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Hi. can someone pls help me with my homework.. i am stuck on these parts Financial statements of a manufacturing firm The following events took
Hi. can someone pls help me with my homework.. i am stuck on these parts
Financial statements of a manufacturing firm The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: Purchased $490,000 of materials. Used $443,500 of direct materials in production. Incurred $127,600 of direct labor wages. Applied factory overhead at a rate of 48% of direct labor cost. Transferred $599,700 of work in process to finished goods. Sold goods with a cost of $570,700. Revenues earned by selling bikes, $944,200. Incurred $192,000 of selling expenses. Incurred $93,400 of administrative expenses. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet a. Prepare the income statement for Rushmore Biking for the month ending February 28. Round your answers to the nearest dollar. Rushmore Biking Inc. Income Statement For the Month Ended February 28 Revenues 944,200 a. Prepare the income statement for Rushmore Biking for the month ending February 28. Round your answers to the nearest dollar. Rushmore Biking Inc. Income Statement For the Month Ended February 28 Revenues 944,200 Cost of Goods Sold 570,700 Gross Profit 373,500 Selling and Administrative Expenses: Selling Expenses Administrative Expenses 192,000 93,400 285,400 Total Selling and Administrative Expenses Operating Income 98,600 X b. Determine the inventory balances on February 28, the end of the first month of operations. Round your answers to the nearest dollar. Materials inventory, February 28 Work in process inventory, February 28 $ Finished goods inventory, February 28 $ Feedback Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in the beginning of production. Work in Process-Assembly Department ? Bal., 3,000 units, 50% completed 7,050 To Finished Goods, 69,000 units Direct materials, 71,000 units @ $1.4 99,400 Direct labor 100,100 Factory overhead 38,9001 Bal., ? units, 40% completed Cost per equivalent units of $1.40 for Direct Materials and $2.00 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. $ 1. Cost of beginning work in process inventory completed this period $ 2. Cost of units transferred to finished goods during the period TITO $ 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest cent.) $ a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. $ 1. Cost of beginning work in process inventory completed this period $ 2. Cost of units transferred to finished goods during the period $ 3. Cost of ending work in process inventory $ 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest cent.) Job Order Cost Accounting for a Service Company The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July: July 3. Charged 630 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $200 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $23,800. 14. Charged 200 hours of professional time for the Obsidian trial at a rate of $290 per hour. 18. Received invoice from consultants Wadsley and Harden for $54,500 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $60 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $35,400 for the month. 31. Used office supplies for the month, $12,000. 31. Paid professional salaries of $160,700 for the month. 31. Billed Obsidian $356,200 for successful defense of the case. a. Provide the journal entries for each of these transactions. If an amount box does not require an entry, leave it blank. July 3 Work in Process 8 Salaries Payable July 10 Work in Process Cash Work in Process July 14 July 14 Work in Process Salaries Payable July 18 Work in Process Consultant Fees Payable July 27 Work in Process Office Overhead July 31 Admin. sal. Office Overhead II II II II II II II II II II II II II II Cash July 31 Supplies Office Overhead Supplies July 31 Prof. sal. Salaries Payable Cash July 31 Billed Accounts Receivable Fees Earned Check My Work ebook Accounts Receivable July 31 Billed Fees Earned II II II II July 31 Cost Cost of Services Work in Process Feedback Check My Work a. Record the direct costs in Work in Process. Apply the overhead based on professional hours. Record actual overhead in the Office Overhead account. For cases completed, move the costs from Work in Process to Cost of Services. b. How much office overhead is over- or underapplied? Enter your answer as a positive number. Overapplied c. Determine the gross profit on the Obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services. Feedback Check My Work h Comnare the actual cost and the annlied costStep by Step Solution
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