The following report was prepared for evaluating the performance of the plant manager ofMarching Ants Inc. Evaluate and correct this report.Marching Ants Inc.Manufacturing CostsFor the Quarter Ended June 30Materlals used In production (Including$56,200 of Indirect materials)....Direct labor (Including $84,400 malntenance salarles).........Factory overhead:Supervisor salarles...Heat, light, and power..$ 607,500562,500517,500140,650Sales salarles......348,750Promotional expenses....Insurance and property taxes-plant...Insurance and property taxes-corporate offices.........Depreclation-plant and equipment....Depreclation-corporate offices...Total,....315,000151,900219,400123,75090,000$3,076,950

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Description: The following report was prepared for evaluating the performance of the plant manager ofMarching Ants Inc. Evaluate and correct this report.Marching Ants Inc.Manufacturing CostsFor the Quarter Ended June 30Materlals used In production (Including$56,

The total of all resources used in the manufacturing of a good is referred to as manufacturing…

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The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materlals used In production (Including $56,200 of Indirect materlals)... $ 607,500 Direct labor (Including $84,400 malntenance salarles)........ 562,500 Factory overhead: Supervisor salarles..... Heat, light, and power.. 517,500 140,650 Sales salarles.... 348,750 Promotional expenses... Insurance and property taxes-plant... Insurance and property taxes-corporate offices.... Depreclation-plant and equipment... Depreclation-corporate offices.. Total, ... 315,000 151,900 219,400 123,750 90,000 $3,076,950

The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materlals used In production (Including $56,200 of Indirect materlals)... $ 607,500 Direct labor (Including $84,400 malntenance salarles)........ 562,500 Factory overhead: Supervisor salarles..... Heat, light, and power.. 517,500 140,650 Sales salarles.... 348,750 Promotional expenses... Insurance and property taxes-plant... Insurance and property taxes-corporate offices.... Depreclation-plant and equipment... Depreclation-corporate offices.. Total, ... 315,000 151,900 219,400 123,750 90,000 $3,076,950

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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The following data on materials purchased and issued during the month of June were shown: the cost of materials issued to production (under FIFO method) should be: 2.Of the following costs, how much is the total product/manufacturing costs? Direct Labor> P 50,000. Factory Rent >P 10,000. Indirect Labor >P10,000 . Salaries of Factory Supervisor >P35,000. Factory supplies used >P 5,000. Indirect Materials >P15,000. Direct Materials >P45,000. Salary of sales >P35,000. Insurance of Machineries >P 12,000. 3. Of the following costs, how much is the prime cost? Direct Labor> P 50,000. Factory Rent >P 10,000. Indirect Labor >P10,000 . Salaries of Factory Supervisor >P35,000. Factory supplies used >P 5,000. Indirect Materials >P15,000. Direct Materials >P45,000. Salary of sales >P35,000. Insurance of Machineries >P 12,000.
A partial listing of costs incurred during February at Urfer Corporation appears below: Factory supplies...... $9,000 Administrative wages and salaries.... Direct materials....... Sales staff salaries Factory depreciation.......... Corporate headquarters building rent Indirect labor ........ Marketing... Direct labor...... O $379,000 O $277,000 O $61,000 O $318,000 C Previous GEORHIGHWA permane HON D O DELICIO FEINHE avere Junien C The total of the period costs listed above for February is: CONTA F A $106.000 $142.000 $53,000 $28.000 $30.000 $24.000 $129,000 $74,000 Next
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Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Cost of direct materials used in production Direct labor Factory overhead: Maintenance salaries Indirect materials Supervisor salaries Heat, light, and power Insurance and property taxes-plant Depreciation-plant and equipment Total manufacturing costs incurred 000000
Manufacturing overhead is currently assigned to products based on their direct labor costs. For the most recent month, manufacturing overhead was $321,600. During that time, the company produced 14,600 units of the M-008 and 2,200 units of the M-123. The direct costs of production were as follows. Direct materials Direct labor M-008 M-123 $116,800 $ 88,000 116,800 44,000 Management determined that overhead costs are caused by three cost drivers. These drivers and their costs for last year were as follows. Cost Driver Number of machine-hours Number of production runs Number of inspections. Total overhead Total $204,800 160,800 Costs $156, 600 70,000 95,000 $321,600 Activity Level M-898 M-123 2,000 8,000 20 30 20 20 Total 10,000 40 50 Required: a. How much overhead will be assigned to each product if these three cost drivers are used to allocate overhead? What is the total cost per unit produced for each product? b. How much of the overhead will be assigned to each product if direct…
The following information was gathered for the Greensprings Corporation for the most recent year. Manufacturing overhead is allocated using machine hours, Actual machine hours Allocated manufacturing overhead. Estimated manufacturing overhead costs Actual manufacturing overhead costs By how much is manufacturing overhead over or underallocated? A. $82,000 overallocated B. $82,000 underallocated OC. $8,000 underallocated OD. $8,000 overallocated 139,000 $1,130,000 $1,056,000 $1,138,000
Bobby Pte Ltd charges manufacturing overhead to products by using a pre-determined overhead rate, computed on the basis of labour hours. The following data pertain to the current year:Budgeted manufacturing overhead $480,000Actual manufacturing overhead $440,000Budgeted labour hours 20,000Actual labour hours 16,000How much is overhead over-applied or under-applied, stating clearly whether it is over or under applied.
Tuscon Corporation The records of Tuscon Corporation revealed the following data for the current year. Work in Process $73,150 Finished Goods 115,000 Cost of Goods Sold 133,650 Direct Labor 111,600 Direct Material 84,200 Refer to Tuscon Corporation. Assume that Tuscon has underapplied overhead of $37,200 and that this amount is material. What journal entry is needed to close the overhead account? (Round decimals to nearest whole percent.) Select one: a. Debit Overhead $37,200 and credit Work in Process $8,456; Finished Goods $13,294; Cost of Goods Sold $15,450 b. Debit Work in Process $8,456; Finished Goods $13,294; Cost of Goods Sold $15,450 and credit Overhead $37,200 c. Debit Cost of Goods Sold $37,200 and credit Overhead $37,200 d. Debit Work in Process $37,200 and credit Overhead $37,200
Q) If July's estimated machine-hours are 4,500, calculate the total estimated operating costs of the Machining Department using the cost function in (a)?
The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc.Manufacturing CostsFor the Quarter Ended June 30 Materials used in production (including $56,200 of indirect materials) $607,500 Direct labor (including $84,400 maintenance salaries) 562,500 Factory overhead: Supervisor salaries 517,500 Heat, light, and power 140,650 Sales salaries 348,750 Promotional expenses 315,000 Insurance and property taxes—plant 151,900 Insurance and property taxes—corporate offices 219,400 Depreciation—plant and equipment 123,750 Depreciation—corporate offices 90,000 Total $3,076,950 Marching Ants Inc.Manufacturing CostsFor the Quarter Ended June 30 $- Select - - Select - Factory overhead: $- Select - - Select - - Select - - Select - - Select - - Select - - Select - Total…
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