Bubble Firm had the following inventories. Jan 1, 2023 Finished goods Work in process $182,000 $202,000 $112,000 The following additional data pertains to operations. $160,000 $ 8,500 $200,000 $15,000 $ 26,000 Materials Material purchased Property Taxes Factory Direct labor Utilities-Factory Depreciation-Factory Equip Insurance-Factory $4,500 $277,500 $205,000 Dec 31, 2023 $ 93,000 $427,000 $ 80,000 Factory Supervisor Salaries Selling and Admin Expense Bubble Company applies manufacturing overhead at the rate of 60 percent of direct labor cost. Required: Compute the following amounts for the year of 2023 (show work). a. Assume Bubble Company wants to achieve a Gross Profit of 30% of Sales. Compute the dollar amount of Sales neede b. Was overhead under or over-applied? c.Bubble estimated overhead for the year to be $258,000, what amount was the original estimate for direct labor cost?

The following data from the just completed year are taken from the accounting records of Mason Company: $ 653,000 $ 88,000 $ 130,000 $ 100,000 $ 40,000 $ 225,000 $ 202,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $ 8,900 $ 5,500 $ 73,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Ending $ 10,600 $ 20,100 $ 25,800 Required 1 Required 2 Required 3 Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct…

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Selected data from Design Corporation for 206 is as follows: Inventories Beginning $34,000 135,000 110,000 Ending $40,000 150,000 102,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation – Plant Building & Equipment Insurance on plant Depreciation expense on delivery truck Direct manufacturing wages Sales revenue Plant Utilities Sales commissions $8,000 $121,230 $41,000 $32,500 $11,500 $18,250 $144,000 $575,000 $28,000 $23,700 Conversion Cost is: a. $179,000 O b. $354,000 O c. $224,000 O d. $259,000

The following data from the just completed year are taken from the accounting records of Mason Company: $ 654,000 $ 89,000 $ 135,000 $ 107,000 $ 46,000 $ 226,000 $ 210,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning Ending $8,800 $ 10,100 $5,000 $ 20,800 $77,000 $ 25,400 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Direct…

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