Homework Answers
The following information is given as per the question:
The Opening amount of Raw materials=$12000
Raw materials purchased=$88000
Raw materials used directly into products=$67000
Raw materials used indirectly=$32000
Answer 1) Hence ending balance of raw materials = [opening amount of raw materials + raw materials purchased] - [raw materials used directly into products + raw materials indirectly] = $[12000+88000] - $[67000+32000] = $1,00,000 - $99,000 = $1,000
Answer 2) Total manufacturing overhead costs applied for the month = Production manager salary + direct labour costs + accounting salaries + finance department equipment + VP of operation + factory tools + factory rent + factory security costs + factory utilities + human resources salaries= $[23,000+1,15,000+ 33,000+8,000+ 20,000+44,000+55,000+15,000+5,000+31,000] = $ 3,49,000
Answer 3) Total manufacturing costs added during the month = [raw materials used directly into products + raw materials indirectly+direct labour costs + factory tools + factory rent] = $[67000+32000+115000+44000+55000] = $3,13,000
Answer 4) Total cost of work in process = raw materials cost + direct labour cost+ factory overhead cost = $[67,000+32,000+1,15,000+23,000+55,000+15,000+5,000]= $3,12,000
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The JW Bike Corp had the Following Costs and Balances during the Month as Follows; 1....
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Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
Lamonda Corp. uses a job order cost system. On April 1, the
accounts had balances as shown in the T-accounts below:
The following transactions occurred during April:
(a) Purchased materials on account at a cost of
$232,070.
(b) Requisitioned materials at a cost of $110,500, of
which $15,500 was for general factory use.
(c) Recorded factory labor of $225,100, of which $42,975
was indirect.
(d) Incurred other costs:
Selling expense
$
35,300
Factory utilities
24,400
Administrative expenses
50,250
Factory rent...
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Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $233,470. (b) Requisitioned materials at a cost of $111,600, of which $15,500 was for general factory use. (c) Recorded factory labor of $224,100, of which $42,175 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 35,900...
Lamonda Corp. uses a job order cost system. On April 1, the
accounts had balances as shown in the T-accounts below:
The following transactions occurred during April:
(a) Purchased materials on account at a cost of
$232,070.
(b) Requisitioned materials at a cost of $110,500, of
which $15,500 was for general factory use.
(c) Recorded factory labor of $225,100, of which $42,975
was indirect.
(d) Incurred other costs:
Selling expense
$
35,300
Factory utilities
24,400
Administrative expenses
50,250
Factory rent...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $136,000. (b) Requisitioned materials at a cost of $122,000, of which $28,000 was for general factory use. (c) Recorded factory labor of $155,000, of which $24,000 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 44,000...
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