Requirements:Total manufacturing costs, $8,250,000 Manufacturing overhead allocated, $4,000,000 (allocated at a rate of 200% of direct manufacturing labor costs) Work-in-process inventory on January 1, 2020, $370,000 Cost of finished goods manufactured, $8,040,000 Gemma Manufacturing uses normal costing for its job-costing system, which has two direct-cost categories (directmaterials and direct manufacturing labor) and one indirect-cost category (manufacturing overhead). The followinginformation is obtained for 2020:(Click the icon to view the data.)Requirements1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost ofdirect materials used in 2020.2. Calculate the ending work-in-process inventory on December 31, 2020....Requirement 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020and (b) cost of direct materials used in 2020. (Abbreviation used: Manuf. = Manufacturing.)(a) First identify the formula to calculate the direct manufacturing labor costs.The cost of direct materials used in 2020 isDirect manufacturing labor costsThe direct manufacturing labor costs in 2020 is(b) First identify the formula to calculate the cost of direct materials used in 2020. (Abbreviation used: Manuf. =Manufacturing.)Directmaterials used Gemma Manufacturing uses normal costing for its job-costing system, which has two direct-cost categories (directmaterials and direct manufacturing labor) and one indirect-cost category (manufacturing overhead). The followinginformation is obtained for 2020:(Click the icon to view the data.)Requirements1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost ofdirect materials used in 2020.2. Calculate the ending work-in-process inventory on December 31, 2020.(b) First identify the formula to calculate the cost of direct materials used in 2020. (Abbreviation used: Manut. =Manufacturing.)The cost of direct materials used in 2020 is++The ending work-in-process inventory on December 31, 2020 is=Requirement 2. Calculate the ending work-in-process inventory on December 31, 2020.Begin by identifying the correct formula to calculate the ending work-in-process inventory on December 31, 2020.(Abbreviation used: Manuf. = Manufacturing.)=Directmaterials usedWork-in-process,12/31/2020

(Click the icon to view the data.) Requirements 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost direct materials used in 2020. 2. Calculate the ending work-in-process inventory on December 31, 2020. Requirement 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost of direct materials used in 2020. (Abbreviation used: Manuf. = Manufacturing.) (a) First identify the formula to calculate the direct manufacturing labor costs. = Direct manufacturing labor costs

(Click the icon to view the data.) Requirements 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost direct materials used in 2020. 2. Calculate the ending work-in-process inventory on December 31, 2020. Requirement 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost of direct materials used in 2020. (Abbreviation used: Manuf. = Manufacturing.) (a) First identify the formula to calculate the direct manufacturing labor costs. = Direct manufacturing labor costs

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 11EA: Potterii sells its products to large box stores and recently added a retail line of products to sell...

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Garo Manufacturing uses normal costing for its job-costing system, which has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost category (manufacturing overhead). The following information is obtained for 2020: (Click the icon to view the data.) Requirements 1. 2. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost of direct materials used in 2020. Calculate the ending work-in-process inventory on December 31, 2020. More info • Total manufacturing costs, $8,250,000 • Manufacturing overhead allocated, $3,850,000 (allocated at a rate of 250% of direct manufacturing labor costs) • Work-in-process inventory on January 1, 2020, $350,000 ⚫ Cost of finished goods manufactured, $7,960,000 Print Done Requirement 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost of direct materials used in 2020. (Abbreviation…
The following information has been extracted from the cost accounting information system database for Victoria Furnitures Ltd. The company manufactures different types of furniture’s, including tables; The company manufactured 1,000 tables during the year 2020. Required: Using the information provided in the above table identify and explain how you classify each of the above costs according to the functional approach; Use the tables as the cost object in the classification of the costs.
a) Compute the firm’s predetermined overhead rate, which is based on direct-labour hours. b) Calculate the over-applied or under-applied overhead for 2021. c) Prepare a journal entry to close out the Manufacturing Overhead Account into Cost of Goods Sold. d) Activity based costing (ABC) is an alternative method of allocating overheads. How is ABC useful to managers?
2. Austin Electronics manufactures two large-screen television models: the Royale, which sells for $1,600, and a new model, the Majestic, which sells for $1,300. Few per unit cost data are given: Traditional Costing DM Royale $850 Majestic $570 DL ($20 per hour) MOH ($38 per DLH) $140 $248 $100 $190 In 2017, Austin manufactured 25,000 units of the Royale and 10,000 units of the Majestic. The overhead rate of $38 per direct labor hour was determined by dividing total expected manufacturing overhead of $7,600,000 by the total direct labor hours (200,000) for the two models. Management is considering phasing out the Royale model (comparatively low profit) and increasing the production of the Majestic model Before finalizing its decision, management asks Austin's controller to prepare an analysis using activity-based costing (ABC). The controller accumulates the following information about overhead for the year ended December 31, 2017. Est. Overhead Activity | Level 40,000 18,000…
Please analyze and compute the problems attached on the photos below.Requirements: Compute the equivalent unit of production for direct materials, direct labor and overhead. Prepare a cost of productin report for the Curing Department for May 2018 using the FIFO method of process costing.
Your manager asks you to bring the following incomplete accounts of Endeavor Printing, Inc., up to date through January 31, 2017. Consider the data that appear in the T-accounts as well as the following information in items (a) through (j). Endeavor's normal-costing system has two direct-cost categories (direct material costs and direct manufacturing labor costs) and one indirect-cost pool (manufacturing overhead costs, which are allocated using direct manufacturing labor costs). Materials Control Wages Payable Control 12-31-2016 Bal. 30,000 1-31-2017 Bal. 6,000 Work-in-Process Control Manufacturing Overhead Control 1-31-2017 Bal. 114,000 Finished Goods Control Costs of Goods Sold 12-31-2016 Bal. 40,000 Additional information follows: a. Manufacturing overhead is allocated using a budgeted rate that is set every December. You forecast next year's manufacturing overhead costs and next year's direct manufactur- ing labor costs. The budget for 2017 is $1,200,000 for manufacturing overhead…
The assembly division of Fenton Watches, Inc. uses the FIFO method of process costing. Consider the following data for May 2020: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Requirement Summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work-in-process inventory. Begin by summarizing total costs to account for. Total costs to account for Total CH Production Costs Direct Materials Conversion Costs
Dustin Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Dustin allocates manufacturing overhead costs using direct manufacturing labor costs. Dustin provides the following information: Read the requirements2. Requirement 1. Compute the actual and budgeted manufacturing overhead rates for 2017.(Enter your answer as a number [notas a percentage] rounded to two decimal places, X.XX.) Actual manufacturing overhead rate = Budgeted manufacturing overhead rate = Requirement 2. During March, the job-cost record for Job 626 contained the following information: Direct materials used $60,000 Direct manufacturing labor costs $30,000 Compute the cost of Job 626 using (a) actual costing and (b) normal costing. Actual Costing Direct materials Direct manufacturing labor costs…
Haley Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categories-direct materials and direct manufacturing labor and one indirect-cost pool, manufacturing overhead costs. View the manufacturing overhead costs information for 2020. View the other information available as of December 31, 2020. Requirement Calculate the underallocated or overallocated manufacturing overhead at the end of 2020 and prorate it to Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold accounts based on the allocated manufacturing overhead in each account balance using normal costing. Begin by calculating the budgeted indirect cost rate. Identify the formula and then calculate the rate. (Assume the cost allocation base is direct labor hours.) Budgeted indirect cost rate Information Account Work-in-process control Finished goods control Cost of goods sold Total Account Balance (Before Proration) GA $ GAGA 35,000 65,000 1,700,000…
Figuring a predetermined overhead rate using direct materials as the allocation base. $130500 estimated manufacturing overhead cost and $87000 as allocation base. Then whats next in the formula
d) Determine the prime cost & conversion cost of the cases manufactured. e) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. f) Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. g) What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year? h) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?
d) Determine the prime cost & conversion cost of the cases manufactured. e) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for f) Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest.