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In: Accounting
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel’s beginning and ending Work in Process Inventory are $15,500 and $27,000 respectively. Compute the cost of product transferred to Finished Goods Inventory:
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Expert Solution
1. Computation of Cost of Product Transferred to Finished Goods Inventory -
Cost of Product Transferred to Finished Goods Inventory - $ 428,500/-
ekkarill92 answered 2 years agoRelated Solutions
Minstrel Manufacturing uses a job order costing system. Duringone month Minstrel purchased $198,000 of raw...
Minstrel Manufacturing uses a job order costing system. During
one month Minstrel purchased $198,000 of raw materials on credit;
issued materials to production of $195,000 of which $30,000 were
indirect. Minstrel incurred a factory payroll of $150,000, of which
$40,000 was indirect labor. Minstrel uses a predetermined overhead
rate of 150% of direct labor cost. The journal entry to record the
application of factory overhead to production is:
Portside Watercraft uses a job order costing system. During one month Portside purchased $153,000 of raw...
Portside Watercraft uses a job order costing system. During one
month Portside purchased $153,000 of raw materials on credit;
issued materials to production of $164,000 of which $24,000 were
indirect. Portside incurred a factory payroll of $95,000, of which
$25,000 was indirect labor. Portside uses a predetermined overhead
rate of 170% of direct labor cost. The journal entry to record the
application of factory overhead to production is:
Madison Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased...
Madison Company uses a job-order costing system. The following
transactions occurred in October:
Raw materials purchased on account, $210,000.
Raw materials used in production, $190,000 ($178,000 direct
materials and $12,000 indirect materials).
Accrued direct labor cost of $90,000 and indirect labor cost of
$110,000.
Depreciation recorded on factory equipment, $40,000.
Other manufacturing overhead costs accrued during October,
$70,000.
The company applies manufacturing overhead cost to production
using a predetermined rate of $8 per machine-hour. A total of
30,000 machine-hours were...
The Trump Corporation uses a job-order costing system. The following activities took place during the month...
The Trump Corporation uses a job-order costing system. The
following activities took place during the month of May:
a.
Raw materials purchased
$40,000
b.
Raw materials (all direct) used in production
$35,000
c.
Salaries and wages costs:
Direct labor cost
$60,000
Indirect labor cost
$30,000
Sales salaries
$25,000
d.
Factory utility costs
$15,000
e.
Depreciation on factory equipment
$50,000
f.
Advertising expense
$80,000
g.
Manufacturing overhead is applied at the predetermined rate of
150% of direct labor cost.
h.
Cost...
Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred:...
Yurman Inc. uses a job-order costing system. During the month of
May, the following transactions occurred:
May
1
Purchased materials on account for
$29,740.
3
Requisitioned materials totaling
$24,460 for use in production. Of the total, $9,190 was for Job 58,
$8,910 for Job 59, and the remainder for Job 60.
31
Incurred direct labor for the month
of $34,010, with an average wage of $19 per hour. Job 58 used 780
hours; Job 59, 610 hours; and Job 60,...
Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred:...
Yurman Inc. uses
a job-order costing system. During the month of May, the following
transactions occurred:
May
1
Purchased materials on
account for $29,670.
3
Requisitioned materials
totaling $24,500 for use in production. Of the total, $9,200 was
for Job 58, $8,900 for Job 59, and the remainder for Job 60.
31
Incurred direct labor for
the month of $32,400, with an average wage of $18 per hour. Job 58
used 800 hours; Job 59, 600 hours; and Job 60,...
The Searider Company uses a job-order costing system. The following transactions occurred in April: a. Raw...
The Searider Company uses a job-order costing system. The
following transactions occurred in
April:
a. Raw materials were purchased on account, $180,000.
b. Raw materials used in production, $148,000 ($130,000 direct
materials and $18,000 indirect
materials).
c. Accrued direct labor cost of $75,000 and indirect labor cost of
$105,000.
d. Depreciation recorded on factory equipment, $40,000.
e. Other manufacturing overhead costs accrued during April,
$118,000.
f. The company applies manufacturing overhead cost to production
using a predetermined
overhead rate of...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The
following transactions occurred in October:
Raw materials purchased on account, $209,000.
Raw materials used in production, $189,000 ($151,200 direct
materials and $37,800 indirect materials).
Accrued direct labor cost of $50,000 and indirect labor cost of
$21,000.
Depreciation recorded on factory equipment, $104,000.
Other manufacturing overhead costs accrued during October,
$129,000.
The company applies manufacturing overhead cost to production
using a predetermined rate of $9 per machine-hour. A total of
76,200 machine-hours...
Question: The Searider Company uses a job-order costing system. The following transactions occurred in April: Raw...
Question:
The Searider
Company uses a job-order costing system. The following transactions
occurred in April:
Raw materials were purchased on account, $180,000.
Raw materials used in production, $148,000 ($130,000 direct
materials and $18,000 indirect materials).
Accrued direct labor cost of $75,000 and indirect labor cost of
$105,000.
Depreciation recorded on factory equipment, $40,000.
Other manufacturing overhead costs accrued during April,
$118,000.
The company applies manufacturing overhead cost to production
using a predetermined overhead rate of $6 per machine-hours. A
total...
The Searider Company uses a job-order costing system. The following transactions occurred in April: Raw materials...
The Searider Company uses a job-order costing system. The
following transactions occurred in April:
Raw materials were purchased on account, $180,000.
Raw materials used in production, $148,000 ($130,000 direct
materials and $18,000 indirect materials).
Accrued direct labor cost of $75,000 and indirect labor cost of
$105,000.
Depreciation recorded on factory equipment, $40,000.
Other manufacturing overhead costs accrued during April,
$118,000.
The company applies manufacturing overhead cost to production
using a predetermined overhead rate of $6 per machine-hours. A
total of...
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