15. LO.4 (Cost accumulation) Croftmark Co. began operations on May 1, 2010. Its Work in Process Inventory account on May 31 appeared as follows: Direct material Direct labor Applied overhead Work in Process Inventory 277,200 192,000 Cost of completed jobs ?? 268,800 The company applies overhead on the basis of direct labor cost. Only one job was still in process on May 31. That job had $75,450 in direct material and $36,200 in direct labor cost assigned to it. a. What was the predetermined overhead application rate? b. What was the balance in WIP Inventory at the end of May? c. What was the total cost of jobs completed in May? D 16. LO.4 (Journal entries; cost accumulation) The following costs were incurred in February 2010 by Container Corp., which produces customized steel storage bins: Direct material purchased on account Direct material used for jobs: Job #217 Job #218 Other jobs $ 76,000 $44,800 7,200 53,600 105,600

15. LO.4 (Cost accumulation) Croftmark Co. began operations on May 1, 2010. Its Work in Process Inventory account on May 31 appeared as follows: Direct material Direct labor Applied overhead Work in Process Inventory 277,200 192,000 Cost of completed jobs ?? 268,800 The company applies overhead on the basis of direct labor cost. Only one job was still in process on May 31. That job had $75,450 in direct material and $36,200 in direct labor cost assigned to it. a. What was the predetermined overhead application rate? b. What was the balance in WIP Inventory at the end of May? c. What was the total cost of jobs completed in May? D 16. LO.4 (Journal entries; cost accumulation) The following costs were incurred in February 2010 by Container Corp., which produces customized steel storage bins: Direct material purchased on account Direct material used for jobs: Job #217 Job #218 Other jobs $ 76,000 $44,800 7,200 53,600 105,600

Name: 15. LO.4 (Cost accumulation) Croftmark Co. began operations on May 1,
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Description: 15. LO.4 (Cost accumulation) Croftmark Co. began operations on May 1, 2010. ItsWork in Process Inventory account on May 31 appeared as follows:Direct materialDirect laborApplied overheadWork in Process Inventory277,200192,000Cost of completed jobs??

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 9P: Glasson Manufacturing Co. produces only one product. You have obtained the following information...

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Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?
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Sterlings records show the work in process Inventory had a beginning balance of $4000 and an ending balance of $3,000. How much direct labor was incurred if the records also show :
Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: The materials purchased during June are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.Determine the total purchase of materials in June. b.Determine the amounts of materials transferred to Work in Process and Factory Overhead during June. c.Determine the June 30 balances that would be shown in the materials ledger accounts.
Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct labor was $36,550, and overhead applied on the basis of direct labor hours was $73,100. What was the predetermined overhead rate using the labor rate of $17 per hour?
XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (4,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 35 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. OMR 393,000 O b. OMR 363,000 O C. OMR 418,000 O d. None of the given answer is correct O e. OMR 383,000
XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (4,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000O The Company used a predetermined overhead rate of OMR 35 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Irentory balance of OMR 17,000. What was cost of goods manufactured? a. OMR 383,000 O b. OMR 418,000 Ос. OMR 363,000 d. OMR 393,000 е. None of the given answer is correct
Croftmark Co. began operations on May 1. Its Work in Process Inventory account on May 31 appeared as follows: Work in Process Inventory Direct material 249,480 Cost of completed jobs ?? Direct labor 172,800 Applied overhead 241,920 The company applies overhead on the basis of direct labor cost. Only one job was still in process on May 31. That job had $67,905 in direct material and $32,580 in direct labor cost assigned to it.a. What was the predetermined overhead application rate? Enter your answer as a whole percentage. Answer %b. What was the balance in WIP Inventory at the end of May? $Answer c. What was the total cost of jobs completed in May? $Answer
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 needed to close the overhead account to Finished Goods? (Round decimals to nearest whole percent.)