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Determine the missing amounts in each of the following independent cases. Case A Case B Case C $240,000 7,500 15,000 Sales Beginning inventory, raw material Ending inventory, raw material Purchases of raw material Direct material used Direct labor Manufacturing overhead Total manufacturing costs Beginning inventory, work in process Ending inventory, work in process Cost of goods manufactured Beginning inventory, finished goods Cost of goods available for sale Ending inventory, finished goods Cost of goods sold Gross margin Selling and administrative expenses Income before taxes Income tax expense Net income 60,000 180,000 200,000 140,000 255,000 285,000 300,000 62,500 80,000 170,000 500,000 1,040,000 1,035,000 60,000 105,000 70,000 2,500 1,050,000 100,000 175,000 120,000 185,000 12,500 1,090,000 510,000 990,000 510,000 225,000 300,000 80,000 45,000 135,000 27,500

 

 

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Using the below financial statements, determine certainnumber of variable costs and a fixed costs for the month of Dec.2016 and calculate the following:

Breakeven point in units

Breakeven point in $S

Assume a target income and determine how many units you need tosell in order to make your target income.

LINDSEY’S LIP SETS

Schedule of Cost of Goods Manufactured

For the Year Ending December 31, 2016

Direct Materials:

Beginning Raw Materials Inventory, Jan. 1

$100,000

Plus: Net purchases of raw material

$200,000

Raw materials available

$300,000

Less: Ending raw materials inventory, Dec. 31

$150,000

Raw materials transferred to production

$150,000

Direct Labor

$200,000

Manufacturing Overhead

Indirect materials

$10,000

Indirectlabor

$45,000

FactoryDepreciation

$10,000

$65,000

Total manufacturing costs

$415,000

Beginning work in process inventory Jan.1

$50,000

Cost of goods manufactured

$530,000

Less: Ending work in process inventory, Dec. 31

$2,000

Cost of goods manufactured

$528,000

LINDSEY’S LIP SETS

Schedule of Cost of Goods Sold

For the Year Ending December 31 2016

Beginning finished goods inventory, Jan. 1

$20,000

Plus: Cost of goods manufactured

$528,000

Goods available forsale

$548,000

Less: Finished goods inventory, Dec. 31

$10,000

Cost of goodssold

$538,000

LINDSEY’S LIP SETS

Income Statement

For the Year Ending December 31 2016

Sales

$3,200,000

Cost of goods sold

$538,000

Gross profit

$2,662,000

Operating expenses

Online shop selling

$24,000

General administrative

$10,000

$34,000

Net income

$2,628,000

Valport Company, a manufacturer of fiber optic communications equipment, uses a job-order costing system. Since the production process is heavily automated, manufacturing overhead is allocated on the basis of machine hours using a predetermined overhead rate. The current annual rate of $15 per machine hour is based on budgeted manufacturing overhead costs of $1,200,000 and a budgeted activity level of 80,000 machine hours. Operations for year 20xx have been completed, and all of the accounting entries have been made for the year except the allocation of manufacturing overhead to the jobs worked on during December, the transfer of costs from Work in Process to Finished Goods for the jobs completed in December, and the transfer of costs from Finished Goods to Cost of Goods Sold for the jobs that have been sold during December. Summarized data as of November 30, 20xx and for December 20xx are presented in the following table. Jobs T11-007, N11-013, and N11-015 were completed during December. All completed jobs except Job N11-013 had been turned over to customers by the close of business on December 31, 20xx.

Work-in-Process December 20xx Activity

Balance Direct Direct Machine

Job No. 11/30/xx Material Labor Hours

T11-007 $ 87,000 $ 1,500 . $ 4,500 300

N11-013 55,000 4,000 12,000 1,000

N11-015 -0- 25,600 26,700 1,400

D12-002 -0- 37,900 20,000 2,500

D12-00 . -0- 26,000 16,800 800

________ _______ ______ _______

Total $142,000 $95,000 $80,000 6,000

Activity December

through 20xx

11/30/xx Activity

Actual manufacturing overhead incurred:

Indirect material . . . . . . . . . . . . . . . . . . . . . . . . $125,000 . . . . . . . . $ 9,000

Indirect labor. . . . . . . . . . . . . . . . . . . . . . . . . . . 345,000 . . . . . . . . 30,000

Utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245,000 . . . . . . . . 22,000

Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . 385,000 . . . . . . . . 35,000

Total overhead . . . . . . . . . . . . . . . . . . . . . . . . . $1,100,000 . . . . . . . $96,000

Other items:

Raw-material purchases* . . . . . . . . . . . . . . . . . $ 965,000 . . . . . . . $98,000

Direct-labor costs . . . . . . . . . . . . . . . . . . . . . . $ 845,000 . . . . . . . . 80,000

Machine hours . . . . . . . . . . . . . . . . . . . . . . . . . 73,000 . . . . . . . . 6,000

Account Balances at Beginning of Year 1/1/xx

Raw-materials inventory* . . . . . . . . . . . . . . . . . . . . $105,000

Work-in-process inventory . . . . . . . . . . . . . . . . . . . 60,000

Finished-goods inventory . . . . . . . . . . . . . . . . . . . 125,000

*Raw-material purchases and raw-materials inventory consist of both direct and indirect materials. The balance of the Raw-Materials Inventory account as of December 31, 20xx is $85,000.

REQUIRED:

How much manufacturing overhead would Valport have allocated to jobs through November 30, 20xx?

How much manufacturing overhead would be allocated to jobs by Valport during December 20xx?

Determine the amount by which the manufacturing overhead is overallocated or underallocated as of December 31, 20xx?

Determine the balance in Valport Company's Finished-Goods Inventory account on December 31, 20xx? (Hint: which completed job(s) are still in the finished goods warehouse as of December 31, 20xx?)

Determine the balance in Valport Company's Work-in-process Inventory account on December 31, 20xx? (Hint: which incomplete job(s) are still in the factory as of December 31, 20xx?)

Prepare a Schedule of Cost of Goods Manufactured for Valport Company for the year 20xx. (Hint: In computing the cost of direct material used, remember that Valport includes both direct and indirect material in its Raw-Materials Inventory account i.e.

Raw materials used in 20xx = Direct materials used in 20xx + Indirect materials used in 20xx)

FiberCom, Inc., a manufacturer of fiber optic communicationsequipment, uses a job-order costing sys-tem. Since the productionprocess is heavily automated, manufacturing overhead is applied onthe basis of machine hours using a predetermined overhead rate. Thecurrent annual rate of $15 per machine hour is based on budgetedmanufacturing overhead costs of $1,200,000 and a budgeted activitylevel of 80,000 machine hours (the company’s estimated practicalcapacity). Operations for the year have been completed, and all ofthe accounting entries have been made for the year except theapplication of manu-facturing overhead to the jobs worked on duringDecember, the transfer of costs from Work-in-Process toFinished-Goods for the jobs completed in December, and the transferof costs from Finished Goods to Cost of Goods Sold for the jobsthat have been sold during December. Summarized data as of November30 and for the month of December are presented in the followingtable. Jobs T11-007, N11-013, and N11-015 were completed duringDecember. All completed jobs except Job N11-013 had been turnedover to customers by the close of business on December 31

Work-in-Process December Activity

Job No. Balance November 30 Direct Material Direct Labor MachineHours

T11-007 .....................$ ??????87,000 $ ? 1,500..........................$ ? 4,500 .........................300

N11-013 .................... 55,000 ?? 4,000.......................... 12,000.........................1,000

N11-015 .................... -0- ?????? 25,600.......................... 26,700.........................1,400

D12-002 .................... -0- ?????? 37,900.......................... ?20,000.........................2,500

D12-003 .................... ??? -0- 26,000.......................... 16,800......................... ? 800

Total .......................$142,000 $95,000..........................$80,000.........................6,000

Operating Activity Activity through November 30 DecemberActivity

Actual manufacturing overhead incurred:

Indirect material .................................... $?125,000 .......................... $ 9,000

Indirect labor ......................................... ?345,000 .......................... 30,000

Utilities ................................................... ?245,000 .......................... 22,000

Depreciation .......................................... 385,000.......................... 35,000

Total overhead ...................................... $1,100,000.......................... $96,000

Other data:

Raw-material purchases* ...................... $ ?965,000.......................... $98,000

Direct-labor costs .................................. $ ?845,000......................... .$80,000

Machine hours ....................................... ?73,000......................... .6,000

.Account Balances at Beginning of Year January 1

Raw-material inventory* ............................$105,000

Work-in-process inventory ......................... ? 60,000

Finished-goods inventory .......................... 125,000

*Raw-material purchases and raw-material inventory consist ofboth direct and indirect materials. The balance of the Raw-MaterialInventory account as of December 31 of the year just completed is$85,000..

Required:

1. Explain why manufacturers use a predetermined overhead rateto apply manufacturing overhead to their jobs.

2. How much manufacturing overhead would FiberCom have appliedto jobs through November 30 of the year just completed?

3. How much manufacturing overhead would have been applied tojobs during December of the year just completed?

4. Determine the amount by which manufacturing overhead isoverapplied or underapplied as of December 31 of the year justcompleted.

5. Determine the balance in the Finished-Goods Inventory accounton December 31 of the year just completed.

6. Prepare a Schedule of Cost of Goods Manufactured forFiberCom, Inc. for the year just completed. (Hint: In computing thecost of direct material used, remember that FiberCom includes bothdirect and indirect material in its Raw-Material Inventoryaccount.)

NEED #6 FIGURED OUT PLEASE

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