Question
In: Accounting
Manufacturing cost data for Cheyenne Company are presented below. Indicate the missing amount for each letter...
Manufacturing cost data for Cheyenne Company are presented
below.
Indicate the missing amount for each letter (a) through
(i).
|
Case A |
Case B |
Case C |
|||||||
| Direct materials used | $ | (a) | $72,740 | $131,500 | |||||
| Direct labor | 59,740 | 89,280 | (g) | ||||||
| Manufacturing overhead | 50,480 | 82,550 | 104,400 | ||||||
| Total manufacturing costs | 201,900 | (d) | 255,900 | ||||||
| Work in process 1/1/17 | (b) | 20,740 | (h) | ||||||
| Total cost of work in process | 225,820 | (e) | 341,400 | ||||||
| Work in process 12/31/17 | (c) | 15,360 | 73,580 | ||||||
| Cost of goods manufactured | 188,300 | (f) | (i) | ||||||
Solutions
Expert Solution
Case A
a.
Total manufacturing cost = Direct material used + Direct labor + Manufacturing overhead
201,900 = Direct material used + 59,740 + 50,480
Direct material used = $91,680
b.
Total cost of work in process = Total manufacturing costs + Work in process 1/1/17
225,820 = 201,900 + Work in process 1/1/17
Work in process 1/1/17 = 225,820 - 201,900
= $23,920
c.
Cost of goods manufactured = Total manufacturing cost - Work in process 12/31/17
188,300 = 201,900 - Work in process 12/31/17
Work in process 12/31/17 = $13,600
Case B
d.
Total manufacturing cost = Direct material used + Direct labor + Manufacturing overhead
= 72,740 + 89,280 + 82,550
= $244,570
e.
Total cost of work in process = Total manufacturing costs + Work in process 1/1/17
= 244,570 + 20,740
= $265,310
f.
Cost of goods manufactured = Total manufacturing cost - Work in process 12/31/17
= 244,570 - 15,360
= $229,210
Case C
g.
Total manufacturing cost = Direct material used + Direct labor + Manufacturing overhead
255,900 = 131,500 + Direct labor + 104,400
Direct labor = $20,000
h.
Total cost of work in process = Total manufacturing costs + Work in process 1/1/17
341,400 = 255,900 + Work in process 1/1/17
Work in process 1/1/17 = $85,500
i.
Cost of goods manufactured = Total manufacturing cost - Work in process 12/31/17
= 255,900 - 73,580
= $182,320
ekkarill92 answered 1 year agoRelated Solutions
Indicate the missing amount for each letter. Case 1 2 Direct materials used $9,990 $enter a...
Indicate the missing amount for each letter.
Case
1
2
Direct materials used
$9,990
$enter a dollar amount
(g)
Direct labor
5,100
8,360
Manufacturing overhead
8,980
4,100
Total manufacturing costs
enter a dollar amount
(a)
16,420
Beginning work in process inventory
1,150
enter a dollar amount
(h)
Ending work in process inventory
enter a dollar amount
(b)
3,800
Sales revenue
25,430
enter a dollar amount
(i)
Sales discounts
3,000
2,430
Cost of goods manufactured
17,920
22,980
Beginning finished goods inventory...
Indicate the missing amount for each letter. Case 1 2 Direct materials used $9,850 $enter a...
Indicate the missing amount for each letter.
Case
1
2
Direct materials used
$9,850
$enter a dollar amount
(g)
Direct labor
5,460
9,060
Manufacturing overhead
9,030
4,350
Total manufacturing costs
enter a dollar amount
(a)
16,870
Beginning work in process inventory
1,490
enter a dollar amount
(h)
Ending work in process inventory
enter a dollar amount
(b)
3,300
Sales revenue
25,200
enter a dollar amount
(i)
Sales discounts
2,720
2,120
Cost of goods manufactured
18,100
22,160
Beginning finished goods inventory...
A partially complete manufacturing cost summary is presented below. The required missing information below is indicated...
A partially complete manufacturing
cost summary is presented below. The required missing information
below is indicated with “_______.” The after-tax rate of return is
to be 20%. Please provide the missing information using suggestions
from your text. Don’t forget to include your assumptions,
calculations and/or logic. Please assume the income tax rate to be
35%.
Fixed
Capital
$500,000.
Working
Capital
________
Direct
Costs
$1,500,000.
Indirect
Costs
$200,000.
General
Expenses...
Manufacturing cost data for Blossom Company, which uses a job order cost system, are presented below....
Manufacturing cost data for Blossom Company, which uses a job
order cost system, are presented below.
Indicate the missing amount for each letter. Assume that in all
cases manufacturing overhead is applied on the basis of direct
labor cost and the rate is the same. (Round overhead
rate to 2 decimal places, e.g. 15.25 and final answers to 0 decimal
places, e.g. 5,275.)
Case A
Case B
Direct materials used
$enter your answer in dollars
rounded to 0 decimal places...
Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below....
Manufacturing cost data for Orlando Company, which uses a job
order cost system, are presented below.
Indicate the missing amount for each letter. Assume that in all
cases manufacturing overhead is applied on the basis of direct
labor cost and the rate is the same. (Round overhead
rate to 2 decimal places, e.g. 15.25 and final answers to 0 decimal
places, e.g. 5,275.)
Case A
Case B
Direct materials used
$enter a dollar amount
(a)
$93,900
Direct labor
52,000
147,700...
Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below....
Manufacturing cost data for Orlando Company, which uses a job
order cost system, are presented below.
Indicate the missing amount for each letter. Assume that in all
cases manufacturing overhead is applied on the basis of direct
labor cost and the rate is the same. (Round overhead
rate to 2 decimal places, e.g. 15.25 and final answers to 0 decimal
places, e.g. 5,275.)
Case A
Case B
Direct materials
used
$enter a dollar amount
(a)
$91,800
Direct labor
60,000
144,800...
Problem 12-08A Presented below are the financial statements of Cheyenne Company. Cheyenne Company Comparative Balance Sheets...
Problem 12-08A
Presented below are the financial statements of Cheyenne
Company.
Cheyenne Company
Comparative Balance Sheets
December 31
Assets
2022
2021
Cash
$ 112,000
$ 64,000
Accounts receivable
64,000
44,800
Inventory
89,600
64,000
Property, plant, and equipment
192,000
249,600
Accumulated depreciation
(102,400
)
(76,800
)
Total
$355,200
$345,600
Liabilities and Stockholders’ Equity
Accounts payable
$ 60,800
$ 48,000
Income taxes payable
22,400
25,600
Bonds payable
54,400
105,600
Common stock
57,600
44,800
Retained earnings
160,000
121,600
Total
$355,200
$345,600
Cheyenne Company...
Indicate the missing amount of different cost items, and prepare a condensed cost of goods manufactured...
Indicate the missing amount of different cost items, and prepare
a condensed cost of goods manufactured schedule, an income
statement, and a partial balance sheet. Incomplete manufacturing
costs, expenses, and selling data for two different cases are as
follows:
Case
1 2
Direct Materials Used $ 6,300 $ (g)
Direct Labour $3,000 $4,000
Manufacturing Overhead $6,000 $5,000
Total Manufacturing Costs (a) $ 16,000
Beginning Work in Process Inventory $1,000 (h)
Ending Work in Process Inventory (b) $ 2,000
Sales $22,500...
Fill in the missing amounts. Indicate a loss by placing brackets around the amount. Each column...
Fill in the missing amounts. Indicate a loss by placing brackets
around the amount. Each column of figures is a separate
problem.
A
B
C
Sales
80,000
64,000
Beginning inventory
25,000
Net purchases
45,000
8,000
Ending Inventory
15,000
10,000
2,000
Cost Of Goods Sold
50,000
13,000
Gross Profit
23,000
(1,000)
Expenses
20,000
5,000
Net Income
14,000
(6,000)
Presented below are the components in determining cost of goods sold. Determine the missing amounts.
Presented below are the components in determining cost of goods sold. Determine the missing amounts.
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