Accounting 221. Homework. Please see attachment for details. Due Sunday 11:30 pm

1)Echo Sports Company produces home basketball goal systems consisting of a stand, backboard, rim, and net. The company has sufficient orders and capacity to produce 800 goal systems per month. Manufacturing costs and other costs are shown below: Administrative salary Depreciation on office equipment Depreciation on production equipment Electric and other factory utilities Factory supervisor salary Fiberglass backboards purchased from another manufacturer Insurance on factory building and contents Maintenance costs on factory equipment Nets and rims purchased from another manufacturer Rent on factory building Sales commissions Steel pipe for stand fabrication Supplies for administrative office Wages for production workers Enter each manufacturing cost in the appropriate column. Leave blank if it does not fit in any column. Administrative salary Depreciation on office equipment Depreciation on production equipment Electric and other factory utilities Factory supervisor salary Fiberglass backboards purchased from another manufacturer Insurance on factory building and contents Maintenance costs on factory equipment Nets and rims purchased from another manufacturer Rent on factory building Sales commissions Steel pipe for stand fabrication Supplies for administrative office Wages for production workers Totals Compute the cost to produce 1 basketball goal system (cost per unit): Direct materials Direct labor Overhead Total manufacturing costs Units of production Cost per unit 2.) Elite Custom Cabinetry Company produces custom cabinet order to exact measure based off CAD drawings provide remodeling firms. As of June 1, there was one order in production (job 5-3) and two new jobs were started in June (jobs 6 Job 5-3 had incurred costs as follows prior to the month of June: direct material $4,600; direct labor $6,550, overhead There were no finished goods as orders ship out upon completion. Raw material inventory was $18,600 as of Jun The following events occurred during June: Purchased additional raw materials of $20,000. Incurred direct labor hours of 640 hours at a rate of $24.00 during the month of June. Incurred total manufacturing overhead costs of $18,400 during the month of June. Assigned Direct materials and direct labor hours to jobs as follows: Job 5-3 had incurred costs as follows prior to the month of June: direct material $4,600; direct labor $6,550, overhead There were no finished goods as orders ship out upon completion. Raw material inventory was $18,600 as of Jun The following events occurred during June: Purchased additional raw materials of $20,000. Incurred direct labor hours of 640 hours at a rate of $24.00 during the month of June. Incurred total manufacturing overhead costs of $18,400 during the month of June. Assigned Direct materials and direct labor hours to jobs as follows: Job 5-3 Job 6-1 Job 6-2 Totals The company uses direct labor hours to assign overhead to individual jobs, and the predetermined overhead rate is $28.00 per hour, based on the budget of 600 labor hours per month. Jobs 5-3 and 6-1 are completed and shipped in the month of June. Job 6-2 is in progress at month end. Calculate the completed cost of jobs 5-3 and 6-1. Calculate the cost of work in process (job 6-2). Calculate over- or underapplied overhead for hours worked and rate per hour. Calculate the actual overhead rate per hour. Job 5-3 Work in Process Additional materials Additional direct labor Additional overhead applied Total cost of completed job Job 6-1 Direct materials Direct labor Overhead applied Total cost of completed job Job 6-2 Direct materials Direct labor Overhead applied Total cost of completed job Under- or overapplied overhead Total overhead incurred Total overhead applied Underapplied overhead Actual overhead rate Total actual overhead cost Total hours direct labor Cost per direct labor hour There was no work in process on February 1. The materials are all brought to the packaging department up front and charged to the job. Nothing is transferred to finished goods until the entire job is complete. The materials costs include the packaging, material, and the cost transferred from the mixing department. On February 2, 15,000 gallons (job 2-1) were transferred into the packaging department from the mixing department and completed on February 19. The costs incurred to complete job 2-1 in the packaging department are as follows: Materials $56,250 Labor 11,250 Overhead (applied based on direct labor hours) 7,500 On February 20, another 20,000 gallons (job 2-2) were transferred into the packaging department. Job 2-2 was 50% complete as to labor at the end of the month. The costs incurred (unit cost unchanged from job 2-1) to complete job 2-2 in the packaging department are as follows: Materials $75,000 Labor 15,000 Overhead (applied based on direct labor hours) 10,000 Instructions: Compute the physical units of production. Compute the cost per unit to complete packaging for labor, materials, overhead, and total. Compute equivalent units and cost of work in process as of the end of February. Record journal entries for: the movement of materials from materials inventory to each job the allocation of payroll to each job the application of overhead to each job the movement of work in process to finished goods Part 3 Work in process, February 28; Equivalent units 20,000 units transferred in Costs incurred Equivalent gallons Cost per unit Total costs Part 4 Account Title Account to debit Account to debit Account to credit Account to debit Account to debit Account to credit Account to debit Account to debit Account to credit Account to debit Account to credit $2,400 400 1,800 1,400 2,000 30,400 600 1,200 6,400 2,000 1,600 14,920 600 14,720 $80,440 Direct Materials Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Direct Labor Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Overhead Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount om cabinet order to exact measure based off CAD drawings provided by kitchen n production (job 5-3) and two new jobs were started in June (jobs 6-1 and 6-2). month of June: direct material $4,600; direct labor $6,550, overhead $3,400. out upon completion. Raw material inventory was $18,600 as of June 1. owing events occurred during June: d additional raw materials of $20,000. f 640 hours at a rate of $24.00 during the month of June. ng overhead costs of $18,400 during the month of June. aterials and direct labor hours to jobs as follows: month of June: direct material $4,600; direct labor $6,550, overhead $3,400. out upon completion. Raw material inventory was $18,600 as of June 1. owing events occurred during June: d additional raw materials of $20,000. f 640 hours at a rate of $24.00 during the month of June. ng overhead costs of $18,400 during the month of June. aterials and direct labor hours to jobs as follows: Materials Actual Hours $2,300 8,700 5,420 $16,420 Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount 112 320 208 $640 Amount Amount Amount Amount Amount Amount Amount Amount Materials Amount Percentage Amount Amount Amount Labor Amount Percentage Amount Amount Amount Debit Credit Overhead Amount Percentage Amount Amount Amount Total Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount