FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Ammons Corporation allocates manufacturing overhead using a predetermined manufacturing overhead rate of $1.50 per direct labor hour (DLH), and had actual manufacturing overhead costs for the most recent year of $29,500. Actual direct labor cost was $19 per hour and estimated direct labor cost was $17 per direct labor hour. At the end of the year, Ammons Corporation found it had over-allocated manufacturing overhead by $1,250. How many direct labor hours (DLH) were worked in total during the year? Select one: a. 18,833 DLH b. 20,500 DLH c. 1,552 DLH d. 1,735 DLH e. 19,667 DLHarrow_forwardA company's Work in Process Inventory had a balance of $20,000 at the beginning of the year and $5,000 at the end of the year. During the year, it used $30,000 of direct materials, and it incurred direct labor and manufacturing overhead costs of $200,000 and $300,000, respectively. Based on this information, the company's cost of finished goods manufactured was?arrow_forwardDuring the year, a company purchased raw materials of $77,319, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Ending $17,433 $16,428 Raw materials inventory Work in process inventory 241,437 234,422 Finished goods inventory 312,844 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production Cost of goods manufactured Cost of goods sold Beginning $arrow_forward
- Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 217,000 Purchases of raw materials $ 265,000 Direct labor ? Administrative expenses $ 155,000 Manufacturing overhead applied to work in process $ 371,000 Actual manufacturing overhead cost $ 352,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 50,000 $ 35,000 Work in process ? $ 28,000 Finished goods $ 32,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $32,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint:…arrow_forwardA company estimates the following manufacturing costs for the next period: direct labor, $540,000; direct materials, $221,000; and factory overhead, $148,000. 1. Compute its predetermined overhead rate as a percent of direct labor.2. Compute its overhead cost as a percent of direct materials.arrow_forwardSuperior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Ending $ 31,000 $ 27,000 ? Raw materials. Work in process Finished goods Beginning $ 55,000 ? $ 34,000 The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $37,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule…arrow_forward
- The following information is available for Ethtridge Manufacturing Company for the month ending July 31: Cost of direct materials used in production $1,150,000 Direct labor 966,000 Work in process inventory, July 1 316,400 Work in process inventory, July 31 355,500 Total factory overhead 490,500 Determine Ethtridge's cost of goods manufactured for the month ended July 31. Ethtridge Manufacturing CompanyStatement of Cost of Goods ManufacturedFor the Month Ended July 31 $- Select - Add manufacturing costs incurred during July: $- Select - - Select - - Select - Total manufacturing costs incurred fill in the blank 9 Total manufacturing costs $fill in the blank 10 - Select - Cost of goods manufactured $fill in the blank 13arrow_forwardThe accountant at Roland Industries provides you with the following information for the first quarter: Direct labor costs $ 262,000 Direct materials inventory, January 1 26,700 Direct materials inventory, March 31 23,100 Direct materials purchased during the quarter 331,500 Finished goods inventory, January 1 67,000 Finished goods inventory, March 31 86,400 Manufacturing overhead for the quarter 353,000 Work-in-process inventory, January 1 17,700 Work-in-process inventory, March 31 14,900 Required: a. Compute the following.arrow_forward
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