Mateo Company produces and sells tablets. The company incurred the following costs for the month of May: Advertising cost for monthly television ads Attachable keyboard $ 5,600 19,600 Insurance for delivery truck $560 Factory supervisor's salary 3,500 Marketing manager's salary 3,200 Assembly worker wages 23,000 Miscellaneous soldering material used to seal case 1,000 Hourly wages for factory security guard 2,150 CEO's salary 7,300 5,150 Speakers Required: Determine each of the following: 1. Direct materials 2. Direct labor 3. Manufacturing overhead 4. Total manufacturing cost 5. Total period cost 6. Total variable cost 7. Total fixed cost

Mateo Company produces and sells tablets. The company incurred the following costs for the month of May: Advertising cost for monthly television ads Attachable keyboard $ 5,600 19,600 Insurance for delivery truck $560 Factory supervisor's salary 3,500 Marketing manager's salary 3,200 Assembly worker wages 23,000 Miscellaneous soldering material used to seal case 1,000 Hourly wages for factory security guard 2,150 CEO's salary 7,300 5,150 Speakers Required: Determine each of the following: 1. Direct materials 2. Direct labor 3. Manufacturing overhead 4. Total manufacturing cost 5. Total period cost 6. Total variable cost 7. Total fixed cost

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 3CMA: Lucy Sportswear manufactures a specialty line of T-shirts using a job order cost system. During...

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Randy Inc. produces and sells tablets. The company incurred the following costs for the May: Advertising cost for monthly television ads $ 5,800 Attachable keyboard 19,800 Insurance for delivery truck 580 Factory supervisor's salary 3,550 Marketing manager's salary 3,250 Assembly worker wages 24,000 Miscellaneous soldering material used to seal case 1,050 Hourly wages for factory security guard 2,200 CEO's salary 7,400 Speakers 5,200 Required: Determine each of the following: 1. Direct material 2. Direct labor 3. Manufacturing overhead 4. Total manufacturing cost 5. Total period cost 6. Total variable cost 7. Total fixed cost
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
A greeting card company incurred the following costs associated with running its business last month: cardstock (thick paper), $9,820; ink, stickers, ribbons, and other card attachments, $7,520; rent on office space, $1,420; rent on factory space, $2,320; office salaries, $5,220; factory labor, $8,920; and advertising, $870.How much were its total product costs last month? Total product costs $enter the total product costs in dollars How much were its total period costs last month? Total period costs $enter the total period costs in dollars
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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.
Burnham industries incurs the following costs for the month: Direct materials $2,000 Direct labor 3,000 Factory depreciation expense 3,500 Factory utilities expense 750 CEO's salary 4,000 What is the prime cost?
Riffa Makers is a small manufacturer of gold and platinum jewelry. It uses a job costing system that applies overhead on the basis of direct labor hours. Budgeted manufacturing overhead for the year was $455,600, and management budgeted 33,500 direct labor-hours. The company had no Materials, Work-in-Process, or Finished Goods Inventories at the beginning of April. These transactions were recorded during April: a. Paid$3,140 premium insurance cost for the manufacturing property and equipment. b. Recorded $1,340 depreciation on an administrative asset. c. Purchased 21 pounds of high-grade polishing materials at $16 per pound (indirect materials). Paid factory utility bill, $6,870, in cash. d. e. Incurred 4,000 labour hours and paid labour costs of $160,000. Of this amount, 1,000 labour hours and $20,000 were indirect labor costs. f. Incurred and paid other manufacturing overhead costs, $6,540. g. Purchased $29,000 of materials. Direct materials included unpolished semiprecious stones…
Bob Burgers allocates manufacturing overhead to jobs based on direct labor hours. The company has the following estimated costs for the upcoming year: Direct materials used $50,600 Direct labor costs $70,700 Wages of factory janitors $39,500 Sales supervisor salary $51,600 Utilities for factory $17,000 Rent on factory building $13,500 Advertising expense $5210 The company estimates that 2280 direct labor hours will be worked in the upcoming year, while 1900 machine hours will be used during the year. The predetermined manufacturing overhead rate per direct labor hour will be
ABC Inc. makes uniforms for elementary schools. The company reported the following costs for the current year: Rent $12,000 Advertising $20,000 Wages paid cutters $50,000 Cotton for uniforms $15.500 Thread $5,500 Utilities for Factory $26,000 Supervisor's Salary $40,000 Buttons $10,500 Factory Insurance $15,000 Wages paid to sewers $65,000 Compute the cost of manufacturing overhead for ABC Inc. O $89,000 O $124,500 O $109,000 O $69,000
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