Complete question detail is in image. CO Rasab Ahmed 191932.pdfE MACROECONOMICS.pdfch 4 COST accounting.pdf+O File | E:/RASAB%20AHMED%20UNI%20WORK/BSAF%203/cost%20accountion/ch%204%20COST%20accounting.pdfulTect i apui TIOUTS./Determining labor and factory overhead costsThe general ledger of Stephens Products, Inc. contains thefollowing control account:E4-12Work in ProcessMaterials15,000Finished goods40,000Labor16,000Factory overhead16,000If the materials charged to the one uncompleted job still inprocess amounted to $3,400, what amount of labor and factoryoverhead must have been charged to the job if the factory over-head rate is 100% of direct labor cost? (Hint: First determine thebalance in Work in Process.)12:45 AM10/17/2020

Answered: Image /qna-images/answer/06d2c4dc-a8b8-4110-8720-89278d772dca.jpg

The general ledger of Stephens Products, Inc. contains the following control account: Work in Process Materials 15,000 Finished goods 40,000 Labor 16,000 Factory overhead 16,000 If the materials charged to the one uncompleted job still in process amounted to $3,400, what amount of labor and factory overhead must have been charged to the job if the factory over- head rate is 100% of direct labor cost? (Hint: First determine the balance in Work in Process.)

The general ledger of Stephens Products, Inc. contains the following control account: Work in Process Materials 15,000 Finished goods 40,000 Labor 16,000 Factory overhead 16,000 If the materials charged to the one uncompleted job still in process amounted to $3,400, what amount of labor and factory overhead must have been charged to the job if the factory over- head rate is 100% of direct labor cost? (Hint: First determine the balance in Work in Process.)

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5PA: Statement of cost of goods manufactured and income statement for a manufacturing company The...

See similar textbooks

Similar questions

ParticularsAmountDirect materialR12Direct laborR50Variable manufacturing overheadR6.50Unit product cost for the month under marginal costingR68.50 Prepare an income statement for the month using the Marginal costing method.
Q8) Financial statements for manufacturing companies includes the following, except: a. Direct Labor b. Direct material purchases c. Product inventories costs d. Merchandise purchase
The Information below is taken from production department of Salalah Company for April: The number of units produced is 10000. All amounts are in OMR. Total Costs Variable Cost Fixed Cost Direct material cost 500000 ? ? Total labor cost ? 400000 100000 Manufacturing Overhead 90000 30000 ? Calculate: A. Find the missing information in the above table. Some values may not be applicable, explain. B. Calculate cost per unit C. Describe the production costs in the equation form Y = f + vX. D. Assume Salalah intends to produce 15000 units next month. Calculate total production costs for the month
Question 5: The Information below is taken from production department of Salalah Company for April: The number of units produced is 10000. All amounts are in OMR. Total Costs Variable Cost Fixed Cost Direct material cost 500000 ? ? Total labor cost ? 400000 100000 Manufacturing Overhead 90000 30000 ? Calculate: A. Find the missing information in the above table. Some values may not be applicable, explain. B. Calculate cost per unit C. Describe the production costs in the equation form Y = f + vX. D. Assume Salalah intends to produce 10000 units next month. Calculate total production costs for the month Question 6: Find the missing information for different companies Output (units) Fixed Costs Variable Costs Total Costs Cost per unit Company A 4000 70000 50000 ? ? Company B 5000 80000 ? 140000 ? Company C 8000 30000 130000 ? ? Company D ? ? 80000 100000 20
The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of indirect materials in the factory overhead account is a.P7,500 b.P12,000 c.P18,000 d.P4,500
The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500
The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of over- (under-) applied overhead is a.(P1,500) b.P10,500 c. P1,500 d.(P10,500)
E4-1 Classifying fixed and variable costs Classify each of the following items of factory overhead as either a fixed or a variable cost. (Include any costs that you consider to be semivariable within the variable category. Remember that variable costs change in total as the volume of production changes.) a. Indirect labor b. Indirect materials c. Insurance on building d. Overtime premium pay e. Depreciation of building (straight-line method) f. Polishing compounds g. Depreciation of machinery (units-of-production method) h. Employer’s payroll taxes i. Property taxes j. Machine lubricants k. Employees’ hospital insurance (paid by employer) l. Labor for machine repairs m. Vacation pay n. Janitor’s wages o. Rent p. Small tools q. Plant manager’s salary r. Factory electricity s. Product inspector’s wages
The Information bellow has taken from Al Wafa company wages paid to labour: OMR85,000, Purchases raw material OMR 230000, purchases return: OMR5,000, factory on cost 10% of prime cost.Opening stock work in progress OMR54000, closing stock work in progress OMR 45000, opening stock raw material OMR50000 and closing stock raw material OMR32000.The cost of good manufactured is: a. OMR364200 b. None of the options c. OMR369800 d. OMR332200
As a cost accountant of Alibaba Ltd. You have collected the following relevant information: Direct materials Tk. 1,00,000 Direct labor 80% of materials Factory cost 50% of Direct labor Office expense 75% of factory on cost Selling expense 50% of office on cost Profit 25% of sales. Required: i)Prime cost ii) Factory cost iii) Cost of production iv) Cost of sales v) Sales vi) Percentage of total cost of sales on sales.
The Cost Officer of a company that manufactures a product came up with the following information: Direct materials: 30% of Sales Direct wages (Variable): 20% of Sales Production overhead (Fixed): Same as direct wages Production overhead (Variable): 25% of direct wages Administration overhead (Fixed): 10 % of Sales Selling overheads (Note 1): Same as Production overhead (Variable) Note 1: The behaviour of selling overhead in relation to changes in sales volume (units) is as follows: Normal activity: M65 000 90% of normal activity: M63 050 110% of normal activity: M66 950. The company uses an absorption costing system to value inventory. The predetermined absorption rates are based on normal level of activity. During November and December, 2021 of the financial year, the production and sales expressed as percentages of normal activity, were as follows: November December Sales 80% 100% Production 100% 80% The actual selling price and variable costs per unit were as budgeted. It is the…
In Sheet 2, what is the amount of total manufacturing costs? P105,426 P228,865 P204,290 P243,460