Assume that in Case 1 the other items in the current assets section are as follows: cash $ 3,090, receivables (net) $ 10,110, rawmaterials $ 850, and prepaid expenses $ 300. Incomplete manufacturing costs, expenses, and selling data for two different cases aregiven below:(a)Your answer is correct.Indicate the missing amount for each letter.Direct Materials UsedDirect LabourManufacturing OverheadTotal Manufacturing CostsBeginning Work in Process Inventory1Case2$6,600$66303,1808,5506,1203,00015900(a)18,1801,4608200(h)

To find the missing amount (a), we need to calculate the total manufacturing costs for Case 1 and…

Answered: Assume that in Case 1 the other items…

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 1P: The cost behavior patterns below are lettered A through H. The vertical axes of the graphs represent...

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Analyze the following T-accounts (Click the icon to view the T-accounts.) Determine the missing amounts. (Assume that material costs are recorded before labor costs) Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory Bal. 1,000 Bal. 6,000 Bal 7,000 38,000 31,000 (a) (b) 38,000 (c) 7,000 12,900 Bal 9,500 Bal 7.900 Bal 18,000 Accumulated Depreciation Accounts Payable Wages Payable 8,600 (e) 15,000 31.000
For each of the following independent cases (1 to 4), compute the missing values. Note: Enter all amounts as positive values. Beginning raw materials Raw materials purchases Indirect materials issued Ending raw materials Direct materials used Direct labor Manufacturing overhead applied Total current manufacturing costs Beginning work in process Ending work in process Cost of goods manufactured Beginning finished goods Ending finished goods Cost of goods sold Case 1 $ 6,200 53,000 900 1,700 36,000 62,000 45,000 134,000 78,000 80,000 Case 2 11,550 2,000 2,450 13,500 39,450 80,600 38,600 73,800 31,900 74,000 Case 3 $ 30,000 49,640 1,400 32,720 29,280 94,000 42,950 90,125 53,200 113,075 Case 4 $ 94,000 3,600 94,200 121,750 540,930 101,920 238,100 831,900 398,500 845,400
Umbria, Inc. has compiled the following data: View the data. Compute the amount of direct materials used. I = Direct Materials Used Data Purchases of Direct Materials Freight In Property Taxes Ending Direct Materials Beginning Direct Materials Print Done O $ 6,600 800 1,400 1,600 4,400 X
Ivano Company has collected cost accounting information for the following subset of items forYears 1 and 2. Required:Calculate the values of the missing Items a through e.
Answer the following questions by analysing the T-accounts given below. a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead assigned to production
For each of the following independent cases A-D, compute the missing values: (Enter all amounts as positive v Total Current Beginning Work Ending Work in in Process Inventory Cost of Goods Case Manufacturing Costs Process Inventory Manufactured A. 2$ 5,200 $ 1,700 $ 700 B 1,700 1,420 2,610 C 580 1,590 7,310 D 8,850 1,050 6,775
For each of the following independent cases (1 to 4), compute the missing values. Note: Enter all amounts as positive values. Case 1 Case 2 Case 3 Case 4 Beginning raw materials Raw materials purchases Indirect materials issued Ending raw materials $ 69 6,900 $ 25,000 $ 108,000 54,000 11,250 50,640 500 2,500 700 2,900 1,500 2,950 95,000 Direct materials used 14,300 33,420 Direct labor 37,000 122,750 Manufacturing overhead applied 61,000 38,950 30,280 539,830 Total current manufacturing costs 82,600 94,400 Beginning work in process 50,000 36,600 100,520 Ending work in process 43,150 237,600 Cost of goods manufactured 138,000 71,800 91,025 826,900 Beginning finished goods 77,000 52,900 Ending finished goods 79,000 30,100 398,100 Cost of goods sold 75,000 112,575 842,400
The cost behavior patterns below are lettered A through H. The vertical axes of the graphs represent total dollars of expense, and the horizontal axes represent production in units, machine hours, or direct labor hours. In each case, the zero point is at the intersection of the two axes. Each graph may be used no more than once. Required: Select the graph that matches the lettered cost described here. a. Depreciation of equipmentthe amount of depreciation charged is computed based on the number of machine hours that the equipment was operated. b. Electricity billflat fixed charge, plus a variable cost after a certain number of kilowatt hours are used. c. City water billcomputed as follows: d. Depreciation of equipmentthe amount is computed by the straight-line method. e. Rent on a factory building donated by the citythe agreement calls for a fixed fee payment, unless 200,000 labor hours are worked, in which case no rent need be paid. f. Salaries of repair workersone repair worker is needed for every 1,000 machine hours or less (i.e., 0 to 1,000 hours requires one repair worker, 1,001 to 2,000 hours requires two repair workers, etc.).
2) Prepare the Cost of Goods Manufactured and Cost of Goods Sold Statements based on the following information, a. Direct Materials $16,000 b. Beginning Work in Process $4,000 c. Beginning Finished Goods $12,000 d. Ending Work in Process $7,000 e. Ending Finished Goods $3,000 f. Direct Labor $9,000 g. Manufacturing Overhead $8,000
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?
For each of the following independent cases (1 to 4), compute the missing values. (Enter all amounts as positive values.) Case 1 Case 2 Case 3 Case 4 Beginning raw material $7,000 $16,000 $55,000 Raw materials purchases Indirect materials issued Ending raw materials 63,000 24,500 33,312 1,400 2,000 1,200 1,000 2,800 4,500 46,750 Direct materials used 27,000 26,976 Direct labor 40,600 61,625 Manufacturing overhead applied 72,800 80,700 24,864 270,865 Total current manufacturing costs 151,200 74,320 Beginning work in process 57,400 65,200 51,260 Ending work in process 33,000 118,050 Cost of goods manufactured 194,600 159,600 71,380 412,950 Beginning finished goods 100,800 41,520 Ending finished goods 112,000 60.200 198,600 Cost of goods sold 142,000 90,700 419,700
Presented below are incomplete manufacturing cost data.Determine the missing amounts for three different situations. DirectMaterialsUsed DirectLaborUsed FactoryOverhead TotalManufacturingCosts (1) $42,000 $64,100 $53,500 $ (2) $ $77,900 $142,000 $298,000 (3) $58,800 $ $114,000 $312,000

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