Boris' Car Loft, Inc., began operations on January 1. It manufactures 10,000 automobiles and sold 8,000. It incurred the following costs during the year: Factory worker wages $ 10,000 Chief Financial Officer's salary 300,000 Factory rent 60,000 Factory materials 40,000 Corporate headquarters' rent 200,000 Calculate the total product cost for the year ended December 31.

The following transactions were incurred by Augustine Fabricators during January, the first month of its fiscal year. Requirements: Record the proper journal entry for each transaction. $205,000 of materials was purchased on account. $158,000 of materials was used in production; of this amount, $155,000 was used on specific jobs. Manufacturing labor and salaries for the month totaled $250,000. $215,000 of the total manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. The company recorded $19,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $10,000 which will be paid at a later date. $62,000 of manufacturing overhead was allocated to specific jobs. By the end of January, was manufacturing overhead overallocated or underallocated? By how much?

In a factory with four production departments and two service departments, theoperating costs for the month of October were as shown below. Production Department 1 Production Department 2 Production Department 3 Service departments Canteen Boiler house The costs of running the canteen are apportioned to each department on the basis ofthe estimated use of the canteen by employees in each department. Production Department 1 Production Department 2 Production Department 3 Service departments 78,000 100,000 1,578,000 The costs of the boiler house are apportioned on the basis of the estimated consumption of power by each department. The service departments' costs are therefore apportioned as follows: Canteen Boiler house R 700,000 300,000 400,000 Canteen % 40 20 30 10 Boiler house % 30 30 20 20 Required: Prepare a statement showing the allocation of costs to the production departments.

The cost of goods manufactured for June was:

Winston Company estimates that total factory overhead for the following year will be $1,050,300. The company has decided that the basis for applying factory overhead should be machine hours, which are estimated to be 38,900 hours. The total machine hours for the year were 54,200. The actual factory overhead for the year was $1,455,000. a. Determine the total factory overhead applied. Round to the nearest dollar. b. Compute the over- or underapplied factory overhead for the year. c. Journalize the entry to transfer the over- or underapplied factory overhead to Cost of Goods Sold. If an amount box does not require an entry, leave it blank.

The Adam manufacturing company produces a single product which goes through one process only. The manufacturing cycle takes a month. The company started its manufacturing operation on 1st February 2021 and costs of production for this month were as follows:   Material Rs. 41,412;      Labor    Rs. 32,054;         FOH        Rs. 23,870   The production statistics for the month were as follows:   Units completed and transferred to finished goods store were 6,500, while no loss was observed during the process.   Units in Process on February 28, 2021 were 1,600 (Material 40%, Labor and FOH 20 per cent)   Requirement: Prepare the Cost of Production Report at the end of February 2019

Cavy Company estimates that the factory overhead for the following year will be $1,788,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 29,800 hours. The machine hours for the month of April for all of the jobs were 4,770. If the actual factory overhead for April totaled $280,190, determine the over- or underapplied amount for the month. Enter the amount as a positive number.

The following transactions occurred during the month of April for Nelson Company:a. Purchased materials costing $4,610 on account.b. Requisitioned materials totaling $4,800 for use in production, $3,170 for Job 518 and theremainder for Job 519.c. Recorded 65 hours of direct labor on Job 518 and 90 hours on Job 519 for the month.Direct laborers are paid at the rate of $14 per hour.d. Applied overhead using a plantwide rate of $6.20 per direct labor hour.e. Incurred and paid in cash actual overhead for the month of $973.f. Completed and transferred Job 518 to Finished Goods.g. Sold on account Job 517, which had been completed and transferred to Finished Goodsin March, for cost ($2,770) plus 25%.Required:1. Prepare journal entries for Transactions a through e.2. Prepare job-order cost sheets for Jobs 518 and 519. Prepare journal entries forTransactions f and g. (Note: Round to the nearest dollar.)3. Prepare a schedule of cost of goods manufactured for April. Assume that the…

Gibson Manufacturing Co. expects to make 30,800 chairs during the year 1 accounting period. The company made 3,300 chairs in January. Materials and labor costs for January were $17,800 and $24,500, respectively. Gibson produced 1,400 chairs in February. Material and labor costs for February were $9,400 and $12,900, respectively. The company paid the $770,000 annual rental fee on its manufacturing facility on January 1, year 1. The rental fee is allocated based on the total estimated number of units to be produced during the year. Required Assuming that Gibson desires to sell its chairs for cost plus 25 percent of cost, what price should be charged for the chairs produced in January and February? (Round intermediate calculations and final answers to 2 decimal places.)

Strait Co. manufactures office furniture. During the most productive month of the year, 3,100 desks were manufactured at a total cost of $82,600. In the month of lowest production, the company made 1,160 desks at a cost of $58,100. Using the high-low method of cost estimation, total fixed costs are