McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended.
- Total manufacturing costs were $1,330,000.
- Cost of goods manufactured was $1,296,500.
- Applied manufacturing overhead was 30 percent of total manufacturing costs.
- Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost.
- Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on December 31.
Exercise 3-28 Part 1
Required:
1. Compute the total direct-labor cost for the year.
direct labor cost=
2. Calculate the total cost of direct material used during the year.
direct material cost=
3. Compute the value of the company’s work-in-process inventory on December 31.
Homework Answers
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McAllister, Inc. employs a normal costing system. The following
information pertains to the year just ended....
McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended....
McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended. Total manufacturing costs were $1,260,000. Cost of goods manufactured was $1,223,000. Applied manufacturing overhead was 30 percent of total manufacturing costs. Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on December 31. 1. Compute the total direct-labor cost for the year. 2. Calculate the total cost...
McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended....
McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended. Total manufacturing costs were $1,430,000. Cost of goods manufactured was $1,401,500. Applied manufacturing overhead was 20 percent of total manufacturing costs. Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on December 31. 3. Compute the value of the company’s work-in-process inventory on December 31. Work-in-process inventory...
Required information [The following information applies to the questions displayed below.] McAllister, Inc. employs a normal...
Required information [The following information applies to the questions displayed below.] McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended. • Total manufacturing costs were $1,450,000. · Cost of goods manufactured was $1,422,500. • Applied manufacturing overhead was 20 percent of total manufacturing costs. • Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. • Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on...
The following information pertains to Franklin Manufacturing Company for March Year 3. Assume actual overhead equaled...
The following information pertains to Franklin Manufacturing Company for March Year 3. Assume actual overhead equaled applied overhead. March 1 Inventory balances Raw materials $ 124,500 Work in process 119,600 Finished goods 77,100 March 31 Inventory balances Raw materials $ 86,500 Work in process 145,500 Finished goods 80,100 During March Costs of raw materials purchased $ 118,300 Costs of direct labor 100,100 Costs of manufacturing overhead 62,500 Sales revenues 356,000 Prepare a schedule of cost of goods manufactured and sold....
Farber Corporation uses a job-order costing system. The information below is from the financial records of...
Farber Corporation uses a job-order costing system. The information below is from the financial records of the company for last year: Total manufacturing costs $2,500,000 Cost of goods manufactured $2,425,000 Predetermined overhead rate 80% of direct labor costApplied overhead was 30% of total manufacturing costs. The Work in Process inventory at January 1 was 75% of the Work in Process inventory at December 31. The Work in Process inventory at December 31 was: $225,000 $100,000 $75,000 $300,000.
The following information is available for Marx, Inc. for the fiscal year ending December 31, 2017:...
The following information is available for Marx, Inc. for the
fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory $160,000
Ending balance in Work in Process Inventory 330,000
Beginning balance in Finished Goods Inventory 460,000
Ending balance in Finished Goods Inventory 390,000
Direct material cost 2,700,000
Direct labor cost 3,480,000
Manufacturing overhead 1,700,000
Selling and administrative expenses 1,330,000
Sales 8,920,000
Prepare a schedule of cost of goods manufactured
Marx, Inc. Schedule of Cost of Goods Manufactured...
Problem 2-1 The following information is available for Sipacore, Inc. for the fiscal year ending December...
Problem 2-1
The following information is available for Sipacore, Inc. for the
fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory
$230,000
Ending balance in Work in Process Inventory
280,000
Beginning balance in Finished Goods Inventory
450,000
Ending balance in Finished Goods Inventory
380,000
Direct material cost
2,840,000
Direct labor cost
2,860,000
Manufacturing overhead
1,700,000
Selling and administrative expenses
1,310,000
Sales
8,560,000
Prepare a schedule of cost of goods manufactured.
Sipacore, Inc.
Schedule of Cost of...
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on...
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 20x1, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company’s practical capacity, in terms of direct-labor hours, multiplied by the budgeted direct-labor rate.) Budgeted totals for 20x2 for...
The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied...
The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead. $123,900 119,500 77,000 March 1 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $ 85,900 146,900 80,200 $ 118,300 100,400 61,700 352,000 Required a. Prepare a schedule of cost of goods manufactured and sold....
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process...
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 20x1, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company’s practical capacity, in terms of direct-labor hours, multiplied by the budgeted direct-labor rate.) Budgeted totals for 20x2 for...
Required information [The following information applies to the questions displayed below.] McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended. • Total manufacturing costs were $1,450,000. · Cost of goods manufactured was $1,422,500. • Applied manufacturing overhead was 20 percent of total manufacturing costs. • Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. • Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on...
The following information is available for Marx, Inc. for the
fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory $160,000
Ending balance in Work in Process Inventory 330,000
Beginning balance in Finished Goods Inventory 460,000
Ending balance in Finished Goods Inventory 390,000
Direct material cost 2,700,000
Direct labor cost 3,480,000
Manufacturing overhead 1,700,000
Selling and administrative expenses 1,330,000
Sales 8,920,000
Prepare a schedule of cost of goods manufactured
Marx, Inc. Schedule of Cost of Goods Manufactured...
Problem 2-1
The following information is available for Sipacore, Inc. for the
fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory
$230,000
Ending balance in Work in Process Inventory
280,000
Beginning balance in Finished Goods Inventory
450,000
Ending balance in Finished Goods Inventory
380,000
Direct material cost
2,840,000
Direct labor cost
2,860,000
Manufacturing overhead
1,700,000
Selling and administrative expenses
1,310,000
Sales
8,560,000
Prepare a schedule of cost of goods manufactured.
Sipacore, Inc.
Schedule of Cost of...
The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead. $123,900 119,500 77,000 March 1 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $ 85,900 146,900 80,200 $ 118,300 100,400 61,700 352,000 Required a. Prepare a schedule of cost of goods manufactured and sold....
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