Subject: Cost management & accounting QUESTION – 13. The payroll records of the Weber Company show payments for labor of Rs. 400,000, of which Rs. 80,000 is indirect labor. Materials requisitions show Rs. 300,000 for materials used, of which Rs. 280,000 represents direct materials. Other manufacturing expenses total Rs. 124,000. Finished goods on hand at the end of the period are stated at cost, Rs. 176,000, of which Rs. 40,000 is direct materials cost. Factory overhead is allocated on the basis of direct labor cost. REQUIRED: The amount of direct labor and the amount of factory overhead in Finished Goods

Subject: Cost management & accounting QUESTION – 13. The payroll records of the Weber Company show payments for labor of Rs. 400,000, of which Rs. 80,000 is indirect labor. Materials requisitions show Rs. 300,000 for materials used, of which Rs. 280,000 represents direct materials. Other manufacturing expenses total Rs. 124,000. Finished goods on hand at the end of the period are stated at cost, Rs. 176,000, of which Rs. 40,000 is direct materials cost. Factory overhead is allocated on the basis of direct labor cost. REQUIRED: The amount of direct labor and the amount of factory overhead in Finished Goods

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
Charlie Corporation provided the following account balances for the year ended December 31:Selling expenses, P215,000Purchases of raw materials, P260,000Administrative expenses, P160,000Direct labor, P?Manufacturing overhead, P240,000Inventory balances at the beginning of the year were as follows:Raw materials, P50,000Work in process, P33,000Finished goods, P30,000The total manufacturing costs for the year were P675,000, where overhead is applied at 120% of direct labor cost; cost of goods available for sale totaled P720,000; cost of goods sold amount to P665,000.How much are the ending balances of raw materials, work in process, and finished goods inventory? RM Inventory, end – P75,000 ; WIP inventory, end – P15,000 ; FG inventory end – P25,000 RM Inventory, end – P75,000 ; WIP inventory, end – P18,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end – P15,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end –…
The following information is given for the activity of the accounts of the company "PLIADES" during the cost period from 1/1 – 30/6. Initial stock (r.a.) of direct materials = 5100, n.a. of semi-finished products = 6200, n.a. of finished products = 7700. During the period, purchases of materials worth 29,000 were made in cash. The cost of direct labor was 58000. The charging rate of the CBS was 25% of the cost of direct labour. Sales totaled 198,000, before returns were 1.5% of sales. Sales were made as follows: 1/3 with promissory notes, 1/3 cash and 1/3 with credit. The promissory notes incurred interest worth 1400 euros. The final stocks were: direct materials = 4500, semi-finished products = 3900 and finished products = 6800. The company's expenses during the above period were: depreciation = 1500, exhibition expenses = 800, factory insurance premiums = 650, administrative employees' fees=22000, depreciation of factory machinery = 1400, rent=6500, salesmen's travel expenses =…
The following information is given for the activity of the accounts of the company "PLIADES" during the cost period from 1/1 – 30/6. Initial stock (r.a.) of direct materials = 5100, n.a. of semi-finished products = 6200, n.a. of finished products = 7700. During the period, purchases of materials worth 29,000 were made in cash. The cost of direct labor was 58000. The charging rate of the CBS was 25% of the cost of direct labour. Sales totaled 198,000, before returns were 1.5% of sales. Sales were made as follows: 1/3 with promissory notes, 1/3 cash and 1/3 with credit. The promissory notes incurred interest worth 1400 euros. The final stocks were: direct materials = 4500, semi-finished products = 3900 and finished products = 6800. The company's expenses during the above period were: depreciation = 1500, exhibition expenses = 800, factory insurance premiums = 650, administrative employees' fees=22000, depreciation of factory machinery = 1400, rent=6500, salesmen's travel expenses =…
The accounting records of Inter Company revealed the following selected costs: Sales commissions, $65,000; plant supervision, $190,000; and administrative expenses, $185,000. Inter's period costs total: a. $440,000. O b. $285,000. O c. $250,000. O d. $255,000.
5) During the month of April, Candice Ltd. provides the following information: direct materials purchases of $35,200; direct materials used S32,000; direct labour cost of $20,700, and manufacturing overhead cost of $25,600. The work in process balance on April 1 and 30 were $8,000 and $9,500 respectively. What was the cost of goods manufactured? a) S80,000 b) S76,800 c) S83,000 d) S79,800
5. Income statement; profit percentage. The Shelikoff Company submits the following informa- Tion on December 31, 19--: $314.000 Sales for the year.. Inventories at the beginning of the year: Finished goods Work in process Materials Purchases of materials for the year Direct labor 5,900 4,600 3,800 140,000 67,350/ Factory overhead: 50% of labor cost Inventories at the end of the year: Finished goods Work in process. Materials. 9.270 6,200 4,300 Other expenses for the year: Marketing expenses Administrative expenses 23,115 17,650 Required: (1) An income statement for the year ended December 31, 19-- (2) The percentage of income to sales, before income tax.
. Manutacturlng coste. The payroll records of the E. W. Grant Company show Payments for labor of $400,000, of which $80,000 Is indirect labor. Materials reqilsitlons Show $300,000 for materials used, of whlch $280.000 represents direct matorials. Other manuracturing expenses tolal $124,000, Finlshed goods on hand at the ond of the perlod are stated at cost, $176,000, of which $40,000 Is direct malerlals cost. Factory overheadls allocated on the basls of direct labor cost. Hoquirod: Dotormine the amount of direcl labor and the amount of factory oveihoad In Finished Goods.
Marie Corporation hast the following transactions: 1. Purchased raw materials from supplier amounting to P 40,000 on account. 2. During the month, raw materials costing P 30,000 were issued to production. (P 10,000 pertains to indirect materials and the remaining balance are direct materials) 3. Payroll of production personnel totaled P 50,000 (gross of taxes) 4. Payroll of selling and admin personnel is P 10,000 5. Applied all the labor cost to production. 6. Incurred other overhead cost of P 15,000. 7. Applied all overhead cost to production at the end of the month. 8. Ending Work in Process is P 1,000; NO beginning Work in process. 9. Ending finished goods inventories; costing P 45,000. NO beginning finished goods. 10. Sales on account is P 70,000 11. Cash sales is P 20,000. What is the net income?
The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $30,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
Prepare a Cost Sheet from the following information of Reliable Ltd. For the year ending 31-03-17. Particulars Rs. Raw materials Consumed 15,50,000 Freight paid on raw materials purchase 40,000 Productive wages paid 750,000 Unproductive wages paid 220,000 Productive wages outstanding 70,000 Royalty on production (direct) 180,000 Fuel and Power 45,000 Factory Rent 63,000 Insurance on machinery 17,000 Loading and Unloading charges on purchase of raw materials 35,000 Loss on sale of old machinery 54,000 Depreciation on machinery 83,000 Lighting – factory 7,000 Lighting – office 3,000 Factory cleaning 4,000 Advertising 37,000 Carriage outwards 13,000 Income tax 60,400 Factory Telephone 8,900 Plant repairs and maintenance 25,000 Office Computer depreciation 120,000 Office Stationery 21,000 Travelling Expenses – salesmen 35,000 Travelling…
K Rios Corporation reports costs for the year as follows: Direct Materials Used Wages to Line Workers Office Rent Indirect Materials Used How much is the total product costs for the year? A. $605,000 OB. $1,155,000 OC. $550,000 OD. $1,199,500 $430,000 120,000 44,500 605,000