Grades for Victoria Cu: IBM 4112. XQuestion 3 - Ch3 Review Assignm X +ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti... QCPP CanvasZoomBroncoDirect V zlibrary k KanopyMcGraw ACC2080 # Tableau IBM3302Tableau IBM3302 SVG Bundles Free SVG pf PNG Find DaFont.comCh3 Review Assignments iSavedHelpCheck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion.3Prepare a scriedule of cost of goods manufactured for the year.> Answer is complete but not entirely correct.Complete this question by entering your answers in the tabs below.Required 1Required 2Prepare a schedule of cost of goods manufactured for the year.Chang CompanySchedule of Cost of Goods ManufacturedBeginning work in process inventoryDirect materials:Beginning raw materials inventoryS 20,300Add: Purchases of raw materialsTotal raw materials availableLess: Ending raw materials inventoryRaw materials used in productionLess: Indirect materials used in productionDirect materials used in productionDirect laborManufacturing overhead applied to work in processTotal manufacturing costs added to productionTotal manufacturing costs to account forLess: Ending work in process inventoryCost of goods manufactured← → Co OutlookA10pointsMcGrawHillType here to search403,000✔423,300✔30,300✔393,000✔15,300✔✔✔✔✔< Required 1$377,700881,00063,000✔400,000✔$ 40,3001,721,7001,762,000$ 810,70070,300✔Required 2 >8:< Prev99+O3 of 5cricutNext >F→Creative FabricaSave & Exit SubmitReturn to question81°F ^ 4x12:55 PM6/8/2022X:24) The following cost data relate to the manufacturing activities of Chang Company during the just completed year:Manufacturing overhead costs incurred:Indirect materialsIndirect labor$ 15,300133,0008,300Property taxes, factoryUtilities, factory73,000Depreciation, factory152,10010,300Insurance, factory$ 392,000Total actual manufacturing overhead costs incurredOther costs incurred:Purchases of raw materials (both direct and indirect)$403,000$ 63,000Direct labor costInventories:Raw materials, beginningRaw materials, ending$ 20,300$ 30,300Work in process, beginning$ 40,300Work in process, ending$ 70,300The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,000machine-hours were used during the year.Required:1. Compute the amount of underapplied or overapplied overhead cost for the year.2. Prepare a schedule of cost of goods manufactured for the year.

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Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…

Business

Accounting

The following cost data relate to the manufacturing activities of Chang Company during the just completed year. Manufacturing overhead costs incurred: Indirect materials Indirect labor $ 15,300 133,000 8,300 Property taxes, factory Utilities, factory 73,000 Depreciation, factory Insurance, factory 152,100 10,300 $ 392,000 Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) $ 403,000 Direct labor cost $ 63,000 Inventories: Raw materials, beginning Raw materials, ending $ 20,300 $ 30,300 Work in process, beginning $ 40,300 Work in process, ending $ 70,300 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,000 machine-hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year.

The following cost data relate to the manufacturing activities of Chang Company during the just completed year. Manufacturing overhead costs incurred: Indirect materials Indirect labor $ 15,300 133,000 8,300 Property taxes, factory Utilities, factory 73,000 Depreciation, factory Insurance, factory 152,100 10,300 $ 392,000 Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) $ 403,000 Direct labor cost $ 63,000 Inventories: Raw materials, beginning Raw materials, ending $ 20,300 $ 30,300 Work in process, beginning $ 40,300 Work in process, ending $ 70,300 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,000 machine-hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. 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, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
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During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
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The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?
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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