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Brief Exercise 152 Presented below are Truck Company's monthly manufacturing cost data related to its personal computer products. (a) Taxes on factory building (c) Depreciation on manufacturing equip. (b) (d) $820,000 Raw materials Wages for assembly line workers 66,000 210,000 340,000 Enter each cost item in the following table, placing an \"X\" under the appropriate headings. (a) Direct Materials Product Costs Direct Labor Manufacturing Overhead (b) (c) (d) Question Attempts: 0 of 1 used Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Brief Exercise 158 The following amounts were reported by Burke Company before adjusting its immaterial overapplied manufacturing overhead of $8,000. Raw Materials Inventory $40,000 Work in Process Inventory 100,000 Finished Goods Inventory Cost of Goods Sold 60,000 770,000 Compute what amount Burke will report as cost of goods sold after it disposes of its overapplied overhead. Cost of goods sold $ Question Attempts: 0 of 1 used Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Exercise 162 Cline Manufacturing Company uses a job order system and maintains perpetual inventory records. The columns indicating the appropriate account(s) to be debited and credited for the transactions listed below. Transactions 1. 2. 3. 4. Raw materials were purchased on account. Account(s) Debited Account(s) Credited Issued a check to Dixon Machine Shop for repair work on factory equipment. Direct materials were requisitioned for Job 280. Factory labor was paid as incurred. 5. Recognized direct labor and indirect labor used. 6. The production department requisitioned indirect materials for use in the factory. 7. 8. 9. 10. Overhead was applied to production based on a predetermined overhead rate of $8 per labor hour. Goods that were completed were transferred to finished goods. Goods costing $80,000 were sold for $105,000 on account. Paid for raw materials purchased previously on account. Question Attempts: 0 of 1 used Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Exercise 175 The following information is available for Elliot Company. Raw materials inventory Work in process inventory Finished goods inventory Materials purchased January 1, 2013 2013 $26,000 December 31, 2013 13,500 30,000 Direct labor $30,000 22,200 $170,000 21,000 220,000 Manufacturing overhead 180,000 Sales 800,000 Compute cost of goods manufactured. Cost of goods manufactured $ Prepare an income statement through gross profit. ELLOIT COMPANY Income Statement December 31, 2013 $ $ : $ Question Attempts: 0 of 1 used Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Exercise 185 Edwards Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $1,600,000 for the year, and machine usage is estimated at 200,000 hours. In January, $166,000 of overhead costs are incurred and 22,000 machine hours are used. For the remainder of the year, $1,730,000 of additional overhead costs are incurred and 214,000 additional machine hours are worked. Compute the manufacturing overhead rate for the year. Manufacturing overhead rate per machine hour What is the amount of over- or underapplied overhead at January 31? overhead $ What is the amount of over- or underapplied overhead at December 31? overhead $ Question Attempts: 0 of 1 used Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. *Problem 12-5A Thornton Company's income statement contained the condensed information below. THORNTON COMPANY Income Statement For the Year Ended December 31, 2014 Service revenue Operating expenses, excluding depreciation $878,634 Depreciation expense 78,705 22,896 Loss on disposal of plant assets Income before income taxes $1,388,070 980,235 407,835 80,136 Income tax expense $327,699 Net income Thornton's balance sheet contained the comparative data at December 31. 2014 Accounts receivable $100,170 Accounts payable 58,671 Income taxes payable 2013 $85,860 18,603 45,792 10,017 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) THORNTON COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2014 $ Adjustments to reconcile net income to $ $ Question Attempts: 0 of 1 used Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Brief Exercise 152 (a) (b) (c) (d) Direct materials X - Product Costs Direct Labor X Manufacturing Overhead X X - Brief Exercise 158 Cost of Goods Sold $ 762,000 Exercise 162 1 2 3 4 5 6 7 8 9 10 Account(s) Debited Raw Materials Manufacturing Overhead Woking in process Inventory Factory Labor Working in process inventory Working in process inventory Manufacturing Overhead Finished goods inventory Accounts receivable Cost of Goods sold Accounts payable Account(s) Credited Accounts payable Cash Raw Materials Cash Manufacturing Overhead Factory Labor Manufacturing Overhead Working in process inventory Working in process inventory Sales Finished googs inventory Cash Exercise 175 Cost of Goods manufactured $ 557,300.00 ELLOIT COMPANY Income Statement 31-Dec-13 Sales revenue Cost of Goods sold Finished Goods, 1/1 Cost of goods manufactured Cost of goods available for sale Less: Finished Goods, 12/31 Total Cost of goods sold Gross profit $ $ $ $ $ 566,300 $ 800,000 $ $ 566,300 233,700 30,000 557,300 587,300 21,000 Exercise 185 Manufacturing overhead rate $ 8.00 per machine hour What is the amount of over or underapplied overhead at January 31? Overapplied Overhead $ 10,000.00 What is the amount of over or underapplied overhead at December 31? Underapplied Overhead $ 8,000.00 Problem 12-5A THORNTON COMPANY Partial Statement of Cash Flow For the Year Ended December 31,2014 Operating Activities: Net Income Adjustments to Reconcile net income to Depreciation Expense Loss on Disposal of plant assets Increase in accounts receivable Increase in accounts payable Increase in income tax payable Net cash provided by operating activities $ $ $ $ $ $ 327,699.00 $ $ 108,756.00 436,455.00 78,705.00 22,896.00 (14,310.00) 12,879.00 8,586.00