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ACCT 301 Week 6 HW Exercise #1 Costs for 500 tables Spervisor salaries Indirect labor incurred during the period Raw materials transferred into production Cost of glues and screws Selling costs Direct labor incurred during the period General, and administrative costs incurred Depreciation of factory equipment All other factory overhead Instructions: Determine Determine 300,000 125,000 700,000 35,000 500,000 3,300,000 550,000 75,000 300,000 Totals Total manufacturing costs cost per table Study Total manufacturing costs Product costs Direct materials - SCHEDULE OF COST OF GOODS SOLD The determination of cost of goods sold is made via an examination of changes in finished goods: THE STATEMENT INCOME The cost of goods sold number within the income statement is taken from the preceding schedules, and is found in the income statement below. Period costs selling admin Direct labor overhead $ - Exercise 2 (a) (b) (c) Job order costing Renaissance Gallery converts photographs to portraits via a tedious hand painting process. Costs are tracked for each painting, with gallery overhead being applied at 125% of direct labor cost. Renaissance Gallery began June with one job in process. This job related to the Price Wedding photo, and beginning work in process included total costs of $14,440 (direct labor, direct material, and applied overhead). During June, four new jobs were begun. These consisted of the Ramirez family portrait, the Oberweiss farm photo, the Ravenwood big fish picture, and the Zhang baby picture. The only job remaining in process at the end of June was the Ravenwood big fish picture. To date, $13,000 in direct labor and $3,500 of direct materials had been committed to the Ravenwood job. Total direct labor incurred on all jobs during June was $60,900. Total direct material incurred on all jobs during June was $11,700. Compute the ending work in process inventory balance and the total cost assigned to finished jobs. Why is it necessary to track costs to individual jobs? The overhead application rate is based on estimates. What happens if the amount of overhead applied to individual jobs differs from the amount of overhead actually incurred? obs. ACCT 301 Week 6 HW Begin WIP + WIP minus Beginning WIP labor materials overhead 125% End WIP = transferred to FG Ravenwood ? ? WIP labor materials overhead 125% ? ? Finished goods Exercise #3 At May 31, 2014, the accounts of Mader Company show the following job order cost system. May 1 inventoriesfinished goods $12,600, work in process $14,700, and raw materials $8,200. May 31 inventoriesfinished goods $9,500, work in process $17,900, and raw materials $7,100. additional postings to work in process were direct materials $62,400, direct labor $50,000, and manufacturing overhead applied $40,000. Sales revenue totaled $210,000. Instructions (a) Prepare a condensed cost of goods manufactured schedule. (b) Prepare an income statement for May through gross profit. (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2014. (a) Mader COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2014 Work in process, May 1 Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Total cost of work in process Less: Work in process, May 31 Cost of goods manufactured (b) Mader COMPANY (Partial) Income Statement For the Month Ended May 31, 2014 Sales revenue Cost of goods sold Finished goods, May 1 Cost of goods manufactured Cost of goods available for sale Less: Finished goods, May 31 Cost of goods sold Gross profit (c) MANTLE COMPANY (Partial) Balance sheet 31-May-14 Current assets: Finished goods inventory Work in process inventory Raw materials inventory Exercise 4 Process cost system The Finishing Department of Cosette Company has the following production and cost data for July: 1 Beginning Inventory 4000 units 2 Transferred out, 4,000 units. Beginning 4000 units 3 Started 2,000 units that are 40% completed at July 31. 4 Materials added, $30,000; conversion costs incurred, $19,200. Materials are entered at the beginning of the process. Conversion costs, %, are incurred uniformly during the process. Instructions Compute the equivalent units of production for materials and conversion (a) costs for the month of July. (b) Compute unit costs and prepare a cost reconciliation schedule. Conversion = Labor plus overhead Prime = materials and labor ACCT 301 Week 6 HW Step #1 Physical flow begin WIP 4000 Started 2000 = (a) Equivalent Units Materials Conversion Costs Physical Units Transferred Out Work in Process, July 31 Transferred out 4000 4,000 ? Total (b) Unit costs Materials cost per unit = ($30,000 x units) Conversion cost per unit = ($19,200 y units) Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, July 31 Materials Conversion costs Total costs End WIP ? Exercise 5 ABC costing A company incurs $2,400,000 of overhead each year in three departments: Processing, Packaging, and Testing. The company performs 800 processing transactions, 200,000 packaging transactions, and 2,000 tests per year in producing 400,000 drums of Oil and 600,000 drums of Sludge. The following data are available: ACCT 301 Week 6 HW Department Processing Packaging Testing Expected Use of Driver 800 200,000 2,000 Cost $1,000,000 1,000,000 400,000 $2,400,000 Department Processing Packaging Testing Oil Expected Use of Driver 300 120,000 1,600 Sludge Expected Use of Driver 500 80,000 400 $0 0 0 $0 $0 0 $0 $0 Processing Packaging Testing Totals Per unit $0 $0 $0 $0