Reference no: EM132647562

ACCT 221 Principles of Accounting Assignment - University of Maryland Global Campus, USA

Questions -

Q1. Baltimore Manufacturing Company just completed its year ended December 31, 2019. Depreciation for the year amounted to $220,000: 25% relates to sales, 20% relates to administrative facilities, and the remainder relates to the factory. Of the total units produced during FY 2019: 80% were sold in 2019 and the rest remained in finished good inventory. Use this information to determine the dollar amount of the total depreciation that will be contained in Cost of Goods Sold.

Q2. Baltimore Manufacturing had a Work in Process balance of $105,000 on January 1, 2018. The year end balance of Work in Process was $54,000 and the Cost of Goods Manufactured was $780,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.

Q3. Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2018 is provided:

Item Amount

Sales $200,000

Cost of Goods Manufactured 56,000

Direct Material Purchased 80,000

Factory Overhead 20,000

Work in Process - January 1 60,000

Work in Process - December 31 30,000

Direct Material - December 31 20,000

Finished Goods Inventory - December 31 52,000

Net Income 30,000

Direct Materials used 60,000

Cost of Goods Sold 50,000

Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018.

Q4. During FY 2018 Bay Manufacturing had total manufacturing costs are $436,000. Their cost of goods manufactured for the year was $439,000. The January 1, 2019 balance of Work-in-Process Inventory is $60,000. Use this information to determine the dollar amount of the FY 2018 beginning Work-in-Process Inventory.

Q5. Frederick Company's January 1, 2018 finished goods inventory was $73,000. The January 1, 2019 finished goods inventory is $51,000. Cost of goods manufactured for the FY 2018 was $304,000. Use this information to determine the dollar amount of the FY 2018 cost of goods sold.

Q6. Annapolis Company manufactures quality boating apparel. The following selected financial information for the fiscal year 2020 is provided:

Item Amount

Sales $850,000

Beginning Raw Material Inventory 74,000

Direct Material Purchased 318,000

Factory Overhead 90,000

Finished Goods Inventory - January 1 144,000

Work in Process - January 1 74,000

Work in Process - December 31 98,000

Ending Raw Material Inventory 58,000

Finished Goods Inventory - December 31 168,000

Net Income 65,000

Direct Labor 155,000

Cost of Goods Sold 531,000

Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2020?

Q7. Alaska Corporation purchased, on account, 6,600 pounds of raw materials at $7.50 per pound on January 2, 2019. The production manager requisitioned and received 2,350 pounds of raw material into production on January 15. Use this information to prepare the General Journal entries (without explanation) for January 2 and January 15. If no entry is required then write "No Entry Required."

Q8. Baltimore Company uses a job order cost system and applies overhead based on estimated rates. The overhead application rate is based on total estimated overhead costs of $280,000 and direct labor hours of 25,000. During the month of February 2019, Job 2-1 incurred direct labor of 450 hours. Use this information to prepare the end of the month application General Journal entry (without explanation) of factory overhead for Job 2-1 for the month. If no entry is required then write "No Entry Required."

Q9. During March 2019, Virginia Bay Corporation recorded $275,000 of costs related to factory overhead. Virginia Bay's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $276,000 would be incurred, and 6,400 direct labor hours would be worked. During March, 11,000 hours were actually worked. Use this information to determine the standard overhead rate.

Q10. During March 2019, Alaska Corporation recorded $236,000 of costs related to factory overhead. Alaska's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $250,000 would be incurred, and 12,500 direct labor hours would be worked. During March, 11,900 hours were actually worked. Use this information to determine the amount of overhead over or under applied. Enter overapplied overhead as a negative number.

Q11. On March 31, 2019, Dorchester Corporation recorded the following factory overhead costs incurred:

Factory Manager Salary $5,500

Factory Utilities 2,800

Machinery Deprecation 9,000

Machinery Repairs 1,800

Factory Rent 2,000

The overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $22,000 would be incurred, and 2,000 direct labor hours would be worked. During March, 650 hours were actually worked on Job Order 3-1 and 1,200 hours were actually worked on Job Order 3-2 Use this information to prepare the March 31 General Journal entries, without explanations, for the: (round any final dollar answers to the nearest whole dollar):

1. to record the factory overhead costs

2. the allocation of factory overhead to Job Order 3-1

3. the allocation of factory overhead to Job Order 3-2

4. the adjusting entry to dispose of any over or under application of factory overhead

Q12. March 1, 201, Dorchester Company's beginning work in process inventory had 10,000 units. This is its only production department. Beginning WIP units were 50% completeas to conversion costs. Dorchester introduces direct materials at the beginning of the production process. During March, all beginning WIP was completed and an additional 21,500 units were started and completed. Dorchester also started but did not complete 8,500 units. These units remained in ending WIP inventory and were 70% completeas to conversion costs. Dorchester uses the weighted average method. Use this information to determine for March 2019 the equivalent units of production for conversion costs.

Q13. Dorchester Company, on March 1, 2019 has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. On March 1, Dorchester started into production 18,500 units. At the end of the month there were 12,000 units completed and transferred into the Finished Goods Inventory. The ending WIP was 40% complete with respect to conversion. For the month of March the following costs were incurred and recorded in the WIP:

Direct Material $16,000

Direct Labor 17,000

Factory Overhead 10,000

Dorchester uses the weighted-average process costing method. Use this information to determine the cost per equivalent unit of conversion for the month of March?