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Managerial HW 1. Selected data for Lemon Grass, Inc. for the year are provided below: Factory Utilities $2,400 Indirect Materials Used 36,500 Direct Materials Used
Managerial HW
1.
Selected data for Lemon Grass, Inc. for the year are provided below: Factory Utilities $2,400 Indirect Materials Used 36,500 Direct Materials Used 302,000 Property Taxes on Factory Building 5,800 Sales Commissions 80,000 Indirect Labor Incurred 23,000 Direct Labor Incurred 151,000 Depreciation on Factory Equipment 5,200 What is the total manufacturing overhead? 0 A. $453,000 0 B. $59,500 0 C. $13,400 0 D. $72,900 Belstone, Inc. is a merchandiser of stone ornaments. It sold 15,000 units during the year. The company has provided the following information: Sales Revenue $525,000 Purchases (excluding Freight In) 300,500 Selling and Administrative Expenses 37,500 Freight In 15,600 Beginning Merchandise Inventory 42,000 Ending Merchandise Inventory 55,500 How much is the gross prot for the year? O A. $222,400 0 B. $224,500 0 C. $259,900 0 D. $302,600 Star Health, Inc. is a fitness center in Oklahoma City. In October, the company earned $554,000 in revenues and incurred the following operating costs from 300 customers: Manager's Salary $5,100 Gym Rent 1,500 Depreciation ExpenseEquipment 8,000 Ofce Supplies Expense 2,350 Utilities Expense 1,400 Trainer's Salary 21,500 How much is the unit cost per customer? (Round your answer to the nearest cent.) 0 A. $88.67 O B. $1,846.67 0 C. $17.50 0 D. $132.83 Uniq Works purchased raw materials amounting to $125,000 on account and $19,000 for cash. The materials will be used to manufacture upholstery for furniture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction? O A. Accounts Payable 125,000 Cash 19,000 Raw Materials Inventory 144,000 0 B. Raw Materials Inventory 144.000 Cash 19,000 Accounts Payable 125,000 0 C. Work - in - Process Inventory 144,000 Accounts Payable 144,000 0 D. Finished Goods Inventory 144,000 Accounts Payable 144,000 The Equinox Fabrication Plant suffered a re incident in August, and most of the records for the year were destroyed. The following accounting data for the year were recovered: Total manufacturing overhead estimated at the beginning of the year $101,900 Total direct labor costs estimated at the beginning of the year $184,000 Total direct labor hours estimated at the beginning of the year 3,300 direct labor hours Actual manufacturing overhead costs for the year $99,620 Actual direct labor costs for the year $150,000 Actual direct labor hours for the year 2,450 direct labor hours The company bases its manufacturing overhead allocation on the number of direct labor hours. What was the predetermined overhead allocation rate for the year? (Round your answer to the nearest cent.) O A. $1.85 0 B. $41.59 O C. $75.10 O D. $30.88 At the beginning of the year, Judge Manufacturing had the following account balances: Work in - Process Inventory 20,000 Finished Goods Inventory 8.000 Manufacturing Overhead 0 Cost of Goods Sold 0 Sales Revenue 0 The following additional details are provided for the year: Direct materials placed in production $81,900 Direct labor incurred 190,600 Manufacturing overhead incurred 301,700 Manufacturing overhead allocated to production 296,400 Cost of jobs completed and transferred to nished goods 500.300 Cost of Goods Sold 500.000 The ending balance in the Finished Goods Inventory account is a O A. debit of $500,300 0 B. credit of $500,300 0 C. debit of $3,300 0 D. debit of $3,000 At the beginning of the year, Springeld Manufacturing had the following account balances: Work in Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead l Cost of Goods Sold 0 Sales Revenue The following additional details are provided for the year: Direct materials placed in production $82,000 Direct labor incurred 194,000 Manufacturing overhead incurred 300,000 Manufacturing overhead allocated to production 295,000 Cost of jobs completed and transferred 503,000 Total revenue 752,000 Cost of goods sold (before adjustment) 442,600 After recording all these transactions and adjusting for the over/underallocated overhead, the ending balance in the Cost of Goods Sold account is a O A. debit of $447,600 0 B. debit of $442,600 0 C. debit of $437,600 0 D. credit of $447,600 Singh Enterprises manufactures picture frames. Its production operations are divided into two departments Assembly and Finishing. The company uses a process costing system. Singh incurred the following costs during the year to produce 6,000 picture frames: Assembly $10,100 Finishing $1,350 It Singh can only sell 5400 picture frames during the year, what will be the cost per unit of the picture frames produced? (Round your answer to the nearest cent.) O A. $2.12 O B. $1.87 O C. $1.91 0 D. $1.68Step by Step Solution
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