Prepare a Cost of Goods Manufactured from the following data. Materials inventory, Jan 1....\$80,000 Materials inventory, Dec. 31..60,000 WIP inventory, Jan 1...100,000 WIP inventory, Dec. 31.140,000 Finished Goods inventory, Jan. 1...120,000 Finished Goods inventory, Dec. 31..110,000 Net delivered cost of materials purchased....180,000 Direct Labor....280,000 Indirect Material....15,000 Indirect Labor....75,000 Factory Supplies used....16,000 Factory Depreciation...30,000 Factory Repairs and Maintenance....22,000 Selling Expenses....64,000 Non-factory Administrative Expenses...58,000 Classify the following costs relative to the cost object "patient" for a medical office. 1.e. explain which is a product or period cost, variable, fixed, or mixed; direct and indirect material. - Nurses salaries - Receptionist salary - Depreciation on exam room computers - Health insurance for administrative staff - Subscription to patient management software service - Office lease expense - Gloves, swabs, and other medical supplies The annual budget for Vasconcellos Manufactures for 2023 is the following: - Direct Materials. $30,000 - Direct Labor (\$8 per hour; yeah, I'm cheap!) 120,000 - Sales Commissions. .28,000 - Factory Supervision...16,000 - Indirect Labor...27,000 - Factory Depreciation...25,000 - Factory Taxes...7,000 - Factory Insurance...6,000 - Factory Utilities... 9,000 - Compute the plant-wide predetermined manufacturing overhead rate for ' 23 using direct labor hours as the activity measure. SHOW YOUR WORK - Determine the amount of manufacturing overhead that would be applied to jobs during March ' 23 when 1,100 direct labor hours were incurred. SHOW YOUR WORK IV. Journalize the following "Process Costing" transactions stated below. Part 1. - Purchased 20 million of grain on account - Direct Material requisitioned during the month, $19,237,725 - Accrued direct labor amounting to $3,210,425 - Applied Manufacturing overhead to work-in-process inventory, $9,602,543 Part II. From the above, create a Work-in-Process account listing the following line items and the correct corresponding numbers: Beginning balance Direct Materials Direct Labor Manufacturing Overhead = Balance before month-end adjustments..........\$32,331,038 J. David Blakeney Inc. has developed the budget for its 2024 year of operation. The budget ncludes the following: Sales of 100,000 units at $5 per unit Jnits sold will equal units produced /ariable costs for 100,000 units: - Direct materials.... $125,000 - Direct labor................100,000 - Variable overhead.....30,000 - Selling and Admn......45,000 - Total fixed cost........120,000 The company pays income tax at a rate of 30% - What is Blakeney's break-even point, in units and dollars, for next year? - Demonstrate that the unit amount reconciles with the dollar amount. - What amount of sales revenue would Blakeney need to realize next year in order to generate a net income of $63,000 after taxes? - Construct an income statement
