# Project #20786 - Accounting Test - 6 Sections/Questions.

1.

 The following information is available:
 Direct labor \$ 60,000 Total current manufacturing costs 300,000

 Manufacturing overhead is applied to production at 200 percent of direct labor cost. Determine the amount of direct materials used in production.

What is the Direct Material Used?  _________

2.

 Mulligan Manufacturing Company uses a job order cost system with overhead applied to products at a rate of 150 percent of direct labor cost.

 Required: Treating each case independently, selected from the manufacturing data given below, find the missing amounts. You should do them in the order listed. (Hint: For the manufacturing costs in Case 3, first solve for conversion costs and then determine how much of that is direct labor and how much is manufacturing overhead.)

 Case 1 Case 2 Case 3 Direct Material Used \$12,000 \$15,000 Direct Labor \$25,000 Manufacturing overhead applied 18,000 Total Current Manufacturing costs 45,000 35,000 Beginning work in process inventory 10,000 9,000 Ending work in process inventory 12,000 7,000 Cost of goods manufactured 46,000 32,000 Beginning finished goods inventory 15,000 10,000 Ending finished goods inventory 12,000 6,000 Cost of goods sold 48,000 34,000

3.

 Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its manufacturing overhead cost at \$300,000. Estimated direct labor cost was \$400,000 for 20,000 hours.
 Actual costs for the most recent month are summarized here:

 Item Description Total Cost Direct labor (1,500 hours) \$ 33,000 Indirect costs Indirect labor 4,500 Indirect materials 2,500 Factory rent 4,200 Factory supervision 4,700 Factory depreciation 5,600 Factory janitorial work 1,200 Factory insurance 2,600 General and administrative salaries 3,100 Selling expenses 2,300

1. Calculate the predetermined ovberhead rate (per DL hour): _____
2. Calculate the amount of applied manufacturing overhead: ______
3. Calculate actual manufacturing overhead costs. ______
4.
Compute over- or underapplied overhead. (Input the amount as positive value.)

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4.

 StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March:

 Beginning Inventory Ending Inventory Raw materials \$ 33,000 \$ 22,000 Work in process 25,000 44,000 Finished goods 60,000 58,000

 Additional information for the month of March follows:

 Raw materials purchases \$ 84,000 Indirect materials used 10,000 Direct labor 55,000 Manufacturing overhead applied 85,000 Selling, general, and administrative expenses 58,000 Sales revenue 450,000

Based on the above information, prepare a cost of goods manufactured report.

 Storsmart Company Cost of Goods Manufactured Report For the Month of March Select: Beginning Raw Materials Inventory, Direct Labor, or Manufacturing Overhead Select: Less: Raw Material Purchases, or Plus: Raw Material Purchases Select: Less: Indirect Material Used, or Plus: Indirect Material Used Select: Less: Ending Raw Materials Inventory, or Plus: Ending Raw Materials Inventory Direct Materials Used in production Select: Beginning Raw Materials Inventory, Direct Labor, or Manufacturing Overhead Select: Beginning Raw Materials Inventory, Direct Labor, or Manufacturing Overhead Select: Beginning Raw Materials Inventory, Direct Labor, or Manufacturing Overhead Total Current Manufacturing Costs Select: Less: Beginning Work in Process Inventory, or Plus: Beginning Work in Process Inventory Total Work in Process

Based on the above information, prepare an income statement for the month of March.

 Select: Accounts Payable Accounts Receivable Accumulated Depreciation Beginning Finished Goods Inventory Cash Cost of Goods Manufactured Cost of Repairs Completed and Sold Ending Finished Goods Inventory Garage/Shop Overhead Costs General and Administrative Salary Expense Manufacturing Overhead Non-Manufacturing Expenses Prepaid Rent Raw Materials (Parts and Supplies) Inventory Raw Materials Inventory Repair Jobs in Process Salary and Wages Payable Sales Revenue Selling, General, and Administrative Expenses Work in Process Inventory Less:  Cost of Goods Sold Accounts Payable Accounts Receivable Accumulated Depreciation Beginning Finished Goods Inventory Cash Cost of Goods Manufactured Cost of Repairs Completed and Sold Ending Finished Goods Inventory Garage/Shop Overhead Costs General and Administrative Salary Expense Manufacturing Overhead Non-Manufacturing Expenses Prepaid Rent Raw Materials (Parts and Supplies) Inventory Raw Materials Inventory Repair Jobs in Process Salary and Wages Payable Sales Revenue Selling, General, and Administrative Expenses Work in Process Inventory Accounts Payable Accounts Receivable Accumulated Depreciation Beginning Finished Goods Inventory Cash Cost of Goods Manufactured Cost of Repairs Completed and Sold Ending Finished Goods Inventory Garage/Shop Overhead Costs General and Administrative Salary Expense Manufacturing Overhead Non-Manufacturing Expenses Prepaid Rent Raw Materials (Parts and Supplies) Inventory Raw Materials Inventory Repair Jobs in Process Salary and Wages Payable Sales Revenue Selling, General, and Administrative Expenses Work in Process Inventory Accounts Payable Accounts Receivable Accumulated Depreciation Beginning Finished Goods Inventory Cash Cost of Goods Manufactured Cost of Repairs Completed and Sold Ending Finished Goods Inventory Garage/Shop Overhead Costs General and Administrative Salary Expense Manufacturing Overhead Non-Manufacturing Expenses Prepaid Rent Raw Materials (Parts and Supplies) Inventory Raw Materials Inventory Repair Jobs in Process Salary and Wages Payable Sales Revenue Selling, General, and Administrative Expenses Work in Process Inventory Cost of Goods Available for Sale Accounts Payable Accounts Receivable Accumulated Depreciation Beginning Finished Goods Inventory Cash Cost of Goods Manufactured Cost of Repairs Completed and Sold Ending Finished Goods Inventory Garage/Shop Overhead Costs General and Administrative Salary Expense Manufacturing Overhead Non-Manufacturing Expenses Prepaid Rent Raw Materials (Parts and Supplies) Inventory Raw Materials Inventory Repair Jobs in Process Salary and Wages Payable Sales Revenue Selling, General, and Administrative Expenses Work in Process Inventory Accounts Payable Accounts Receivable Accumulated Depreciation Beginning Finished Goods Inventory Cash Cost of Goods Manufactured Cost of Repairs Completed and Sold Ending Finished Goods Inventory Garage/Shop Overhead Costs General and Administrative Salary Expense Manufacturing Overhead Non-Manufacturing Expenses Prepaid Rent Raw Materials (Parts and Supplies) Inventory Raw Materials Inventory Repair Jobs in Process Salary and Wages Payable Sales Revenue Selling, General, and Administrative Expenses Work in Process Inventory Accounts Payable Accounts Receivable Accumulated Depreciation Beginning Finished Goods Inventory Cash Cost of Goods Manufactured Cost of Repairs Completed and Sold Ending Finished Goods Inventory Garage/Shop Overhead Costs General and Administrative Salary Expense Manufacturing Overhead Non-Manufacturing Expenses Prepaid Rent Raw Materials (Parts and Supplies) Inventory Raw Materials Inventory Repair Jobs in Process Salary and Wages Payable Sales Revenue Selling, General, and Administrative Expenses Work in Process Inventory Cost of Goods Sold Select: Gross Profit Gross Loss Accounts Payable Accounts Receivable Accumulated Depreciation Beginning Finished Goods Inventory Cash Cost of Goods Manufactured Cost of Repairs Completed and Sold Ending Finished Goods Inventory Garage/Shop Overhead Costs General and Administrative Salary Expense Manufacturing Overhead Non-Manufacturing Expenses Prepaid Rent Raw Materials (Parts and Supplies) Inventory Raw Materials Inventory Repair Jobs in Process Salary and Wages Payable Sales Revenue Selling, General, and Administrative Expenses Work in Process Inventory Accounts Payable Accounts Receivable Accumulated Depreciation Beginning Finished Goods Inventory Cash Cost of Goods Manufactured Cost of Repairs Completed and Sold Ending Finished Goods Inventory Garage/Shop Overhead Costs General and Administrative Salary Expense Manufacturing Overhead Non-Manufacturing Expenses Prepaid Rent Raw Materials (Parts and Supplies) Inventory Raw Materials Inventory Repair Jobs in Process Salary and Wages Payable Sales Revenue Selling, General, and Administrative Expenses Work in Process Inventory Accounts Payable Accounts Receivable Accumulated Depreciation Beginning Finished Goods Inventory Cash Cost of Goods Manufactured Cost of Repairs Completed and Sold Ending Finished Goods Inventory Garage/Shop Overhead Costs General and Administrative Salary Expense Manufacturing Overhead Non-Manufacturing Expenses Prepaid Rent Raw Materials (Parts and Supplies) Inventory Raw Materials Inventory Repair Jobs in Process Salary and Wages Payable Sales Revenue Selling, General, and Administrative Expenses Work in Process Inventory > Net Income From Operations

 Subject Mathematics Due By (Pacific Time) 01/11/2014 11:30 pm
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