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Question - Beck Manufacturing reports the following information in T-account form for 2019. Raw Materials Inventory Begin. Inv. 12,900 Purchases 52,000 Avail for use 64,900 DM used 51,500 End. Inv. 13,400 Work in Process Inventory Begin. Inv. 17,800 DM used 51,500 Direct labor 33,500 Overhead 57,500 Manuf. costs 160,300 Cost of goods manuf. 147,200 End. Inv. 13,100 Finished Goods Inventory Begin. Inv. 17,800 Cost of goods manuf. 147,200 Avail for sale 165,000 Cost of Goods Sold 146,700 End. Inv. 18,300
Required -
1. Prepare the schedule of cost of goods manufactured for the year.
2. Compute cost of goods sold for the year.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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