The following events apply to Baird Manufacturing Company. Assume that all transactions are cash transactions unless otherwise Indicated. Transactions for the Year 1 Accounting Period 1. The company was started on January t Year , when it acquired $150,000 cash by issuing common stock 2 The company purchased $45,000 of direct raw materials with cash and used $2.170 of these materials to make its products in January 3. Employees provided 1,000 hours of labor at $510 per hour during January, Wages are paid in cash 4. The estimated manufacturing overhead costs for Year 1 were $58,560 Overhead is applied on the basis of direct labor hours. The company expected to use 12.200 direct labor hours during Year 1. Calculate an overhead rate and apply the overhead for January to work in process inventory 5. The employees completed work on all inventory items started in January. The cost of this production was transferred to the Finished Goods Inventory account Determine the cost per unit of product produced in January, assuming that a total of 1.700 units of product were started and completed during the month 6. The company used an additional $33,270 of direct raw materials and 11.700 hours of direct labor at $5:10 per hour during the remainder of Year 1 Overhead was allocated on the basis of direct labor hours 7. The company completed work on inventory items started between February 1 and December 31, and the cost of the completed inventory was transferred to the Finished Goods Inventory account. Determine the cost per unit for goods produced between February 1 and December 31, assuming that 21000 units of inventory were produced. If the company desires to earn a gross profit of $260 per unit, what price per unit must it charge for the merchandise sold? 8. The company sold 20.000 units of inventory for cash at $970 per unit. Determine the number of units in ending inventory and the cost per unit incurred for this inventory 9. Actual manufacturing overhead costs paid in cash were $59.560 10. The company paid $38,000 cash for selling and administrative expenses 11. Close the Manufacturing Overhead account 12. Close the revenue and expense accounts Transactions for the Year 2 Accounting Period 1 The company purchased 545,500 of direct raw materials with cash and used 51.935 of these materials to make products in January 2. Employees provided 900 hours of labot at $510 per hour during January 3. On January 1 Year 2. Baird hired a production supervisor at an expected cost of $1.060 cash per month The company paid cash to purchase 53,630 of manufacturing supplies, it anticipated that $3,270 of these supplies would be used by year-end Other manufacturing overhead costs production supplies) were expected to total $58,560, Overhead is applied on the basis of direct labor hours Band expected to use 14.200 hours of direct labor during Year 2 Based on this information, determine the total expected overhead cost for Year 2 Calculate the predetermined overhead rate and apply the overhead st for the January production 4. The company recorded a $1060 cash payment to the production supervisor 5. The employees completed work on all inventory Items started in January The cost of this production was transferred to the Finished Goods Inventory account Determine the cost per unit of product produced in January, assuming that 1.500 units of product were started and completed during the month 6. During February Year 2. the company used $1.830 of raw materials and 1200 hours of labor at 5510 per hour. Overhead was located on the basis of direct labor hours 7. The company recorded a 51060 cash payment to the production supervisor for February 8. The employees completed work on all inventory items started in February, the cost of this production was transferred to the Finished Goods Inventory account Determine the cost per unit of product produced in February, assuming that 1900 units of product were started and completed during the month 9. The company used an additional $38 730 of direct raw materials and 12 200 hours of direct tabor at $510 per hour during the remainder of Year 2 Overhead was allocated on the basis of direct lator hours 10. The company recorded 510600 of cash payments to the production supervisor for work performed between March 1 and December 31 11. The company completed work on inventory tems started between March 1 and December 31 The cost of the completed goods was transferred to the Finished Goods Inventory account. Compute the cost per unit of this inventory, assuming that there were 22.000 sofinary produced 12. The company sold 24000 urts of product for $10.00 cash per unit. Assume that the company uses the FIFO Inventory cost flow method to determine the cost of goods sold 13. The company paid 539100 cash for selling and administrative expenses 14. As of December 3 Year 2, $450 of production supplies was on hand 15. Actual cost of the manufacturing overhead was 558 500 cach 16. Close the Manufacturing Overhead account 17. Close the revenue and expense acco Complete this question by entering your answers in the tabs below Roq BCGM Rey BF Reg A Year Red A Year 2 Sched Soms Post the above transactions to the appropriate T-accounts for Year 1. Do not combine the amounts for Direct material, Labor and Overhead as one value and enter for amounts for respective years and transactions. (Round your intermediate conto 2 decimal places and finanswers to the nearest while doll amount) Common Stock End Bol End Bal Reed Earnings Raw Materials End Bal End B Sal Revenue Manufacturing Overhead End Bal 0 0 End Bal Cost of Goods Sold Work in Process 12 0 End Bal End Bal Selling and Administrative Expenses Finished Goods 12 End Bal End B Reg A Year 2) Sched Pet the above me to the appropriate T-scounts for r2. Domments the Director and de and enter for at forventnyeland that Degal End 18 13 15 ENE BB th ya 4 ON 14 End WP Com the En Complete this question by entering your answers in the tabs below. 0 Red A Year 1 Reg A Year 2 Req B CGM Req 8 Fin Sched Stmts Prepare a schedule of cost of goods manufactured and sold. (Round your intermediate calculations to 2 decimal places. Round final answers to the nearest whole dollar amount.) BAIRD MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and sold Year 1 Year 2 Beginning raw materials inventory Purchase Raw materials available Ending raw materials inventory Raw materials used Labor Manufacturing overhead Total manufacturing costs 0 0 Beginning work in process inventory Total work in process inventory 0 0 Ending work in process inventory Cost of goods manufactured Beginning finished goods inventory Goods available for sale 0 Ending finished goods inventory Cost of goods sold $ 0 $ 0 0 0 0 Required a. Post the above transactions for both years to the appropriate Taccounts b. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for each year, Complete this question by entering your answers in the tabs below. - Reg A Year : Reg A Year 2 Rea B CGM Sched Regin Smits . + Prepare an income statement, and a balance sheet for each year (Round your intermediate calculations to 2 decimal places Round final answers to the nearest whole dollar amount.) Year BARD MANUFACTURING COMPANY Financial Statements income Bus Year 1 Sie von Cost of goods sold Gross margin Selling and administrative expenses o income 5 05 0 Balance Sheets A oction suppo shed goods inventory $ 05 Total Equity Commons and can Total equity 05 0 Roq CGM Sched Pre 1 at 21 Next > pe here to search O i The following events apply to Baird Manufacturing Company. Assume that all transactions are cash transactions unless otherwise Indicated. Transactions for the Year 1 Accounting Period 1. The company was started on January t Year , when it acquired $150,000 cash by issuing common stock 2 The company purchased $45,000 of direct raw materials with cash and used $2.170 of these materials to make its products in January 3. Employees provided 1,000 hours of labor at $510 per hour during January, Wages are paid in cash 4. The estimated manufacturing overhead costs for Year 1 were $58,560 Overhead is applied on the basis of direct labor hours. The company expected to use 12.200 direct labor hours during Year 1. Calculate an overhead rate and apply the overhead for January to work in process inventory 5. The employees completed work on all inventory items started in January. The cost of this production was transferred to the Finished Goods Inventory account Determine the cost per unit of product produced in January, assuming that a total of 1.700 units of product were started and completed during the month 6. The company used an additional $33,270 of direct raw materials and 11.700 hours of direct labor at $5:10 per hour during the remainder of Year 1 Overhead was allocated on the basis of direct labor hours 7. The company completed work on inventory items started between February 1 and December 31, and the cost of the completed inventory was transferred to the Finished Goods Inventory account. Determine the cost per unit for goods produced between February 1 and December 31, assuming that 21000 units of inventory were produced. If the company desires to earn a gross profit of $260 per unit, what price per unit must it charge for the merchandise sold? 8. The company sold 20.000 units of inventory for cash at $970 per unit. Determine the number of units in ending inventory and the cost per unit incurred for this inventory 9. Actual manufacturing overhead costs paid in cash were $59.560 10. The company paid $38,000 cash for selling and administrative expenses 11. Close the Manufacturing Overhead account 12. Close the revenue and expense accounts Transactions for the Year 2 Accounting Period 1 The company purchased 545,500 of direct raw materials with cash and used 51.935 of these materials to make products in January 2. Employees provided 900 hours of labot at $510 per hour during January 3. On January 1 Year 2. Baird hired a production supervisor at an expected cost of $1.060 cash per month The company paid cash to purchase 53,630 of manufacturing supplies, it anticipated that $3,270 of these supplies would be used by year-end Other manufacturing overhead costs production supplies) were expected to total $58,560, Overhead is applied on the basis of direct labor hours Band expected to use 14.200 hours of direct labor during Year 2 Based on this information, determine the total expected overhead cost for Year 2 Calculate the predetermined overhead rate and apply the overhead st for the January production 4. The company recorded a $1060 cash payment to the production supervisor 5. The employees completed work on all inventory Items started in January The cost of this production was transferred to the Finished Goods Inventory account Determine the cost per unit of product produced in January, assuming that 1.500 units of product were started and completed during the month 6. During February Year 2. the company used $1.830 of raw materials and 1200 hours of labor at 5510 per hour. Overhead was located on the basis of direct labor hours 7. The company recorded a 51060 cash payment to the production supervisor for February 8. The employees completed work on all inventory items started in February, the cost of this production was transferred to the Finished Goods Inventory account Determine the cost per unit of product produced in February, assuming that 1900 units of product were started and completed during the month 9. The company used an additional $38 730 of direct raw materials and 12 200 hours of direct tabor at $510 per hour during the remainder of Year 2 Overhead was allocated on the basis of direct lator hours 10. The company recorded 510600 of cash payments to the production supervisor for work performed between March 1 and December 31 11. The company completed work on inventory tems started between March 1 and December 31 The cost of the completed goods was transferred to the Finished Goods Inventory account. Compute the cost per unit of this inventory, assuming that there were 22.000 sofinary produced 12. The company sold 24000 urts of product for $10.00 cash per unit. Assume that the company uses the FIFO Inventory cost flow method to determine the cost of goods sold 13. The company paid 539100 cash for selling and administrative expenses 14. As of December 3 Year 2, $450 of production supplies was on hand 15. Actual cost of the manufacturing overhead was 558 500 cach 16. Close the Manufacturing Overhead account 17. Close the revenue and expense acco Complete this question by entering your answers in the tabs below Roq BCGM Rey BF Reg A Year Red A Year 2 Sched Soms Post the above transactions to the appropriate T-accounts for Year 1. Do not combine the amounts for Direct material, Labor and Overhead as one value and enter for amounts for respective years and transactions. (Round your intermediate conto 2 decimal places and finanswers to the nearest while doll amount) Common Stock End Bol End Bal Reed Earnings Raw Materials End Bal End B Sal Revenue Manufacturing Overhead End Bal 0 0 End Bal Cost of Goods Sold Work in Process 12 0 End Bal End Bal Selling and Administrative Expenses Finished Goods 12 End Bal End B Reg A Year 2) Sched Pet the above me to the appropriate T-scounts for r2. Domments the Director and de and enter for at forventnyeland that Degal End 18 13 15 ENE BB th ya 4 ON 14 End WP Com the En Complete this question by entering your answers in the tabs below. 0 Red A Year 1 Reg A Year 2 Req B CGM Req 8 Fin Sched Stmts Prepare a schedule of cost of goods manufactured and sold. (Round your intermediate calculations to 2 decimal places. Round final answers to the nearest whole dollar amount.) BAIRD MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and sold Year 1 Year 2 Beginning raw materials inventory Purchase Raw materials available Ending raw materials inventory Raw materials used Labor Manufacturing overhead Total manufacturing costs 0 0 Beginning work in process inventory Total work in process inventory 0 0 Ending work in process inventory Cost of goods manufactured Beginning finished goods inventory Goods available for sale 0 Ending finished goods inventory Cost of goods sold $ 0 $ 0 0 0 0 Required a. Post the above transactions for both years to the appropriate Taccounts b. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for each year, Complete this question by entering your answers in the tabs below. - Reg A Year : Reg A Year 2 Rea B CGM Sched Regin Smits . + Prepare an income statement, and a balance sheet for each year (Round your intermediate calculations to 2 decimal places Round final answers to the nearest whole dollar amount.) Year BARD MANUFACTURING COMPANY Financial Statements income Bus Year 1 Sie von Cost of goods sold Gross margin Selling and administrative expenses o income 5 05 0 Balance Sheets A oction suppo shed goods inventory $ 05 Total Equity Commons and can Total equity 05 0 Roq CGM Sched Pre 1 at 21 Next > pe here to search O