User Account

All Pages

Find the cost of goods sold before overallocated

Assignment Help Accounting Basics
Reference no: EM132967050

Question - BeatKoin Company manufactures luxurious toys. BeatKoin uses direct labor hours to allocate manufacturing overhead costs. At the end of December 2020, BeatKoin estimated that the manufacturing overhead costs would total $100,000 and the direct labor hours would total 35,000 in 2021.

BeatKoin had beginning and ending balances of inventories for April 2021 as follows:

Apr. 1, 2021 Apr. 30, 2021

Raw materials $27,000 ?

Work-in-process inventory $2,400 $1,500

Finished goods inventory $0 ?

Following is a list of costs the company incurred during April 2021.

-Purchased raw materials for $34,000

-Used in production: direct materials, $45,000; indirect materials, $1,200

-Incurred 4,000 manufacturing hours; 90% of which was direct labor at $18 hourly rate and 10% of which was indirect labor at $11 hourly rate

-Depreciation on plant at $1,500

-Plant insurance at $800

-Plant property tax at $2,000BeatKoin produced 800 units and sold 700 units during April 2021. The sales price was $200 per unit.

Required -

1. Find the predetermined overhead allocation rate for 2021. Round to the nearest cents.

2. Find the cost of goods manufactured during April 2021. Round to the nearest cents.

3. Find the cost of goods sold before overallocated or underallocated manufacturing overhead adjustment during April 2021. Round to the nearest cents.

4. Find the gross profit for April 2021. Round to the nearest cents.

Reference no: EM132967050

Questions Cloud

Compute the annual depreciation that would have been charged : Using the straight-line method, compute the annual depreciation that would have been charged from 1994 through 2003
Identify the impact of the personal motivations : Identify the impact of the personal motivations, attitudes and values on various workplace relationships.
What should be the net accounts receivable after write off : Meizi Co. showed gross accounts receivable, On March 5, 2010, there was a write off of $500. What should be the net accounts receivable after the write off?
Industry risk management-compliance issues analysis : (Brief analysis on the risk management and compliance issues/weaknesses/failures faced by any TWO (2) existing Malaysian listed companies in the sector where yo
Find the cost of goods sold before overallocated : Find the cost of goods sold before overallocated or underallocated manufacturing overhead adjustment during April 2021. Round to the nearest cents
What is income tax expense on company income statement : During 2010, the deferred income tax liability account increased $15,000. What is the income tax expense on the company's 2010 income statement?
Success and failure stories across the globe : The prospect of minimization of emissions in automobile, manufacturing and other industries - Success and Failure Stories across the globe
Practice of software piracy in third-world countries : Do you believe that software manufacturers should be tolerant of the practice of software piracy in third-world countries to allow these countries an opportunit
What profit would the vendor make now : What profit would the vendor make now? The vendor remembers that he omitted the constraint that no more than 12 hamburgers

Reviews

Write a Review

Accounting Basics Questions & Answers

  Review the tax return problem

Tax Return Problem - Decision Making - Communications Jane Smith, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Service

  determine the inventory value on November

Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30

  Should wilber succeed on the claims

Wilber and Roger Clement were brothers who formed a partnership. The partnership continued for 40 years until Wilber discovered that his brother.

  What are some of characteristics of capital project funds

What criteria must be met before revenues can be recognized on a modified accrual basis? What is the rationale for these criteria

  Record transaction in company general journal for phillips

Purchased five Lorac copying machines on account from Lorac Corp. Record the transactions in the company general journal.

  What is the gift tax due if there is no split made

Using property she inherited, Myrna makes a 2019 gift of $16,200,000 to her adult daughter, Doris. What is the gift tax due if there is no split made

  Prepare noon journal entries to record the purchase

Prepare Noon's journal entries to record the purchase of the trademark and 2019 amortization. Noon Corporation purchases a trademark from a company on January 1

  Describe steps involved in the investment decision process

Describe the steps involved in the investment decision process. Be sure to mention how returns and risks can be evaluated together to determine acceptable.

  What is the amount of overhead predicted

In January, 490 moves; 4,375 machine hours, and 220 purchase orders were expected. What is the amount of overhead predicted

  Prepare a condensed income statement for vu corporation

Question - Condensed Income Statement-Periodic Inventory Method. Prepare a condensed 2012 income statement for Vu Corporation

  Define manufacturing cost and prepare an income statement

Compare between the variable and fixed costs and employ Cost-Volume-profit analyses for planning using different methods.

  Explain the methods of assigning costs to ending inventory

For this discussion, identify and explain the four methods of assigning costs to ending inventory and cost of goods sold

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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