Indirect labour 30,000 20,000 Direct labour 120,000 48,000 Administrative expenses 52,000 Sales revenue 550,700 Depreciation: Plant Building & Equipment Materials purchases Insurance on plant Sales salaries expense Requirements: a) Prepare an income statement for Lofton Ltd. for the year ended December 31, 2008Lofton Ltd., a microwave manufacturer, provide the following information for the year ended December 2008: Inventories Beginning Ending Materials $50,000 $25,000 Work in process 100,000 65,000 Finished goods Other information: 40,000 43,000 $15,000 Repairs & maintenance- plant $5,000 155,000 Indirect labour 30,000 20,000 Direct labour 120,000 48,000 Administrative expenses 52,000 Sales revenue 550,700 Depreciation: Plant Building & Equipment Materials purchases Insurance on plant Sales salaries expense Requirements: a) What is the unit product cost if Lofton manufactured 3,000 microwaves for the year?
- Lofton Ltd., a microwave manufacturer, provide the following information for the year ended December 2008: Inventories Beginning Ending Materials $50,000 $25,000 Work in process 100,000 65,000 Finished goods Other information: 40,000 43,000 $15,000 Repairs & maintenance- plant $5,000 155,000 Indirect labour 30,000 20,000 Direct labour 120,000 48,000 Administrative expenses 52,000 Sales revenue 550,700 Depreciation: Plant Building & Equipment Materials purchases Insurance on plant Sales salaries expense Requirements: a) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2008 b) Prepare an income statement for Lofton Ltd. for the year ended December 31, 2008 c) What is the unit product cost if Lofton manufactured 3,000 microwaves for the year?Synder Corp., a lamp manufacturer provide the following information for the year ended December 2008: Inventories Beginning Ending Materials $50,000 $25,000 Work in progress 100,000 65,000 Finished goods 40,000 43,000 Other information: Depreciation: Plant Building & Equipment $15,000 Materials purchases $155,000 Insurance on plant $20,000 Sales salaries expense $48,000 Repairs & maintenance- plant $5,000 Indirect labour $30,000 Direct labour $120,000 Administrative expenses $52,000 Sales revenue $550,700 1. Prepare a schedule of cost goods manufactured for the year ended December 31, 2008 2. Prepare an income statement for Synder Corp for the year ended December 31, 2008 3. What is the unit product cost if Synder manufactured 3,000 lamps for the year?Please provide the following information for the year ended December 2008 for Synder Corp., a lamp manufacturer Inventories Beginning Ending Materials $50,000 $25,000 Work in process 100,000 65,000 Finished goods Other information: 40,000 43,000 $15,000 Repairs & maintenance- plant $5,000 155,000 Indirect labour 30,000 20,000 Direct labour 120,000 48,000 Administrative expenses 52,000 Sales revenue 550,700 Depreciation: Plant Building & Equipment Materials purchases Insurance on plant Sales salaries expense Requirements: i) Prepare a schedule of the cost of goods manufactured for the year ended December 31, 2008 ii) Prepare an income statement for Synder Corp. for the year ended December 31, 2008 What is the unit product cost if Synder manufactured 3,000 lamps for the year?
- At the end of the reporting period, SKL Corp. shows the following account for machinery it had assembled for its own use during the period: Account: MACHINERY (Job Order #7339344) Item Debit Credit Cost of dismantling old machine P14,480 Cash proceeds from sale of old machine P12,000 Raw materials used in construction of new machine 76,000 Labor on construction of new machine 49,000 Cost of installation 11,200 Materials spoiled in machine trial runs 2,400 Profit on construction 24,000 Purchase of machine tools 13,000 An analysis of the details in the account disclosed the following: Cash discounts received on the payments for materials used in construction totaled P3,000, and these were reported in the purchase discounts account. The factory overhead account shows a balance of P292,000 for the current period; this balance exceeds normal overhead on regular plant activities by…Synder Corp., a lamp manufacturer, provide the following information for the year ended December 2008: Inventories Beginning Ending Materials $50,000 $25,000 Work in process $100,000 $65,000 Finished goods $ 40,000 $43,000 Other information: Depreciation: Plant Building & Equipment $15,000 Repairs & maint- plant $5,000 Materials purchases $155,000 Indirect Labour $30,000 Insurance on plant $20,000 Direct Labour $120,000 Sales salaries expense $48,000 Admin Expense $52,000…Corp., a lamp manufacturer, provide the following information for the year ended December 2008: Inventories Beginning Ending Materials $50,000 $25,000 Work in process 100,000 65,000 Finished goods Other information: 40,000 43,000 $15,000 Repairs & maintenance- plant $5,000 155,000 Indirect labour 30,000 20,000 Direct labour 120,000 48,000 Administrative expenses 52,000 Sales revenue 550,700 Depreciation: Plant Building & Equipment Materials purchases Insurance on plant Sales salaries expense i) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2008 ii) Prepare an income statement for Synder Corp. for the year ended December 31, 2008 iii) What is the unit product cost if Synder manufactured 3,000 lamps for the year?