A review of the accounting records of Walton Manufacturing indicated that the company incurred the following payroll costs during themonth of March. Assume the company's financial statements are prepared in accordance with GAAP.1. Salary of the company president-$31,700.2. Salary of the vice president of manufacturing-$15,000.3. Salary of the chief financial officer-$19,600.4. Salary of the vice president of marketing-$16,200.5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant-$202,000.6. Wages of production workers-$932,000.7. Salaries of administrative secretaries-$112,000.8. Salaries of engineers and other personnel responsible for maintaining production equipment-$176,000.9. Commissions paid to sales staff-$255,000.Requireda. What amount of payroll cost would be classified as SG&A expense?b. Assuming that Walton made 4,200 units of product and sold 2,940 of them during the month of March, determine the amount ofpayroll cost that would be included in cost of goods sold. (Do not round intermediate calculations.)a.Payroll cost to be included in SG&A costb. Payroll cost to be included in cost of goods sold

a. Payroll cost to be included in SG&A expense:Salary of the company president: $31,700Salary of…

Answered: A review of the accounting records of…

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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Thornton Manufacturing Company began operations on January 1. During the year, it started and completed 1,730 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,140. 2. Wages of production workers-$3,540. 3. Salaries of administrative and sales personnel-$1,975. 4. Depreciation on manufacturing equipment-$5,430. 5. Depreciation on administrative equipment-$1,825. Thornton sold 1,130 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. Note: Do not round intermediate calculations. c. Determine the total of cost of goods sold. Note: Do not round intermediate calculations. a. Total product cost b. Total cost of ending inventory c. Total cost of goods sold
Salaries and wages payable to factory employees were $10 000 on 1 March and $4000 on 31 March. Gross salaries and wages paid during March totalled $40,000. March's direct labour totalled $18 000.Required:T-account for Accrued Payroll and general journal entries for recording salaries and wages earned by, and paid to, factory employees during March.
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The following data are taken from the general ledger and other records of Du-sik Manufacturing on January 31, the end of the first month of operations in the current fiscal year: Sales - 75,000; Materials inventory (January 1) - 25,000; Work in process inventory (January 1) - 24,000; Finished goods inventory (January 1) - 32,000; Materials Purchased - 21,000; Direct labor cost - 18,000; Factory overhead (including 1,000 of indirect materials used and 3,000 of indirect labor cost) - 12,000; Selling and Administrative expenses - 10,000; Inventories at January 31: Materials - 22,000; Work in Process 20,000; Finished Goods - 30,000. What is the total manufacturing cost? * Your answer
Baltimore Manufacturing had a Work in Process balance of $64,000 on January 1, 2018. The year-end balance of Work in Process was $51,000 and the Cost of Goods Manufactured was $500,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.
A company’s Factory Overhead account shows total debits of $624,000 and total credits of $646,000 at the end of the year. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold.
Write the journal entry of numbers 5 to 8
The following information is obtained from the records of Al Marai manufacturing company for the month of January 2021. Particulars Amount (OMR) Direct material consumed 41,000 Direct manufacturing wages 17,000 Indirect manufacturing wages 5,500 Supervisor salary 2,000 Factory rent 1,500 Factory lighting 1000 Indirect materials 1200 Depreciation of machines Office overheads 5,000 Office salaries 1,000 Office expense 800 Selling and distribution 2,300 overheads Sales 95,000 Based on the above information prepare the cost sheet and select the correct answer for the following elements: The amount of prime cost is OMR; The amount of works cost is OMR; The cost of production is OMR; The total cost of sales is OMR; The profit is OMR;
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Ivanhoe Company purchases $54,000 of raw materials on account, and it incurs $64,800 of factory labor costs. Supporting records show that (a) the Assembly Department used $25,920 of direct materials and $37,800 of direct labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 31 (To record materials used) (To assign factory labor to production) Debit Credit
The accounts of JB Hi-FI Inc. showed the following balances at the beginning of March: Account Debit Raw Materials Inventory $40,000 Work-in-Process Inventory 34,000 Finished Goods Inventory 50,000 Manufacturing Overhead 23,000 During the month, direct materials amounting to $21,000 and indirect materials amounting to $5,000 were transferred to production. What is the ending balance in the Raw materials Inventory account following these two transactions? Group of answer choices $10,000 $14,000 $28,000 $61,000

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