Swifty Corporation incurred the following costs while manufacturing its product. Materials used in product $128,200 Advertising expense $47,700 Depreciation on plant 64,500 Property taxes on plant 22,300 Property taxes on store 8,540 Delivery expense 27,800 Labor costs of assembly-line workers 119,000 Sales commissions 38,900 Factory supplies used 33,500 Salaries paid to sales clerks 58,000

Swifty Corporation incurred the following costs while manufacturing its product. Materials used in product $128,200 Advertising expense $47,700 Depreciation on plant 64,500 Property taxes on plant 22,300 Property taxes on store 8,540 Delivery expense 27,800 Labor costs of assembly-line workers 119,000 Sales commissions 38,900 Factory supplies used 33,500 Salaries paid to sales clerks 58,000

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 15E: Kenkel, Ltd. uses backflush costing to account for its manufacturing costs. The trigger points are...

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Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or ending work-in-process inventories in any department. Lamont incurred the following costs for May: Required: 1. Calculate the costs transferred out of each department. 2. Prepare the journal entries corresponding to these transfers. Also, prepare the journal entry for Grinding that reflects the costs added to the transferred-in goods received from Molding. 3. What if the Grinding Department had an ending WIP of 12,000? Calculate the cost transferred out and provide the journal entry that would reflect this transfer. What is the effect on finished goods calculated in Requirement 1, assuming the other two departments have no ending WIP?
Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
Cullumber Corporation incurred the following costs while manufacturing its product: Materials used in product Depreciation on plant Property taxes on warehouse Labour costs of assembly-line workers Factory supplies used Calculate the cost of goods manufactured. Cost of goods manufactured $120,100 $ 65,000 8,430 110,000 25,500 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,250 19,300 21,700 Work in process inventory was $10,600 at January 1 and $14,600 at December 31. Finished goods inventory was $60,600 at January 1 and $51,300 at December 31. 35,300 50,100
Pina Corporation incurred the following costs while manufacturing its product. $122.400 Materials used in product $ 45,900 Advertising expense 61,200 Depreciation on plant 14,500 Property taxes on plant Property taxes on store 7,650 21,200 Delivery expense Labor costs of assembly-line workers112,200 Sales commissions 35,700 23.900 Factory supplies used 51,000 Salaries paid to sales clerks Work in process inventory was $12,350 at January 1 and $ 15,700 at December 31. Finished goods inventory was $61,200 at Ja 1 and $46,400 at December 31. ( a) Compute cost of goods manufactured. Cost of goods manufactured
Flounder Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) Compute cost of goods manufactured. $108,000 Cost of goods manufactured $ 54,000 6,750 99,000 20,900 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $40,500 12,700 18,800 Work in process inventory was $10,850 at January 1 and $13,900 at December 31. Finished goods inventory was $54,000 at January 1 and $41,000 at December 31. 31,500 45,000
Ryan Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used Instructions $100,000 60,000 7,500 110,000 13,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,000 14,000 21,000 35,000 50,000 (a) Identify each of the above costs as direct materials, direct labor, manufacturing overhead, or period costs. (b) Explain the basic difference in accounting for product costs and period costs.
Swifty Corporation incurred the following costs while manufacturing its product. Materials used in product $128,200 Advertising expense $47,700 Depreciation on plant 64,500 Property taxes on plant 22,300 Property taxes on store 8,540 Delivery expense 27,800 Labor costs of assembly-line workers 119,000 Sales commissions 38,900 Factory supplies used 33,500 Salaries paid to sales clerks 58,000 Work in process inventory was $13,500 at January 1 and $17,200 at December 31. Finished goods inventory was $68,400 at January 1 and $47,700 at December 31. Compute cost of goods manufactured. Cost of goods manufactured %24
Pina Colada Corp. incurred the following costs while manufacturing its product. Materials used in product $126,100 Advertising expense $53,400 Depreciation on plant 70,700 Property taxes on plant 16,500 Property taxes on store 8,060 Delivery expense 22,000 Labor costs of assembly-line workers 111,900 Sales commissions 44,200 Factory supplies used 24,000 Salaries paid to sales clerks 51,100 Work in process inventory was $14,300 at January 1 and $16,600 at December 31. Finished goods inventory was $70,600 at January 1 and $45,900 at December 31. Part 1 Your answer is incorrect. Compute cost of goods manufactured.
Carla Vista Corporation incurred the following costs while manufacturing its product: Materials used in product Advertising expense Depreciation on plant Property taxes on plant Property taxes on warehouse Delivery expense Labour costs of assembly-line workers Sales commissions Factory supplies used Salaries paid to sales clerks (a) Your answer is incorrect. Calculate the cost of goods manufactured. $121,200 61,600 Cost of goods manufactured $ 7,710 Work in process inventory was $10,900 at January 1 and $14,800 at December 31. Finished goods inventory was $60,500 at January 1 and $50,800 at December 31. 111,000 26,000 $45,050 19.200 22,000 35,100 50,400
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The following costs were incurred by a manufacturing company Materials used in product Depreciation on plant Property taxes on plant Labour costs of assembly-line workers Factory supplies used Advertising expense Factory insurance Factory supervisor's salary (a) $120.000 6.230 840 Calculate cost of goods manufactured 150,700 3,350 4.550 21.900 50,000 Work in process inventory was $5.200 at January 1 and $6,600 at December 31. Finished goods inventory was $30.000 at January 2 and $30,500 at December 31 11.
Within the costing system of Asempa manufacturing company the following types of expense are incurred. GHȼCost of oils used to lubricate production machinery 20,000Motor vehicle licences for lorries 50,000Depreciation of factory plant and equipment 40,000Cost of chemicals used in the laboratory 10,000Commission paid to sales representatives 25,000Salary of the secretary to the finance director 22,000Trade discount given to customers 12,000Holiday pay of machine operatives 32,000Salary of security guard in raw material warehouse 15,000Fees to advertising agency 8,000Rent of finished goods…