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In: Accounting
Question1: Muscat Corporation has the following cost records for January 2019. Indirect factory labor OMR 14,300...
Question1: Muscat Corporation has the following cost records for January 2019. Indirect factory labor OMR 14,300 Factory utilities OMR 10,100 Raw materials purchases 152,500 Factory repairs 12,600 Raw materials inventory 1/1/2019 16,700 Depreciation, factory equipment 9,440 Raw materials inventory, 1/31/19 22,800 Direct labor 175,600 Work in process, 1/1/2019 18,400 Factory insurance 8,360 Work in process, 1/31/19 25,200 Advertising costs 5,000 Finished goods, 1/1/19 5,000 Sales commissions 3,500 Finished goods, 1/31/19 7,500 Cost of shipping 2,500 Instructions: Prepare a cost of goods manufactured schedule for January 2019. Muscat Corporation Cost of Goods Manufactured Schedule For the Month Ended January 31, 2019
Solutions
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The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.
ekkarill92 answered 2 years agoRelated Solutions
1. Sheffield Corporation has the following cost records for June 2022. Indirect factory labor $5,200 Factory...
1. Sheffield Corporation has the following cost records for June
2022.
Indirect factory labor
$5,200
Factory utilities
$460
Direct materials used
22,400
Depreciation, factory equipment
1,580
Work in process, 6/1/22
3,360
Direct labor
44,800
Work in process, 6/30/22
4,280
Maintenance, factory equipment
2,040
Finished goods, 6/1/22
5,600
Indirect materials
2,600
Finished goods, 6/30/22
8,400
Factory manager’s salary
3,360
(a) Prepare a cost of goods manufactured schedule for June
2022.
2. Blue Company specializes in manufacturing a unique model of
bicycle...
Cepeda Corporation has the following cost records for June 2020. Indirect factory labor $5,520 Factory utilities...
Cepeda Corporation has the following cost records for June 2020.
Indirect factory labor $5,520 Factory utilities $420 Direct
materials used 21,800 Depreciation, factory equipment 1,730 Work in
process, 6/1/20 4,000 Direct labor 42,630 Work in process, 6/30/20
4,400 Maintenance, factory equipment 1,870 Finished goods, 6/1/20
5,560 Indirect materials 2,930 Finished goods, 6/30/20 8,580
Factory manager’s salary 3,510 Collapse question part
(a) Prepare a cost of goods manufactured schedule for June
2020.
Exercise 19-12 a-b Sheridan Corporation has the following cost records for June 2020. Indirect factory labor...
Exercise 19-12 a-b
Sheridan Corporation has the following cost records for June
2020.
Indirect factory labor
$5,040
Factory utilities
$490
Direct materials used
21,100
Depreciation, factory equipment
1,600
Work in process, 6/1/20
3,920
Direct labor
42,130
Work in process, 6/30/20
4,680
Maintenance, factory equipment
1,980
Finished goods, 6/1/20
5,100
Indirect materials
2,190
Finished goods, 6/30/20
7,990
Factory manager’s salary
3,890
Prepare a cost of goods manufactured schedule for June 2020.
Prepare an income statement through gross profit for June 2020...
Exercise 15-12 Cepeda Corporation has the following cost records for June 2017. Indirect factory labor $5,040...
Exercise 15-12 Cepeda Corporation has the following cost records
for June 2017. Indirect factory labor $5,040 Factory utilities $490
Direct materials used 21,100 Depreciation, factory equipment 1,600
Work in process, 6/1/17 3,920 Direct labor 42,130 Work in process,
6/30/17 4,680 Maintenance, factory equipment 1,980 Finished goods,
6/1/17 5,100 Indirect materials 2,190 Finished goods, 6/30/17 7,990
Factory manager’s salary 3,890 a,Prepare a cost of goods
manufactured schedule for June 2017. b,Prepare an income statement
through gross profit for June 2017 assuming...
Aikman Corporation has the following cost records for June 2020: Indirect factory labour $ 4,500 Direct...
Aikman Corporation has the following cost records for June
2020:
Indirect factory labour $ 4,500 Direct materials used 25,000
Work in process (6/1/16) 3,000 Work in process (6/30/16) 2,800
Finished goods (6/1/16) 5,000 Finished goods (6/30/16) 9,500
Factory utilities $ 400 Depreciation, factory equipment 1,400
Direct labour 30,000 Maintenance, factory equipment 1,800 Indirect
materials 2,200 Factory manager's salary 3,000
Instructions
(a) Prepare a cost of goods manufactured schedule for June
2020
(b) Prepare an income statement through gross profit for...
Steampunk Corporation has the following predicted indirect costs and cost drivers for 2019 for the given...
Steampunk Corporation has the following predicted indirect costs
and cost drivers for 2019 for the given activity cost pools:
Fabrication
Department
Finishing
Department
Cost Driver
Maintenance
$96 ,000
48,000
Machine hours
Materials handling
144,000
72,000
Material moves
Machine
336,000
24,000
Machine setups
Inspections
-
120,000
Inspection hours
Total
$ 576,000
$264 ,000
The following activity predictions were also made for the
year:
Fabrication
Department
Finishing
Department
Machine hours
5,000
2,500
Material moves
1,500
750
Machine setups
350
25
Inspection hours...
Steampunk Corporation has the following predicted indirect costs and cost drivers for 2019 for the given...
Steampunk Corporation has the following predicted indirect costs
and cost drivers for 2019 for the given activity cost pools:
Fabrication
Department
Finishing
Department
Cost Driver
Maintenance
$ 36,000
18,000
Machine hours
Materials handling
54,000
27,000
Material moves
Machine
126,000
9,000
Machine setups
Inspections
-
45,000
Inspection hours
Total
$ 216,000
$ 99,000
The following activity predictions were also made for the
year:
Fabrication
Department
Finishing
Department
Machine hours
5,000
2,500
Material moves
1,500
750
Machine setups
350
25
Inspection hours...
Slack Corporation has the following predicted indirect costs and cost drivers for 2019 for the given...
Slack Corporation has the following predicted indirect costs and
cost drivers for 2019 for the given activity cost pools:
Fabrication Department
Finishing Department
Cost Driver
Maintenance
$20,000
$10,000
Machine hours
Materials handling
30,000
15,000
Material moves
Machine setups
70,000
5,000
Machine setups
Inspections
-
25,000
Inspection hours
$120,000
$55,000
The following activity predictions were also made for the
year:
Fabrication Department
Finishing Department
Machine hours
10,000
5,000
Material moves
3,000
1,500
Machine setups
700
50
Inspection hours
-
1,000
It...
Krispin Corporation had the following factory overhead costs during June 2020: Indirect materials $48,000 Indirect labor...
Krispin Corporation had the following factory overhead costs
during June 2020:
Indirect materials $48,000
Indirect labor 75,000
Factory depreciation 32,000
Factory utilities 21,000
Factory insurance 14,000
Factory property taxes 12,000
During June, a total of 40,000 machine hours were used.
INSTRUCTIONS A. Compute the actual overhead rate for June.
B. Give the general journal entry to record the actual overhead
costs for June (assume the utiities, insurance, and property taxes
are paid in cash). (general journal)
C. Based on your...
Prepare a journal entry to record the following for September:Direct labor (factory)80,000$ Indirect labor (factory)10,000Sales commission6,000Sales...
Prepare a journal entry to record the following for
September:Direct labor (factory)80,000$ Indirect labor
(factory)10,000Sales commission6,000Sales & Administrative
Salaries50,000Medical insurance premiums (60% Factory, 40%
S&A)3,000Medical insurance is paid 100% by the employer.All
employees contribute 2% of their compensation) to a 401(k) plan.
The employer matches the 2% 401(k) contribution.The company
considers all employer payroll taxes and all employee benefitsfor
factory workers to be product costs. For this problem, assume the
following tax rates:EmployeeEmployerFederal income tax15.0%FICA
7.65%7.65%SUTA3.5%Ignore any other payroll taxes;...
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