Robinson Machine Shop data for producing 40 parts forJob #10 as follows:• Raw Materials, July 11,200.WIP, July 10• Finished Goods, July 10• Materials and supplies purchased65,000• Direct Materials used4,000• Indirect materials used900• Direct Labor16,000• Indirect Labor3,50017,800.Depreciation and other MOVH48Overhead is applied per direct labor dollars based onbudgeted MOHC $600,000 and budgeted direct labor dollarsof $480,000; the job was completed and 30 parts were sold.Any under or over applied MOHC is disposed of to COGS.Required:• Prepare journal entries.Prepare schedule of Cost of Goods Manufactured and Costof Goods Sold

The overhead is said to be overapplied when actual overhead cost is less than the Applied overhead…

48 Robinson Machine Shop data for producing 40 parts for Job #10 as follows: • Raw Materials, July 1 1,200 . WIP, July 1 0 • Finished Goods, July 1 . 0 Materials and supplies purchased 65,000 Direct Materials used 4,000 • Indirect materials used 900 • Direct Labor 16,000 . • Indirect Labor 3,500 Depreciation and other MOVH 17,800

48 Robinson Machine Shop data for producing 40 parts for Job #10 as follows: • Raw Materials, July 1 1,200 . WIP, July 1 0 • Finished Goods, July 1 . 0 Materials and supplies purchased 65,000 Direct Materials used 4,000 • Indirect materials used 900 • Direct Labor 16,000 . • Indirect Labor 3,500 Depreciation and other MOVH 17,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Genesis Corporation has the following account balances (in millions): For Specific Date Direct materials, January 1, 20X1 Work in process, January 1, 20XI Finished goods, January 1, 20X1 Direct materials, December 31, 20X1 Work in process, December 31, 20X1 Finished goods, December 31, 20X1 For Year 20X1 P15 Purchases of direct materials P325 10 Direct manufacturing labor 70 Depreciation - plant building and equipment 5 Plant supervisory salaries 55 Miscellaneous plant overhead 100 20 80 5 35 Revenues 950 Marketing, distribution and customer-service costs 240 Plant supplies used Plant utilities 10 30 Indirect manufacturing labor 60 Required: 1. Prepare an income statement and a supporting schedule of costs of goods manufactured for the year ended December 31, 20X1.
Journalize the following entires. Is FOH - machining over or under-applied? Is FOH - Assembly over or under-applied? (a) Materials purchased on account, $80,000 (b)Depreciation expenses: Machining, $2,000; Assembly, $5,000 (c)Materials requisitioned by: Machining, $4,000 direct and $1,000 indirect materials; Assembly, $3,000 indirect materials (d)Factory overhead applied: Machining, $2,500; Assembly, $8,400 (e)Direct labor used by Machining, $7,500; Assembly, $1,500 (f)Machining Department transferred $5,000 to Assembly Department; Assembly Department transferred $3,200 to finished goods (g)Sold goods on account, $6,000; cost of goods sold, $2,000
The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.
The following data from the just completed year are taken from the accounting records of KentonCompany: Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000 Required: 1.Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold 3. Prepare an income statement.
How do I find the numbers to the questions marks?Selling expenses $ 211,000Purchases of raw materials $ 266,000Direct labor ?Administrative expenses $ 152,000Manufacturing overhead applied to work in process $ 363,000Actual manufacturing overhead cost $ 350,000Inventory balances at the beginning and end of the year were as follows:Beginning of Year End of YearRaw materials $ 53,000 $ 32,000Work in process ? $ 28,000Finished goods $ 33,000 ?The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $38,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.
The following data summarize the operations during the year. Prepare a journal entry for eachtransaction.A. Purchase of raw materials on account: $3,000B. Raw materials used by Job 1: $500C. Raw materials used as indirect materials: $100D. Direct labor for Job 1: $300E. Indirect labor incurred: $50F. Factory utilities incurred on account: $700G. Adjusting entry for factory depreciation: $250H. Manufacturing overhead applied as percent of direct labor: 200%I. Job 1 is transferred to finished goodsJ. Job 1 is sold: $3,000K. Manufacturing overhead is over applied: $100
2) Selected information from Skylar Studios shows the following: $ 5,000 $ 1,500 $11,000 $ 2,000 $15,000 28,000 $ $ 15,000 Raw materials purchased Direct materials Direct labor Factory depreciation Total manufacturing overhead incurred Machine hours per month Unit cost for material 2 Unit cost of conversion 8 Number units transferred out Prepare journal entries to record the following: raw material purchased direct labor incurred А. В. depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2 С. D. Е. F.
The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $78,750 $94,450 Work in process 108,600 96,800 Finished goods 113,750 109,100 December 31 Advertising expense $ 69,000 Depreciation expense-office equipment 22,750 Depreciation expense-factory equipment 14,860 Direct labor 184,350 Heat, light, and power-factory 5,950 Indirect labor 24,600 Materials purchased 122,200 Office salaries expense 77,750 Property taxes-factory 4,170 Property taxes-office building 13,200 Rent expense-factory 6,675 Sales 862,000 Sales salaries expense 138,500 Supplies-factory 5,000 Miscellaneous costs-factory 5,280 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* b. Prepare the 20Y8 income statement. *Refer to the Amount Descriptions list…
Selected information from Skybox Studios shows the following: Raw Material Purchased $5,000 Direct Materials $1,500 Direct Labor $11,000 Factory Depreciation $2,000 Total Manufacturing Overhead Incurred $15,000 Machine Hours Per Month 28,000 Unit Cost for Materials $2 Unit Cost of Conversation $8 Number units transferred 15,000 Prepare journal entries to record the following: a. Raw material purchased b. Direct labor incurred c.Depreciation expense (hint: this is part of manufacturing overhead) d. Raw materials used e. Overhead applied on the basis of $0.50 per machine hour f.The transfer from department 1 to department 2
The following information is available for Lagakos Corporation for 20Y8: Inventories January 1 December 31 Materials $77,250 $93,600 Work in process 108,800 96,700 Finished goods 112,500 108,400 December 31 Advertising expense $67,800 Depreciation expense-office equipment 23,000 Depreciation expense-factory equipment 14,600 Direct labor 186,100 Heat, light, and power-factory 5,550 Indirect labor 23,800 Materials purchased 123,800 Office salaries expense 78,300 Property taxes-factory 4,145 Property taxes-office building 13,800 Rent expense-factory 6,550 Sales 861,500 Sales salaries expense 138,500 Supplies-factory 4,750 Miscellaneous costs-factory 4,420 Required: 1. Prepare the statement of cost of goods manufactured.* 2. Prepare the income statement.*
The records of ABC Corporation revealed the following data for the current year. Work_in_Process_P73,150 Finished_Goods_P115,000 Cost_of_Goods_Sold_P133,650 Direct_Labor_P111,600 Direct_Material_P84,200. Assume that ABC has underapplied overhead of P37,200 and that this amount is material. How much is the denominator use to allocate the underapplied overhead?
The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $78,950 $95,200 Work in process 110,000 95,000 Finished goods 114,750 109,800 December 31 Advertising expense $ 68,300 Depreciation expense-office equipment 21,500 Depreciation expense-factory equipment 14,460 Direct labor 186,700 Heat, light, and power-factory 5,800 Indirect labor 24,260 Materials purchased 121,600 Office salaries expense 74,850 Property taxes-factory 4,035 Property taxes-office building 13,250 Rent expense-factory 6,025 Sales 863,500 Sales salaries expense 135,000 Supplies-factory 3,500 Miscellaneous costs-factory 5,280 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries.…