MGAB03H3 Lecture Notes - Lecture 6: Icq, Income Statement, Finished Good

38 views17 pages

bronzechinchilla950

8 Oct 2015

School

Department

Course

Professor

For unlimited access to Class Notes, a Class+ subscription is required.

Document Summary

5. 21 schedule of cost of goods manufactured, cost of goods sold, income statement . 277,000: prime costs = direct materials + direct labour = 95,200 + 88,200 = 183,400. Conversion costs = direct labour + manufacturing overhead = 88,200 + 104,000 = 192,200. Job costing, over- and underapplied overhead, journal entries - shane"s shovels: notice that the company uses normal costing (overhead is allocated using an estimated rate). However, under normal costing the company is required to make an end-of-period adjustment for any overapplied or underapplied overhead. This means that the after- adjustment costs assigned to jobs completed will be actual cost: ,000: this month overhead was underapplied by ,000. This is the difference between total overhead costs of ,000 (indirect materials of ,000 plus other manufacturing overhead incurred of ,000) and manufacturing overhead allocated of ,000: work in process. The problem states that beginning and ending wip inventories were both zero.

Related Questions

Problem 2

Smith Carlson Corporation provided the following list of costdata to its manufacturing operations for the month of October20X5.

Beginning raw materials inventory	2,416,000
Raw materials purchased (net)	5,863,750
Ending raw materials inventory	2,045,500
Direct labor costs	805,750
Indirect materials	313,750
Indirect labor	222,250
Factory utilities and maintenance	1,140,000
Factory depreciation	141,500
Other factory relatedoverhead	61,000
Beginning work in process	1,942,500
Ending work in process	1,792,500

Arrange the cost data into a statement of cost of goodsmanufactures.

If Smith Carlson Corporation cost of goods sold for the monthwas $10,000,000, how much was the increase or decrease in finishedgoods inventory for the month of October

WORKSHEET #2

SMITH CARLSON CORPORATION
SCHEDULE OF COST OF GOODS MANUFACTURED
For the month ending October 31, 20X5

Direct materials:
	$ -
	-
	$ -
	-
Raw materials transferred to production		$ -
Direct labor		-
Factory overhead
	$ -
	-
	-
	-
	-	-
Total manufacturing costs		$ -
		-
		$ -
		-
Cost of goods manufactured		$ -

periwinklewhale348

EXERCISE 3-12 Applying Overhead; Cost of Goods Manufactured [LO3-2, L03-6, LO3-7] The following cost data relate to the manufacturing activities of Chang Company during the just completed year: $ 15,000 130,000 8,000 70,000 240,000 10,000 $473,000 Manufacturing overhead costs incurred: Indirect materials ....... Indirect labor Property taxes, factory ...... Utilities, factory Depreciation, factory ....... Insurance, factory ......... ........... ......... Total actual manufacturing overhead costs incurred ........ Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost ... Inventories: Raw materials, beginning ....... Raw materials, ending ....... Work in process, beginning ...... Work in process, ending ...... $400,000 $60,000 $20,000 $30,000 $40,000 $70,000 The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $25 per machine-hour. A total of 19,400 machine-hours was recorded for the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year.

Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars):


Information on January 1 (Beginning):
Direct materials inventory	$	89
Work-in-process inventory		118
Finished goods inventory		1,610
Information for the year:
Administrative costs	$	3,630
Direct labor		12,200
Direct materials purchases		8,220
Factory and machine depreciation		11,730
Factory supervision		747
Factory utilities		947
Indirect factory labor		2,940
Indirect materials and supplies		678
Marketing costs		1,510
Property taxes on factory		277
Sales revenue		45,500
Information on December 31 (Ending):
Direct materials inventory	$	99
Work-in-process inventory		140
Finished goods inventory		1,430

Required:

Prepare an income statement with a supporting cost of goods sold statement. (Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).)

YOLO WINDOWS
Income Statement
For the Year Ended December 31
($000)

?		?
?		?
?		?
?	?
?	?
?	?
Total marketing and administration cost
?		?

YOLO WINDOWS

Statements of Cost of Good Sold

For the Year Ended December 31

($000)

?			?
Manufacturing cost:
Direct Material:	?
?	?
?	?
?	?
?	?
?		?
?		?
Manufacturing overhead:
?	?
?	?
?	?
?	?
?	?
?	?
?	?
?	?
Total Manufacturing overhead		0
Total manufacturing costs			?
Total cost of work in process during the year			?
?			?
Cost of goods manufactured during the year			?
?			?
?			?
?			?
cost of goods sold			?

bronzecockroach220

MGAB03H3 Lecture Notes - Lecture 6: Icq, Income Statement, Finished Good

Document Summary

Get access

Related Documents

MGAB03H3 Lecture 4: Week 4 - 5 chapter notes

MGAB03H3 Study Guide - Final Guide: Features Of The Marvel Universe, Variable Cost, Net Present Value

MGAB03H3 Lecture Notes - Lecture 5: Finished Good

Related Questions