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Conexternal browser=0&launchUrl=http%253A%252F%252Fnewconnectmheducation.com%252F#/activity/question-group/kEZAS ers 15 and 16 job order costing system, Saved April 30 May 31 $ $ 29,000 9,300 56,00 45,000 20,600 34,99 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 194,000 250,000 8,000 57.500 93,000 1,700,000 55% Compute the following amounts for the month of May using T-accounts 1. Cost of direct materials used. 2. Cost of direct labor used. 3. Cost of goods manufactured, 4. Cost of goods sold. 5. Gross profit. 6. Overapplied or underapplied overhead. "Do not consider any underapplied or overapplied overhead. Work in Process (WIPI Raw Materials (RM) Factory Overhead Finished Goods (FG) inventory At the beginning of the year, Custom Mfg, established its predetermined overhead rate by using the following cost predictions overhead costs, $870,000, and direct materials costs, $300,000. At year-end, the company's records show that actual overhead costs for the year are $1.557.900. Actual direct materials cost had been assigned to jobs as follows Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $400,000 79,000 55,800 $534,000 1. Determine the predetermined overhead rate. 2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Determine the predetermined overhead rate. Overhead Rate y Choose Denominator: Choose Numerators Overhead Rate Overhead rate 1 Re Reg 2 and 3 > Required information [The following information applies to the questions displayed below.) Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process, During November the first process transferred 750,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 196,000 units that are 60% complete with respect to conversion. Beginning work in process inventory had $553,410 of direct materials and $65,070 of conversion cost. The direct material cost added in November is $3,703,590, and the conversion cost added is $1,236,330. Beginning work in process consisted of 70,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion of the units completed, 70,000 were from beginning work in process and 680,000 units were started and completed during the period. 3. Compute the direct material cost and the conversion cost assigned to units completed and transferred out and ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) EUP Cost per EUP Total cost Total cost EUP Cost per EUP Cost of units transferred out: Direct materials Conversion Total costs transferred out Costs of ending work in process Direct materials Conversion Total costs of ending work in process Total costs accounted for Required information [The following information applies to the questions displayed below.) Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 750,000 units of product to the second process. Additional information for the first process follows At the end of November, work in process inventory consists of 196,000 units that are 60% complete with respect to conversion. Beginning work in process inventory had $553,410 of direct materials and $65,070 of conversion cost. The direct material cost added in November is $3,703,590, and the conversion cost added is $1236,330. Beginning work in process consisted of 70,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion of the units completed, 70,000 were from beginning work in process and 680,000 units were started and completed during the period 2. Compute both the direct material cost and the conversion cost per equivalent unit. Cost per equivalent unit of production Materials Conversion Costs Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Costs EUP EUP 0 0 Conexternal browser=0&launchUrl=http%253A%252F%252Fnewconnectmheducation.com%252F#/activity/question-group/kEZAS ers 15 and 16 job order costing system, Saved April 30 May 31 $ $ 29,000 9,300 56,00 45,000 20,600 34,99 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 194,000 250,000 8,000 57.500 93,000 1,700,000 55% Compute the following amounts for the month of May using T-accounts 1. Cost of direct materials used. 2. Cost of direct labor used. 3. Cost of goods manufactured, 4. Cost of goods sold. 5. Gross profit. 6. Overapplied or underapplied overhead. "Do not consider any underapplied or overapplied overhead. Work in Process (WIPI Raw Materials (RM) Factory Overhead Finished Goods (FG) inventory At the beginning of the year, Custom Mfg, established its predetermined overhead rate by using the following cost predictions overhead costs, $870,000, and direct materials costs, $300,000. At year-end, the company's records show that actual overhead costs for the year are $1.557.900. Actual direct materials cost had been assigned to jobs as follows Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $400,000 79,000 55,800 $534,000 1. Determine the predetermined overhead rate. 2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Determine the predetermined overhead rate. Overhead Rate y Choose Denominator: Choose Numerators Overhead Rate Overhead rate 1 Re Reg 2 and 3 > Required information [The following information applies to the questions displayed below.) Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process, During November the first process transferred 750,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 196,000 units that are 60% complete with respect to conversion. Beginning work in process inventory had $553,410 of direct materials and $65,070 of conversion cost. The direct material cost added in November is $3,703,590, and the conversion cost added is $1,236,330. Beginning work in process consisted of 70,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion of the units completed, 70,000 were from beginning work in process and 680,000 units were started and completed during the period. 3. Compute the direct material cost and the conversion cost assigned to units completed and transferred out and ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) EUP Cost per EUP Total cost Total cost EUP Cost per EUP Cost of units transferred out: Direct materials Conversion Total costs transferred out Costs of ending work in process Direct materials Conversion Total costs of ending work in process Total costs accounted for Required information [The following information applies to the questions displayed below.) Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 750,000 units of product to the second process. Additional information for the first process follows At the end of November, work in process inventory consists of 196,000 units that are 60% complete with respect to conversion. Beginning work in process inventory had $553,410 of direct materials and $65,070 of conversion cost. The direct material cost added in November is $3,703,590, and the conversion cost added is $1236,330. Beginning work in process consisted of 70,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion of the units completed, 70,000 were from beginning work in process and 680,000 units were started and completed during the period 2. Compute both the direct material cost and the conversion cost per equivalent unit. Cost per equivalent unit of production Materials Conversion Costs Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Costs EUP EUP 0 0