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Ashley Corporation provided the following list of cost data related to its manufacturing operations for the month of September 20X4. Beginning raw materials inventory $ 966,400 Raw materials purchased (net) 2,345,500 Ending raw materials inventory 818,200 Direct labor costs 322,300 Indirect materials 125,500 Indirect labor Factory utilities and maintenance 88,900 456,000 Factory depreciation 56,600 Other factory related overhead 24,400 Beginning work in process 777,000 Ending work in process 717,000 (a) Arrange the cost data into a statement of cost of goods manufactured. (b) If Ashley's cost of goods sold for the month was $4,000,000, how much was the increase or decrease in finished goods inventory for the month of September? (a) ASHLEY CORPORATION Schedule of Cost of Goods Manufactured For the Month Ending September 30, 20X4 Direct materials: $ - $ - Raw materials transferred to production $ Direct labor - Factory overhead $ - Total manufacturing costs $ - $ - Cost of goods manufactured (b) $ - Mel Cheek is a fishing guide on the Chenega River. The fish are usually found 20 to 50 miles upriver. Once the fish are located, Mel slows the boat to trolling speed and fishes for about 6 hours before returning to dock. Mel has noted that overall fuel costs vary based on "miles upriver" and he is considering changing his guide fee to separately charge customers for estimated fuel costs. Below is Mel's log for 15 typical days showing "miles upriver to locate fish" and "total fuel cost". 1 Miles Upriver 37 2 41 93 3 22 73 4 28 80 5 49 99 6 25 74 7 33 85 8 37 87 9 44 93 10 24 77 11 29 80 12 45 96 13 35 83 14 36 87 15 31 80 Total 516 $1,273 Day Fuel Cost $86 (a) Use the high-low method to determine the "fixed fuel cost" associated with the trolling time, and the "variable fuel cost" associated with running up and down the river. (b) If the sole objective of the fuel charge is to approximately recover actual costs incurred each day, would "$2.50 per mile upriver" be a fair formula? What alternative formula might you suggest? (a) MILES RUN HIGH (b) COST LOW Greg Morrison recently graduated from mortuary school. He is considering opening his own funeral home. A funeral home is a high-fixed cost business, as it requires considerable expenditures for facilities, labor, and equipment, no matter how many families are served. Assume the annual fixed cost of operations is $800,000. Further assume that the only significant variable cost relates to burial containers like urns and caskets. An average casket costs $1,200. Greg's banker has asked a variety of questions in contemplation of providing a loan for this business. (a) If the average family is charged $6,000 for services and a burial container, how many families must be served to clear the break-even point? (b) If the banker believes Greg will only serve 100 families during the first year in business, how much will the business lose during its first year of operation? (c) If Greg believes his profits will be at least $100,000 during the first year, how much is he anticipating for total revenue? (d) The banker has suggested that Greg can reduce his fixed costs by $150,000 if he will not buy any vehicles. Greg can instead rent vehicles as needed. The variable cost of renting is $700 per family served. Will this suggestion help Greg reach the break-even point sooner? (a) Break-Even Point in Families = (b) (c) Sales for a Target Income = (d) New Break-Even Point in Families = Ekpro Products manufactures containment chambers for environmentally friendly incinerators. Each chamber is built to customer specifications. Most of the direct labor time is spent on welding activities. Following is the job cost sheet for an incinerator manufactured for Benzate Corporation: Job Cost Sheet Ekpro Job: Benzate Applied Direct Material Overhead Cost Rat Qt Rat Hours Total Per Total Qty Total e y e Unit Direct Labor May 8, 20X7 Total Rod Burner 9 $25 ### $ 225 Sandy Sharp 1 $12 $ 12 $ 12 Steel 10 $ 80 ### $ 800 May 9, 20X7 Sandy Sharp 2 $12 $ 24 $ 24 Applied Overhea ? 12 ### ### ? ### $ 360 ### ### (a) What types of costs do you imagine would be included in factory overhead? If overhead is applied based on direct labor hours, what is the application rate? (b) Ekpro is considering installation of a robotic machine that will do all welding operations. How might this decision impact the total overhead and the application method? (c) How does the applied overhead relate to the actual overhead? When they are not the same, what happens to the difference? Why is actual overhead not assigned to each job? (a) (b) (c) Renaissance Gallery converts photographs to portraits via a tedious hand painting process. Costs are tracked for each painting, with gallery overhead being applied at 125% of direct labor cost. Renaissance Gallery began June with one job in process. This job related to the Price Wedding photo, and beginning work in process included total costs of $14,400 (direct labor, direct material, and applied overhead). During June, four new jobs were begun. These consisted of the Ramirez family portrait, the Oberweiss farm photo, the Ravenwood big fish picture, and the Zhang baby picture. The only job remaining in process at the end of June was the Ravenwood big fish picture. To date, $13,000 in direct labor and $3,500 of direct materials had been committed to the Ravenwood job. Total direct labor incurred on all jobs during June was $60,900. incurred on all jobs during June was $11,700. Total direct material (a) Compute the ending work in process inventory balance and the total cost assigned to finished jobs. (b) Why is it necessary to track costs to individual jobs? (c) The overhead application rate is based on estimates. What happens if the amount of overhead applied to individual jobs differs from the amount of overhead actually incurred? (a) (b) (c) Cool Sun produces awnings and screens. Prepare journal entries to reflect the following transactions. After you complete the entries, determine the amount to include in raw materials, work in process, and finished goods. Aug. 4, 20X5 Purchased fabric and aluminum to be used in the manufacturing process. The purchase price was $4,000, on account. Aug. 8, 20X5 Transferred 60% of the raw materials purchased on August 4 into production. Aug. 8, 20X5 Incurred direct labor costs of $3,000. Factory overhead is applied at 40% of the direct labor cost. Aug. 9, 20X5 Transferred completed awnings with total assigned costs of $4,400 to finished goods. Aug. 10, 20X5 Sold and delivered half of the finished goods (from August 9) to a customer for $4,000 cash. GENERAL JOURNAL Date Page 1 Accounts 8-4-X5 To record purchase of raw materials 8-8-X5 To transfer raw materials to production, record direct labor costs on job, and apply overhead at the predetermined rate 8-9-X5 To transfer completed units to finished goods inventory 8-10-X5 To record sale of finished awning for $4,000 8-10-X5 To transfer finished goods to cost of goods sold Debit Credit Information for three different companies follows. Each company applies factory overhead at the rate of 40% of direct labor cost. In each scenario, the following entry was made to record the actual overhead costs: Factory Overhead 85,000 Salaries Payable 50,000 Utilities Payable 15,000 Supplies Accumulated Depreciation 4,000 16,000 Prepare a compound journal entry for each company to transfer raw materials to production, record direct labor costs on each job, and apply overhead at the predetermined rate. If the scenario involves underapplied or overapplied overhead, prepare an additional journal entry to transfer the amount to Cost of Goods Sold. Company A Raw materials transferred to production totaled $100,000, and direct labor cost was $212,500. Company B Raw materials transferred to production totaled $110,000, and direct labor cost was $200,000. Company C Raw materials transferred to production totaled $90,000, and direct labor cost was $225,000. GENERAL JOURNAL Date Accounts A To record costs and apply overhead at the predetermined rate ($212,500 X 40% = $85,000) B To record costs and apply overhead at the predetermined rate ($200,000 X 40% = $80,000) B C To record costs and apply overhead at the predetermined rate ($225,000 X 40% = $90,000) C Debit Credit