Compute the cost of direct materials purchased

Assignment Help Managerial Accounting
Reference no: EM13519070

Hacken Company has a job-order costing system. The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor cost. The information below has been taken from the cost records of Hacken Company for the past year:

Direct materials used in production

$1,250

Total manufacturing costs charged to production during the year (includes direct materials, direct labor, and applied factory overhead)

$6,050

Manufacturing overhead applied

$2,800

Selling and administrative expenses

$1,000

Inventories:


Direct materials, January 1

$130

Direct materials, December 31

$80

Work in process, January 1

$250

Work in process, December 31

$400

Finished goods, January 1

$300

Finished goods, December 31

$200

Required:

a. Compute the cost of direct materials purchased during the year.

b. Compute the predetermined overhead rate that was used during the past year.

c. Compute the Cost of Goods Manufactured for the past year.

d. Compute the Cost of Goods Sold for the past year.

Reference no: EM13519070

Questions Cloud

What components of their creativity and critical thinking : Consider the following famous thinkers: Bill Gates, James Cone, Daniel C. Dennett, Peter Singer, Jean-Paul Sartre, and Nelson Mandela. What components of their creativity and critical thinking played a prominent role in their contributions to soci..
Prepare a production report for the department : Prepare a production report for the department using the weighted-average method.
Differential analysis for machine replacement : Differential Analysis for Machine Replacement
How to analysis of a commercial chewing gum : Analysis of a commercial chewing gum gave results of 0.295 mg/g of BHA. To evaluate the accuracy of their results, they performed 5 spike recoveries, adding an amount of BHA equivalent to 0.181 mg/g to each sample.
Compute the cost of direct materials purchased : Compute the cost of direct materials purchased during the year and compute the predetermined overhead rate that was used during the past year.
What minimum total friction force must the potter supply : A potter's wheel is a uniform solid disk of diameter 0.72m and a mass of 60kg. what minimum total friction force must the potter supply to the disk if her hands are acting at the edge of the disk
Ultimate goal in order for the action to be explained : Based on Aristotle's principle that all explanations must trace back to a self-evident first principle, why do all actions have to have an ultimate goal in order for the action to be explained?
Calculate the tax liability with and without net operation : Calculate the tax liability with and without the net operating loss
Explain what is the final volume of the balloon : A gas filled balloon with a volume of 12.5 L at 0.90 atm and 294 K is allowed to rise to the stratosphere where the temperature is 268 K and the pressure is 1.0 millibar. What is the final volume of the balloon. (1.0 atm = 1.013 bar).

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Management accounting formats

Management accounting formats are identical for all companies

  Role of performance measures-functions of managerial

The Vice President of Operations would like to increase profitability, improve customer service, and expand the business. Discuss the role of performance measures in an organization.

  Part 1yummy-pop ltd makes lollipops in two sizes large and

part 1yummy-pop ltd makes lollipops in two sizes large and giant. the company sells these lollipops to convenience

  How the unitarist and pluralist approaches to conflict

Describe how the Unitarist and Pluralist approaches to conflict would explain the positions of (a) management and (b) unions in the Schweppes dispute. Identify which one of the approaches provides the better explanation. Explain how you reached th..

  Should tan use the new material

Tan's designers have determined that adding a different type of material to the existing diect materials would result in no defective units being produced, but it would increase the variable costs by $4 per lamp in the Molding Department.

  Questions 1 explain how activity cost drivers affect cost

questions 1. explain how activity cost drivers affect cost behavior.2.show how changes in cost driver levels affect

  Conversion costs for the first department for the month

The ending inventory was 80% complete with respect to materials and 20% complete with respect to conversion costs and the cost per equivalent unit for conversion costs for the first department for the month is closest to

  Question on sunk cost

Differentiate among sunk costs, opportunity costs, and relevant costs. Choose one cost and discuss a situation where and why a manager from Anthony's Orchards would use that cost.

  Lock box-cash conversion cycle-interest rate

What are the expected annual savings form a lock-box system that collects 300 checks per day averaging $800 each, and reduces mailing and processing times by 3.0 and 1.5 days respectively, if the annual interest rate is 7 %?

  Question 1 bobsnbspcompany sells one product with a

question 1 bobsnbspcompany sells one product with a variable cost of 5 per unit. the company is unsure what price to

  Description of technology management

Technology Management Paper Prepare a 700 word paper identifying at least three challenges to either employee or customer retention that managers are likely to face due to changes in technology, and describe how you would address each challenge in..

  Compute and assess cash flow yield and free cash flow

Compute and assess cash flow yield and free cash flow yield and free cash flow for 2010. What is your assessment of  Alvin's cash-generating ability?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd