Question
I need help finding the overhead total from the amounts below. 1. Paid $31,000 of research and development costs. 2. Paid $61,000 for raw materials
I need help finding the overhead total from the amounts below.
1. | Paid $31,000 of research and development costs. |
2. | Paid $61,000 for raw materials that will be used to make eBook readers. |
3. | Placed $89,000 of the raw materials cost into the process of manufacturing eBook readers. |
4. | Paid $80,000 for salaries of selling and administrative employees. |
5. | Paid $94,000 for wages of production workers. |
6. | Paid $114,000 to purchase equipment used in selling and administrative offices. |
7. | Recognized depreciation on the office equipment. The equipment was acquired on January, 1, 2014. It has a $14,000 salvage value and a five-year life. The amount of depreciation is computed as [(Cost salvage) useful life].Specifically, ($114,000 $14,000) 5 = $20,000. |
8. | Paid $113,000 to purchase manufacturing equipment. |
9. | Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, 2014. It has a $29,000 salvage value and a seven-year life. The amount of depreciation is computed as [(Cost salvage) useful life]. Specifically, ($113,000 $29,000) 7 = $12,000. |
10. | Paid $64,000 for rent and utility costs on the manufacturing facility. |
11. | Paid $71,000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salaries of warehouse personnel, and other general storage cost). |
12. | Completed and transferred eBook readers that had total cost of $260,000 from work in process inventory to finished goods. |
13. | Sold 960 eBook readers for $424,000. |
14. | It cost Antioch $201,600 to make the eBook readers sold in Event 13. |
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