Reference no: EM132799202
Question - Rex Manufacturing had the following data for the period just ended:
Work in process, Jan. 1 $20,000
Work in process, Dec.31 25,000
Finished goods, Jan. 1 72,000
Finished goods, Dec. 31 65,000
Direct materials used 120,000
Direct labor 150,000 [10,000 Hrs]
Factory depreciation 65,000
Sales 680,000
Advertising expense 52,000
Sales salaries expense 25,000
Utilities - Factory Utilities - Admin office 27,000 3,000
Indirect materials 20,000
Indirect labor 35,000
Amortization Office Eq 20,000
Rent - Factory 50,000
- Admin 10,000
Property taxes - factory 12,000
- Admin 5,000
Manufacturing overhead is applied on the basis of direct labour hours at $16.50 per hr Over/Under-applied overhead is charged to Cost of goods sold.
Required -
1. Calculate Rex's cost of goods manufactured.
2. Determine if overhead is over or under applied. Make the journal entry necessary to close the balance in the overhead account to Cost of Goods Sold
3. Prepare Rex's Income Statement.
4. Determine the gross margin percent and explain its importance.
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