Reference no: EM132646239

Questions -

Q1. Lawson Manufacturing Company just completed its year ended December 31, 2019. Depreciation for the year amounted to $190,000: 20% 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. (Round dollar values & enter as whole dollars only.)

Q2. Sandy Manufacturing had a Work in Process balance of $67,000 on January 1, 2018. The year end balance of Work in Process was $94,000 and the Cost of Goods Manufactured was $570,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018. (Round dollar values & enter as whole dollars only.)

Q3. During FY 2018 Conley Manufacturing had total manufacturing costs are $448,000. Their cost of goods manufactured for the year was $489,000. The January 1, 2019 balance of Work-in-Process Inventory is $53,000. Use this information to determine the dollar amount of the FY 2018 beginning Work-in-Process Inventory. (Round dollar values & enter as whole dollars only.)

Q4. Monmouth Company's January 1, 2018 finished goods inventory was $49,000. The January 1, 2019 finished goods inventory is $60,000. Cost of goods manufactured for the FY 2018 was $263,000. Use this information to determine the dollar amount of the FY 2018 cost of goods sold. (Round dollar values & enter as whole dollars only.)

Q5. 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 $294,000 would be incurred, and 9,900 direct labor hours would be worked. During March, 11,000 hours were actually worked. Use this information to determine the standard overhead rate.