Reference no: EM132445745
Questions -
Q1. Baltimore Manufacturing Company just completed its year ended December 31, 2018. Depreciation for the year amounted to $100,000: 15% relates to sales, 20% relates to administrative facilities, and the remainder relates to the factory. Of the total units produced during FY 2016: 90% were sold in 2018 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.
Q2. Baltimore Manufacturing had a Work in Process balance of $110,000 on January 1, 2018. The yearend balance of Work in Process was $78,000 and the Cost of Goods Manufactured was $890,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.
Q3. Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2018 is provided:
Item Amount
Sales $200,000
Cost of Goods Manufactured 51,000
Direct Material Purchased 80,000
Factory Overhead 20,000
Work in Process - January 1 60,000
Work in Process - December 31 30,000
Direct Material - December 31 20,000
Finished Goods Inventory - December 31 45,000
Net Income 30,000
Direct Materials used 60,000
Cost of Goods Sold 61,000
Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018.
Q4. During FY 2018 Bay Manufacturing had total manufacturing costs are $400,000. Their cost of goods manufactured for the year was $485,000. The January 1, 2019 balance of Work-in-Process Inventory is $51,000. Use this information to determine the dollar amount of the FY 2018 beginning Work-in-Process Inventory.
Q5. Frederick Company's January 1, 2018 finished goods inventory was $43,000. The January 1, 2019 finished goods inventory is $72,000. Cost of goods manufactured for the FY 2018 was $225,000. Use this information to determine the dollar amount of the FY 2018 cost of goods sold.
Q6. Annapolis Company manufactures quality boating apparel. The following selected financial information for the fiscal year 2018 is provided:
Item Amount
Sales $850,000
Beginning Raw Material Inventory 74,000
Direct Material Purchased 308,000
Factory Overhead 90,000
Finished Goods Inventory - January 1 144,000
Work in Process - January 1 74,000
Work in Process - December 31 98,000
Ending Raw Material Inventory 58,000
Finished Goods Inventory - December 31 168,000
Net Income 65,000
Direct Labor 155,000
Cost of Goods Sold 655,000
Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2018.
Q7. Alaska Corporation purchased, on account, 6,600 pounds of raw materials at $7.50 per pound on January 2, 2019. The production manager requisitioned and received 2,350 pounds of raw material into production on January 15. Use this information to prepare the General Journal entries (without explanation) for January 2 and January 15. If no entry is required then write "No Entry Required."
Q8. Baltimore Company uses a job order cost system and applies overhead based on estimated rates. The overhead application rate is based on total estimated overhead costs of $280,000 and direct labor hours of 25,000. During the month of February 2019, Job 2-1 incurred direct labor of 450 hours. Use this information to prepare the end of the month application General Journal entry (without explanation) of factory overhead for Job 2-1 for the month. If no entry is required then write "No Entry Required."