Compute the cost of goods manufactured.
Q: Identify each of the following costs as either direct materials (DM), direct labor (DL), or factory…
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Q: Which of the following is the formula to calculate the predetermined factory overhead rate? Group of…
A: Concept:
Q: An allocation base is all the following, EXCEPT: O a. cannot be direct labor cost O b. is determined…
A: Manufacturing overheads are the indirect expenses related to the production, that are necessary to…
Q: All the following can be used as an allocation base, EXCEPT: а. direct labor cost b. direct machine…
A: Allocation Base : Allocation base is that the instrument by that the overhead price of the…
Q: The company uses normal costing and applies overhead on the basis of direct labor costs. The total…
A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…
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Q: manufacturing costs (direct and indirect, fixed and variable) which can contribute to the production…
A: Option A is wrong because job order costing refers to allocating manufacturing costs to specific…
Q: Which of the following statements are true? (select all that apply) O the cost of direct laborers…
A: Job costing is the cost of a specific job or contract when work is carried out in accordance with…
Q: In a job-order costing system, indirect labor cost is usually recorded as a debit to: Work in…
A: Introduction:- Job order costing system mainly used by organizations providing services according to…
Q: Draus Products Company uses activity-based costing to compute product costs for external reports.…
A: Activity rate = Estimated overhead/Expected activity Overhead applied = Activity rate*Activity…
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Q: If selling and administrative expenses are allocated to different products, they should be reported…
A: Period costs: These costs are not related to inventory, hence, they are not added to inventory…
Q: Draus Products Company uses activity-based costing to compute product costs for external reports.…
A: The manufacturing overhead is said to be over applied if actual overhead is less than the estimated…
Q: otal Manufacturing costs are also known as product costs. Which of the following best describes…
A: Solution Concept Total manufacturing cost basically means the cost that is required to manufacture…
Q: Calculate activity rate for general factory overhead using direct labor hours. How much of the…
A: Activity-Based Costing: It is the method of costing which is used to assign indirect costs to the…
Q: Please help me understand how to find direct labor and total manufacturing costs.
A: Cost accounting is one of the important field of accounting, under which several type of costs are…
Q: Identify whether the following items should be included in Direct Materials (DM), Direct Labor (DL),…
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Q: Under absorption costing, fixed manufacturing overhead could be found in all of the following except…
A: Absorption costing is a type of costing method, in which all costs whether fixed or variable are…
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A: Conversion cost: The cost incurred in the process of Conversion of raw materials to the finished…
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Q: in a job-order costing system, the application (applied MOH) of manufacturing overhead would be…
A: The question is related to Job costing. Job costing methods which is applicable where the work…
Q: The traditional cost drivers used in computing overhead absorption rates are: a.direct labour hours,…
A: Overhead cost are Indirect cost It includes: Accounting fees Advertising cost Insurance expense…
Q: Which of the following does not accurately describe the application of job-order costing? a.…
A: Job costing includes the aggregation of the expenses of materials, overhead and labor for a…
Q: Process costing: a. assigns direct materials cost, direct labor cost, and manufacturing overhead…
A: Process costing is a form of operations costing which is used where standardized homogeneous goods…
Q: Choose one option for each letter that describes each of the six transactions the best A. Direct…
A: Choose one option for each letter to describe transactions as shown below:
Q: Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters. For each cost given…
A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
Q: and factory overhead. Make the following calculations: a. Equivalent units for direct materials b.…
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Q: Find out from the following a scientific and accurate method of factory overhead absorption:…
A: Factory Overhead Absorption is an important matter in pricing a product or determining total cost of…
Q: (i) Select a suitable cost driver for each item of overhead expenses and calculate the cost per unit…
A: Activity-based costing is a method in which the cost of the organization is allocated among the…
Q: Comment on the following statement: “In a normal-costing system, the amounts in the Manufacturing…
A: Normal Costing: When the cost of the product is calculated by using the indirect cost based on the…
Q: The traditional cost drivers used in computing overhead absorption rates are: a. direct labour cost,…
A: Overhead absorption rates is determined by budgeted overhead divided by budgeted allocation bases.
Q: Assigning indirect costs to specific jobs is completed by which of the following a. Applying the…
A: Indirect costs are those costs of material, labour and expenses, which are not directly related to…
Q: In highly automated manufacturing, the most appropriate base for factory overhead application is:…
A: Here, Factory Overhead represent the Indirect Cost that incurred to production in factory other than…
Q: Angel Corporation uses activity-based costing to determine product costs for external financial…
A: Introduction: Overhead is defined as continuing company costs that are not directly related to the…
Q: All of the following can be used as an allocation base for calculating factory overhead rates except…
A: Factory overhead: It includes all the costs that are incurred during the process of manufacturing a…
Q: Prime cost is the (Total )summation of Select one: a. Direct material +Direct Labour +Direct…
A: Prime cost refers to the total direct cost incurred by an entity on the production.
Q: ion: Sales Revenue Selling and Administrative Expenses Direct Labor Manufacturing Overhead; actual…
A: Direct materials Amiunt(4) Amount($) Beginning Raw materials inventory 0 Add material…
Q: Total manufacturing costs are composed of the following, except: * a. Direct Materials b.…
A: SOLUTION- TOTAL MANUFACTURING COST IS THE AGGREGATE AMOUNT OF COST INCURRED BY A BUSINESS TO…
Q: Direct labor and indirect labor are recorded, respectively, to: O Factory Overhead and Goods in…
A: Introduction: Employees' direct labour is the amount of effort they put in to turn raw resources…
Q: In a manufacturing company which produces barbecue and allocates overhead based on a predetermined…
A: Since the manufacturing company uses a predetermined overhead rate based on direct labor hours to…
Q: Which best describes the flow of overhead costs in an activity-based costing system? Group of answer…
A: Under the activity based costing system, overhead rate for each activity is determined to allocate…
Q: During production, to what are the costs in job order costing applied?A. manufacturing overheadB.…
A: Job order costing system is generally used by the entities involved in the production of goods which…
Q: During production, how are the costs in process costing accumulated?A. to cost of goods soldB. to…
A: Cost accounting is one of the useful branch of accounting that is being used for the purpose of…
Q: Classify each cost as either a product cost or a period cost. Indicate whether each product cost is…
A: Direct Material Cost : The material cost require for production of goods. Direct Labor Cost :- The…
Q: Required: a. Compute the predetermined overhead rate under the current method, and determine the…
A: Activity based costing (ABC) with the help of cost drivers, allocates the overheads to cost pools…
Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity base to allocate overhead:
Compute the cost of goods manufactured.
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- Raw materials acquired for cash Cost of direct materials used in production Costs to ship products to customers Direct labor cost incurred Total manufacturing overhead incurred Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending $83500 O $148700 O $149300 O $150900 O $150700 82900 2000 42000 26000 4500 4600 13000 15200 How much is cost of goods manufactured for March?Midterm Assume the following information from a schedule of cost of goods manufactured: Cost of goods manufactured Beginning work in process inventory Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs added to production What is the ending work in process inventory? Multiple Choice O $118,300 O $98,300 $68,300 O $158,300 $ 158,000 $ 26,300 $ 50,000 $ 90,000 $ 200,000Assume the following information from a schedule of cost of goods manufactured: Cost of goods manufactured Beginning work in process inventory Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs added to production What is the ending work in process inventory? Multiple Choice $158,800 $68,800 $98,800 $118,800 $ 158,000 $ 26,800 $ 50,000 $ 90,000 $ 200,000
- Direct materials used in production Direct labor Total actual manufacturing overhead costs Over-applied Manufacturing overhead Beginning Work in Process inventory Cost of Goods Manufactured Decrease in Finished Goods Inventory Compute the Cost of Work put into process. P 500,000 400,000 300,000 24,000 120,000 1,400,000 100,000Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs The ending balance of direct materials inventory is $148,000 84,000 134,000 147,000 290,000 249,000 31,000 67,000 50,000 150 percentWork in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead Total manufacturing costs HOBBIT COMPANY Cost of Goods Manufactured Schedule 165,180 22,660 24,790 39,270 77.660 $186,990 141,720 $213,960
- The following data is provided for Garcon Company and Pepper Company. Garcon Company Pepper Company Beginning finished goods inventory $ 14,200 $ 17,050 Beginning work in process inventory 16,000 20,100 Beginning raw materials inventory (direct materials) 9,500 13,350 Rental cost on factory equipment Direct labor 22,300 23250 32,250 33 300 22, 200 443400 20,900 37,400 Ending finished goods inventory 14,800 Ending work in process inventory 19,800 200 26, 200 5 800 5,800 Ending raw materials inventory Factory utilities 8,400 750 15,000 13,750 Factory supplies used (indirect materials) 10000 10,000 5,300 General and administrative expenses 25,500 46,000 Indirect labor 1,650 8,260 7,820 2,950 Repairs-Factory equipment Raw materials purchases Selling expenses 47,500 54,500 57,600 55,000 Sales 249,030 327,510 Cash 34,000 17,700 Factory equipment, net 277,500 148,825 Accounts receivable, net 16,600 22,450 Required: 1. Complete the table to find the cost of goods manufactured for both Garcon…Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [L03-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials $ 217,000 $ 268,000 Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 159,000 $ 371,000 $ 359,000 Inventory balances at the beginning and end of the year were as follows: Beginning $ 54,000 Ending $ 35,000 $ 23,000 Raw materials Work in process Finished goods $ 39,000 ? The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $735,0003; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $40,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods…Bledsoe Corporation has provided the following data for the month of November: Ending $ 21,100 $ 10,100 $ 56,100 Inventories Beginning $ 25,100 $ 17,100 $ 48,100 Raw materials Work in process Finished Goods Additional information: $ 72,100 $ 92,100 $ 42,110 $ 4,010 $ 41,100 Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required: Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold. Complete this question by entering your answers in the table below. Schedule of Schedule of COGM COGS Prepare a Schedule of Cost of Goods Sold. -....................................................... ................... BLEDSOE CORPORATION Schedule of Cost of Goods Sold Beginning finished goods inventory Cost of goods available for…
- You have the following data: Cost of goods sold Direct labour Direct materials Cost of goods manufactured Work-in-process ending Finished goods ending Manufacturing overhead Which of the following represents the beginning work-in-process inventory? O $25. $15. O $20. $55. $70 $20 $15 $80 $10 $15 $30Raw materials inventory, ending Purchases of raw materials Direct labor Manufacturing overhead Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $10 $110 $210 $220 $80 $20 $140 $150 Required: Answer the following questions (Show your computations) 1. Calculate the cost of the raw materials used in production during the year (in thousands of dollars) 2.Calculate the cost of goods manufactured (finished) for the year (in thousands of dollars) 3.Calculate the cost of goods sold for the year (in thousands of dollars)A company reports the following information: Direct Labor Direct Materials Used Raw Materials Purchased Cost of Goods Manufactured Ending Work-in-Process Inventory Corporate Headquarters' Property taxes Manufacturing Overhead Incurred Calculate the beginning balance of Work-in-Process Inventory O $4,500 O $5,000 O $21.000 59.400 $6,000 3.000 9,000 13,000 1.400 900 400