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Question 1 : XYZ Company recorded the following information related to their inventory accounts for 2003: January 1, 2003 December 31, 2003 Direct materials 10,000 17,000 Work in process 11,000 ? Finished goods 16,000 9,000 Additional information is as follows: Direct materials purchased .......... $19,000 Direct labor ........................ 15,000 Actual manufacturing overhead ....... 16,000 Applied manufacturing overhead ...... 14,000 Net income .......................... 30,000 S&A expenses ........................ 20,000 Sales revenue ....................... 90,000 Calculate the work in process inventory balance on December 31. Assume the overhead variance is considered immaterial. Do not use decimals in your answer. Question 2 : Madtack Company uses a job-order costing system and started the month of March with three jobs in process. The cost of beginning work in process plus the costs added during March are shown below: Job #359 Job #360 Job #361 beginning work in process ..... $4,800 $6,300 $3,500 COSTS ADDED DURING MARCH direct materials .............. $6,400 $3,300 $4,100 direct labor .................. 3,000 4,000 5,000 Madtack applies overhead to jobs at a rate of 75% of direct labor cost. During March, Madtack completed and sold Job #361. Job #359 was also completed but was not sold by the end of March. Job #360 was not completed by the end of March. Calculate Madtack's cost of goods manufactured for March. Do not use decimals in your answer. Question 3: Betty DeRose, Inc. uses job order costing. Manufacturing overhead is applied to jobs using a PDR of 140% of direct labor cost. Additional information is as follows: a. Job #101 was the only job in process at February 1 with costs as follows: Direct materials ..................... $ 4,000 Direct labor ......................... 2,000 Applied overhead ..................... 2,800 Total ............................. $ 8,800 b. Jobs 102,103 and 104 were started during February c. Direct materials used during February totaled $26,000 d. Direct labor costs of $20,000 were incurred in February e. Actual overhead costs incurred during February totaled $32,000 f. The only job still in process at February 28 was Job #104 with costs of $2,800 for direct materials and $1,500 for direct labor Calculate the cost of goods manufactured for February. Do not use decimals in your answer Question 4: ABC Company recorded the following information related to their inventory accounts for 2007: January 1, 2007 December 31, 2007 Direct materials 46,000 37,000 Work in process 38,000 41,000 Finished goods 22,000 35,000 ABC Company's accounting records for 2007 indicated the following costs had been incurred: Direct materials purchased ................... $222,000 Depreciation, factory equipment .............. ? Direct labor ................................. ? Utilities..................................... ? Sales commissions............................. 69,000 Indirect materials............................ 31,000 Depreciation, office equipment ............... 14,000 Production supervisor's salary ............... 74,000 Advertising................................... 52,000 Additional Information: 1. Cost of goods manufactured for 2007 totaled $438,000 2. Prime costs are equal to 140% of conversion costs 3. Direct labor comprised 30% of the conversion costs Calculate the direct labor cost incurred by ABC Company during 2007. Do not use decimals in your answer. Question 5 Jackson Company applies overhead to products using direct labor hours as the activity level. During 2009, Jackson Company had the following estimated costs: Direct materials .................... $204,000 Direct labor ........................ 180,000 (consisting of 12,000 direct labor hours) Advertising expense ................. 35,000 Rent on factory building ............ 36,000 Depreciation .................... ... 60,000 Indirect materials .................. 20,000 Sales commissions ................... 50,000 Production supervisor's salary ...... 40,000 Insurance on sales equipment ........ 17,000 It is known that 60% of the depreciation relates to equipment in the administrative offices while 40% of the depreciation relates to equipment in the factory. During 2009, Jackson Company began work on three jobs. Information relating to these three jobs appears below (assume there were no jobs in process at January 1, 2009): Job #359 Job #360 Job #361 direct materials .............. $72,000 $45,000 $61,000 direct labor .................. $54,000 $42,000 $60,000 direct labor hours ............ 3,600 2,800 4,000 By the end of 2009, job $359 and job #361 had been completed. Job #360 was not completed by the end of 2009. Additionally, by the end of 2009, job #361 had been sold while job #359 was not sold. During 2009, Jackson Company recorded total actual overhead cost of $100,000. Calculate the cost of goods sold reported by Jackson Company for 2009 after the overhead variance has been closed. Assume the overhead variance is closed directly into cost of goods sold. Do not use decimals in your answer. Question 6 : WoodGrain Technology makes home office furniture from fine hardwoods. The company operates two departments, the preparation department and the fabrication department. Overhead costs are applied to jobs using a plantwide pre-determined rate based on direct labor hours. At the beginning of 2008, the company's management made the following estimates: Preparation Department Fabrication Department Overhead cost $432,000 $702,000 Machine hours 90,000 25,000 Direct labor hours 35,000 65,000 In April, WoodGrain began working on Job #127. Job #127, which was completed in May, consisted of 100 units. The company's cost records show the following information concerning Job #127: Preparation Department Fabrication Department Direct material cost $940 $1,200 Direct labor cost $710 $980 Machine hours 350 80 Direct labor hours 50 150 During June, WoodGrain sold 60 units from Job #127 to a customer. It is the policy of WoodGrain to charge customers a price of 150% of total manufacturing costs for all jobs. Calculate the amount of gross profit earned by WoodGrain from the sale of the 60 units. Enter your answer with two places after the decimal point (i.e., 1234.56). Question 7: WoodGrain Technology makes home office furniture from fine hardwoods. The company operates two departments, the preparation department and the fabrication department. Overhead costs are applied to jobs from each department, using machine hours as the activity level for the preparation department and direct labor hours as the activity level for the fabrication department. At the beginning of 2008, the company's management made the following estimates: Preparation Department Fabrication Department Overhead cost $432,000 $702,000 Machine hours 90,000 25,000 Direct labor hours 35,000 65,000 In April, WoodGrain began working on Job #127. Job #127, which was completed in May, consisted of 100 units. The company's cost records show the following information concerning Job #127: Preparation Department Fabrication Department Direct material cost $940 $1,200 Direct labor cost $710 $980 Machine hours 350 80 Direct labor hours 50 150 During June, WoodGrain sold 60 units from Job #127 to a customer. It is the policy of WoodGrain to charge customers a price of 150% of total manufacturing costs for all jobs. Calculate the amount of gross profit earned by WoodGrain from the sale of the 60 units. Do not use decimals in your