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Please help!!! I'm so lost at this chapter. Please show your work in excel sheet THANK YOU!!! ACCT 221: Week 4 Homework Assignment There are
Please help!!! I'm so lost at this chapter. Please show your work in excel sheet
THANK YOU!!!
ACCT 221: Week 4 Homework Assignment There are three problems this week. Click on tabs at bottom of spreadsheet to go to problems 2 and 3. Echo Sports Company produces home basketball goal systems consisting of a stand, backboard, rim, and net. The co and capacity to produce 800 goal systems per month. Manufacturing costs and other costs are shown below: Administrative salary Depreciation on office equipment Depreciation on production equipment Electric and other factory utilities Factory supervisor salary Fiberglass backboards purchased from another manufacturer Insurance on factory building and contents Maintenance costs on factory equipment Nets and rims purchased from another manufacturer Rent on factory building Sales commissions Steel pipe for stand fabrication Supplies for administrative office Wages for production workers 2,400.00 400.00 2,200.00 1,400.00 2,000.00 36,400.00 600.00 1,200.00 6,400.00 2,000.00 1,800.00 14,920.00 600.00 14,720.00 87,040.00 Enter each manufacturing cost in the appropriate column. Leave blank if it does not fil in any column. Administrative salary Depreciation on office equipment Depreciation on production equipment Electric and other factory utilities Factory supervisor salary Fiberglass backboards purchased from another manufacturer Insurance on factory building and contents Maintenance costs on factory equipment Nets and rims purchased from another manufacturer Rent on factory building Sales commissions Steel pipe for stand fabrication Supplies for administrative office Wages for production workers Totals Direct Materials Direct Labor - - Compute the cost to produce 1 basketball goal system (cost per unit): What will the cost per unit be if we increase production by 100 units with a proportional cost increase for direct materials and direct labor but no increase in overhead cost? blems 2 and 3. kboard, rim, and net. The company has sufficient orders sts are shown below: Manufacturing Overhead - Job costing Elite Custom Cabinetry Company produces custom cabinet order to exact measure based off CAD drawings prov As of June 1, there was one order in production (job 5-3) and two new jobs were started in June (jobs 6-1 and Job 5-3 had incurred costs as follows prior to the month of June: direct material $4,600; direct labor $6,550, ove There were no finished goods as orders ship out upon completion. Raw material inventory was $18,600 as of Ju The following events occurred during June: 1. Purchased additional raw materials of $20,000. 2. Incurred direct labor hours of 640 hours at a rate of $24.00 during the month of June. 3. Incurred total manufacturing overhead costs of $18,400 during the month of June. 4. Assigned Direct materials and direct labor hours to jobs as follows: actual materials hours Job 5-3 2,500 112 Job 6-1 8,700 320 Job 6-2 5,445 205 Totals 16,645 637 5. The company uses direct labor hours to assign overhead to individual jobs and the predetermined overhead rate is $28.00 per hour based on the budget of 600 labor hours per month. 6. Job 5-3 and 6-1 are completed and shipped in the month of June. Job 6-2 is in progress at month end. A. Calculate the completed cost of jobs 5-3 and 6-1. B. Calculate the cost of work in process (job 6-2) C. Calculate over or under applied overhead for hours worked and rate per hour. D. Calculate the actual overhead rate per hour e based off CAD drawings provided by kitchen remodeling firms: re started in June (jobs 6-1 and 6-2). 4,600; direct labor $6,550, overhead $3,400 inventory was $18,600 as of June 1. the predetermined progress at month end. This is a comprehensive problem all contained on this spreadsheet tab. Process Job Costing and Equivalent Units of Production Bay Manufacturing produces paint. The company has two processes: mixing and packaging. The ingredients for the paint are mixed in large batches and then transferred to the packaging department, where one-gallon cans are filled, capped, labeled, and boxed. There was no work in process on February 1. The materials are all brought to the packaging job up front and charged to the job. Nothing is transferred to finished goods until the entire job is complete. The materials costs include the packaging, material, and the cost transferred from the mixing department. On February 2, 15,000 gallons (job 2-1) were transferred into the packaging department from the mixing department and completed on February 19. The costs incurred to complete job 2-1 in the packaging department are as follows: Materials 56,250 Labor 10,250 Overhead (applied based on direct labor hours) 7,500 On February 20, another 20,000 gallons (job 2-2) were transferred into the packaging department. Job 2-2 was 50% complete as to labor at the end of the month. The costs incurred (unit cost unchanged from job 2-1) to complete job 2-2 in the packaging department are as follows: Materials 75,000 Labor 12,500 Overhead (applied based on direct labor hours) 10,000 INSTRUCTIONS: 1. Compute the physical units of production. 2. Compute the cost per unit to complete packaging for labor, materials, overhead, and total. 3. Compute equivalent units and cost of work in process as of the end of February. 4. Record journal entries for: a. the movement of materials from materials inventory to each job b. the allocation of payroll to each job c. the application of overhead to each job d. the movement of work in process to finished goods Part 1: Part 2: Part 3: Part 4: artment from the ging department. overhead, and totalStep by Step Solution
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