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1. Blaine Corp. makes floats for Mardi Gras in New Orleans. Thecompany's fiscal year ends on March 31. On January 1, 2010, thecompany's WIP Inventory account appeared as follows:
Work In Progress Inventory
Beginning Balance 916,650 / Cost of completed jobs?????
direct material 589,670
direct labor 159,600
applied over-head 127,680

The direct labor cost contained in the beginning balance of WIPInventory was for a total of 15,200 direct labor hours (DLHs).During January, 7,600 DLHs were recorded. Only one job was still inprocess on January 31. That job had $73,250 in direct material and2,850 DLHs assigned to it.

a. If overhead is applied on the basis of DLHs, what predeterminedOH rate was in effect during the company's 2009–2010 fiscal year?Round your answer to the nearest cent.
$ per DLH

b. What was the average direct labor rate per hour?
$ per DLH

c. What amount of direct material cost was in the beginning balanceof WIP Inventory?
$ DM in beginning WIP

d. What was the balance in WIP Inventory at the end ofJanuary?
$

e. What was the total cost of jobs manufactured in January?
$

2. Your Open QuestionShow me another »
Need help with accounting problem!?
Insides, an interior decorating firm, uses a job order costingsystem and applies overhead to jobs using a predetermined rate of$17 per direct labor hour. On June 1, 2010, Job #918 was the onlyjob in process. Its costs included direct material of $8,250 anddirect labor of $500 (25 hours at $20 per hour). During June, thecompany began work on Jobs #919, #920, and #921. Direct materialused for June totaled $21,650. June's direct labor cost totaled$6,300. Job #920 had not been completed at the end of June, and itsdirect material and direct labor charges were $2,850 and $800,respectively. All other jobs were completed in June.

a. What was the total cost of Job #920 as of the end of June2010?
$

b. What was the cost of goods manufactured for June 2010?
$

c. If actual overhead for June was $5,054, was the overheadunderapplied or overapplied for the month? By how much?

SelectOverappliedUnderappliedItem 3 OH $

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Related questions

1. Yummy Tummy Desserts has 3,000 quarts of ice cream in WIPInventory, with all materials already added. What are equivalentunits in ending WIP Inventory for materials if the ice cream is 67%through the process?

990
3,000
0
2,010

2. How do fixed costs react in total and on a per unitbasis?

Fixed costs increase in total asproduction increases and remain constant on a per unit basis.
Fixed costs remain constant intotal and on a per unit basis as production increases.
Fixed costs remain constant intotal and decrease per unit as production increases.

Fixed costs increase in total and on a per-unit basis.

3. Sykes Company has sales revenue of $585,700. Cost of goodssold before adjustment is $335,900. The company's actualmanufacturing overhead is $91,900 while allocated manufacturingoverhead is $105,300. What is the actual gross profit?

$263,200
$249,800
$157,900

$236,400

4. Baxter Company produces Frisbees using athree-step sequential process that includes molding, coloring, andfinishing. At what stage would the sets be allocated ManufacturingOverhead?

When the Frisbees are in WIPInventory-Coloring
When the Frisbees are in WIPInventory-Finishing
When the Frisbees are in WIPInventory-Molding

All of the above

5. Which method are managers using when they use their judgmentto classify costs as variable, fixed, or mixed?

Low-high method
Regression analysis
Account analysis

High-low method

6. Which of the following is not a way in which management canuse job cost information?

Determining the balance in rawmaterials inventory
Preparing the financialstatements
Assessing and comparing theprofitability of each product type

Using the cost information in determining the bid price forcustom orders

7. Which of the following is not a way in which management canuse job cost information?

Determining the balance in rawmaterials inventory
Preparing the financialstatements
Assessing and comparing theprofitability of each product type

Using the cost information in determining the bid price forcustom orders

8. Tall Timbers reports the following data for its first year ofoperation:

Work in process inventory, beginning

$ 0

Work in process inventory, ending

$50,200

Manufacturing overhead

$25,400

Direct materials used

$7,700

Direct Labor

$60,000

Finished goods inventory, beginning

$ 0

Finished goods inventory, ending

$20,000

Cost of goods manufactured

$42,900

What is the cost of goods sold?

$22,900
$76,000
$73,100

$42,900

9.

A deodorant manufacturer offers the following information:

WIP Inventory, January 1

0 units
Units started

33,600 units
Units completed and transferred out

11,200 units
WIP Inventory, December 31

22,400 units
Direct materials

$276,480
Direct labor

$585,000
Manufacturing Overhead

$328,920

The units in ending WIP Inventory were 60% complete formaterials and 40% complete for conversion costs.

On December 31, what are the total equivalent units for directmaterials?

47,040
33,600
20,160

24,640

10. How is the cost of indirect materials used in the factoryrecorded?

Credit to Raw Materials Inventoryaccount
Credit to Manufacturing Overheadaccount
Credit to Direct Materials Expenseaccount

Credit to Work-in-Process Inventory account

11. XYZ uses job costing. Actual manufacturing overhead for theperiod is $20,300 while allocated manufacturing overhead is$18,200. What entry will close the manufacturing overheadbalance?

Debit the Cost of Goods Soldaccount and credit the Finished Goods Inventory account for$2,100.
Debit the Manufacturing Overheadaccount and credit the Work-in-Process account for $2,100.
Debit the Cost of Goods Soldaccount and credit the Manufacturing Overhead account for$2,100.
Debit the Manufacturing Overheadaccount and credit the Cost of Goods Sold account for $2,100.

1. Sydney's Barbecue reported the following information:

Sydney's Barbecue
Period Ending December 31, 20XX

Manufacturing costs

$5,400,000
Units manufactured

$54,000
Beginning inventory in Units

$ 0

Note: 45,600 units sold during year at $300 per unit

What is the amount of ending finished goods inventory for theperiod ending December 31, 20XX?

$860,000
$830,000
$840,000
$850,000
$820,000

2.Net income reported under absorption costing will exceed netincome reported under variable costing for a given period if

production equals sales for thatperiod.
variable overhead exceeds fixedoverhead for that period.
production exceeds sales for thatperiod.

sales exceed production for that period.

3.

A company manufactures wallets. Last month's costs were aslisted below:

Direct materials

$246,000
Direct labor

$175,000
Manufacturing Overhead

$73,000

What were the conversion costs for the month?

$248,000
$494,000
$421,000

$246,000

4. Which of the following are classified as manufacturingoverhead?

Indirect labor and indirectmaterials
Direct materials and directlabor
Factory rent and direct labor

All materials

5.Baxter Company produces Frisbees using a three-step sequentialprocess that includes molding, coloring, and finishing. At whatstage would the sets be allocated Manufacturing Overhead?

When the Frisbees are in WIPInventory-Coloring
When the Frisbees are in WIPInventory-Finishing
When the Frisbees are in WIPInventory-Molding

All of the above

6.Which method are managers using when they use their judgmentto classify costs as variable, fixed, or mixed?

Low-high method
Regression analysis
Account analysis

High-low method

7.Which of the following is not a way in which management canuse job cost information?

Determining the balance in rawmaterials inventory
Preparing the financialstatements
Assessing and comparing theprofitability of each product type

Using the cost information in determining the bid price forcustom orders

8.A factory janitor's wages would be classified as _________when determining the cost of a manufactured product.

an indirect cost
a period cost
a direct cost

none of the above

9.

Tall Timbers reports the following data for its first year ofoperation:

Work in process inventory, beginning

$ 0

Work in process inventory, ending

$50,200

Manufacturing overhead

$25,400

Direct materials used

$7,700

Direct Labor

$60,000

Finished goods inventory, beginning

$ 0

Finished goods inventory, ending

$20,000

Cost of goods manufactured

$42,900

What is the cost of goods sold?

$22,900
$76,000
$73,100

$42,900

10.

A deodorant manufacturer offers the following information:

WIP Inventory, January 1

0 units
Units started

33,600 units
Units completed and transferred out

11,200 units
WIP Inventory, December 31

22,400 units
Direct materials

$276,480
Direct labor

$585,000
Manufacturing Overhead

$328,920

The units in ending WIP Inventory were 60% complete formaterials and 40% complete for conversion costs.

On December 31, what are the total equivalent units for directmaterials?

47,040
33,600
20,160

24,640

11. How is the cost of indirect materials used in the factoryrecorded?

Credit to Raw Materials Inventoryaccount
Credit to Manufacturing Overheadaccount
Credit to Direct Materials Expenseaccount

Credit to Work-in-Process Inventory account

12. XYZ uses job costing. Actual manufacturing overhead for theperiod is $20,300 while allocated manufacturing overhead is$18,200. What entry will close the manufacturing overheadbalance?

Debit the Cost of Goods Soldaccount and credit the Finished Goods Inventory account for$2,100.
Debit the Manufacturing Overheadaccount and credit the Work-in-Process account for $2,100.
Debit the Cost of Goods Soldaccount and credit the Manufacturing Overhead account for$2,100.

Debit the Manufacturing Overhead account and credit the Cost ofGoods Sold account for $2,100.

1) Fantastic Futons manufactures futons. The estimated number offuton sales for the first three months of 2010 are asfollows:

January 40,000
February 50,000
March 60,000
Finishedgoods inventory at the end of 2009 was 12,000 units. On average, 25percent of the futons are produced during the month before they aresold, which normally accounts for the ending balance in finishedgoods inventory. The planned selling price is $150 perunit.Whatwould be the sales budget for March?






2) Fantastic Futons manufactures futons. The estimated number offuton sales for the first three months of 2010 are asfollows:

January 40,000
February 50,000
March 60,000
Finishedgoods inventory at the end of 2009 was 12,000 units. On average, 25percent of the futons are produced during the month before they aresold, which normally accounts for the ending balance in finishedgoods inventory. The planned selling price is $150 perunit.FantasticFutons buys direct materials for the futons in cloth rolls pricedat $80 each. Each roll provides direct material for 40 futons.There was one roll in the direct materials inventory at thebeginning of January, and the company expects to have four rolls ininventory at the end of the month. Assuming the production budgetcalls for 60,000 units to be produced in January, what would be theamount of the cloth rolls direct materials purchases budget forthat month?





3) Fantastic Futons goes through two departments in the productionprocess. Each futon requires two direct labor hours in Department Aand one hour in Department B. Labor cost is $8 per hour inDepartment A and $10 per hour in Department B.Assumingthe amount budgeted to be produced in January is 30,000 units, whatis the budgeted direct labor cost for January?





4) The projections of direct materials purchases that follow arefor the Sombo Corporation.

Purchases on Account
Cash Purchases
December
$40,000
$30,000
January
60,000
33,000
February
50,000
35,000
March
70,000
25,000
Thecompany pays for 60 percent of purchases on account in the month ofpurchase and 40 percent in the month following the purchase. Whatis the expected cash payment for direct materials for the month ofJanuary?




5) Fallgatter, Inc., expects to sell 17,500 units. Each unit requires3 pounds of direct materials at $12 per pound and 2 direct laborhours at $10 per direct labor hour. The overhead rate is $8 perdirect labor hour. The beginning inventories are as follows: directmaterials, 2,000 pounds; finished goods, 2,500 units. The plannedending inventories are as follows: direct materials, 5,600 pounds;finished goods, 3,000 units.Givena planned production of 10,000 units, what are the planned directmaterials purchases?






6) Leaverton's forecast of sales is as follows: July, $60,000;August, $90,000; September, $130,000. Sales are normally 80 percentcash and 20 percent credit in any month. Credit sales are collectedin full in the following month. Merchandise cost averages 60percent of sales price. The company desires an inventory as ofSeptember 30 of $52,000. The inventory as of June 30 was$25,000.Totalcash receipts for August will be

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