During the year ended May 31, 2018, Teller Register Co. reported favorable raw material usage and...
During the year ended May 31, 2018, Teller Register Co. reported
favorable raw material usage and direct labor and variable overhead
efficiency variances that totaled $290,200. Price and rate
variances were negligible. Total standard cost of goods
manufactured during the year was $1,974,150.
- Assume that the ending inventory of finished goods valued at standard cost is $162,000. Calculate the adjustment to finished goods inventory that would be appropriate because of the erroneous standards.
Homework Answers
Solution:
% of Favorable variances to Standard Cost of goods manufactured = $290200 / 1974150 = 14.70%
Therefore Adjustment finished goods inventory that would be appropriate = Decrease by 14.70%
= $162000*14.70% = $23,814 Decrease
Add Answer to:
During the year ended May 31, 2018, Teller Register Co. reported
favorable raw material usage and...
During the year ended May 31, 2018, Teller Register Co. reported favorable raw material usage and...
During the year ended May 31, 2018, Teller Register Co. reported
favorable raw material usage and direct labor and variable overhead
efficiency variances that totaled $288,600. Price and rate
variances were negligible. The total standard cost of goods
manufactured during the year was $1,950,000.
1. Assume that the ending inventory of finished goods valued at
standard cost is $163,000. Calculate the adjustment to finished
goods inventory that would be appropriate because of the erroneous
standards.
Adjustment to finished goods inventory
Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 215,000 Purchases of raw materials $ 262,000 Direct labor ? Administrative expenses $ 156,000 Manufacturing overhead applied to work in process $ 373,000 Actual manufacturing overhead cost $ 357,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 54,000 $ 37,000 Work...
Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended
December 31 (all raw materials are used in production as direct
materials):
Selling expenses
$
216,000
Purchases of raw materials
$
268,000
Direct labor
?
Administrative expenses
$
153,000
Manufacturing overhead applied to work in process
$
372,000
Actual manufacturing overhead cost
$
358,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of Year
End of Year
Raw materials
$
52,000
$
38,000
Work...
Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 219,000 $ 269,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 151,000 $376,000 $ 359,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of End of Year Year $ 52,000...
Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses Purchases of rav naterials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost ts s 220,000 s 263,000 154,000 369,000 356,000 eflook Inventory balances at the beginning and end of the year were as follows: Priet Beginning of Year End of $ 55,000 32,000 Year Raw material Work in process...
Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 211,000 Purchases of raw materials $ 260,000 Direct labor ? Administrative expenses $ 152,000 Manufacturing overhead applied to work in process $ 372,000 Actual manufacturing overhead cost $ 354,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 50,000 $ 31,000 Work...
Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 217,000 Purchases of raw materials $ 269,000 Direct labor ? Administrative expenses $ 154,000 Manufacturing overhead applied to work in process $ 366,000 Actual manufacturing overhead cost $ 354,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 57,000 $ 40,000 Work...
Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 211,000 $ 269,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses $ 157,000 $ 373,000 $ 354,000 Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year $ 56,000 ? $ 32,000 End of Year $ 40,000 $...
Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) $218,800 selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead appl1 Actual manufacturing overhead cost $261,eee $151,eee n process 367,e0e $ 352,e9e Inventory balances at the beginning and end of the year were as follows: . Beginning of Year End of Year ences Raw naterials Work in process Finished goods 34,800 ?25,000 56,800 31,ee The...
Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended
December 31 (all raw materials are used in production as direct
materials):
Selling expenses
$
211,000
Purchases of raw materials
$
264,000
Direct labor
?
Administrative expenses
$
154,000
Manufacturing overhead applied to work in process
$
369,000
Actual manufacturing overhead cost
$
358,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of Year
End of Year
Raw materials
$
54,000
$
36,000
Work...
During the year ended May 31, 2018, Teller Register Co. reported
favorable raw material usage and direct labor and variable overhead
efficiency variances that totaled $288,600. Price and rate
variances were negligible. The total standard cost of goods
manufactured during the year was $1,950,000.
1. Assume that the ending inventory of finished goods valued at
standard cost is $163,000. Calculate the adjustment to finished
goods inventory that would be appropriate because of the erroneous
standards.
Adjustment to finished goods inventory
Superior Company provided the following data for the year ended
December 31 (all raw materials are used in production as direct
materials):
Selling expenses
$
216,000
Purchases of raw materials
$
268,000
Direct labor
?
Administrative expenses
$
153,000
Manufacturing overhead applied to work in process
$
372,000
Actual manufacturing overhead cost
$
358,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of Year
End of Year
Raw materials
$
52,000
$
38,000
Work...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 219,000 $ 269,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 151,000 $376,000 $ 359,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of End of Year Year $ 52,000...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses Purchases of rav naterials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost ts s 220,000 s 263,000 154,000 369,000 356,000 eflook Inventory balances at the beginning and end of the year were as follows: Priet Beginning of Year End of $ 55,000 32,000 Year Raw material Work in process...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 211,000 $ 269,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses $ 157,000 $ 373,000 $ 354,000 Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year $ 56,000 ? $ 32,000 End of Year $ 40,000 $...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) $218,800 selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead appl1 Actual manufacturing overhead cost $261,eee $151,eee n process 367,e0e $ 352,e9e Inventory balances at the beginning and end of the year were as follows: . Beginning of Year End of Year ences Raw naterials Work in process Finished goods 34,800 ?25,000 56,800 31,ee The...
Superior Company provided the following data for the year ended
December 31 (all raw materials are used in production as direct
materials):
Selling expenses
$
211,000
Purchases of raw materials
$
264,000
Direct labor
?
Administrative expenses
$
154,000
Manufacturing overhead applied to work in process
$
369,000
Actual manufacturing overhead cost
$
358,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of Year
End of Year
Raw materials
$
54,000
$
36,000
Work...
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