Essay Assignment Branding 3 1. Erigo Company has this following data for the January 2021 January 1, 2021 January 31, 2021 January 2021 $340 $220 Raw Materials Inventory $130 $110 Work in Process Inventory $540 $460 Finished Goods Inventory Raw materials $150 purchases Direct labor $31.25 Indirect labor $9 $4 Accounting manager's salary $3.5 Factory manager's Salary Sales revenue $1.800 $10 Janitorial services, for office $12 Janitorial services for factory on $110 Depreciation factory equipment $14 Insurance, factory building Utility costs for factory $28 Utility costs for office $16 $6 Property tanes, factory building Sales commissions SRO Delivery expenses $76 Advertising expenses $25 $100 Administrative expenses Cash $237 Account Receivables $120 Short-term investments $23 a. Prepare a cost of goods manufactural schiedlule the Erigo Company for Manuary 2011 | points Prepare an income statement for Erigo Company Horibanuary 2011 points) Prepare the current assets section of the balance sheet as of lanuary 20211 5 points) 2. Medihouse Company produces beauty supplements. Incurred the following costs last year: Direct Materials 5.208,000.00 520.000.00 531 000.00 52.700.00 Factory Rent Direct Labor Factory Utilities Supervision in the Factory indirect labor in the Factory Orice Depreciation S4213.00 $1.297.00 $12.800.00 Sales Commissions $1,150.00 $1,600.00 Sales Salaries Advertising Salary of the factory receptionist $18.700.00 $33.900.00 a. Classify each cost Product Cost - DM, DL, MOH or Period Cost or Period Cost-Selling or Administrative Expense (5 points) Calculate the total Product Cost (5 points) Calculate the total Period Cost 5 points) d. Calculate the Unit Product Cost if Bio Company produced 15000 bottles of beauty supplements last year (5 points) Job-Order Casting 3. Accentia Inc. is a job-order costing firm that uses a plantwide overhead rate based on direct labor hours. Estimated information for the year is as follows: Overhead $760,000.00 $100,000.00 Direct Labor Hours Job 001 002 1003 004 005 $12,000.00 Balance, October 1 Direct Materials $13,000.00 $55,000.00 $23,000.00 $0.00 $0.00 $26,000.00 $23,019.00 $23,761.00 $21,921.00 522,700.00 521,900.00 $16,900.00 $18,000.00 54,500.00 52.700.00 54.000.00 $1,300.00 531,000.00 Direct Labor cost Direct Labor hours $2,000.00 By 30 Sept 2020, Jobs 001 and 003 are done, the remaining jobs were in process By the end of the month, the actual data Accentia incare Overhead Cost $140,000.00 Overhead Cost for Job 001 $16.000.00 Used for Lease Payable $7.000.00 Used for Utilities Payable $2.500.00 Used for Accumulated Depreciation 54.000.00 Used for Wages Payable $2.500.00 a. Calculate the plantwide overhead rate Prepare job order cost sheet for each job showing all cost through Sept 30 Calculate the balance in WIP on Sept 30 d. Calculate the COGS for Sept 30 e Calculate the overhead variance for the month September, determine if it is underapplied or Overapplied t Make the journal entries for job 001 Assuming the all the raw materials purchased on account and used for production DingDong Inc. sold the job at cost plus 50% mark up on account Requirements: Journal entries purchasing raw material, requisitioned materials for production, recognized direct labor costing, applied overhead to the production, incurred actual overhead cost, transferring the job 001 into finished goods, sold the equipment, closing entries to close the underapplied overapplied overhead
