1. The following amounts were taken from the general ledger of the Excellent Manufacturing Company: $52,000 $16,000 Raw materials inventory - beginning of the year balance Raw materials inventory- end of year balance Work in process inventory -beginning of the year balance $110,000 $ 85,000 Finished goods inventory - beginning of the year balance $ 26,000 $54,000 37,000 $ 28,000 4,000 $12,000 $ 27,000 $178,000 $ 29,000 $ 62,000 Work in process inventory - end of year balance Finished goods inventory - end of year balance Purchase of direct materials Depreciation -plant and equipment Repairs and maintenance -plant Insurance on plant Indirect labor Direct labor General and administrative expenses Marketing expenses Required: Compute the following: 1. Direct materials used 2. Cost of goods manufactured 3. Cost of goods sold 2 Job cost sheets for Howard Mansfacturing are se follows: Job No 210 Quantity 1,500 Manufacturing Ovehead 14,000 Direct Materials 5,000 Direct Labor 8,000 Date July 1 7,800 10 9,000 15 7,000 25 12.000 Job No 211 Quantity 1.200 Manufacturing Overhead 10,500 Date July Direct Muterials Direct Labor 6,000 4,000 10 8,000 8,000 20 6,000 27 12.000 Required 1. What was the balance in Work in Process Inventory on July 1 if these were the only unfinished jobs? What was the predetermined averhead rate in June if overhead was applied on the 2. basis of direct labor cost?CHIMT 1h4 Jun 30 bclLe Juty Amaunts Caeriee 3. If July is the start of a new fiscal year and the overhead rate is 150% of direct labor cost, how much overhesd should be applied to Job 210 in July? 4 Assuming Job 210 is complete, what is the total and unit cost of the job S Assuming Jeb 211 is the only unfinished job at July 31, what is the halance in Work in Process Inventory on this date? 3. Suzy Q Bakery makes donuts in two departments, baking and packaging. Labor and manufacturing overhead are incurred uniformly through both process. Materials are entered at the beginning of the baking process. The baking department had the following production and cost date for May 2018 Production Data Beginning work in process Started into production Ending work in process 4,000 dozen donuts 21,000 dozen donuts 5,000 dozen donuts (40 % complete) Cost Data Beginning work in process inventory (consisting of $8,000 materials and $14,000 conversion costs) Costs added during May include Materials Conversion costs Total costs $22.000 82.000 118.000 $222,000 un.ts 1. Determine the physical flow of ests 2. Compute equivalent units of production 3. Compute cost per equivalent unit of production 4. Assign and reconcile costs 4 4. Sherry Electronics manufactures two television models the Royale and the Majestic. Total overhead costs are $7,600,000 consisting of machine setups $900,000; machining $6,000,000, and inspecting $700,000 Information on the two peoducts are Royale 125,000 Majestic 75,000 Direct labor hours Machine setups Machine hours Inspections 5,000 13,000 75,000 45,000 17,000 11,000 1. Determine the overhead applied to Royale and Majestic under traditional (plant wide) costing using direct labors hours 2. Determine the overhead applied to Royale and Majestic using activity- based costing. 1. The following amounts were taken from the general ledger of the Excellent Manufacturing Company: $52,000 $16,000 Raw materials inventory - beginning of the year balance Raw materials inventory- end of year balance Work in process inventory -beginning of the year balance $110,000 $ 85,000 Finished goods inventory - beginning of the year balance $ 26,000 $54,000 37,000 $ 28,000 4,000 $12,000 $ 27,000 $178,000 $ 29,000 $ 62,000 Work in process inventory - end of year balance Finished goods inventory - end of year balance Purchase of direct materials Depreciation -plant and equipment Repairs and maintenance -plant Insurance on plant Indirect labor Direct labor General and administrative expenses Marketing expenses Required: Compute the following: 1. Direct materials used 2. Cost of goods manufactured 3. Cost of goods sold 2 Job cost sheets for Howard Mansfacturing are se follows: Job No 210 Quantity 1,500 Manufacturing Ovehead 14,000 Direct Materials 5,000 Direct Labor 8,000 Date July 1 7,800 10 9,000 15 7,000 25 12.000 Job No 211 Quantity 1.200 Manufacturing Overhead 10,500 Date July Direct Muterials Direct Labor 6,000 4,000 10 8,000 8,000 20 6,000 27 12.000 Required 1. What was the balance in Work in Process Inventory on July 1 if these were the only unfinished jobs? What was the predetermined averhead rate in June if overhead was applied on the 2. basis of direct labor cost?CHIMT 1h4 Jun 30 bclLe Juty Amaunts Caeriee 3. If July is the start of a new fiscal year and the overhead rate is 150% of direct labor cost, how much overhesd should be applied to Job 210 in July? 4 Assuming Job 210 is complete, what is the total and unit cost of the job S Assuming Jeb 211 is the only unfinished job at July 31, what is the halance in Work in Process Inventory on this date? 3. Suzy Q Bakery makes donuts in two departments, baking and packaging. Labor and manufacturing overhead are incurred uniformly through both process. Materials are entered at the beginning of the baking process. The baking department had the following production and cost date for May 2018 Production Data Beginning work in process Started into production Ending work in process 4,000 dozen donuts 21,000 dozen donuts 5,000 dozen donuts (40 % complete) Cost Data Beginning work in process inventory (consisting of $8,000 materials and $14,000 conversion costs) Costs added during May include Materials Conversion costs Total costs $22.000 82.000 118.000 $222,000 un.ts 1. Determine the physical flow of ests 2. Compute equivalent units of production 3. Compute cost per equivalent unit of production 4. Assign and reconcile costs 4 4. Sherry Electronics manufactures two television models the Royale and the Majestic. Total overhead costs are $7,600,000 consisting of machine setups $900,000; machining $6,000,000, and inspecting $700,000 Information on the two peoducts are Royale 125,000 Majestic 75,000 Direct labor hours Machine setups Machine hours Inspections 5,000 13,000 75,000 45,000 17,000 11,000 1. Determine the overhead applied to Royale and Majestic under traditional (plant wide) costing using direct labors hours 2. Determine the overhead applied to Royale and Majestic using activity- based costing