On the let picture, number 4, 5, and 6 please. thank you. thats all the information
its Accounting 2302
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Corrected Chart of Accounts fo Chart of Accounts 10000 Cash 11000 Accounts Receivable 12000 DM-Plastic 12100 DM - Motors 12150 DM-Wheels 15000 Work-In-Process 15050 Factory Overhead 16000 Finished Goods FG 20000 Accounts Payable 21000 Wages Payable 40000 Sales 50000 COGS 8:16 Overhead S0000 100000 - 50.50 per robot 2 Number of room for Beginning United Whole Equivalent Direct Materials Plastic Direct Materials DM Ce Beginning love Commed Manufacturing Process Information Mr. Roberts, the CEO of Robust Robots, Inc. has begun a small manufacturing process that will manufacture simple functioning robots and then all the robots to merchandising companies. The manufacturing process starts with plastic beine formed into parts through injection molding. Alter the parts are cooled and inspected the parts are assembled. The first step is attaching the dome to the body, attach the lers, then insert the motor and fasten the wheels. Once completed the robots are then transferred to finished goods. This is a process cost system and the company elects to use the FIFO method of accounting for product costs. Direct material-plastic is added 100% at the beginning of the process for all parts Direct material motors and wheels are added 100% as the last step in the manufacturing process. At the beginning of the accountine period Mr Roberts estimates that production will be 100,000 robots during the year. Estimated factory overhead is $50.000. This information is to be used to determine the application rate for the manufacturing overhead. Estimated and actual direct labor costs totaled $41,880. Actual factory overhead costs totaled $45,000. The following information is available concerning direct materials. Direct Materials-Plastic Pellets Beginning inventory O plastic pellets Purchase of plastic 100,000 pounds @ $10.63 a pound Each robot takes a pound of plastic pellets. Direct Material-Motors Beginning inventory Purchase of motors Each robot contains one motor. O motors 100,000 motors @ $15.00 each Direct Materials-Wheels Beginning inventory Purchase of wheels Each robot needs 2 wheels. O wheels 200,000 wheels @ $5.00 each The Work-in-Process account has the following information: Ending work in process inventory has 17,000 units that are 100% complete as to plastic parts, 25% complete as to conversion costs and 0% complete as to motors and wheels. The Finished Goods account has the following Information: The finished goods inventory at January 1, 2019 had a balance of 2,000 robots at a cost of $140,000 and on December 31, 2019 had an ending balance of 3,000 robots. The selling price of the robot is $70.00. Selling and Administrative Costs totaled $100,000; tax rate is 35%. 11 Page 1. Determine the predetermined overhead rate. 2. Determine the total number of robots to account for. 3. Prepare an equivalent unit's schedule. The schedule should follow the format below; you may add additional information if you would like. Equivalent Units Whole Units (Actual) Conversion Costs Direct Materials Plastic Parts XXX Direct Material Motor XXX Direct Material Wheels XXX Beginning XXX XXX Start/Completed XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX Completed/ Transferred Out Ending XXX XXX XXX XXX XXX 4. Determine the total cost for the plastic and the unit amount for the plastic for one robot 5. Determine the total cost for the motors and the unit cost for each motor. 6. Determine the total cost for the wheels and the unit cost for the wheels for the robot. 7. Determine the total conversion cost and the conversion cost per robot. 8. Determine the total equivalent cost per robot. 9. Prepare a Cost of Production report. This report should show all costs transferred into Work-in- Process and the costs transferred to Finished Goods. This process uses FIFO costing, 1. Overhead rate = $50000 / 100000 = $0.50 per robot 2. Number of robots to account for Beginning Inventory Units started 100000 Total number of robots to account for 100000 Equivalent units Direct Materials Plastic Parts Direct Materials Motors Direct Materials Wheels Conversion Costs Whole Units Beginning Inventory 0 Units started/Completed 83000 Completed/Transferred Ted 83000 out Ending Inventory 17000 83000 83000 83000 83000 83000 83000 83000 83000 17000 4250 Anonymous answered this 2,792 answers 1. Overhead rate = $50000 / 100000 = $0.50 per robot Was this answer helpful? i p o Number of robots to account for Beginning Inventory Units started 100000 Total number of robots to account for 100000 Equivalent units Whole Units Direct Materials Plastic Parts Direct Direct Materials Motors Materials Wheels Conversion Costs 83000 83000 83000 83000 Beginning Inventory O Units 83000 started/Completed Completed/Transferred 83000 out 83000 83000 83000 83000 Ending Inventory 17000 17000 4250 Comment > XXX XXX XXX XXX XXX XXX XXX XXX Start/Completed Completed/ Transferred Out Ending XXX XXX XXX XXX XXX XXX XXX 4. Determine the total cost for the plastic and the unit amount for the plastic for one robot. 5. Determine the total cost for the motors and the unit cost for each motor. 6. Determine the total cost for the wheels and the unit cost for the wheels for the robot. 7. Determine the total conversion cost and the conversion cost per robot. 8. Determine the total equivalent cost per robot. 9. Prepare a Cost of Production report. This report should show all costs transferred into Work-in- Process and the costs transferred to Finished Goods. This process uses FIFO costing. 10. Determine the amounts for the following. a) Ending Work-in-Process Inventory in Units AND Dollars b) Ending Finished Goods Inventory in Units AND Dollars c) Cost of Goods Sold Sosis d) Over/Under Applied Manufacturing Overhead e) Gross Margin abbal And f) Income from Operations g) Net Income oled 392 11. Prepare the necessary Journal Entries related to the manufacturing cycle for this accounting period. Prepare journal entries for the accounting period. Use the account numbers in the chart of accounts, below, instead of the accounts names when writin Corrected Chart of Accounts fo Chart of Accounts 10000 Cash 11000 Accounts Receivable 12000 DM-Plastic 12100 DM - Motors 12150 DM-Wheels 15000 Work-In-Process 15050 Factory Overhead 16000 Finished Goods FG 20000 Accounts Payable 21000 Wages Payable 40000 Sales 50000 COGS 8:16 Overhead S0000 100000 - 50.50 per robot 2 Number of room for Beginning United Whole Equivalent Direct Materials Plastic Direct Materials DM Ce Beginning love Commed Manufacturing Process Information Mr. Roberts, the CEO of Robust Robots, Inc. has begun a small manufacturing process that will manufacture simple functioning robots and then all the robots to merchandising companies. The manufacturing process starts with plastic beine formed into parts through injection molding. Alter the parts are cooled and inspected the parts are assembled. The first step is attaching the dome to the body, attach the lers, then insert the motor and fasten the wheels. Once completed the robots are then transferred to finished goods. This is a process cost system and the company elects to use the FIFO method of accounting for product costs. Direct material-plastic is added 100% at the beginning of the process for all parts Direct material motors and wheels are added 100% as the last step in the manufacturing process. At the beginning of the accountine period Mr Roberts estimates that production will be 100,000 robots during the year. Estimated factory overhead is $50.000. This information is to be used to determine the application rate for the manufacturing overhead. Estimated and actual direct labor costs totaled $41,880. Actual factory overhead costs totaled $45,000. The following information is available concerning direct materials. Direct Materials-Plastic Pellets Beginning inventory O plastic pellets Purchase of plastic 100,000 pounds @ $10.63 a pound Each robot takes a pound of plastic pellets. Direct Material-Motors Beginning inventory Purchase of motors Each robot contains one motor. O motors 100,000 motors @ $15.00 each Direct Materials-Wheels Beginning inventory Purchase of wheels Each robot needs 2 wheels. O wheels 200,000 wheels @ $5.00 each The Work-in-Process account has the following information: Ending work in process inventory has 17,000 units that are 100% complete as to plastic parts, 25% complete as to conversion costs and 0% complete as to motors and wheels. The Finished Goods account has the following Information: The finished goods inventory at January 1, 2019 had a balance of 2,000 robots at a cost of $140,000 and on December 31, 2019 had an ending balance of 3,000 robots. The selling price of the robot is $70.00. Selling and Administrative Costs totaled $100,000; tax rate is 35%. 11 Page 1. Determine the predetermined overhead rate. 2. Determine the total number of robots to account for. 3. Prepare an equivalent unit's schedule. The schedule should follow the format below; you may add additional information if you would like. Equivalent Units Whole Units (Actual) Conversion Costs Direct Materials Plastic Parts XXX Direct Material Motor XXX Direct Material Wheels XXX Beginning XXX XXX Start/Completed XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX Completed/ Transferred Out Ending XXX XXX XXX XXX XXX 4. Determine the total cost for the plastic and the unit amount for the plastic for one robot 5. Determine the total cost for the motors and the unit cost for each motor. 6. Determine the total cost for the wheels and the unit cost for the wheels for the robot. 7. Determine the total conversion cost and the conversion cost per robot. 8. Determine the total equivalent cost per robot. 9. Prepare a Cost of Production report. This report should show all costs transferred into Work-in- Process and the costs transferred to Finished Goods. This process uses FIFO costing, 1. Overhead rate = $50000 / 100000 = $0.50 per robot 2. Number of robots to account for Beginning Inventory Units started 100000 Total number of robots to account for 100000 Equivalent units Direct Materials Plastic Parts Direct Materials Motors Direct Materials Wheels Conversion Costs Whole Units Beginning Inventory 0 Units started/Completed 83000 Completed/Transferred Ted 83000 out Ending Inventory 17000 83000 83000 83000 83000 83000 83000 83000 83000 17000 4250 Anonymous answered this 2,792 answers 1. Overhead rate = $50000 / 100000 = $0.50 per robot Was this answer helpful? i p o Number of robots to account for Beginning Inventory Units started 100000 Total number of robots to account for 100000 Equivalent units Whole Units Direct Materials Plastic Parts Direct Direct Materials Motors Materials Wheels Conversion Costs 83000 83000 83000 83000 Beginning Inventory O Units 83000 started/Completed Completed/Transferred 83000 out 83000 83000 83000 83000 Ending Inventory 17000 17000 4250 Comment > XXX XXX XXX XXX XXX XXX XXX XXX Start/Completed Completed/ Transferred Out Ending XXX XXX XXX XXX XXX XXX XXX 4. Determine the total cost for the plastic and the unit amount for the plastic for one robot. 5. Determine the total cost for the motors and the unit cost for each motor. 6. Determine the total cost for the wheels and the unit cost for the wheels for the robot. 7. Determine the total conversion cost and the conversion cost per robot. 8. Determine the total equivalent cost per robot. 9. Prepare a Cost of Production report. This report should show all costs transferred into Work-in- Process and the costs transferred to Finished Goods. This process uses FIFO costing. 10. Determine the amounts for the following. a) Ending Work-in-Process Inventory in Units AND Dollars b) Ending Finished Goods Inventory in Units AND Dollars c) Cost of Goods Sold Sosis d) Over/Under Applied Manufacturing Overhead e) Gross Margin abbal And f) Income from Operations g) Net Income oled 392 11. Prepare the necessary Journal Entries related to the manufacturing cycle for this accounting period. Prepare journal entries for the accounting period. Use the account numbers in the chart of accounts, below, instead of the accounts names when writin
