Finished goods inventory 321500 507000 828500 j

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Cornerstones of Cost Management
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Chapter 5 / Exercise 10
Cornerstones of Cost Management
Hansen/Mowen
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Finished goods inventory ($321,500 + $507,000) = $828,500j.Factory Overhead
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Cornerstones of Cost Management
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Chapter 5 / Exercise 10
Cornerstones of Cost Management
Hansen/Mowen
Expert Verified
1/20/2018Chapter 15 Homework4/6Overhead applied to jobs$170,000 Overhead incurredIndirect materials$ 50,000 Indirect labor23,000 Factory rent32,000 Factory utilities19,000 Factory equip. depreciation.51,000 175,000 Underapplied overhead$5,000 WorksheetLearning Objective: 15-C2 Explainjob cost sheets and how they areused in job order costing.Learning Objective: 15-P3 Describe and record the flow of overheadcosts in job order costing.Problem 15-1A Part 2Learning Objective: 15-P1Describe and record the flow ofmaterials costs in job ordercosting.Learning Objective: 15-P4 Determine adjustments for overappliedand underapplied factory overhead.Difficulty: 3 HardLearning Objective: 15-P2Describe and record the flow oflabor costs in job order costing.References
1/20/2018Chapter 15 Homework5/614.Award: 10.00 pointsProblems? Adjust credit for all students.Required informationProblem 15-1A Part 33.Prepare a schedule of cost of goods manufactured.$MARCELINO COMPANYSchedule of Cost of Goods ManufacturedFor Month Ended April 30Direct materials used455,000Direct labor used340,000Factory overhead applied170,000Total manufacturing costsAdd: Work in process March 31121,000Total cost of work in processLess: Work in process April 30(257,500)Cost of goods manufactured965,0001,086,000$828,500FFFExplanation:No further explanation details are available for this problem.WorksheetLearning Objective: 15-C2 Explainjob cost sheets and how they areused in job order costing.Learning Objective: 15-P3 Describe and record the flow of overheadcosts in job order costing.Problem 15-1A Part 3Learning Objective: 15-P1Describe and record the flow ofmaterials costs in job ordercosting.Learning Objective: 15-P4 Determine adjustments for overappliedand underapplied factory overhead.Difficulty: 3 HardLearning Objective: 15-P2Describe and record the flow oflabor costs in job order costing.References
1/20/2018Chapter 15 Homework6/615.Award: 10.00 pointsProblems? Adjust credit for all students.Required informationProblem 15-1A Part 44.1Compute gross profit for April.$Gross Profit308,5004.2Show how to present the inventories on the April 30 balance sheet.$InventoriesRaw materials75,000Work in process257,500Finished goods507,000Total inventories$839,500FExplanation:4.1Sales$ 635,000 Less: Cost of goods sold(326,500)Gross Profit$ 308,500 4.2Raw Materials InventoryBeginning raw materials inventory$80,000 Purchases500,000 Direct materials used(455,000) Indirect materials used(50,000) Ending raw materials inventory$75,000 WorksheetLearning Objective: 15-C2 Explainjob cost sheets and how they areused in job order costing.

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