The accounting records of Diego Company revealed the following costs, among others: Factory insurance Raw material used Customer entertainment Indirect labor $ 32,000 256,000 15,000 45,000 22,000 72,000 Depreciation on salespersons' cars Production equipment rental costs Costs that would be considered in the calculation of manufacturing overhead totat Select one O a. $149,000 O b. $171,000 Oc $186,000 O d. $442.000 For the year just ended, Cole Corporation's manufacturing costs (raw materials used, direct labor, and manufacturing overhead) totaled $1,500,000. Beginning and ending work-in-process inventories were $60,000 and $90,000, respectively. Cole's balance sheet also revealed respective beginning and ending finished-goods inventories of $250,000 and $180,000. On the basis of this information, how much would the company report as cost of goods manufactured (CGM) and cost of goods sold (CGS)? Select one: O a. CGM, $1,430,000; CGS, $1,460,000 Ob. CGM, $1470,000; CGS, $1,540,000 Oc CGM, $1,530,000; CGS, $1,460,000 Od. CGM, $1,570,000: CGS, $1,540,000 Oe Some other amounts

The accounting records of Diego Company revealed the following costs, among others: Factory insurance Raw material used Customer entertainment Indirect labor $ 32,000 256,000 15,000 45,000 22,000 72,000 Depreciation on salespersons' cars Production equipment rental costs Costs that would be considered in the calculation of manufacturing overhead totat Select one O a. $149,000 O b. $171,000 Oc $186,000 O d. $442.000 For the year just ended, Cole Corporation's manufacturing costs (raw materials used, direct labor, and manufacturing overhead) totaled $1,500,000. Beginning and ending work-in-process inventories were $60,000 and $90,000, respectively. Cole's balance sheet also revealed respective beginning and ending finished-goods inventories of $250,000 and $180,000. On the basis of this information, how much would the company report as cost of goods manufactured (CGM) and cost of goods sold (CGS)? Select one: O a. CGM, $1,430,000; CGS, $1,460,000 Ob. CGM, $1470,000; CGS, $1,540,000 Oc CGM, $1,530,000; CGS, $1,460,000 Od. CGM, $1,570,000: CGS, $1,540,000 Oe Some other amounts

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 15E: The books of Petry Products Co. revealed that the following general journal entry had been made at...

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A company calculated the predetermined overhead based on an estimated overhead of $70.000, and the activity for the cost driver was estimated as 2,500 hours. If product A utilized 1,350 hours and product 8 utilized 1,100 hours, what was the total amount of overhead assigned to the products? A. $35000 B. $30.800 C. $37,800 D. $68,600
The following data summarize the operations during the year. Prepare a journal entry for each transaction. A. Purchase of raw materials on account: $1,500 B. Raw materials used by Job 1: $400 C. Raw materials used as indirect materials: $50 D. Direct labor for Job 1: $200 E. Indirect labor Incurred for Job 1: $30 F. Factory utilities Incurred on account: $500 G. Adjusting entry for factory depreciation: $200 H. Manufacturing overhead applied as percent of direct labor: 100% I. Job 1 is transferred to finished goods J. Job 1 is sold: $1,000 K. Manufacturing overhead is under applied: $100
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Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
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