Direct Materials Used Direct Labor Factory Overhead Total Manufacturing Costs a

Direct materials used direct labor factory overhead

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Direct Materials Used Direct Labor Factory Overhead Total Manufacturing Costs (a) $ 17,000 $42,000 ? $ 73,000 (b) $148,000 ? $112,000 $420,000 Instructions Determine the missing amounts. Solution 167(3 min.) (a) Total manufacturing costs $73,000 Less: Direct materials used (17,000) Less: Direct labor (42,000) Equals: Factory overhead $14,000 (b) Total manufacturing costs $420,000 Less: Direct materials (148,000) Less: Factory overhead (112,000) Equals: Direct labor used $160,000
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Managerial Accounting 1 - 29BE 168 Presented below are incomplete 2008 manufacturing cost data for Supreme Corporation. Direct Materials Used Direct Labor Factory Overhead Total Manufacturing Costs (a) $38,000 $72,000 ? $164,000 (b) $95,000 ? $70,000 $305,000 (c) ? $80,000 $120,000 $260,000 Instructions Determine the missing amounts. Solution 168(4 min.) Direct Materials Used Direct Labor Factory Overhead Total Manufacturing Costs (a) $38,000 $72,000 $54,000 $164,000 (b) $95,000 $140,000 $70,000 $305,000 (c) $60,000 $80,000 $120,000 $260,000 BE 169 Raynor Manufacturing Company has the following data: Direct labor $46,000 Direct materials used 84,000 Total manufacturing overhead 60,000 Ending work in process 30,000 Beginning work in process 40,000 Instructions Compute (a) total manufacturing costs and (b) cost of goods manufactured. Solution 169(5 min.) (a) Direct labor $ 46,000 Direct materials used 84,000 Total manufacturing overhead 60,000 Total manufacturing costs $190,000 (b) Beginning work in process $ 40,000 Total manufacturing costs 190,000 Less ending work in process (30,000) Cost of goods manufactured $200,000
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Test Bank for ISV Managerial Accounting, Fourth Edition 1 - 30BE 170 In alphabetical order below are current asset items for Sudler Company as of December 31, 2008. Prepare the current assets section of the company’s balance sheet as of the same date.Accounts receivable $41,000 Cash 56,000 Finished goods 21,000 Prepaid expenses 3,000 Raw materials 12,000 Work in process 32,000 Solution 170(4 min.) Current Assets Cash $ 56,000 Accounts receivable 41,000 Inventories Finished goods $21,000 Work in process 32,000 Raw materials 12,000 65,000 Prepaid expenses 3,000 Total current assets $165,000 EXERCISES Ex. 171 Financial accounting information and managerial accounting information have a number of distinguishing characteristics. For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting by placing the letter "F" in the space to the left of the item and indicate those characteristics which are more closely associated with managerial accounting by placing the letter "M" to the left of the item. ____ 1. General-purpose reports ____ 2. Reports are used internally ____ 3. Prepared in accordance with generally accepted accounting principles ____ 4. Special purpose reports ____ 5. Limited to historical cost data ____ 6. Reporting standard is relevance to the decision to be made ____ 7. Financial statements ____ 8. Reports generally pertain to the business as a whole ____ 9. Reports generally pertain to subunits ____ 10. Reports issued quarterly or annually
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Managerial Accounting 1 - 31Solution 171(711 min.) 1. F 6. M 2. M 7. F 3. F 8. F 4. M 9. M 5. F 10. F Ex. 172 Determine whether each of the following is classified as: DM: Direct materials DL: Direct labor MO: Manufacturing overhead _____ 1. Assembly line workers' wages.
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