The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materials used in production (including $56,200 of indirect materials) $607,500 Direct labor (including $84,400 maintenance salaries) 562,500 Factory overhead: Supervisor salaries 517,500 Heat, light, and power 140,650 Sales salaries 348,750 Promotional expenses 315,000 Insurance and property taxes—plant 151,900 Insurance and property taxes—corporate offices 219,400 Depreciation—plant and equipment 123,750 Depreciation—corporate offices 90,000 Total $3,076,950

The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materials used in production (including $56,200 of indirect materials) $607,500 Direct labor (including $84,400 maintenance salaries) 562,500 Factory overhead: Supervisor salaries 517,500 Heat, light, and power 140,650 Sales salaries 348,750 Promotional expenses 315,000 Insurance and property taxes—plant 151,900 Insurance and property taxes—corporate offices 219,400 Depreciation—plant and equipment 123,750 Depreciation—corporate offices 90,000 Total $3,076,950

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Description: The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report.Marching Ants Inc.Manufacturing CostsFor the Quarter Ended June 30Materials used in production (including $5

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter4: Job-order Costing And Overhead Application

Section: Chapter Questions

Problem 62P: (Appendix 4A) Overhead Application, Journal Entries, Job Cost At the beginning of the year, Smith...

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(Appendix 4A) Overhead Application, Journal Entries, Job Cost At the beginning of the year, Smith Company budgeted overhead of 129,600 as well as 13,500 direct labor hours. During the year, Job K456 was completed with the following information: direct materials cost, 2,750; direct labor cost, 5,355. The average wage for Smith Company employees is 17 per hour. By the end of the year, 18,100 direct labor hours had actually been worked, and Smith incurred the following actual overhead costs for the year: Required: 1. Calculate the overhead rate for the year. 2. Calculate the total cost of Job K456. 3. Prepare the journal entries to record actual overhead and to apply overhead to production for the year. 4. Is overhead overapplied or underapplied? By how much? 5. Assuming that the normal cost of goods sold for the year is 635,600, what is the adjusted cost of goods sold?
em #6 of 16Tuscany Company estimated the following costs at the beginning of a particular year:OverheadDirect labor cost$3,680,000$920,000Tuscany uses normal costing and applies overhead on the basis of direct labor cost. (Direct labor cost equals total direct labor hours worked multiplied by the wage rate.) The directlabor cost was $47,000 for the month of January. Determine the overhead applied for the month of January.Oa. $188,000b. $105,750Oc. $141,000d. $80,000
17. The Cookie Inc. has the following information for the month of March. Prepare a (a)schedule of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c)prepare only the inventory of the balance sheet.Purchases $85,000Materials inventory, March 1 6,000Materials inventory, March 31 7,000Direct labor 25,000Factory overhead 34,000Work in process, March 1 17,000Work in process, March 31 18,500Finished goods inventory, March 1 21,000Finished goods inventory, March 31 23,000Sales 235,000Sales and administrative expenses 78,000
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17 Selected accounts with amounts omitted are as follows: Work in Process Aug. 1 Balance 275,000 Aug. 31 Goods finished 1,030,000 31 Direct materials X 31 Direct labor 450,000 31 Factory overhead X Factory Overhead Aug. 1–31 Costs incurred 145,000 Aug. 1 Balance 15,000 31 Applied X If the balance of Work in Process on August 31 is $220,000, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? Group of answer choices $120,000 $135,000 $70,000 $10,000
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Please solve this MCQs The following costs were incurred in May: Direct materials $ 43,100 Direct labor $ 24,800 Manufacturing overhead $ 18,100 Selling expenses $ 20,300 Administrative expense $ 28,700 Prime costs during the month totaled: $135,000 $86,000 $42,900 $67,900
Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow. Materials Inventory BB (2/1) 57,400 227,500 189,200 Work-In-Process Inventory BB (2/1) 101,700 Labor 186,100 Finished Goods Inventory BB (2/1) 200,800 345,100 249,200 Cost of Goods Sold Manufacturing Overhead Control 155,600 Applied Manufacturing Overhead 135,853 Additional information for February follows: Labor wage rate was $25 per hour. During the month, sales revenue was $601,700, and selling and administrative costs were $104,500. This company has no indirect materials or supplies. The company applies manufacturing overhead on the basis of direct labor costs. Please answer these 3 D-F d. What was the cost of products completed during February? e. What was the balance of the Work-in-Process Inventory account at the…
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April 1April 30Direct materials $67,000 $62,000 Work-in-process 145,000 171,000 Finished goods 85,000 78,000 Production data for the month of April is: Direct labor$200,000 Actual overhead 132,000 Direct materials purchased 163,000 Transportation in 4,000 Purchase Returns and Allowances 2,000 Beckett uses one overhead control account and charges overhead to production at 70% of direct labor cost. The company does not formally recognize over- or underapplied overhead until year-end. What is Beckett's cost of goods transferred to finished goods inventory for April?
April 1April 30Direct materials $67,000 $62,000 Work-in-process 145,000 171,000 Finished goods 85,000 78,000 Production data for the month of April is: Direct labor$200,000 Actual overhead 132,000 Direct materials purchased 163,000 Transportation in 4,000 Purchase Returns and Allowances 2,000 Beckett uses one overhead control account and charges overhead to production at 70% of direct labor cost. The company does not formally recognize over- or underapplied overhead until year-end. What is Beckett's cost of goods transferred to finished goods inventory for April? Multiple Choice A) $469,000. B) $477,000. C) $495,000. D) $484,000. E) None of these answers are correct
Inventories 4/1 4/30 Direct Materials $ 19,000 $ 15,800 Work in Process 9,400 6,300 Finished Goods 28,400 38,000 Additional information for the month of April: Direct materials purchased $ 33,600 Direct labor 32,000 Direct labor rate per hour 10 Factor overhead incurred 42,400 Overhead is applied at $12 per direct labor hour. For the month of April, prime cost incurred was:

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Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30
Materials used in production (including
	$56,200 of indirect materials)	$607,500
Direct labor (including $84,400 maintenance salaries)	562,500
Factory overhead:
	Supervisor salaries	517,500
	Heat, light, and power	140,650
	Sales salaries	348,750
	Promotional expenses	315,000
	Insurance and property taxes—plant	151,900
	Insurance and property taxes—corporate offices	219,400
	Depreciation—plant and equipment	123,750
	Depreciation—corporate offices	90,000
Total	$3,076,950