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I'm having a hard time filling this out. Please help! I think one of my Cash accounts is wrong. The following events apply to Mlligan
I'm having a hard time filling this out. Please help! I think one of my Cash accounts is wrong.
The following events apply to Mlligan Manufacturing Company. Assume that all transactions are cash transactions unless otherwise Transactions for the 2017 Accounting Period 1. The company was started on January 1, 2017, when It acquired $140,000 cash by Issuing common stock. 2. The company purchased $40,000 of direct raw materlals with cash and used $2430 of these materlals to make Its products In January 3. Employees provlded 900 hours of labor at $5.70 per hour during January. Wages are pald In cash. 4. The estimated manufacturing overhead costs for 2017 were $64,800. Overhead Is applied on the basis of direct labor hours. The company expected to use 12,000 direct labor hours during 2017. Calculate an overhead rate and apply the overhead for January to work In process Inventory. 5. The employees completed work on all Inventory Items started In January. The cost of this production was transferred to the Finlshed Goods Inventory account. Determine the cost per unlit of product produced In January. assuming that a total of 1,800 units of product were started and completed during the month. 6. The company used an additional $31,050 of direct raw materials and 11,500 hours of direct labor at $5.70 per hour during the remalnder of 2017. Overhead was allocated on the basis of direct labor hours. 7. The company completed work on Inventory tems started between February 1and December 31, and the cost of the completed Inventory was transferred to the Finlshed Goods Inventory account. Determine the cost per unit for goods produced between February 1 and December 31, assuming that 23,000 units of Inventory were produced. If the company desires to earn a gross profit of $270 per unlt, what price per unlt must It charge for the merchandise sold? 8. The company sold 22000 units of Inventory for cash at $9.60 per unit. Determine the number of units In ending Inventory and the cost per unlt Incurred for this Inventory 9. Actual manufacturing overhead costs pald In cash were $65,700. 10. The company pald $37,800 cash for selling and adminlstrative expenses. 11. Close the Manufacturing Overhead account. 12 Close the revenue and expense accounts. The following events apply to Mlligan Manufacturing Company. Assume that all transactions are cash transactions unless otherwise Transactions for the 2017 Accounting Period 1. The company was started on January 1, 2017, when It acquired $140,000 cash by Issuing common stock. 2. The company purchased $40,000 of direct raw materlals with cash and used $2430 of these materlals to make Its products In January 3. Employees provlded 900 hours of labor at $5.70 per hour during January. Wages are pald In cash. 4. The estimated manufacturing overhead costs for 2017 were $64,800. Overhead Is applied on the basis of direct labor hours. The company expected to use 12,000 direct labor hours during 2017. Calculate an overhead rate and apply the overhead for January to work In process Inventory. 5. The employees completed work on all Inventory Items started In January. The cost of this production was transferred to the Finlshed Goods Inventory account. Determine the cost per unlit of product produced In January. assuming that a total of 1,800 units of product were started and completed during the month. 6. The company used an additional $31,050 of direct raw materials and 11,500 hours of direct labor at $5.70 per hour during the remalnder of 2017. Overhead was allocated on the basis of direct labor hours. 7. The company completed work on Inventory tems started between February 1and December 31, and the cost of the completed Inventory was transferred to the Finlshed Goods Inventory account. Determine the cost per unit for goods produced between February 1 and December 31, assuming that 23,000 units of Inventory were produced. If the company desires to earn a gross profit of $270 per unlt, what price per unlt must It charge for the merchandise sold? 8. The company sold 22000 units of Inventory for cash at $9.60 per unit. Determine the number of units In ending Inventory and the cost per unlt Incurred for this Inventory 9. Actual manufacturing overhead costs pald In cash were $65,700. 10. The company pald $37,800 cash for selling and adminlstrative expenses. 11. Close the Manufacturing Overhead account. 12 Close the revenue and expense accounts
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