Octie Company reports the following costs and expenses in January 2020. Required: From the information given, determine the total amount of Manufacturing overhead Product costs Period costs
Q: Elite Hame Decor manufactures customized household furnishi labour intensive production process, so…
A: (a) Predetermined overhead Estimated average / Estimated Direct Labor cost 2205000 / 3150000 =$0.70
Q: Vaughn Manufacturing's accounting records reflect the following inventories: 12/31/2020 12/31/2019…
A: Cost of goods sold =Cost of goods Manufacturing + Beginning finished goods inventory - Ending…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:…
A: It is the sum of Adjusted raw material, manufacturing cost, and Adjusted Work-in-progress inventory.…
Q: Star Plastic company produces plastic cups. table below are the data for April 2019. Star Plastic…
A: Equivalent units of products concept came in to existence when some units are not fully completed at…
Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a…
A: The calculation answer for the above mentioned question is given in the following steps for your…
Q: -ABC production company calculates production costs according to the phase cost system. The…
A: In process costing some units gets work in process at the year end hence to evaluate proper costing…
Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a…
A: Prime cost refers to the core outlay made on producing the merchandise by an entity. It mainly…
Q: e)Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showing…
A: Cost of goods manufactured shows all costs incurred on the manufacturing and production of goods.
Q: From the following information prepare a cost of Good manufactured statement for 'Phonıx Group.'…
A: Deducting ending work in process inventory from the sum of manufacturing costs and beginning work in…
Q: Required: From the information given, determine, justify and put the formula of the total…
A: Period costs are unrelated to the manufacturing cost of a company. These costs are incurred in order…
Q: x Company provides the following data for 2019: 12/31/2018 12/31/2019 Inventories: P 12,000 P 23,500…
A: Solution: Cost of goods manufactured = Cost of goods sold + Ending inventory - Beginning inventory…
Q: 3⅓% of prime cost. Distribution cost should be added to each job according to quotes from outside…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Red Company uses normal costing. During the year ended December 31, 2019, the following information…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: If Jeokha uses the FIFO method for valuing raw materials inventories, compute for the cost of goods…
A: Given: Beginning WIP 5600 Units @ 13.50 Ending WIP 4200 Units @ 13.75 Direct Labor 250,000…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:…
A: Cost of goods manufactured schedule: The cost of goods manufactured schedule is used to calculate…
Q: A manutacturing company shows the following amounts in the cost statement and the statement of…
A: The cost of goods sold is calculated by adding the beginning inventory and purchases and deducting…
Q: Use the information below for the year ended December, 2019 to prepare the Statement of Costs of…
A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
Q: Prepare a cost sheet of Alfa Company for the month ended September 30, 2021.
A: cost sheet is a statement prepared to show the cost of production and cost of sales . In the cost…
Q: From the account balances listed below, prepare a schedule of cost of goods manufactured for Sur…
A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…
Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a…
A: Overheads refer to the indirect cost that is raised during the production of the product and can't…
Q: Before prorating the manufacturing overhead costs at the end of 2020, the Cost of Goods Sold and…
A: Over applied overhead = Applied Manufacturing Overhead - Actual Manufacturing Overhead = $94,000 -…
Q: During March 2020, Polaro Corporation recorded P40,200 of costs related to factory overhead.…
A: Overheads which was estimated=P40,900 Estimated direct labor hours=5,000 hours Actual hours worked…
Q: Required i. Compute the manufacturing overhead allocated to each customer in 2019 using the simple…
A: “Since you have asked multiple question, we will solve the first two question for you. If youwant…
Q: On the basis of this information, the 2018 predetermined overhead rate was:
A: Given information is: Strong Company applies overhead based on machine hours. At the beginning of…
Q: Incomplete manufacturing cost data for Horizon Company for 2020 are presented as follows for four…
A: Direct cost includes all costs which are important to incur in the manufacturing of goods like raw…
Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a…
A: Overhead means the cost incurred indirect in factory for the production of goods. Predetermined…
Q: a) Compute Everlast Manufacturing Company's predetermined manufacturing overhead rate for 2020. b)…
A: Predetermined overhead rate refers to the rate which is used by the company to allocated its…
Q: In the assembly department, what is the cost of goods manufactured or cost assigned to units…
A: Under Weighted Average ( Beginning + Started ) Beginning Cost is allocated to the equivalent units…
Q: Prepare a schedule of cost of goods manufactured for Gourmet Bones for the year ended December 31…
A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
Q: Lakeshore Company allocates overhead using direct labour-hours. For 2020, the estimated and actual…
A: Over-applied overhead = Overhead applied - Actual overhead or, Actual Overhead = Overhead applied -…
Q: Lake Balboa Manufacturing Company decides to relate total factory overhead costs to direct labor…
A: Variable cost per DLH = Change in Cost/Change in Hour = ( 25000…
Q: Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly…
A: Statement of COST OF GOODS MANUFACTURED : Working Notes for Manufacturing Overheads : W.N. - 1…
Q: Octie Company reports the following costs and expenses in January 2020. Required: From the…
A: Formula: Period costs = Direct materials used + Direct labor + Manufacturing overhead
Q: Prepare a COST SHEET, From the following particulars, prepare a cost statement showing components of…
A: Cost Sheet of the business shows all direct, indirect, factory and office costs that are incurred in…
Q: a) Prepare a statement of cost production for the year ended 31 December 2020 b) Prepare a…
A: Required statements are given below:
Q: Star Plastic company produces plastic cups. table below are the data for April 2019. Star Plastic…
A: Equivalent units of products concept came in to existence when some units are not fully completed at…
Q: x Company provides the following data for 2019: 12/31/2018 12/31/2019 Inventories: Raw materials* P…
A: Cost of goods manufactured = Cost of goods sold + Ending finished goods - beginning finished goods…
Q: Waterway Industries's accounting records reflect the following inventories: Dec. 31, 2019 Dec.…
A: Manufacturing costs: Manufacturing costs are the costs which are involved in converting the raw…
Q: From the following particulars calculate prime cost, works cost, cost of production, cost of sales…
A: A cost sheet allocates the total cost of a product into different categories: direct material…
Q: Prepare a Production Cost Report for the Manufacturing Department for the month of January 2021
A: A Production report Equivalent unit of production Material Conversion…
Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a…
A: Production Cost: It is the cost to manufacture a product Cost is inclusive of raw materials,…
Q: Required: i) Compute Fielder's predetermined manufacturing overhead rate for 2020. ii) State the…
A: Factory overheads (manufacturing overheads) are the fixed costs that don’t change with the…
Q: Required: (1) Prepare the entry for the costs added during 2020 and costs transferred to finished…
A:
Q: Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showing…
A: Cost of goods manufactured in business shows total costs incurred in production and manufacturing of…
Q: sonal Protective Gears & More (PPGM) design and manufacture masks for stude luction, the masks are…
A: An income statement is Financial statement that details income and expenses of firm. It also…
Q: At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1…
A: In order to determine the cost of goods manufactured, Beginning Work in Process inventory is…
Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a…
A: To arrive at a set overhead rate, the manufacturing overhead cost is divided by the activity driver.…
Q: please answer Q(c)
A: Cost of goods manufactured: The cost incurred to produce goods in a period is called cost of goods…
Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a…
A: Overhead is the indirect cost incurred in the production process by the company.
Octie Company reports the following costs and expenses in January 2020.
Required:
From the information given, determine the total amount of
- Manufacturing
overhead - Product costs
- Period costs
Step by step
Solved in 2 steps with 3 images
- Classifying costs as factory overhead Which of the following items are properly classified as part of factory overhead for Caterpillar? a. Amortization of patents on new assembly process b.Consultant fees for a study of production line employee productivity C. Depreciation on Peoria. Illinois, headquarters building d.Factory supplies used in the Morganton. North Carolina, engine parts plant e.Interest expense on debt f. Plant manager's salary at Aurora, Illinois, manufacturing plant g.Properly taxes on the Danville, Kentucky, tractor tread plant h.Sales incentive fees to dealers i. Steel plate j. Vice president of finance's salarySales revenue Rent revenue Raw material purchases Energy consumption in production Energy consumption in headquarters depreciation Factory/machinery Direct labor costs Indirect labor costs Salaries for headquarters personnel Raw materials (opening yearly balance-500.000) Work-in process Finished goods Cost of goods sold a. 562.000, 162.000 Beginning Within Ending 4,000,000.00 500,000.00 4,500,000.00 220,000.00 20,000.00 240,000.00 2,000,000.00 200,000.00 2,200,000.00 400,000.00 40,000.00 440,000.00 55,000.00 5,000.00 60,000.00 28,000.00 2,000.00 30,000.00 880,000.00 120,000.00 1,000,000.00 600,000.00 100,000.00 700,000.00 800,000.00 90,000.00 890,000.00 300,000.00 400,000.00 1,200,000.00 1,000,000.00 900,000.00 ? O b. 362.000, 562.000 O c. 362.000, 162.000 O d. 562.000, 362.000 500,000.00 1,900,000.00 Suppose that the table belongs to a firm's December transactions. What are the Cost of Goods Manufactured and Cost of Goods Sold? ?Direct Direct Manufacti Cost Item Materials Labor Overhe Rent on factory equipment Insurance on factory building Raw materials Utility costs for factory Supplies for general office Wages for assembly line workers Depreciation on office equipment Miscellaneous materials Factory manager'ssalary Property taxes on factory building Advertising for helmets Sales commissions Depreciation on factory building
- Schedule of Activity Costs Quality Control Activities Process audits Training of machine operators Processing returned products Scrap processing (disposal) Rework Preventative maintenance Product design Warranty work Finished goods inspection Activity Cost $49,100 28,600 15,900 24,700 5,700 27,600 42,200 8,700 22,600 From the provided schedule of activity costs, determine the value-added costs. Oa. $170,100 Ob. $178,800 Oc. $225,100 Od. $147,500Administrative expenses Depreciation of plant machinery and equipment Direct labor Direct materials Freight out Indirect labor Plant facility rent Sales commissions Compute for the product cost. P40,000 40,000 400,000 300,000 20,000 20,000 30,000 500,000Unit costs associated with the sale of a product AA101: Direct Materials, P230 Direct labor, P120 Manufacturing support costs, P460 Sales staff salaries, P190Indirect costs per unit of AA101 area. P1000b. P650c. P540d. P580
- 15. The Logicom Company reports the following information: Sales Direct materials used Depreciation on factory equipment Indirect labor Direct labor Factory rent Factory utilities Sales salaries expense Office salaries expense Indirect materials Product costs are A. $35,000 B. $29,200 C. $30,300 D. $24,500 $76,500 7,300 4,700 5,900 10,500 4,200 1,200 15,600 8,900 1,200Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead Total manufacturing costs HOBBIT COMPANY Cost of Goods Manufactured Schedule 165,180 22,660 24,790 39,270 77.660 $186,990 141,720 $213,960Raw materials acquired for cash Cost of direct materials used in production Costs to ship products to customers Direct labor cost incurred Total manufacturing overhead incurred Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending $83500 O $148700 O $149300 O $150900 O $150700 82900 2000 42000 26000 4500 4600 13000 15200 How much is cost of goods manufactured for March?
- Assume the following information from a schedule of cost of goods manufactured: Cost of goods manufactured Beginning work in process inventory Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs added to production What is the ending work in process inventory? Multiple Choice $158,800 $68,800 $98,800 $118,800 $ 158,000 $ 26,800 $ 50,000 $ 90,000 $ 200,000Darwin Company reports the following information: Sales Direct materials used Depreciation on factory equipment Indirect labor Direct labor Factory rent Factory utilities Sales salaries expense Office salaries expense Indirect materials Product costs are Oa. $35,000 Ob. $30,300 Oc. $24,500 Od. $29,200 $76,500 7,300 4,700 5,900 10,500 4,200 1,200 15,600 8,900 1,200A company reports the following information: Direct Labor Direct Materials Used Raw Materials Purchased Cost of Goods Manufactured Ending Work-in-Process Inventory Corporate Headquarters' Property taxes Manufacturing Overhead Incurred Calculate the beginning balance of Work-in-Process Inventory O $4,500 O $5,000 O $21.000 59.400 $6,000 3.000 9,000 13,000 1.400 900 400