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116) Peterson Company gathered the following information for the year ended December 31: Direct labor cost incurred for the year$180,000 Estimated manufacturing overhead costs$260,000 Estimated direct labor cost $200,000 Work in process inventory, Dec, 31$51,000 Finished goods inventory, Dec. 31$68,800 Cost of goods sold$141,000 Estimated direct labor hours 260,000 What would the predetermined manufacturing overhead rate for the.

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219) Compute the missing amounts. Miami Company Orlando Company Sales $300,000 (D) Cost of Goods Sold    Beginning Inventory (A) 65,000    Purchases and Freight-In 119,000 (E)    Cost of goods available for sale (B) 192,000    Ending inventory 5,000 3,000    Cost of goods sold 115,000 (F) Gross Margin 185,000 124,000 Selling and Administrative Expenses (C) 90,000 Operating Income 32,000 (G) 220) Kitch Company sells collectibles. The following information summarizes Kitch Company's operating activities for the most recent year: Merchandise inventory,.

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138) Oakland Company is debating the use of direct labor cost or direct labor hours as the cost allocation base for allocating manufacturing overhead. The following information is available for the most recent year: Estimated direct labor cost$560,000 Actual direct labor cost$475,000 Estimated manufacturing overhead costs$420,000 Actual manufacturing overhead costs$353,000 Estimated direct labor hours  200,000 Actual.

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172) Spruce Company uses a job costing system. Spruce Company's schedule of cost of goods manufactured showed the following amounts for the month ended August 331. Cost of goods manufactured$124,000 Cost of direct materials used42,000 Cost of direct labor ($32 per hour)76,000 Work in process inventory, August 114,500 Allocated manufacturing overhead costs for August amount.

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Cost of materials purchases on account$68,000 Cost of materials requisitioned (includes $4,500 of indirect)51,000 Direct labor costs incurred77,000 Manufacturing overhead costs incurred, including indirect materials97,500 Cost of goods manufactured223,000 Cost of goods sold151,000 Beginning raw materials inventory 14,500 Beginning work in process inventory29,700 Beginning finished goods inventory32,800 Predetermined manufacturing overhead rate (as % of direct labor cost)130% What is the.

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228) Before the year began, Plastics Manufacturing estimated that manufacturing overhead for the year would be $150,000 and that 25,000 direct labor hours would be worked. Actual results for the year included the following: Actual direct labor hours$20,000 Actual manufacturing overhead cost 182,000 If the company allocates manufacturing overhead based on direct labor.

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162) Sales revenue is $750,000; actual manufacturing overhead is $120,000; allocated manufacturing overhead is $95,000; and cost of goods sold before adjustment is $380,000. What is the actual gross profit? A) $395,000 B) $370,000 C) $345,000 D) $250,000 163) Sales revenue is $725,000; allocated manufacturing overhead is $95,000; actual manufacturing overhead is $120,000; and cost.

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209) Selected information regarding a company's most recent quarter follows (all data in thousands). Direct labor $500 Beginning work in process inventory $320 Ending work in process inventory $330 Cost of goods manufactured $ 1,560 Manufacturing overhead $820 What was the cost of direct materials used for the quarter? A) $250 B) $490 C) $1,550 D) $820 210) Selected information regarding.

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140) Calculate the unknowns for the following independent situations.   1. Selected data for Lion Corporation: Actual manufacturing overhead costs $35,400 Underallocated manufacturing overhead costs $3,000 Allocated manufacturing overhead is based on 50% of direct labor cost. a. Calculate the allocated manufacturing overhead cost. b.  Calculate the direct labor cost. 2. Selected data for Tiger Corporation: Actual manufacturing overhead.

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106) Here are selected data for Stehli Company: Estimated manufacturing overhead $253,500Factory utilities $30,200 Estimated labor hours 35,000Indirect labor $22,400 Actual direct labor hours 36,000Sales commissions $53,700 Estimated direct labor cost $325,000Factory rent $47,700 Actual direct labor cost $320,000Factory property taxes $28,100 Factory depreciation $66,000Indirect materials $33,000 If the company allocates.

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179) Tall Timbers reports the following data for its first year of operation. Work in process inventory, beginning $           0 Work in process inventory, ending 50,000 Manufacturing overhead 25,000 Direct materials used 7,000 Finished goods inventory, beginning 0 Finished goods inventory, ending 20,000 Cost of goods manufactured 85,000 What are the total manufacturing costs to account for? A) $47,000 B) $32,000 C) $85,000 D) $117,000 180) Tall Timbers.

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169) Challenge Tennis & Recreation's operating activities for the year are listed below. Purchases $174,000 Operating expenses 62,000 Beginning inventory 27,000 Ending inventory 37,000 Sales revenue 333,000 What is the cost of goods sold for the year? A) $201,000 B) $164,000 C) $174,000 D) $97,000 170) Challenge Tennis & Recreation's operating activities for the year are listed below. Purchases $174,000 Operating expenses 62,000 Beginning inventory 27,000 Ending.

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58) For a manufacturer that uses job costing, show the order of the cost flow through the following accounts by numbering them from 1 to 4. ________finished goods inventory ________raw materials inventory ________cost of goods sold ________work in process inventory 59) For each of the following items, determine whether it would be more appropriate to.

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126) Federer Company is debating the use of direct labor cost or direct labor hours as the cost allocation base for allocating manufacturing overhead. The following information is available for the most recent year: Estimated direct labor cost$500,000 Actual direct labor cost$465,000 Estimated manufacturing overhead costs$425,000 Actual manufacturing overhead costs$350,000 Estimated direct labor hours250,000 Actual direct.

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189) Paper Clip Company sells office supplies. The following information summarizes the company's operating activities for the year: Utilities for the store $    9,500 Sales commissions 10,000 Sales revenue 164,000 Purchases of merchandise 89,000 January 1 inventory 27,000 Rent for store 13,500 December 31 inventory 23,000 What is operating income? A) $154,500 B) $56,000 C) $38,000 D) $46,000 190) Paper Clip Company sells office supplies. The following information.

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199) Porches, Inc. sells lawn furniture to consumers in the marketplace. The managerial accountant reported the following financial information that reflects the 20XX data: Beginning merchandise inventory on January 1: $233,000 Ending merchandise inventory on December 31: $135,000 Purchases:$952,000 Selling and administrative expenses:$175,000 Sales revenue for the year:$2,262,000 Cost of goods sold:$1,050,000 Salary and wage expenses:$250,000 Rent and.

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86) A typical manufacturing overhead cost would be A) direct labor. B) depreciation on the plant. C) net income. D) direct materials. 87) Manufacturing overhead would include A) all manufacturing costs except direct materials and direct labor. B) indirect labor costs only. C) all manufacturing costs. D) indirect materials only. 88) Here are selected data for Campbell Company: Cost of goods.

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221) Swirzoff Company sells office supplies. The following information summarizes Swirzoff's operating activities for the past year: Utilities for store 7,000 Rent for store 6,500 Sales commissions 2,500 Purchases of merchandise 65,000 Inventory, ending 21,500 Inventory, beginning 28,000 Sales revenue 120,000 Required: Prepare an income statement for Swirzoff Company, a merchandiser, for the year endedDecember 31. 222) North Pacific Company used $65,000 of direct materials and.

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76) A(n) ________ is an estimated manufacturing overhead rate computed during the year. A) cost allocation B) cost driver C) predetermined manufacturing overhead rate D) actual manufacturing overhead rate 77) Assigning manufacturing overhead costs and other indirect costs is called A) cost driver. B) cost allocation. C) materials requisition. D) predetermined manufacturing overhead rate. 78) Manufacturers follow four steps to.

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182) Twinkle Ornaments Company uses job costing. Twinkle Ornaments Company has two departments, Trimming and Finishing. Manufacturing overhead is allocated based on direct labor cost in the Trimming Department and direct labor hours in the Finishing Department. The following additional information isavailable: Estimated amountsTrimming DeptFinishing Dept Direct labor cost $320,000 $400,000.

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116) Indirect manufacturing costs should be included in manufacturing overhead. 117) An inventoriable cost could be the cost of the marketing and distribution of a product. 118) Inventoriable product costs consist of manufacturing overhead, direct labor and direct materials. 119) Indirect materials, indirect labor, and indirect manufacturing costs are what type of manufacturing.

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146) Winner's Sporting Equipment manufactures sporting goods. Selected costs from the past year include: Plastics used to make products $ 151,000 Heating and lighting costs for factory $65,000 Factory janitor wages $67,000 Costs of shipping to customers $11,000 Lubricants used in factory equipment $2,000 Lighting costs for sales office $20,000 Depreciation on factory equipment $23,000 Office supplies for.

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