MTT Custom Classics uses a job costing system. Overhead is applied on the basis of direct...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
MTT Custom Classics uses a job costing system. Overhead is applied on the basis of direct material cost. The overhead rate used is 200% of direct labor cost. The following is an incomplete Cost of Goods Manufactured Statement for 2022 Beginning Inventory Add: Direct materials Direct labor Applied Overhead Less: ending inventory Cost of Gonds manufactured $ 10,000 100,000 300,000 ? $ ? 2 9 At the start of the year, two jobs were in process: Job #201 Job# 202 $ 8.000 2.000 $10,000 Also at the start of the year, one job was completed and awaiting shipment: Job #200 $5,000 Job #308 Job #309 During the year the firm started 107 jobs-all of the jobs from job #203 through job #309. During the year the firm completed 107 jobs- all of the jobs from job# 201 through job #307. The ending work-in-process inventory consisted of two jobs with the following total costs at year end: $ 5,000 4,000 $9.000 In addition, at the end of the year two jobs were in finished goods: Job #306 Job #307 $4,000 3,000 $7.000 A total of $650,000 of manufacturing overhead cost was incurred in the year 2022 Required: 1. Calculate Cost of Goods manufactured 2. Calculate adjusted cost of goods sold, assuming any over- or under-applied overhead is closed to cost of goods sold. 3. During 2022, job #201 listed above was charged with additional direct materials of $1,000 and additional direct labor of $2,000. What was the total cost of job #201 upon completion? 4. Suppose Job #298 had $2,000 of direct materials and $5,000 of direct labor. What is the total cost of job #298? 5. Suppose job # 300 had a total cost of $600. The job had total direct labor cost of $150, What was the total direct material cost of job #300? MTT Custom Classics uses a job costing system. Overhead is applied on the basis of direct material cost. The overhead rate used is 200% of direct labor cost. The following is an incomplete Cost of Goods Manufactured Statement for 2022 Beginning Inventory Add: Direct materials Direct labor Applied Overhead Less: ending inventory Cost of Gonds manufactured $ 10,000 100,000 300,000 ? $ ? 2 9 At the start of the year, two jobs were in process: Job #201 Job# 202 $ 8.000 2.000 $10,000 Also at the start of the year, one job was completed and awaiting shipment: Job #200 $5,000 Job #308 Job #309 During the year the firm started 107 jobs-all of the jobs from job #203 through job #309. During the year the firm completed 107 jobs- all of the jobs from job# 201 through job #307. The ending work-in-process inventory consisted of two jobs with the following total costs at year end: $ 5,000 4,000 $9.000 In addition, at the end of the year two jobs were in finished goods: Job #306 Job #307 $4,000 3,000 $7.000 A total of $650,000 of manufacturing overhead cost was incurred in the year 2022 Required: 1. Calculate Cost of Goods manufactured 2. Calculate adjusted cost of goods sold, assuming any over- or under-applied overhead is closed to cost of goods sold. 3. During 2022, job #201 listed above was charged with additional direct materials of $1,000 and additional direct labor of $2,000. What was the total cost of job #201 upon completion? 4. Suppose Job #298 had $2,000 of direct materials and $5,000 of direct labor. What is the total cost of job #298? 5. Suppose job # 300 had a total cost of $600. The job had total direct labor cost of $150, What was the total direct material cost of job #300?
Expert Answer:
Answer rating: 100% (QA)
1 Calculate Cost of Goods Manufactured COGM Given that overhead is applie... View the full answer
Related Book For
Accounting What the Numbers Mean
ISBN: 978-0073527062
9th Edition
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,
Posted Date:
Students also viewed these accounting questions
-
On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory ......$12,730 Work-in-Process Inventory .... 21,340 Finished Goods Inventory .... 8,700...
-
In an overseas location, Warrenton Fashions Inc. manufactures ladies' blouses of one quality, produced in lots to fill each special order. Its customers are department stores located in various...
-
VisAudioTech Corporation commenced operations thirty years ago in the competitive entertainment technology industry, producing custom made remote controls for videos. A few years ago, VisAudioTech...
-
What are the possible coping strategies that could help freelancers to overcome financial challenges and improve their financial well-being? Is there any significant impact in the financial...
-
The following data are direct solar intensity measurements (watts/m2) on different days at a location in southern Spain: 562, 869, 708, 775, 775, 704, 809, 856, 655, 806, 878, 909, 918, 558, 768,...
-
How would you carry out the following synthesis (more than one step is required)? What stereo chemical relationship between the ?CO 2 CH 3 group attached to the cyclohexane ring and the ?CHO groups...
-
Techmart Corporation is a young start-up firm that produces components for high-resolution televisions. During the last two years, sales have grown dramatically. Currently, Techmart is experiencing a...
-
In 2010 the Moncrief Company purchased from Jim Lester the right to be the sole distributor in the western states of a product called Zelenex. In payment, Moncrief agreed to pay Lester 20% of the...
-
The table given below summarizes the 2022 income statement and end-year balance sheet of Drake's Bowling Alleys, Drake's financial manager forecasts a 10% increase in sales and costs in 2023. The...
-
Two power plants are currently emitting 8,000 tons of pollution each (for a total of 16,000 tons) in City A. Marginal pollution reduction costs for Plant 1 are given by MCR 1 = 0.02 Q 1 and for Plant...
-
Prepare a retained earnings statement for the year ending December 31, 2025.
-
Simplify: a. b. 54 x 53 3 c. (nw)-4 d. (3abc) W 4xy-2 e. f. W 2x-y4
-
When the price goes up, the quantity demanded goes down and the quantity supplied goes up. What happens when companies set the wrong price? Listen to this story about Chuck E Cheese's...
-
Explain THREE ( 3 ) differences between gross method and net method used in recording cash discounts. Explain factoring of receivables with recourse.
-
outline the process (e.g. goal setting, factors to consider, data required, key analysis, stakeholders involved, and judgment logic) that you, as a decision-maker, will use to decide a...
-
Divide 7+6i -1+5i =
-
Steven, who was age 76 at the beginning of 2019, owns a RRIF that was first established in 2014. On January 1, 2019, the market value of assets of Steven's RRIF was $298,000. What is the minimum...
-
Suppose the government bond described in problem 1 above is held for five years and then the savings institution acquiring the bond decides to sell it at a price of $940. Can you figure out the...
-
Gravois, Inc., incurred the following costs during June: Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $158,375 Direct labor . . . . . . . . . . . . . . . . ....
-
Selected data from the September 27, 2008, and September 29, 2007, consolidated balance sheets and income statements for the years then ended for Apple Inc. follow. All amounts are reported in...
-
Prepare a bank reconciliation as of August 31 from the following information: a. The August 31 balance shown on the bank statement is $9,810. b. There is a deposit in transit of $1,260 at August 31....
-
In the preparation of an analytic flowchart for a payroll processing application, which of the following symbols could be used to indicate the payroll data? (a) connector symbol (b) decision symbol...
-
In the preparation of an analytic flowchart, which of the following symbols should be used when flowlines are broken due to a page limitation? (a) terminal symbol (b) connector symbol (c) manual...
-
Assume trays are plug flow, and repeat Problem 16.D21 parts a and \(b\). In addition, calculate \(\mathrm{E}_{\mathrm{pt}}\) for the three mole fractions \(\mathrm{x}_{\mathrm{W}}=0.48,0.36\), and...
Study smarter with the SolutionInn App