Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The partially completed T-accounts and selected additional information for Hancock Parts for the month of February follow: Additional information for February follows: - Sales Revenue

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The partially completed T-accounts and selected additional information for Hancock Parts for the month of February follow: Additional information for February follows: - Sales Revenue in February was $180,200. - The operating loss for February was $(11,200). - Hancock applies manufacturing overhead at the rate of 75 percent of direct materials costs. - Indirect materials in the amount of $15,200 was debited to Manufacturing Overhead Control in February. These materials had been stored in the materials inventory. No other indirect materials were issued in February. - The Materials Inventory ending balance on February 28 was $30,300 greater than the ending balance on January 31 . - The Cost of Goods Sold in February, including overapplied overhead of $5,700, was $176,800. Required: a. What was the cost of direct materials issued to production during February? b. What was the amount of materials purchased fn February? c. What was the cost of goods transferred out of Finished Goods Inventory in February? d. What was the cost of goods transferred out of Work-in-Process Inventory in February? e. What were the direct labor costs incurred in February? f. What was the total amount of actual overhead charged to the Manufacturing Overhead Control account in February? g. What were the selling and administrative costs incurred in February? Complete this question by entering your answers in the tabs below. What was the cost of direct materials issued to production during February? The partially completed T-accounts and selected additional information for Hancock Parts for the month of February follow: Additional information for February follows: - Sales Revenue in February was $180,200. - The operating loss for February was $(11,200). - Hancock applies manufacturing overhead at the rate of 75 percent of direct materials costs. - Indirect materials in the amount of $15,200 was debited to Manufacturing Overhead Control in February. These materials had been stored in the materials inventory. No other indirect materials were issued in February. - The Materials Inventory ending balance on February 28 was $30,300 greater than the ending balance on January 31 . - The Cost of Goods Sold in February, including overapplied overhead of $5,700, was $176,800. Required: a. What was the cost of direct materials issued to production during February? b. What was the amount of materials purchased in February? c. What was the cost of goods transferred out of Finished Goods Imventory in February? d. What was the cost of goods transferred out of Work-in-Process Inventory in February? e. What were the direct labor costs incurred in February? f. What was the total amount of actual overhead charged to the Manufacturing Overhead Control account in February? g. What were the selling and administrative costs incurred in February? Complete this question by entering your answers in the tabs below. What was the amount of materials purchased in February? The partially completed T-accounts and selected additional information for Hancock Parts for the month of February follow: Additional information for February follows: - Sales Revenue in February was $180,200. - The operating loss for February was $(11,200). - Hancock applies manufacturing overhead at the rate of 75 percent of direct materials costs. - Indirect materials in the amount of $15,200 was debited to Manufacturing Overhead Control in February. These materials had been stored in the materials inventory. No other indirect materials were issued in February. - The Materials Inventory ending balance on February 28 was $30,300 greater than the ending balance on January 31. - The Cost of Goods Sold in February, including overapplied overhead of $5,700, was $176,800. Required: a. What was the cost of direct materials issued to production during February? b. What was the amount of materials purchased in February? c. What was the cost of goods transferred out of Finished Goods Inventory in February? d. What was the cost of goods transferred out of Work-in-Process Inventory in February? e. What were the direct labor costs incurred in February? f. What was the total amount of actual overhead charged to the Manufacturing Overhead Control account in February? g. What were the selling and administrative costs incurred in February? Complete this question by entering your answers in the tabs below. What was the cost of goods transferred out of Finished Goods Inventory in February? The partially completed T-accounts and selected additional information for Hancock Parts for the month of February follow: Additional information for February follows: - Sales Revenue in February was $180,200 - The operating loss for February was $(11,200). - Hancock applies manufacturing overhead at the rate of 75 percent of direct materials costs. - Indirect materials in the amount of $15,200 was debited to Manufacturing Overhead Control in February. These materiais had been stored in the materials inventory. No other indirect materials were issued in February. - The Materials Inventory ending balance on February 28 was $30,300 greater than the ending balance on January 31. - The Cost of Goods Sold in February, including overapplied overhead of $5,700, was $176,800. Required: a. What was the cost of direct materials issued to production during February? b. What was the amount of materials purchased in February? c. What was the cost of goods transferred out of Finished Goods inventory in Fobruary? d. What was the cost of goods transferred out of Work-in-Process inventory in February? e. What were the direct labor costs incurred in February? t. What was the total amount of actual overhead charged to the Manufacturing Overhead Control account in February? g. What were the selling and administrative costs incurred in February? Complete this question by entering your answers in the tabs below. What was the cost of goods transferred out of Work-in-Process Inventory in February? The partially completed T-accounts and selected additional information for Hancock Parts for the month of February follow: Additional information for February follows: - Sales Revenue in February was $180,200, - The operating loss for February was $(11,200). - Hancock applies manufacturing overhead at the rate of 75 percent of direct materials costs. - Indirect materials in the amount of $15,200 was debited to Manufacturing Overhead Control in February. These materials had been stored in the materials inventory. No other indirect materials were issued in Fobruary. - The Materials Inventory ending balance on February 28 was $30,300 greater than the ending balance on January 31. - The Cost of Goods Sold in February, Including overapplied overhead of $5,700, was $176,800. Required: a. What was the cost of direct materials issued to production during February? b. What was the amount of materials purchased in February? c. What was the cost of goods transferred out of Finished Goods Inventory in February? d. What was the cost of goods transferred out of Work-in-Process inventory in February? e. What were the direct labor costs incurred in February? 8. What was the total amount of actual overhead charged to the Manufacturing Overhead Control account in February? 9. What were the selling and administrative costs incurred in February? Complete this question by entering your answers in the tabs below. What were the direct labor costs incurred in february? Additional information for February follows: - Sales Revenue in February was $180,200. - The operating loss for February was $(11,200). - Hancock applies manufacturing overhead at the rate of 75 percent of direct materials costs. - Indirect materials in the amount of $15,200 was debited to Manufacturing Overhead Control in February. These materials had been stored in the materials inventory. No other indirect materials were issued in February. - The Materials Inventory ending balance on February 28 was $30,300 greater than the ending balance on January 31 . - The Cost of Goods Sold in February, including overapplied overhead of $5,700, was $176,800. Required: a. What was the cost of direct materials issued to production during February? b. What was the amount of materials purchased in February? c. What was the cost of goods transferred out of Finished Goods Inventory in February? d. What was the cost of goods transferred out of Work-in-Process Inventory in February? e. What were the direct labor costs incurred in February? f. What was the total amount of actual overhead charged to the Manufacturing Overhead Control account in February? 9. What were the selling and administrative costs incurred in February? Complete this question by entering your answers in the tabs below. What was the total amount of actual overhead charged to the Manufacturing Overhead Control account in February? Additional information for February follows: - Sales Revenue in February was $180,200. - The operating loss for February was $(11,200). - Hancock applies manufacturing overhead at the rate of 75 percent of direct materiais costs. - Indirect materials in the amount of $15,200 was debited to Manufacturing Overhead Control in February. These materials had been stored in the materials inventory. No other indirect materials were issued in February. - The Materials Inventory ending bolance on February 28 was $30,300 greater than the ending balance on January 31. - The Cost of Goods Sold in February, Including overapplied overhead of $5,700, was $176,800. Required: a. What was the cost of direct materials issued to production during February? b. What was the amount of materials purchased in February? c. What was the cost of goods transferred out of Finished Goods inventory in February? d. What was the cost of goods transferred out of Work-in. Process Inventory in February? e. What were the direct labor costs incurred in February? f. What was the total amount of actual overhead charged to the Manufacturing Overhead Control account in February? 9. What were the selling and administrative costs incurred in February? Complete this question by entering your answers in the tabs below. What were the selling and administrative costs incurred in february

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_2

Step: 3

blur-text-image_3

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

Financial Accounting

Authors: Michael J. Jones

2nd Edition

1119977150, 978-1119977155

More Books

Students also viewed these Accounting questions

Question

useful in this situation? Why or why not?

Answered: 1 week ago