Reference no: EM13171120
Finlon Upholstery Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in-process on December 31, 2001, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date.
Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company's practical capacity, in terms of direct-labor hours multiplied by the budgeted direct-labor rate.) Budgeted totals for 2002 for direct labor and manufacturing overhead are $4,200,000 and $5,460,000, respectively. Actual results for the year are as follows:
| Actual Results |
| Direct Materials Used |
$5,600,000.00 |
| Direct Labor |
$4,350,000.00 |
| Indirect Material Used |
$65,000.00 |
| Indirect Labor |
$2,860,000.00 |
| Factory Depreciation |
$1,740,000.00 |
| Factory Insurance |
$59,000.00 |
| Factory Utilities |
$830,000.00 |
| Selling and Administrative Expenses |
$2,160,000.00 |
| Total |
$17,664,000.00 |
Job no. 2077 was completed in January 2002, and there was no work in process at year-end. All jobs produced during 2002 were sold with the exception of Job no. 2143, which contained direct-material costs of $156,000 and direct-labor charges of $85,000. The company charges any under- or over-applied overhead to the cost of goods sold category.
Using the above information, do the following:
- Calculate the company's predetermined overhead application rate.
- Calculate the additions to the work-in-process inventory account for the direct material used, direct labor, and manufacturing overhead.
- Calculate the finished-goods inventory for the 12/31/01 balance sheet.
- Calculate the over-applied or under-applied overhead at year-end.
- Explain if it is appropriate to include selling and administrative expenses in the cost of goods sold category.
|
Naturally and fail to realize
: People who habitually say, "Naturally, I act this way because of the way I grew up" fail to realize, as the text suggests, that
|
|
Which two starting materials are needed to prepare compound
: Which two starting materials are needed to prepare the following compound
|
|
What is the identity of the metal
: A mass of 2.052 g of a metal carbonate, MCO3, is heated to give the metal oxide and 0.4576 g CO2.
|
|
State whether the potassium acetate salt acidic
: Indicate whether the potassium acetate salt, CH3CO2K is (A) acidic, (B) basic, (N) neutral
|
|
Calculate over-applied or under-applied overhead at year-end
: Calculate the additions to the work-in-process inventory account for the direct material used, direct labor, and manufacturing overhead and the company's predetermined overhead application rate.
|
|
Plans for reconstruction
: What was the key difference between the Lincoln and Johnson plans for Reconstruction was that, unlike Lincoln's plan,Johnson's plan? During Reconstruction, what group was the backbone of the Republican party in the South, providing eight out of ten ..
|
|
What mass of solid lioh must be added to hydrofluoric acid
: what mass of solid LiOH must be added to 1.0 L of 1.35 M hydrofluoric acid solution in order to create a buffer solution
|
|
Calculate the number of grams of magnesium hydroxide
: A 3.50-g sample of magnesium hydroxide was treated with 50.0 mL of a 0.500 M aqueous sulfuric acid solution. Calculate the number of grams of magnesium hydroxide that remained undissolved.
|
|
How many grams of nh3 would be produced
: A student in lab has 2.00 g of pure N2 in 0.360 g pure H2. The reaction happens following this equation:
|