ACC431 Lecture Notes - Lecture 1: The Monthly

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greenmuskrat329

23 Jan 2020

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What is the cost of direct material used: ,000, ,000, ,000, $ 2,000. A count at the end of the month revealed that ,000 of raw material was still present. What were total manufacturing costs incurred for the month: ,000, ,000, ,000, cannot be determined. Direct labour was ,000 and factory overhead was ,000. What was the cost of goods manufactured during the month: ,160,000, $ 910,000, $ 760,000, cannot be determined. Manufacturing costs incurred for the month were ,000. There were ,000 of partially finished goods remaining in work in process inventory at the end of the month. What was the cost of goods sold for the month: $ 20,000, ,000, ,000, ,000. The cost of goods manufactured for the month was ,000. And the ending finished goods inventory was ,000. How a cost will react to changes in the level of activity within the relevant range. Total fixed costs remain unchanged when activity changes.

Related Questions

Dacosta Corporation had only one job in process on May 1. Thejob had been charged with $2,300 of direct materials, $6,966 ofdirect labor, and $10,076 of manufacturing overhead cost. Thecompany assigns overhead cost to jobs using the predeterminedoverhead rate of $19.40 per direct labor-hour.

During May, the following activity was recorded:


Raw materials (all directmaterials):
Beginning balance	$	9,000
Purchased during the month	$	38,500
Used in production	$	39,800
Labor:
Direct labor-hours worked duringthe month		2,400
Direct labor cost incurred	$	25,010
Actual manufacturing overheadcosts incurred	$	33,800
Inventories:
Raw materials, May 30		?
Work in process, May 30	$	17,067

Work in process inventory on May 30 contains $3,831 of directlabor cost. Raw materials consist solely of items that areclassified as direct materials.

The cost of goods manufactured for May was:

ambermacaw358

Dillon Corporation applies manufacturing overhead to jobs using a predetermined overhead rate of 75% of direct labor cost. Any under or overapplied manufacturing overhead cost is closed out to Cost of Goods Sold at the end of the month. During May, the following transactions were recorded by the company:

Raw materials (all direct materials):
Purchased during the month	$38,000
Used in production	$35,000
Labor:
Direct labor-hours worked during the month	3,150
Direct labor cost incurred	$30,000
Manufacturing overhead cost incurred (total)	$24,500
Inventories:
Raw materials (all direct), May 31	$8,000
Work in process, May 1	$9,000
Work in process, May 31	$12,000*
*Contains $4,400 in direct labor cost.

The amount of direct materials cost in the May 31 Work in Process inventory account was:

A) $7,600

B) $2,000

C) $4,300

D) $6,300

pucecricket665

9.. Cerrone Inc. has provided the following data for the monthof July. The balance in the Finished Goods inventory account at thebeginning of the month was $54,000 and at the end of the month was$40,400. The cost of goods manufactured for the month was $269,000.The actual manufacturing overhead cost incurred was $145,100 andthe manufacturing overhead cost applied to Work in Process was$133,000. The adjusted cost of goods sold that would appear on theincome statement for July is: $270,500 $282,600 $294,700 $255,40010.. Meyers Corporation had the following inventory balances at thebeginning and end of November: November 1 November 30 Raw Materials$ 40,000 $ 18,000 Finished Goods $ 110,000 $ 75,000 Work in Process$ 16,000 $ 25,000 During November, $85,000 in raw materials (alldirect materials) were drawn from inventory and used in production.The company's predetermined overhead rate was $7 per directlabor-hour, and it paid its direct labor workers $9 per hour. Atotal of 500 hours of direct labor time had been expended on thejobs in the beginning Work in Process inventory account. The endingWork in Process inventory account contained $10,000 of directmaterials cost. The Corporation incurred $60,000 of actualmanufacturing overhead cost during the month and applied $55,000 inmanufacturing overhead cost. 10. Required information The directmaterials cost in the November 1 Work in Process inventory accounttotaled: $12,500 $8,000 $11,500 $4,500 11... The actual directlabor-hours worked during November totaled: (Round your answers tothe nearest dollar.) 6,667 hours 8,571 hours 6,111 hours 7,857hours 12. On August 1, Shead Corporation had $30,400 of rawmaterials on hand. During the month, the company purchased anadditional $80,000 of raw materials. During August, $85,100 of rawmaterials were requisitioned from the storeroom for use inproduction. These raw materials included both direct and indirectmaterials. The indirect materials totaled $4,000. Prepare journalentries to record these events. Use those journal entries to answerthe following questions: The credits to the Raw Materials accountfor the month of August total: $85,100 $80,000 $110,400 $81,10013...On August 1, Shead Corporation had $30,400 of raw materials onhand. During the month, the company purchased an additional $80,000of raw materials. During August, $85,100 of raw materials wererequisitioned from the storeroom for use in production. These rawmaterials included both direct and indirect materials. The indirectmaterials totaled $4,000. Prepare journal entries to record theseevents. Use those journal entries to answer the followingquestions: The credits to the Raw Materials account for the monthof August total: $85,100 $80,000 $110,400 $81,100

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ACC431 Lecture Notes - Lecture 1: The Monthly

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