Brody Company makes industrial cleaning solvents. Various chemicals, detergent, and water are mixed together and then bottled in 10-gallon drums. Brody provided the following information for last year: Raw materials purchases $280,000 Direct labor 140,000 Depreciation on factory equipment 45,000 Depreciation on factory building 30,000 Depreciation on headquarters building 60,000 Factory insurance 15,000 Property taxes:       Factory 20,000     Headquarters 18,000 Utilities for factory 34,000 Utilities for sales office 2,400 Administrative salaries 150,000 Indirect labor salaries 159,000 Sales office salaries 90,000 Beginning balance, raw materials 121,000 Beginning balance, work in process 124,000 Beginning balance, finished goods 84,000 Ending balance, raw materials 105,000 Ending balance, work in process 130,000 Ending balance, finished goods 79,000 Last year, Brody completed 100,000 units. Sales revenue equaled $1,200,000, and Brody paid a sales commission of 5 percent of sales.

Cornerstones of Cost Management 4th Ed. - Chapter 4   Scenario II: Goodmark Company produces two types of birthday cards: scented and regular. Goodmark uses the Overhead Control account to accumulate both actual and applied overhead. The company has the following data for the past year: Actual overhead   $760,000 Sales   $3,500,000 Materials used   $1,100,000 Applied Overhead (in each account):     Work in process   $72,000 Finished goods   216,000 Cost of goods sold   432,000 Required: 1. Calculate the overhead variance for the year and label it under- or overapplied.   Overhead variance: $ ________ (underpaid or overpaid) 2. Assuming the variance is not material, the following closing entry would be made:   Debit _________  for $___________ and credit _______  for $ __________ 3. If the overhead variance is material, indicate how much of the variance would be  __________ to each of the following accounts (if an amount is zero, enter "0"):   Work in…

he following events took place for Migliozzi Inc. during July, the first month of operations as a producer of road bikes: Purchased $416,000 of materials Used $358,000 of direct materials in production Incurred $308,000 of direct labor wages Applied factory overhead at a rate of 75% of direct labor cost Transferred $851,000 of work in process to finished goods Sold goods with a cost of $806,000 Sold goods for $1,460,000 Incurred $328,000 of selling expenses Incurred $131,000 of administrative expenses Question Content Area a.  Prepare the July income statement for Migliozzi. Assume that Migliozzi uses the perpetual inventory method. Migliozzi Inc.Income StatementFor the Month Ended July 31     $- Select -     - Select -     $- Select - Selling and administrative expenses: blank blank   $- Select -     - Select - blank Total selling and administrative expenses blank fill in the blank 7f0b9bff2f96f8c_11     $- Select -   Question Content…

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Candace's Candies, Inc. produces gummy bears. The company purchases raw materials, stores them in a warehouse, and then runs them through two processes: production and packaging. During September, the production process incurred the following costs in processing: Wages of workers operating production equipment Manufacturing overhead allocated to the production department Direct materials $50,700 5,000 250,000 Equivalent units of production was 23,000 units for materials and 22,500 units for conversion. Use the FIFO method to compute the September cost per equivalent unit of production for direct materials. OA. $2.42 OB. $2.48 O C. $11.11 OD. $10.87

At the beginning of December, Altro Corporation had $26,000 of raw materials on hand. During the month, the Corporation purchased an additional $76,000 of raw materials. During December, $72,000 of raw materials were requisitioned from the storeroom for use in production. The credits entered in the Raw Materials account during the month of December total: Multiple Choice O $76.000 $72,000 $102,000 $26,000

Hartley Uniforms produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Hartley Uniforms reports the following cost data for the past year: Budget Actual 7,600 hours 6,100 hours Direct labor hours Machine hours 7,200 hours 6,300 hours Depreciation on salespeople's autos $23,000 $23,000 Indirect materials $48,500 $50,500 Depreciation on trucks used to deliver uniforms to customers solla $13,000 $70,000 $40,000 $11,000 Depreciation on plant and equipment Indirect manufacturing labor $72,500 $42,000 Customer service hotline $19,000 $21,000 Plant utilities $35,900 $38,400 Direct labor cost $72,500 $85,500 Requirements 1odel tba 1. Compute the predetermined manufacturing overhead rate. 2. Calculate the allocated manufacturing overhead for the past year. 3. Compute the underallocated or overallocated manufacturing overhead. How will this underallocated or overallocated manufacturing overhead be disposed of? 4. How can managers usA acco

Cepeda Corporation has the following cost records for June 2018: + Indirect factory labor $4,500 Factory utilities $400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in process, 6/1/18 3,000 Direct labor 40,000 Work in process, 6/30/18 3,800 Maintenance, factory equipment 1,800 Finished goods, 6/1/18 5,000 Indirect materials 2,200 Finished goods, 6/30/18 7,500 Factory manager's salary 3,000 Instructions a. Prepare a cost of goods manufactured schedule for June 2018. b. Prepare an income statement through gross profit for June 2018 assuming sales revenue is $92,100.

Journalize the following transactions:   Materials used in production, $40,000 Paid plant supervisor’s salary, $6,000 Plant depreciation, $10,000 Production labor costs incurred, $80,000 MOH is allocated at the rate of 120% of direct labor costs Cost of goods manufactured, $200,000 Revenue on account, $450,000 Cost of goods sold, $300,000 Paid advertising costs, $90,000