Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Simple problems. Corrections for all problems please! Anderson Inc. issued $171,950 in raw materials to production (of the $171,950, $30,491 were not traceable to specific

Simple problems. Corrections for all problems please!

Anderson Inc. issued $171,950 in raw materials to production (of the $171,950, $30,491 were not traceable to specific jobs). The credit to Raw Materials Inventory would be ?

171950-30491 is wrong

-----------------------

Anderson Inc. issued $162,930 in raw materials to production (of the $162,930, $35,420 were not traceable to specific jobs). The debit to Work in Process would be ?

162930 is wrong

-----------------------------

Parker Company makes custom chef aprons. Parker has the following costs in its manufacturing company related to labor.

Wages paid to seamstresses

$12,873

Wages paid to sales team

15,473

Wages paid to cutters

11,766

Wages paid to the seamstress supervisor

16,721

Office managers salary

18,050

Sales Commissions

5,260

What are Parker Company's direct labor costs?

12873 is wrong

-----------------------

Kawhi, Inc., which uses a volume-based cost system, produces cat condos, and has a gross profit margin of 68%. Direct materials cost $19 per unit, and direct labor costs $23 per unit. Manufacturing overhead is applied at a rate of 140% of direct labor cost. Nonmanufacturing costs are $13 per unit.

How much does each cat condo sell for?

19 + 23 + 23*1.4 is 74.20 then 74.20 *.68 is 50.456 then 74.20+50.456 is wrong

--------------------

Ginobili Corp has the following information:

Beginning Inventory (1/1)

Ending Inventory (12/31)

Raw Materials Inventory

$

24,421

$

22,877

Work in Process Inventory

$

10,077

$

9,013

Finished Goods Inventory

$

16,679

$

19,957

Additional information for the year is as follows:

Raw materials purchases

$

56,387

Direct labor

$

44,554

Manufacturing overhead applied

$

45,362

Indirect materials

$

2,452

Compute the cost of goods manufactured.

24421+56387-22877+44554+45362+10077-9013 is wrong

------------------------

Ginobili Corp has the following information:

Beginning Inventory (1/1)

Ending Inventory (12/31)

Raw Materials Inventory

$

20,605

$

21,546

Work in Process Inventory

$

11,874

$

9,354

Finished Goods Inventory

$

15,397

$

17,897

Additional information for the year is as follows:

Raw materials purchases

$

56,222

Direct labor

$

43,238

Manufacturing overhead applied

$

47,167

Indirect materials

$

2,125

Compute the direct materials used in production.

56222+20605-21546 is wrong

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditing In Plain English A Simple Guide To Super Effective ISO Audits

Authors: Craig Cochran

1st Edition

1932828168, 978-1932828160

More Books

Students also viewed these Accounting questions

Question

16-2 Explain the basic facts about safety law and OSHA.

Answered: 1 week ago

Question

2. What are implementation intentions?

Answered: 1 week ago

Question

3 What are the four major aspects of an organisation culture?

Answered: 1 week ago

Question

2 What does the term organisation culture mean?

Answered: 1 week ago