yed. Direct materials Direct labor Variable overhead fixed overhead 4 yards at 1.5 direct $3.50 per...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
yed. Direct materials Direct labor Variable overhead fixed overhead 4 yards at 1.5 direct $3.50 per yard labor hours at $12 per direct labor $18.00 per direct labor-hour 1.5 direct labor-hours at $2 1.5 direct labor hours at $6 per dl hour The following additional information is overilable for the $14.00 $ 3. $9 $44 year just completed year at purchased during the year a). The company manufactured 20.000 units during the b.) A total of 78.000 yards of material was a cost of $3.75 per yord. All of this material was used to manufacture beginning or ending inventories for the year the 20.000 units. There was 32.500 direct labor hours during the year c) The company worked a cost of $11.80 per hour Co at basis of direct labor hours. d) Overhead is applied to products on the Data relating to manufacturing overhead casts follows= Denominator activity level (direct labor hour) Actual fixed overhead casts incuired during the year 25.000 $148,000 Actual variable overhead costs incurred during the year $68,000 Required. 1-) for the manufacturing overhead, compute the following: a) The variable overhead spending and efficiency variances for the b.) The fixed overhead budget and volume variances for the year. 2) Compute the underapplied 3) End of Row year balance s cre or overopplied manufacturing as follows: over head + the year. $100.000 materials Inventory Work In Process Inventory Finished Goods Inventory 150.000 4-) 300.000 Cost of Goods Sold (including $100000 cost 450.000 of merchandise inventory Sold) $1,000,000 Prepare the neccessory calculation to close the control account (assuming the difference is material) State the amount of Raw Material Inventory, work in Process Inventory and Finished Goods Inventory to be reported on the Statement of Financial Position, and the amount Cost of Goods Sold to be reported on the Income Statement. of yed. Direct materials Direct labor Variable overhead fixed overhead 4 yards at 1.5 direct $3.50 per yard labor hours at $12 per direct labor $18.00 per direct labor-hour 1.5 direct labor-hours at $2 1.5 direct labor hours at $6 per dl hour The following additional information is overilable for the $14.00 $ 3. $9 $44 year just completed year at purchased during the year a). The company manufactured 20.000 units during the b.) A total of 78.000 yards of material was a cost of $3.75 per yord. All of this material was used to manufacture beginning or ending inventories for the year the 20.000 units. There was 32.500 direct labor hours during the year c) The company worked a cost of $11.80 per hour Co at basis of direct labor hours. d) Overhead is applied to products on the Data relating to manufacturing overhead casts follows= Denominator activity level (direct labor hour) Actual fixed overhead casts incuired during the year 25.000 $148,000 Actual variable overhead costs incurred during the year $68,000 Required. 1-) for the manufacturing overhead, compute the following: a) The variable overhead spending and efficiency variances for the b.) The fixed overhead budget and volume variances for the year. 2) Compute the underapplied 3) End of Row year balance s cre or overopplied manufacturing as follows: over head + the year. $100.000 materials Inventory Work In Process Inventory Finished Goods Inventory 150.000 4-) 300.000 Cost of Goods Sold (including $100000 cost 450.000 of merchandise inventory Sold) $1,000,000 Prepare the neccessory calculation to close the control account (assuming the difference is material) State the amount of Raw Material Inventory, work in Process Inventory and Finished Goods Inventory to be reported on the Statement of Financial Position, and the amount Cost of Goods Sold to be reported on the Income Statement. of
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
How can the knowledge that a market will work itself back into equilibrium help economist predict future prices?
-
A 4-lbm copper slab at 200 F is brought into contact with a 10-lbm aluminum slab at 60 F. Insulation allows the two slabs to arrive at the same temperature with no heat transfer to the surroundings....
-
The drawing shows the electric potential as a function of distance along the x axis. Determine the magnitude of the electric field in the region (a) A to B, (b) B to C, and (c) C to D. 5.0 4.0 3.0...
-
Explain how the notions of effectiveness, efficiency and equity are related to decision-making, sustainable development and accountability.
-
Wonderful! Not only did our salespeople do a good job in meeting the sales budget this year, but our production people did a good job in controlling costs as well, said Kim Clark, president of...
-
1 . What provisions in the Patriot act have been enacted to make it easier to apprehend cybercriminals? 2 . Discuss how it might be possible to detect whether a message is hidden in a digital photo....
-
Over the Summer Break, you were lucky enough to land a Business Cadetship with Krapston Blinds & Decor, a new Blinds, Shutters & Interior Decoration/Fitout company in Wollongong specializing in...
-
Name the various elements of a steam condensing plant.
-
What is the velocity ratio of the third system of pulleys ?
-
Many large cities have recently enacted living wage ordinances that require paying a minimum wage that is higher than the state or federal minimum wage. Moreover, sometimes living wage ordinances...
-
What are the functions of a condenser ?
-
Discuss the impact of the minimum wage when there are two sectors in the economy: the covered sector (which is subject to the minimum wage) and the uncovered sector (which is not).
-
An analyst has provided you with the following actual financial information developed from the reformulated financial statements of Revelstoke Inc. for the year 2020, and then a set of forecasted...
-
Under what conditions is the following SQL statement valid?
-
On March 15, Jeff Blake, Kimland Media's sales director, stopped by Sami Landon's cubicle. "Sami, I've been reviewing your accounts, and they aren't generating as much revenue as we had hoped. If you...
-
Harlan Gravity Grips produces spike sets for track shoes. CEO Brittany Harlan has gathered the following information about the company's sales volume and marketing cost for the past six months....
-
Wingo Widgets makes and sells widgets to individual and corporate customers. Widgets cost $1.75 to make and are sold for $3.00 each. Individual customers typically require little service beyond order...
-
Find the complement of the following expressions: (a) \(A \bar{B}+\bar{A} B\) (b) \((\bar{V} W+X) Y+\bar{Z}\) (c) \(W X(\bar{Y} Z+Y \bar{Z})+\bar{W} \bar{X}(\bar{Y}+Z)(Y+\bar{Z})\) (d)...
-
+Apply the simplified Espresso algorithm to the following function. Show a K-map for each algorithm routine that changes one or more implicants. \[F(A, B, C, D)=\bar{A} \bar{B} \bar{D}+\bar{B}...
-
Illustrate the expansion or reduction performed on each implicant on a Kmap if the operation changes the implicant. (a) Apply the Espresso EXPAND routine to the following function. \[F(A, B, C,...
Study smarter with the SolutionInn App