Question

In: Accounting

. Hormel Foods Company incurs manufacturing costs during the month of August. (shown on “answer...

. Hormel Foods Company incurs manufacturing costs during the month

of August. (shown on “answer page”)

INSTRUCTIONS

For each of the costs listed, determine the type of cost and complete the

following matrix by placing an X mark under the appropriate headings.

Direct Materials

Direct Labor

Mfg. Overhead

Period Costs

Expert Solution

Answer:-

Given condition,

Hormel Foods Company incurs manufacturing costs during the month of August.

Here we have some particulars to create a record of some particular month accounts.

Now we are taking the august month.

The particulars are given as followsl :

Sales commission
Income tax
Advertising
Raw materials
factory utilities
Factory building tax
factory equipment
Production material
Factory maintenance
Salary's for workers
Insurance for the factory
line wages for Assembly

Now , For each of the costs listed, determine the type of cost and complete the following matrix by placing an X mark under the appropriate headings.

Particulars	Direct Materials	Direct Labor	Mfg. Overhead	Period Costs
1.Sales commission				X
2.Income tax				X
3.Advertising				X
4.Raw materials	X
5.factory utilities			X
6.Factory building tax			X
7.factory equipment			X
8.Production material			X
9.Factory maintenance			X
10.Salary's for workers			X
11.Insurance for the factory			X
12. line wages for Assembly		X

ekkarill92 answered 2 years ago

During the current month, Cullumber Company incurs the following manufacturing costs. (a) Purchased raw materials of...

During the current month, Cullumber Company incurs the following manufacturing costs. (a) Purchased raw materials of $18,300 on account. (b) Incurred factory labor of $40,200. Of that amount, $32,400 relates to wages payable and $7,800 relates to payroll taxes payable. (c) Factory utilities of $3,600 are payable, prepaid factory property taxes of $2,940 have expired, and depreciation on the factory building is $9,000. Prepare journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount...

1. During the current month, Waterway Company incurs the following manufacturing costs. (a) Purchased raw materials...

1. During the current month, Waterway Company incurs the following manufacturing costs. (a) Purchased raw materials of $17,800 on account. (b) Incurred factory labor of $38,200. (c) Factory utilities of $3,800 are payable, prepaid factory property taxes of $2,810 have expired, and depreciation on the factory building is $9,800. Record the company’s manufacturing costs in its job order costing system. 2. During January, its first month of operations, Ayayai Company accumulated the following manufacturing costs: raw materials purchased $4,100 on...

During the month of June, Reardon Company incurs $17,000 of direct labour and $8,500 of manufacturing...

During the month of June, Reardon Company incurs $17,000 of direct labour and $8,500 of manufacturing overhead, and purchases $15,000 of raw materials. Between the beginning and the end of the month, the raw-materials inventory increases by $2,000, the finished goods inventory increases by $1,500, and the work-in-process inventory decreases by $3,000. What is the cost of goods manufactured?

Mona Company incurs $60,000 of annual fixed costs in manufacturing and selling a product that it...

Mona Company incurs $60,000 of annual fixed costs in manufacturing and selling a product that it sells for $15 per unit. The variable costs of manufacturing and selling the product are $9 per unit. If Mona Company has a 30% income tax rate, and its management wants to earn an annual after-tax income of $35,000. Determine the dollar sales volume that the company must achieve to reach this target income level. $200,000 $350,000 $275,000 $95,000 $250,000 Mona Company incurs $60,000 of annual...

RATCHET COMPANY Budget Report Assembling Department For the Month Ended August 31, 2017 Difference Manufacturing Costs...

RATCHET COMPANY Budget Report Assembling Department For the Month Ended August 31, 2017 Difference Manufacturing Costs Budget Actual Favorable F Unfavorable U Variable costs Direct materials $ 48,000 $ 47,000 $1,000 F Direct labor 54,000 51,200 2,800 F Indirect materials 24,000 24,200 200 U Indirect labor 18,000 17,500 500 F Utilities 15,000 14,900 100 F Maintenance 12,000 12,400 400 U Total variable 171,000 167,000 3,800 F Fixed costs Rent 12,000 12,000 -0- Supervision 17,000 17,000 -0- Depreciation 6,000 6,000 -0- ...

1. During January, its first month of operations, Marigold Company accumulated the following manufacturing costs: raw...

1. During January, its first month of operations, Marigold Company accumulated the following manufacturing costs: raw materials purchased $5,000 on account, factory labor $7,000, and utilities payable $2,100. In January, requisitions of raw materials for production are as follows: Job 1 $970, Job 2 $1,400, Job 3 $760, and general factory use $640. During January, time tickets show that the factory labor of $7,000 was used as follows: Job 1 $2,330, Job 2 $1,750, Job 3 $1,700, and general factory...

1. During January, its first month of operations, Bridgeport Company accumulated the following manufacturing costs: raw...

1. During January, its first month of operations, Bridgeport Company accumulated the following manufacturing costs: raw materials purchased $4,800 on account, factory labor $7,900, and utilities payable $2,700. (a) Record the company’s manufacturing costs in its job order costing system. 2. During January, its first month of operations, Flounder Company accumulated the following manufacturing costs: raw materials purchased $5,300 on account, factory labor $7,400, and utilities payable $3,100. In January, requisitions of raw materials for production are as follows: Job...

3. MNO has a job costing system. The following are the manufacturing costs during the month...

3. MNO has a job costing system. The following are the manufacturing costs during the month of February: Materials placed into production ? Direct labor (2,000 hours) $ 80,000 Plantwide overhead applied $ 40,000 Cost of goods manufactured $200,000 MNO applies overhead to production on the basis of direct labor hours. The beginning work in process inventory was $18,000 and the ending work in process inventory was $16,000 (the ending work in process had $15,400 of raw materials and 10...

Sold boards during Nov is shown below.... During the same month, this company sold 248 boards....

Sold boards during Nov is shown below.... During the same month, this company sold 248 boards. Uses a periodic inventory system. date explanation units unit cost total cost nov 1 inventory 53 $100 $5300 nov 12 purchase 92 104 9568 nov 19 purchase 41 108 4428 nov 26 purchase 103 113 11635 totals 289 $30935 A) ---- Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory...

The inventory records of Ezra Corporation reflect the information shown below for the month of August....

The inventory records of Ezra Corporation reflect the information shown below for the month of August. The company values its inventory on a monthly periodic basis. Date Transaction Number of Units Cost per Unit 1 Beginning Inventory 400 $5.00 3 Purchase No. 1 400 $5.00 5 Sale No. 1 600 7 Sale No. 2 100 11 Purchase No. 2 1,000 $7.00 17 Sale No. 3 700 19 Purchase No. 3 1,000 $7.00 21 Sale No. 4 600 28 Sale No....