Question
PLEASE HELP!!!! Use the Following Information to Answer the Questions Below. Our Business had the Following Costs and Balances For the Year Ended December 31st,
PLEASE HELP!!!!
Use the Following Information to Answer the Questions Below. Our Business had the Following Costs and Balances For the Year Ended December 31st,
Begin Raw Materials=$9,000 Raw Materials Purchased=$200,000 Raw Materials Used In-Directly=$25,000
Raw Materials Used Directly into BMX Bikes=$80,000 Raw Materials Used Directly into Mtn Bikes=$60,000
Begin Work-in-Process Costs BMX and MB =ZERO Direct Labor Costs for BMX=$50,000
Direct Labor Costs for Mtn Bikes=$100,000 Finance Costs = $19,000 Factory Rent =$58,000, CPA Costs=$67,000,
Factory Insurance = 11,000 In-Direct Factory Labor=$33,000, Marketing Costs =$15,000
Manufacturing Overhead is Charged to Jobs using an MOH Rate of 80% of Direct Labor Costs
BMX Bikes Unit Details are Shown Below;
900 Units were Fully Completed during the Month. 400 Units were partially completed (End WIP Units are 25% complete for DM, DL, MOH) 900 Units were Sold to Target with a 40% Markup over Cost.
Mountain Bikes (Mtn) Unit Details are Shown Below;
2500 Units Fully Completed during the Month. 1,000 Units were partially completed (End WIP Units are 50% complete for DM, DL, MOH) 2,200 Units were Sold to Target with a 30% Markup over Cost.
QUESTIONS
Compute the Ending Balance in the Raw Materials Account at Year End =
Compute the Total Manufacturing Overhead Applied during the Year=
Compute the Actual Manufacturing Overhead Costs Incurred for the Year=
Compute the Manufacturing Overhead Dollar Account Balance at Year End =
Is the MOH Balance OVER or UNDER Applied ? =
Compute the MOH Account Balance Variance Percent =
Show your Answer as a Percent out 2 Decimal Places.
Is the MOH Balance Reasonable using a 5% standard, YES or NO ? =
Compute the Total Work In Process Costs for BMX Bikes =
Compute the Total Work In Process Costs for Mtn Bikes =
Compute the Total Equivalent Units of Production for BMX Bikes =
Compute the Total Equivalent Units of Production for Mtn Bikes
Compute the Cost Per Equivalent Unit of Production for BMX Bikes =
Show your answer out 2 Decimals to the Nearest Penny if Needed.
Compute the Total Cost of Goods Manufactured (COGM) for BMX Bikes =
Compute the Cost Per Equivalent Unit of Production for Mountain Bikes=
Show your answer out 2 Decimals to the Nearest Penny if Needed.
Compute the Total Cost of Goods Manufactured (COGM) for Mountain Bikes =
Compute the Cost of Goods Sold TOTAL for all Jobs for the Month =
Compute the Total Sales Revenues TOTAL for All Jobs for the Month =
Compute the Total Gross Profit for All Jobs = Compute the Total Net Income for All Jobs =
Compute the Amount Charged to Target for One BMX Bike =
Show your answer out 2 Decimals to the Nearest Penny if Needed.
Compute the Amount Charged to Target for One Mountain Bike =
Show your answer out 2 Decimals to the Nearest Penny if Needed. Show All of your Answers as a Number Only, No Symbols, Dollar Signs, or Decimals, Unless Otherwise Stated.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started