I need help answering these questions! I tried my best (as seen in #8) but I just cant get it. Please help!

1 Analyzing Activity in Inventory Accounts Selected data concerning operations of Cascade Manufacturing Company for the past fiscal year follow: Raw materials used Total manufacturing costs charged to production during the year (includes raw materials, direct labor, and manufacturing overhead applied at a rate of 60 percent of direct labor costs) Cost of goods available for sale Selling and general expenses Raw materials Workinprocess Finished goods Inventories Beginning Ending $70,000 $80,000 85,000 30,000 90,000 110,000 Determine each of the following: (a) Cost of raw materials purchased $Answer (b) Direct labor costs charged to production $Answer (c) Cost of goods manufactured $Answer (d) Cost of goods sold $Answer $600,000 1,362,000 1,507,000 60,000 2 Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the year ending December 31, 2014, follows: Sales equal $525,000. Direct materials used total 72,000. Manufacturing overhead is 150 percent of direct labor dollars. The beginning inventory of finished goods is 20 percent of the cost of goods sold. The ending inventory of finished goods is twice the beginning inventory. The gross profit is 20 percent of sales. There is no beginning or ending workinprocess. Prepare a statement of cost of goods manufactured for 2014. (Hint: Prepare an analysis of changes in Finished Goods Inventory.) NuWay Products Company Statement of Cost of Goods Manufactured For the Year Ending December 31, 2014 Current manufacturing costs: Direct materials Direct labor $Answer Answer Manufacturing overhead Answer Beginning workinprocess Total costs in process Ending workinprocess Answer Cost of goods manufactured $Answer $Answer Answer Answer NuWay Products Company Statement of Cost of Goods Manufactured For the Year Ending December 31, 2014 Analysis of Finished Goods Inventory: Finished goods, 1/1/14 Cost of goods manufactured Total goods available for sale Finished goods, 12/31/14 Answer Cost of goods sold $Answer $Answer Answer Answer 3 Manufacturing Cost Flows with Machine Hours Allocation On November 1, Robotics Manufacturing Company's beginning balances in manufacturing accounts and finished goods inventory were as follows: Raw Materials Manufacturing Supplies WorkinProcess Finished Goods $9,000 500 5,000 25,000 During November, Robotics Manufacturing completed the following manufacturing transactions: 1. Purchased raw materials costing $61,000 and manufacturing supplies costing $3,000 on account. (Single Transaction) 2. Requisitioned raw materials costing $50,000 to the factory. 3. Incurred direct labor costs of $26,000 and indirect labor costs of $4,800. 4. Used manufacturing supplies costing $3,000. 5. Recorded manufacturing depreciation of $15,000. 6. Miscellaneous payables for manufacturing overhead totaled $3,900. 7. Applied manufacturing overhead, based on 2,100 machine hours, at a predetermined rate of $10 per machine hour. 8. Completed jobs costing $84,000. 9. Finished goods costing $89,000 were sold. (a) Prepare "T" accounts showing the flow of costs through all manufacturing accounts, Finished Goods Inventory, and Cost of Goods Sold. (b) Calculate the balances at the end of November for WorkinProcess Inventory and Finished Goods Inventory. (Enter transactions in the Taccounts in the order they appear, including the beginning balances, if available. Compute the final balance, if requested.) Raw Materials Inventory Answer Answer Bal Answer Answer Bal Answer Answer Answer Answer Finished Goods Inventory Answer Answer Answer Answer Cost of Goods Sold Bal Answer Answer Answer Answer Answer Answer Answer Accounts Payable Bal Answer Answer Answer Accumulated Depreciation Factory Assets Answer Answer Answer Answer Bal Answer Answer Answer Bal Answer Answer Answer Answer Answer Answer Answer Answer Answer WorkinProcess Inventory Answer Answer Wages Payable Bal Bal Bal Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Manufacturing Supplies Answer Answer Other Payables Answer Manufacturing Overhead Bal Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer 4 Cost of Production Report: No Beginning Inventories Oregon Paper Company produces newsprint paper through a special recycling process using scrap paper products. Production and cost data for October 2009, the first month of operations for the company's new Portland plant, follow: Units of product started in process during October Units completed and transferred to finished goods Machine hours operated Direct materials costs incurred Direct labor costs incurred 90,000 tons 75,000 tons 10,000 $486,000 $185,445 Raw materials are added at the beginning of the process for each unit of product produced, and labor and manufacturing overhead are added evenly throughout the manufacturing process. Manufacturing overhead is applied to WorkinProcess at the rate of $24 per machine hour. Units in process at the end of the period were 65 percent converted. Prepare a cost of production report for Oregon Paper Company for October. (Round answers to the nearest whole number, unless otherwise noted.) Oregon Paper Company Cost of Production Report For the Month Ending October 31, 2009 Summary of units in process (tons): Beginning Units started In process Answer Answer Answer Completed Answer Oregon Paper Company Cost of Production Report For the Month Ending October 31, 2009 (Enter as a negative number.) Ending Answer Equivalent units in process: Units completed Plus equivalent units in ending inventory Equivalent units in process Total cost to be accounted for and cost per equivalent unit in process: Beginning workin process Materials Conversion Total Answer Answer Answer Answer Answer Answer $Answer Total cost in process Equivalent units in process Cost per equivalent unit in process (Do not $Answer $Answer Answer $Answer $Answer Answer Answer $Answer Answer $Answer $Answer Answer Current costs $Answer Oregon Paper Company Cost of Production Report For the Month Ending October 31, 2009 round your answers.) Accountin g for total costs: Transferre d out Ending workin process: Materials $Answer $Answer Answer Conversio n Answer Total cost accounted for $Answer 5. Absorption and Variable Costing Income Statements: Production Exceeds Sales Glendale Company sells its product at a unit price of $12.00. Unit manufacturing costs are direct materials, $2.00; direct labor, $3.00; and variable manufacturing overhead, $1.50. Total fixed manufacturing costs are $20,000 per year. Selling and administrative expenses are $1.00 per unit variable and $11,000 per year fixed. Though 25,000 units were produced during 2009, only 23,000 units were sold. There was no beginning inventory. (a) Prepare a functional income statement using absorption costing. (Do not use negative numbers with your answers.) Glendale Company Functional (Absorption Costing) Income Statement For the year 2009 Sales Cost of goods sold Gross profit Other expenses: Variable selling and administrative $Answer Fixed selling and administrative Answer Net income $Answer Answer Answer Answer $Answer (b) Prepare a contribution income statement using variable costing. (Do not use negative numbers with your answers.) Glendale Company Contribution (Variable Costing) Income Statement For the year 2009 Sales Variable expenses: Cost of goods sold $Answer $Answer Selling and administrative Answer Contribution margin Manufacturing overhead Answer Selling and administrative Answer Net income Answer Answer Fixed expenses: Answer $Answer 6. Developing and Using a Predetermined Overhead Rate Assume that the following predictions were made for 2009 for one of the plants of Milliken & Company: Total manufacturing overhead for the year $44,000,000 Total machine hours for the year 2,000,000 Actual results for February 2009 were as follows: Manufacturing overhead $5,510,000 Machine hours 310,000 (a) Determine the 2009 predetermined overhead rate per machine hour. $Answer (b) Using the predetermined overhead rate per machine hour, determine the manufacturing overhead applied to WorkinProcess during February. $Answer (c) As of February 1, actual overhead was underapplied by $500,000. Determine the cumulative amount of any overapplied or underapplied overhead at the end of February. $Answer 7. Process Costing Tempe Manufacturing Company makes a single product that is produced on a continuous basis in one department. All materials are added at the beginning of production. The total cost per equivalent unit in process in March 2009 was $4.60, consisting of $3.00 for materials and $1.60 for conversion. During the month, 8,700 units of product were transferred to finished goods inventory; on March 31, 2,000 units were in process, 10 percent converted. The company uses weighted average costing. (a) Determine the cost of goods transferred to finished goods inventory. $Answer (b) Determine the cost of the ending workinprocess inventory. $Answer (c) What was the total cost of the beginning workinprocess inventory plus the current manufacturing costs? $Answer 8. Weighted Average Process Costing Minot Processing Company manufactures one product on a continuous basis in two departments, Processing and Finishing. All materials are added at the beginning of work on the product in the Processing Department. During December 2009, the following events occurred in the Processing Department: Units started 16,000 units Units completed and transferred to Finishing Department 15,000 units Costs assigned to processing: Raw materials (one unit of raw materials for each unit of product started) Manufacturing supplies used Direct labor costs incurred Supervisors' salaries Other production labor costs Depreciation on equipment Other production costs $142,900 18,000 51,000 12,000 14,000 6,000 18,000 Additional information follows: Minot uses weighted average costing and applies manufacturing overhead to WorkinProcess at the rate of 100 percent of direct labor cost. Ending inventory in the Processing Department consists of 3,000 units that are onethird converted. Beginning inventory contained 2,000 units, onehalf converted, with a cost of $33,900 ($19,100 for materials and $14,800 for conversion). (a) Prepare a cost of production report for the Processing Department for December. Minot Processing Company: Processing Department Cost of Production Report For the Month Ending December 31, 2009 Summary of units in process: Ending Equivalent units in process: Materials Conversion Total Answer Answer Answer Beginning Units started Answer Answer In process Answer Completed Answer Units completed Plus equivalent units in ending inventory Answer Answer Answer Equivalent units in process Answer Minot Processing Company: Processing Department Cost of Production Report For the Month Ending December 31, 2009 Total cost to be accounted for and cost per equivalent unit in process: $Answer $Answer Beginning workin process Answer $Answer Answer $Answer $Answer Answer Accountin g for total costs: $Answer Total cost in process Cost per equivalent unit in process Answer Equivalent units in process $Answer Answer Current costs $Answer $Answer $Answer Transferre d out Ending workin process: Materials $Answer Minot Processing Company: Processing Department Cost of Production Report For the Month Ending December 31, 2009 Answer Conversio n Answer $Answer Total cost accounted for (b) Prepare an analysis of all changes in WorkinProcess. Workinprocess: Beginning $Answer Current manufacturing costs: Direct labor Applied overhead Total Answer Answer Cost of goods manufactured $Answer Direct materials Answer $Answer Answer Ending $Answer 9. Absorption and Variable Costing Comparisons Peachtree Company manufactures peach jam. Because of bad weather, its peach crop was small. The following data have been gathered for the summer quarter of 2009: Beginning inventory (cases) Cases produced Cases sold Sales price per case Direct materials per case Direct labor per case Variable manufacturing overhead per case Total fixed manufacturing overhead Variable selling and administrative cost per case Fixed selling and administrative cost 0 10,000 9,200 $60 $6 $8 $3 $400,000 $2 $48,000 (a) Prepare a functional income statement for the quarter using absorption costing. (Do not use negative signs with your answers, EXCEPT if you calculate a net loss.) Peachtree Company Functional (Absorption Costing) Income Statement For the Summer Quarter 2009 $Answer Sales Cost of goods sold: $Answer Variable costs Answer Fixed costs Answer Goods available Answer Answer Ending inventory Answer Gross profit Operating expenses: $Answer Variable selling and administrative Answer Answer Fixed selling and administrative $Answer Net income (loss) (b) Prepare a contribution income statement for the quarter using variable costing. (Do not use negative signs with your answers, EXCEPT if you calculate a net loss.) Peachtree Company Contribution (Variable Costing) Income Statement For the Summer Quarter 2009 $Answer Sales Variable expenses: $Answer Manufacturing Answer Selling and administrative Answer Answer Contribution margin Fixed expenses: $Answer Manufacturing overhead Answer Selling and administrative Answer $Answer Net income (loss) (c) What is the value of ending inventory under absorption costing? $Answer (d) What is the value of ending inventory under variable costing? $Answer (e) The difference in the value of ending inventory in parts (c) and (d) is explained by the following difference between absorption an variable costing: Variable costing assigns only variable manufacturing costs to products while absorption costing assigns both variable and fixed manufacturing costs to products. Absorption costing treats fixed costs as period costs while variable costing treats fixed costs as product costs. Variable costing treats all manufacturing costs as variable costs while absorption costing treats only variable manufacturing costs as variable costs. Absorption costing treats all manufacturing costs as period costs while variable costing treats only variable manufacturing costs as period costs