Cooper Manufacturing pays $4 per pound to purchase its raw materials and $20 per direct labor hour and applies manufacturing overhead based on hours of direct labor At the beginning of 2018 Cooper estimated total manufacturing overhead of $180,000 and predicted 8,000 direct labor hours for production during the year Coopers building is 200,000 square feet with 120,000 of the square footage dedicated to factory operations Cooper disposes of any over under applied MOH using the method covered in class Cooper Manufacturings accountant provided the following actual results for the 2018 factory operations Finally, Coopers accountant shared the following information regarding the companys beginning and ending account balances At 12 31 2017, Cooper Manufacturing had $22,400 (5,600 pounds) of Raw Materials on hand and had two jobs in process Job 215 and Job 223 The accumulated cost for these jobs was $18,000 and $22,000, respectively Cooper also had $10,000 of Finished Goods on this date At 12 31 2018 the company had a single job in process, Job 226 Job 226 was started during 2018 and, by year end, was assigned 4,600 pounds of direct materials and accumulated 502 hours of direct labor Finished Goods at 12 31 2018 totaled $16,500 Requirements (SHOW ALL WORK) Using summary entries, recreate all entries recorded by Cooper during 2018 for the factory operations When you prepare entries for the 2018 building cost include both the factory and non factory portion in your entry Dr Account Title $XX Cr Account Title $XX Prepare Coopers Raw Materials, Work in Process, Finished Goods, MOH and Cost of Goods Sold T accounts What will the company report on the 12 31 2018 Balance Sheet as inventory $ $93,800 Pounds 23,450 2018 Purchases of Raw Materials Pounds of Materials Requisitioned during 2018 Direct Indirect 16,925 4,580 Hours of Labor Incurred during 2018 Direct Indirect $180,000 $40,000 Hours 9,000 2,000 Other Indirect Costs incurred in 2018 Building Depreciation Factory Equipment Depreciation Building Utilities Real Estate Taxes Factory Supervisor Salary $70,200 $17,752 $44,680 $30,000 $44,000

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Cooper Manufacturing pays $4 per pound to purchase its raw materials and $20 per direct labor hour and applies manufacturing overhead based on hours of

Cooper Manufacturing pays $4 per pound to purchase its raw materials and $20 per direct labor hour and applies manufacturing overhead based on hours of direct labor. At the beginning of 2018 Cooper estimated total manufacturing overhead of $180,000 and predicted 8,000 direct labor hours for production during the year.

Coopers building is 200,000 square feet with 120,000 of the square footage dedicated to factory operations. Cooper disposes of any over/under applied MOH using the method covered in class.

Cooper Manufacturings accountant provided the following actual results for the 2018 factory operations:

image text in transcribed

Finally, Coopers accountant shared the following information regarding the companys beginning and ending account balances:

At 12/31/2017, Cooper Manufacturing had $22,400 (5,600 pounds) of Raw Materials on hand and had two jobs in process: Job #215 and Job #223. The accumulated cost for these jobs was $18,000 and $22,000, respectively. Cooper also had $10,000 of Finished Goods on this date.
At 12/31/2018 the company had a single job in process, Job #226. Job #226 was started during 2018 and, by year end, was assigned 4,600 pounds of direct materials and accumulated 502 hours of direct labor.
Finished Goods at 12/31/2018 totaled $16,500

Requirements: (SHOW ALL WORK)

Using summary entries, recreate all entries recorded by Cooper during 2018 for the factory operations. When you prepare entries for the 2018 building cost include both the factory and non-factory portion in your entry.

Dr. Account Title..$XX

Cr. Account Title..$XX

Prepare Coopers Raw Materials, Work in Process, Finished Goods, MOH and Cost of Goods Sold T accounts.
What will the company report on the 12/31/2018 Balance Sheet as inventory?

$ $93,800 Pounds 23,450 2018 Purchases of Raw Materials Pounds of Materials Requisitioned during 2018: Direct: Indirect: 16,925 4,580 Hours of Labor Incurred during 2018: Direct: Indirect: $180,000 $40,000 Hours 9,000 2,000 Other Indirect Costs incurred in 2018: Building Depreciation Factory Equipment Depreciation Building Utilities Real Estate Taxes Factory Supervisor Salary $70,200 $17,752 $44,680 $30,000 $44,000