The following cost data relate to the manufacturing activities of the Kamas Company during the most recent year. Factory overhead costs incurred during the year: P 1,600 2,600 5,100 13,000 2,500 Property taxes – factory Utilities - factory Indirect labor Depreciation - factory Insurance - factory Total Actual FOH costs P 24,800 Other costs incurred during the year: P 15,000 22,000 Purchases of raw materials Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work-in-process, beginning Work-in-process, ending P 5,000 4,400 3,500 4,500 The company uses a predetermined overhead rate to charge overhead cost to production. The rate for the year just completed was P4.00 per machine-hour; a total of 6,000 machine-hours were recorded for the year. Compute for the cost of goods manufactured for the year.

The following cost data relate to the manufacturing activities of the Kamas Company during the most recent year. Factory overhead costs incurred during the year: P 1,600 2,600 5,100 13,000 2,500 Property taxes – factory Utilities - factory Indirect labor Depreciation - factory Insurance - factory Total Actual FOH costs P 24,800 Other costs incurred during the year: P 15,000 22,000 Purchases of raw materials Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work-in-process, beginning Work-in-process, ending P 5,000 4,400 3,500 4,500 The company uses a predetermined overhead rate to charge overhead cost to production. The rate for the year just completed was P4.00 per machine-hour; a total of 6,000 machine-hours were recorded for the year. Compute for the cost of goods manufactured for the year.

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 22E: 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. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. 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, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, 216,000. 2. What was the total product cost for last year? 3. What was the total period cost for last year? 4. If 30,000 units were produced last year, what was the unit product cost?
The following cost data relate to the manufacturing activities of the Kamas Company during the most recent year. Factory overhead costa incurred during the year: P 1,600 2,600 5,100 13.000 2,500 P24,800 Property taxes - factory Utilities - factory Indirect labor Depreciation - factory Insurance - factory Total Actual FOH costs Other costa incurred during the year: Purchases of raw materials Direct labor cost P15,000 Inventoriea: Raw materials, beginning Raw materiala, ending Work-in-process, beginning Work-in -process, ending P5,000 4,400 3,500 4,500 The company uses a predetermined overhead rate to charge overhend cost to production. The rate for the year just completed was P4.00 per machine-hour; a total of 6,000 machine-hours wRre recorded for the year. Compute for the cost of goods manufactured for the vear.
The followung cost data relate to the manufacturing activities of the Kamas Company during the most recent year. Fcatory overhead costs incurred during the year: Property taxes- factory P1,600 Utilities- factory 2,600 Indirect labor 5,100 Depreciation- factory 13,000 Insurance- factory 2,500 Total ACtual FOH costs P24,800 Other costs incurred during the year: Purchase of raw materials P15,000 Direct labor cost 22,000 Inventories: Raw materials, beginning P5,000 Raw materials, ending 4,400 Work-in process,beginning 3,500 Work-in process, ending 4,500 The company uses a predetermined overhead rate to charge overhead cost to production. Th erate for the year just completed wa P4.00 per machine- hour; a total of 6,000 machine- hours were recorded for the year.…
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials$ 16,700Indirect labor147,000Property taxes, factory9, 700Utilities, factory87, 000Depreciation, factory273, 900Insurance, factory 11, 700 Total actual manufacturing overhead costs incurred$ 546, 000Other costs incurred: Purchases of raw materials (both direct and indirect)$ 417,000Direct labor cost$ 77,000Inventories: Raw materials, beginning$ 21, 700Raw materials, ending$ 31, 700 Work in process, beginning$ 41, 700Work in process, ending$ 71, 700 The company uses a predetermined overhead rate of $26 per machine - hour to apply overhead cost to jobs. A total of 21,400 machine - hours were used during the year. Required:1. Compute the amount of underapplied or overapplied overhead cost for the year.2. Prepare a schedule of cost of goods manufactured for the year.
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 15,000 130,000 8,000 70,000 240,000 10,000 $ 473,000 $ 400,000 $ 60,000 $ 20,000 $ 30,000 $ 40,000 $ 70,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 19,400 machine- hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Complete this question by entering your…
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: $ 16,700 147,000 9,700 87,000 273,900 11,700 $ 546,000 Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: $ 417,000 $ 77,000 Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 21,700 $ 31,700 $ 41,700 $ 71,700 The company uses a predetermined overhead rate of $26 per machine-hour to apply overhead cost to jobs. A total of 21,400 machine- hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Complete this question by entering your…
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 15,600 136,000 8,600 76,000 250,700 10,600 $ 497,500 $ 406,000 $ 66,000 $ 20,600 $ 30,600 $ 40,600 $ 70,600 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 20,300 machine-hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year.
Prepare a schedule of cost of goods manufactured for the year. The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials $ 16, 200 Indirect labor 142, 000 Property taxes, factory 9,200 Utilities, factory 82, 000 Depreciation, factory 169, 900 Insurance, factory 11, 200 Total actual manufacturing overhead costs incurred S 430, 500 Other costs incurred: Purchases of raw materials ( both direct and indirect) S 412, 000 Direct labor cost $ 72, 000 Inventories: Raw materials, beginning $ 21, 200 Raw materials, ending S 31, 200 Work in process, beginning $ 41, 200 Work in process, ending S 71,200 The company uses a predetermined overhead rate of $21 per machine - hour to apply overhead cost to jobs. A total of 20, 900 machine - hours were used during the year.
Asteroid Industries accumulated the following cost information for the year: Salesperson salaries Indirect materials Indirect labor Factory depreciation Direct labor $ 16,600 4,600 9,100 13,400 37,600 Using the above information, total factory overhead costs equal:
1) The following cost data relate to the manufacturing activities of the Kamas Company during the most recent year: Manufacturing overhead costs incurred during the year: $1,600 2,600 5,100 Property taxes Utilities, factory Indirect labour Depreciation, factory Insurance, factory Total actual costs Other costs incurred during the year: Purchases of raw materials Direct labour cost Inventories: 13,000 2,500 $24,800 Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $15,000 22,000 $5,000 4,400 3,500 4,500 The company uses a predetermined overhead rate to charge overhead cost to production. The rate for the year just completed was $4.00 per machine hour; a total of 6,000 machine hours were recorded for the year. Required: a. Compute the amount of under- or overapplied overhead cost for the year just ended. b. Prepare a schedule of cost of goods manufactured for the year. (Disclose ALL supporting calculation steps)