EX 18-14 Cost of goods manufactured for a manufacturing companyOBJ. 4The following information is available for Ethtridge Manufacturing Company for the monthending July 31:Cost of direct materials used in production$1,150,000Direct labor966,000Work in process inventory, July 1316,400000.0Work in process inventory, July 31355,500Total factory overhead490,500Determine Ethtridge's cost of goods manufactured for the month ended July 31.

Cost of goods manufactured refers to the costs incurred for manufacturing the goods during the…

Answered: EX 18-14 Cost of goods manufactured for…

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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Exercise 10-6A (Algo) Identifying product versus SG&A costs LO 10-2, 10-3 A review of the accounting records of Zachary Manufacturing indicated that the company incurred the following payroll costs during the month of March. Assume the company's financial statements are prepared in accordance with GAAP. 1. Salary of the company president-$32,800. 2. Salary of the vice president of manufacturing-$15,100. 3. Salary of the chief financial officer-$17,900. 4. Salary of the vice president of marketing-$15,000. 5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant-$189,000. 6. Wages of production workers-$945,000. 7. Salaries of administrative personnel-$111,000. 8. Salaries of engineers and other personnel responsible for maintaining production equipment-$169,000. 9. Commissions paid to sales staff-$245,000. Required a. What amount of payroll cost would be classified as SG&A (selling, general, and administrative) expense? b. Assuming that Zachary…
EX 19-8 Factory overhead rates, entries, and account balance OBJ. 2 Sundance Solar Company operates two factories.The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: per hour Factory 1 Factory 2 Estimated factory overhead cost for fiscal year beginning March 1 Estimated direct labor hours for year Estimated machine hours for year $12,900,000 $10,200,000 250,000 600,000 Actual factory overhead costs for March $12,990,000 $10,090,000 Actual direct labor hours for March 245,000 Actual machine hours for March 610,000 a. Determine the factory overhead rate for Factory 1. b. Determine the factory overhead rate for Factory 2. c. Journalize the entries to apply factory overhead to production in each factory for March. d. Determine the balances of the factory overhead accounts for each factory as of March 31 and indicate…
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7:36 The accounting records of Falcon Company revealed the following information Raw materials used Direct labor Manufacturing overhead Work-in-process inventory, 1/1 Finished-goods inventory, 1/1 Work-in-process inventory, 12/31 Finished-goods inventory, 12/31 Falcon's cost of goods manufactured is: Multiple Choice O None of the answers is correct. O $537,000. $ 66,000 131,000 366,000 56,000 195,000 82,000 146,000
Question 11?
Question 1 Zulfiqar Inc. has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work in Process Finished Goods Cost of Goods Sold Total Direct materials 4,020 12,810 22,890 39,720 Direct labor 4,760 17,080 30,520 52,360 Manufacturing overhead applied 3,220 7,130 12,650 23,000 Total 12,000 37,020 66,060 115,080 Manufacturing overhead for the month was underapplied by Rs. 4,000. The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. Calculate amount of work in process inventory at the end of September after allocation of any underapplied or overapplied manufacturing…
M Thu Sep 8 t 14 of 15 AA Period Ce b Home | bartl... 23 my.post.edu... X 14 Unit 1-... 14 rint ezto.mheducation.com A Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense 5 Total direct manufacturing cost Total indirect manufacturing cost Okay C Required information [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: G what is the h. Average Cost per Unit $ 7.00 $4.50 $ 1.40 $ 4.00 $4.00 $ 2.10 $ 1.10 $ 0.55 14. If 12,000 units are produced, what are the total amounts of direct and indirect manufacturing costs incurred to support this level of production? (Do not round intermediate calculations.) @ 29% 4 + 88 Init 1-C... You a
Question 1 Part I Advent Corporation has provided the following data for its activities for the month of May.Beginning Raw Materials Inventory $75,000Ending Raw Materials Inventory $45,000Purchases of Raw Materials $550,000Direct Labour Incurred $120,000Manufacturing Overheads Incurred $250,000Beginning Work in Process $60,000Ending Work in Process $140,000 Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May
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QS 19-17 (Algo) Preparing a schedule of cost of goods manufactured LO P3 Shen Company reports the costs incurred below for the month ended May 31 The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of directmaterials co is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month. 4 was completed and Job 5 Direct materials used Direct labor used Job 4 $ 2,400 3,000 SHEN COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31 Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Job 5 $ 1,900 290 Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured $ $ 4,300 3,200 7,590 0 7,590 7,590

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