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.)



===========================================================

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

 

<Enter>

 

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

<Input>

 

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

<Input>

 

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

<Input>

 

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

<Input>

<Input>

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

<Input>

<Input>

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

<Input>

<Input>

Cost of Goods Sold

 

<Input>

Select:

Gross Profit
Gross Loss

 

<Input>

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

<Input>

<Input>

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

<Input>

<Input>

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

<Input>

<Input<Input>>

Net Income From Operations

 

<Input>

 

 

Subject Mathematics
Due By (Pacific Time) 01/11/2014 11:30 pm
Report DMCA
TutorRating
pallavi

Chat Now!

out of 1971 reviews
More..
amosmm

Chat Now!

out of 766 reviews
More..
PhyzKyd

Chat Now!

out of 1164 reviews
More..
rajdeep77

Chat Now!

out of 721 reviews
More..
sctys

Chat Now!

out of 1600 reviews
More..
sharadgreen

Chat Now!

out of 770 reviews
More..
topnotcher

Chat Now!

out of 766 reviews
More..
XXXIAO

Chat Now!

out of 680 reviews
More..
All Rights Reserved. Copyright by AceMyHW.com - Copyright Policy