1. Salary of the company president-$32,300 2. Salary of the vice president of manufacturing-$16,400. 3. Salary of the chief financial officer-$18,400. 4. Salary of the vice president of marketing-$15,100. 5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant-$206,000. 6. Wages of production workers-$935,000. 7. Salaries of administrative secretaries-$107,000. 8. Salaries of engineers and other personnel responsible for maintaining production equipment-$169,000. 9. Commissions paid to sales staff-$247,000. Required a. What amount of payroll cost would be classified as SG&A expense? h. Assuming that Walton made 4,600 units of product and sold 3,220 of them during the month of March, determine the amount

1. Salary of the company president-$32,300 2. Salary of the vice president of manufacturing-$16,400. 3. Salary of the chief financial officer-$18,400. 4. Salary of the vice president of marketing-$15,100. 5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant-$206,000. 6. Wages of production workers-$935,000. 7. Salaries of administrative secretaries-$107,000. 8. Salaries of engineers and other personnel responsible for maintaining production equipment-$169,000. 9. Commissions paid to sales staff-$247,000. Required a. What amount of payroll cost would be classified as SG&A expense? h. Assuming that Walton made 4,600 units of product and sold 3,220 of them during the month of March, determine the amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Buckhorn Company's accounting records noted the following amounts for company payroll costs. What amount of payroll would be categorized as a period cost? Payroll Costs: Marketing director salary Factory manager salary Commissions paid to sales staff Administrative personnel wages Wages of production workers Multiple Choice C $302,000 $327,000 $615,000 $376,000 $164,000 $99,000 $74,000 $64,000 $214,000
5.Current information for the Stellar Corporation follows: $17,900 19,300 147,000 85,000 63,100 Stellar Corporation's Cost of Goods Manufactured for the year is: Beginning work in process inventory Ending work in process inventory Direct materials Direct labor Total factory overhead a. $293,700. b. $313,000. c. $295,100. d. $275,800.
Kline Manufacturing has the following labor costs: Factory-Gross wages Factory Net wages Employer Payroll Taxes Payable O $470,000. The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for O $450,000. O $550,000. O $500,000. — $500,000 420,000 50,000
Regarding the labor costs, one company shown the following annual data per employee: Gross Annual Salary: "National social security" paid by the employee: "National social security" paid by the company: € 16,800 Income Tax: 5% Attendance 24% time: Idle time: 8% 1,750 hours 2% Page 11/13 Chapter 3: Materials & Labour. Exercises According with the data given, read the sentences below and write True (T) or False (F) in the space provided. (Inside the question, each incorrect answer cancels out each correct one) (Please show you the mathematical process done) The hourly rate is 15.86 € per hour. If the idle time was 4%, the hourly rate would be 12.8 € per hour. The total amount of annual labour cost is € 18,984. The annual productive time is 1,715 hours. The 24% "National Social Security" paid by the company is subtracted from Gross Annual Salary.
EA17. 5.5 Prepare the journal entry to record the factory wages of $28,000 incurred for a single production department assuming payment will be made in the next pay period.
The KC Services Company has the following data: Sales revenue $645 Managers salary $60 other sales $77 Depreciation $61 labor $80 Rent $82 Marketing costs $45 other costs $64 plant maintenance $35 Supervisory equal 27 of the labor Administrative costs $81 Calculate the gross margin Note Please give your answers with 2 numbers after the decimal point.
ints) The following data have been taken from the accounting records of Larder Corporation for the just completed year. Sales. $2,100,000 $350,000 $385,000 $390,000 $225,000 $210,000 $210,000 $190,000 $135,000 $120,000 $195,000 $140,000 Purchases of raw materials Direct labor. Applied Manufacturing overhead Administrative expenses. Selling expenses. Raw materials inventory, beginning. Raw materials inventory, ending Work in process inventory, beginning. Work in process inventory, ending. Finished goods inventory, beginning.. Finished goods inventory, ending.. Required: a. Prepare a Schedule of Cost of Goods Manufactured in good form. b. Compute the Cost of Goods Sold. c. Using data from your answers above, prepare an Income Statement (using the traditional format).
points) Various financial figures have been provided for manufacturer Rayquaza Company. Raw Materials Inv. 22,000 195,000 27,000 Factory Wages 575,000 190,000 $ 575,000 Manufacturing Overhead 95,000 5,000 5,700 45,000 Work in Process Inv. 3,300 185,000 530,000 5,700 24,000 Additional Information: 1.) Raw materials purchases total $195,000. 2.) Factory payroll for the period totals $575,000. 3.) Other overhead costs total $95,000 for the period. 6.) Overhead for the period is over-applied by $5,700. 7.) Ending inventory account balances are as follows: Finished Goods Inv. Raw materials inventory $27,000 Work in process inventory $19,300 Finished goods inventory $43,000 62,000 4.) Material requisitions show $185,000 for direct materials and $5,000 for indirect materials. 5.) Time tickets show $530,000 for direct labor costs. Cost of Goods Sold Required: Use the additional information to complete the T-accounts and compute the ending balance for each account. 11
K Rios Corporation reports costs for the year as follows: Direct Materials Used Wages to Line Workers Office Rent Indirect Materials Used How much is the total product costs for the year? A. $605,000 OB. $1,155,000 OC. $550,000 OD. $1,199,500 $430,000 120,000 44,500 605,000
1. The following account balances and other information for Daiso Company pertain December operations: Accounts Balances December 31 P120,000 December 1 P140,000 100,000 20,000 Finished goods Work in process Direct Materials Accounts Payable Accrued Payroll Accumulated dep.-factory equipment 50,000 30,000 40,000 80,000 20,000 160,000 Other information: a. Direct materials purchased on account during December, P100,000. b. Daiso Company apples factory overhead at predetemined rate of P6 per direct labor hour. C. During December, direct labor employees worked 25,000 hours at a rate of P8 per direct labor hour. d. Jobs 12001, 12002 and 12003 were still in process at the end of December. A total of P 5,000 direct materials has been charged to these three jobs. To date, 5,000 direct labor hours have been worked on these jobs. e. The accrued payroll account is used for factory employees only. Assuming no payrol deductions, paymentto factory employees during the month totaled P 280,000. f.…
A manufacturer pald total factory payroll of $200,000 In cash. The journal entry for this transaction includes is 19 Multiple Cholce 00:S1:38 Debit to Factory Overhead for $200,000. Credit to Cash for $200,000. Debit to Cash for $200,000. Credit to Factory Wages Payable for $200,000. Credit to Factory Overhead for $200,000.
B. Followings are the account records for Yan Min Factory Sdn Bhd for the year ended 31 December 2021. RMInventory 1 Jan 2021: Raw materials 125,400 Work In Process 131,100 Finished Goods 123,260Purchases of direct raw materials 191,535Purchases of indirect raw materials 58,000Direct labour 184,208Salaries expenses – Administration office 133,419Rent expenses 15,200Utilities expenses – Administration office 14,420Depreciation expenses – Machine (Factory) 10,200Depreciation expenses – Machine (Office) 5,200Sales revenue 818,622Fossil fuel expenses - Factory 8,120 Additional information:1. 3/4 of the rent expenses is for factory while the remaining balance is allocated to administration office. 2. Inventories as at 31 Disember 2021 is as follows:Raw materials : RM120,800Work in process : RM124,600Finished goods : RM128,840REQUIRED:1. Prepare Statement of Goods Manufactured for Yan Min Factory Sdn Bhd…