The following data relates to Bermuda Company for the year 20X6: Estimated Manufacturing Overhead Costs $240,000 Estimated direct labour cost Estimated Direct Labour Hours $300,000 30,000 Actual Manufacturing Overhead Costs $289,000 $315,000 33,000 Direct Labour Hours Actual direct labour cost Actual direct labour hours Allocation Base

The following data relates to Bermuda Company for the year 20X6: Estimated Manufacturing Overhead Costs $240,000 Estimated direct labour cost Estimated Direct Labour Hours $300,000 30,000 Actual Manufacturing Overhead Costs $289,000 $315,000 33,000 Direct Labour Hours Actual direct labour cost Actual direct labour hours Allocation Base

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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Here are selected data for Wilson Company Estimated manufacturing overhead Estimated labor hours Actual direct labor hours Estimated direct labor cost Actual direct labor cost Factory depreciation $257,750 35,000 36,000 $330,400 $320,300 $65,400 If the company allocates overhead based on direct labor cost, what is the predetermined manufacturing overhead rate? OA. 78% of direct labor cost OB. 80 % of direct labor cost OC. 128% of direct labor cost OD. 103% of direct labor cost Factory utilities Indirect labor Sales commissions Factory rent Factory property taxes. Indirect materials COS $30,200 $22,400 $53,700 $47,700 $28,100 $33,000
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
The following costs were incurred by ABC Company in January: Direct materials Direct labor Manufacturing overhead Selling expense Administrative salaries Determine ABC's total product cost. Oa. $272,000 Ob. $282,000 Oc. $252,000 Od. $302,000 $100,000 79,000 73,000 25,000 5,000
Greer Company developed the following data for the current year: Beginning Work in Process Inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs $136,000 208,000 176,000 184,000 900,000 856,000 What is Greer Company's direct labor cost for the year? OA) $464,000 OB) $508,000 OC) $472,000 OD) $600,000
Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of Kenton Company:Sales$ 975,000Direct labor cost $ Selling expense $ Manufacturing overhead applied to work in process $Inventories:Work in process $165,000 48,750 180,000Beginning 20,000 $Ending 14,750Raw material purchases$ 229,000Administrative expenses$ 146,250Actual manufacturing overhead costs$ 175,050Raw materials$ 18,000$ 17,500Finished goods$ 9,000$ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.3. Prepare an income statement.
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Total Manufacturing Overhead at the beginning of the year $105,840 Total direct labour costs estimated at the beginning of the year $186,000 Total direct labour hours estimated at the beginning of the year 3,600 DLH Actual manufacturing overhead costs for the year $99,760 Actual direct labour costs for the year $142,000 Actual direct labou hours for th eyear 2,950 DLH The company bases its manufacturing overhead allocation on direct labour hours. What was the predetermined manufacturing overhead allocation rate for 2012? 2. Halcyon Company just completed Job #22. See details below. Direct labor cost: $2,040 Direct materials cost: $90 Direct labor hours: 75 Predetermined manufacturing overhead allocation rate: $34.00 per direct labor hour Number of units of finished product: 200 units. What was cost per unit of finished product? 3. Use Picture 1 to answer the following: A. After these transactions have been recorded, the balance in the Work in…
Raynor Company has the following data:Direct labor $76,000Direct materials used 84,000Total manufacturing overhead 65,000Ending work in process 30,000Beginning work in process 45,000InstructionsCompute (a) total manufacturing costs and (b) cost of goods manufactured.(Note: No need to prepare a schedule. Just post the dollar amount for the given question)
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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
Data pertaining to Lakers Co.’s manufacturing operations: INVENTORIES April 1, 20X1 April 30, 20X1 Raw Materials ₱18,000 ₱15,000 Work-in-Process ₱09,000 ₱06,000 Finished Goods ₱27,000 ₱36,000 Additional Information: Direct materials purchased ₱42,000 Direct labor payroll ₱30,000 Direct labor rate per hour ₱ 07.50 Factory overhead rate per direct labor hours ₱ 10.00 What is the cost of goods sold for April? Group of answer choices ₱115,000 ₱109,000 ₱118,000 ₱106,000
Asteroid Industries accumulated the following cost information for the year: Salesperson salaries Indirect materials Indirect labor Factory depreciation Direct labor $ 16,600 4,600 9,100 13,400 37,600 Using the above information, total factory overhead costs equal: