Clipboard 2. RCB Manufacturing Inc. is a manufacturer of after-market auto parts. It is the end of the fiscal year, and the company is in the process of making their yearend adjusting entries. The balances in the manufacturing overhead, ending inventories and cost of goods sold accounts are as following: RAW MATERIAL INV WIP INV FIN GDS INV COGS 750,00 RAW MATL 300,000 450,000 1,000,000 0 DIR. LABOR 450,000 675,000 1,500,000 1,125,000 MFG OH 750,000 2,500,000 MANUFACTURING OH 185,000

Clipboard 2. RCB Manufacturing Inc. is a manufacturer of after-market auto parts. It is the end of the fiscal year, and the company is in the process of making their yearend adjusting entries. The balances in the manufacturing overhead, ending inventories and cost of goods sold accounts are as following: RAW MATERIAL INV WIP INV FIN GDS INV COGS 750,00 RAW MATL 300,000 450,000 1,000,000 0 DIR. LABOR 450,000 675,000 1,500,000 1,125,000 MFG OH 750,000 2,500,000 MANUFACTURING OH 185,000

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 18E: Housley Paints Co. had a remaining debit balance of $25,000 in its under- and overapplied factory...

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Bonita Industries reported the following year-end information: beginning work in process inventory, S72000; cost of goods manufactured, S670000; beginning finished goods inventory, $42000; ending work in process inventory, S62000; and ending finished goods inventory, $32000. How much is Bonita's cost of goods sold for the year? A. S660000 B. $680000 C. $690000 D. $670000
Housley Paints Co. had a remaining debit balance of $25,000 in its under- and overapplied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these accounts, before adjustment, showed the following: Determine the prorated amount of the underapplied factory overhead that is chargeable to each of the accounts. Prepare the journal entry to close the debit balance in Under-and Overapplied Factory Overhead.
Nelson Fabrication Inc. had a remaining credit balance of $20,000 in its under- and overapplied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these accounts, before adjustment, showed the following: Determine the prorated amount of the overapplied factory overhead that is chargeable to each of the accounts. Prepare the journal entry to close the credit balance in Under-and Overapplied Factory Overhead.
TrueTest Limited, manufactures a product for the construction industry, it closes its books and prepares financial statements at the end of each month. The schedule of costs of goods sold for April is as follows: TrueTest Limited for the month ended April Inventory of finished goods 31 March Add cost of goods manufactured Costs of goods available for sale Less inventory of finished goods 30 April Unadjusted cost of goods sold Add under-applied manufacturing overhead Cost of goods sold (adjusted) N$50 000 N$790 000 N$840 000 N$247 000 N$593 000 N$25 000 N$618 000 True Test has a policy of selling its oldest inventory first. The actual cost of direct materials and direct labour is used to value inventories. However, manufacturing overhead is allocated to production at a predetermined rate per ton the product manufactured. It is budgeted that 75 tons of the product will be manufactured per month. The under-applied overhead for April related solely to 6.25 tons of the product manufactured…
1)Coronado Industries reported the following year-end information: beginning work in process inventory, $82000; cost of goods manufactured, $760000; beginning finished goods inventory, $52000; ending work in process inventory, S72000; and ending finished goods inventory, $42000. How much is Coronado's cost of goods sold for the year? a) $760000 b) S750000 c) S770000 d) $780000
Assuming only Job# 2 and 3 were completed and sold, what is the cost of goods sold at year-end? a.) 523,700 b.) 468,075 c.) 484,700 d.) 394,700
1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,500 51,210 15,510 37,540 Double line5,340 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,110 56,360 15,500 31,830 Double line Double line6,920 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20
A company provided the following data for its first year of operations ended on June 30. Figures are all in thousands. The company closes any under- or over-applied manufacturing overhead costs to cost of goods sold at the end of their fiscal year-end. Selling and administrative expenses Manufacturing overhead applied to Work-in-process Actual manufacturing overhead cost Cost of goods available for sale during the year Finished goods, ending balance Net operating income (after adjusting COGS) 266 337 358 730 56 21 What was the total sales for the year? (All answers are whole numbers - unless specified otherwise. You should NOT include the $ sign or a comma. Eg., you should type 1000 for one thousand. Negative numbers should be added with a minus sign, e.g., -1000 for a decrease or loss of one thousand.) Sales = $
Vakos Manufacturers uses the traditional approach in allocating manufacturing overheads base hours. They have provided you with the following information: E For year ended 30 December 2022: Purchases - direct materials Cost per labour hour Manufacturing Overhead rate Actual Labour hours Actual Machine hours a) b) c) Actual manufacturing overheads Selling and admin expenses Interest paid Sales Tax rate Inventories at year end: Materials Work in Process Finished Goods 205,000 6 15/mach.hr 20,000hrs 30,000hrs 440,000 400,000 40,000 2,000,000 30% 2021 2022 (E) (E) 5,000 10,000 20,000 30,000 25,000 15,000 Compute the total Applied Manufacturing Overhead costs using the rate. Compute the MO Overhead cost variance and state whether over or underapplied and how the variance would be treated. Prepare a Statement of Goods Manufactured for year ended 31 December 2022 using Actual M.O costs. Prepare the Income Statement for year ended 30 December 2022.
Audio Zone Co. needs to prepare pro forma financial statements for the next fiscal year. To do so, the company must forecast its total overhead cost. The actual machine hours and total overhead cost are presented below for the past six months. Total Machine Month Overhead Hours Jan. $6, 288 1,980 Feb. 6,460 2,090 Mar. 5,987 1,745 Apr. 5,559 1,560 Мay 6,032 1,865 June 6,341 2,012 Using the high-low method, total monthly fixed overhead cost is calculated to be:
Wildhorse Manufacturing Company has the following account balances at year-end: Office supplies Raw materials Work-in-process $6800 23600 $52200. $126900. $120100. $96500. 44300 Finished goods Prepaid insurance 8100 52200 What amount should Wildhorse report as inventories in its balance sheet?
Before disposing of its year-end manufacturing overhead balance, Puppovich Enterprises had the following amounts on its records: Actual manufacturing overhead 690,000 Applied manufacturing overhead 655,000 Unadjusted cost of goods sold 1,700,000 If O’Pupper closes the balance of its manufacturing overhead account directly to cost of goods sold, how much is the adjusted cost of goods sold?