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Compute the total cost of the work in process inventory on January 31.

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Chapter 4 and 5 Problems;Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.;Chapter 4 Exercise 3;3. Cost flows and overhead application;Cleveland Metals uses a job cost system and applies factory overhead to production at a predetermined rate of 180% of direct labor cost. Data pertaining to recent operations follow.;Job no. 636 was the only job in process on January 1 of the current year. The Work in Process account contained a $24,600 balance on this date.;Jobs no. 637, 638, and 639 were started during January.;Total direct material requisitions and direct labor incurred during January amounted to $89,200 and $114,500, respectively.;The only job that remained in process on January 31 was job no. 638, with costs of $15,000 for direct materials and $20,000 for direct labor.;Compute the total cost of the work in process inventory on January 31.;Compute the cost of jobs completed during January, and present the proper journal entry to reflect job completion.;Chapter 4 Exercise 7;7. Overhead application: Working backward;The Towson Manufacturing Corporation applies overhead on the basis of machine hours. The following divisional information is presented for your review;Division A;Division B;Actual machine hours;22,500;?;Estimated machine hours;20,000;?;Overhead application rate;$4.50;$5.00;Actual overhead;$110,000;?;Estimated overhead;?;$90,000;Applied overhead;?;$86,000;Over- (under-) applied overhead;?;$6,500;Find the unknowns for each of the divisions.;Chapter 4 Problem 2;2. Computations using a job order system;General Corporation employs a job order cost system. On May 1 the following balances were extracted from the general ledger;Work in process $ 35,200;Finished goods 86,900;Cost of goods sold 128,700;Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500. These figures are subdivided as follows;Direct Materials;Direct Labor;Job No.;Amount;Job No.;Amount;101;$5,000;101;$7,800;115;19,500;103;20,800;116;36,200;115;42,000;Other;35,800;116;18,000;$96,500;Other;25,900;$114,500;Job no. 115 was the only job in process at the end of the month. Job no. 101 and three "other" jobs were sold during May at a profit of 20% of cost. The "other" jobs contained material and labor charges of $21,000 and $17,400, respectively.;General applies overhead daily at the rate of 150% of direct labor cost as labor summaries are posted to job orders. The firm's fiscal year ends on May 31.;Instructions;Compute the total overhead applied to production during May.;Compute the cost of the ending work in process inventory.;Compute the cost of jobs completed during May.;Compute the cost of goods sold for the year ended May 31.;Chapter 5 Exercise 1;1. High-low method;The following cost data pertain to 20X6 operations of Heritage Products;Quarter 1;Quarter 2;Quarter 3;Quarter 4;Shipping costs;$58,200;$58,620;$60,125;$59,400;Orders shipped;120;140;175;150;The company uses the high-low method to analyze costs.;Determine the variable cost per order shipped.;Determine the fixed shipping costs per quarter.;If present cost behavior patterns continue, determine total shipping costs for 20X7 if activity amounts to 570 orders.;Chapter 5 Exercise 2;The treasurer anticipates the following costs for the event, which will be held at the Regency Hotel;Room rental $300;Dinner cost (per person) 25;Chartered buses 500;Favors and souvenirs (per person) 5;Band 900;Each person would pay $40 to attend, 200 attendees are expected.;Will the event be profitable for the sorority? Show computations.;How many people must attend for the sorority to break even?;Suppose the sorority encouraged its members to drive to the hotel and did not charter the buses. Further, a planned menu change will reduce the cost per meal by $2. If each member will still be charged $40, compute the contribution margin per person.;Chapter 5 Exercise 3;3. Break-even and other CVP relationships;Cedars Hospital has average revenue of $180 per patient day. Variable costs are $45 per patient day, fixed costs total $4,320,000 per year.;How many patient days does the hospital need to break even?;What level of revenue is needed to earn a target income of $540,000?;If variable costs drop to $36 per patient day, what increase in fixed costs can be tolerated without changing the break-even point as determined in part (a)?;Chapter 5 Problem 6;6. Direct and absorption costing;The information that follows pertains to Consumer Products for the year ended December 31, 20X6.;Inventory, 1/1/X6;24,000 units;Units manufactured;80,000;Units sold;82,000;Inventory, 12/31/X6;? units;Manufacturing costs;Direct materials;$3 per unit;Direct labor;$5 per unit;Variable factory overhead;$9 per unit;Fixed factory overhead;$280,000;Selling & administrative expenses;Variable;$2 per unit;Fixed;$136,000;The unit selling price is $26. Assume that costs have been stable in recent years.;Tutorials for this Question;Available for;$17.00;Solution for Ch4 & 5 Problems;Tutorial # 00000026;Number of words in this Tutorial: 235;Posted On: 05/23/2013 12:49 AM;Feedback Score: 100% (by 1 users);This tutorial has been purchased 2 times.;Posted By: seekinghelp;Questions:3Tutorials:31Spent$662.00Earned$363.00;Feedback Score:0% (3 ratings);Report this Tutorial as Inappropriate;Tutorial Preview;?for xxxxxx labor x Compute the xxxxx cost of xxx work xx xxxxxxx inventory xx January 31 xxxxxxxxx Computation of xxx following xxxx xx process xxxxxxxxxx January 31 x 15000 + xxxxx + xxxxxx x 1 xxx Work in xxxxxxx inventory, January xx = xxxxx x 20000 x?;Attachments;Accounting_-_Chapter_4_and_5_Problems.doc (75.5 KB);Preview: jobs xxxxxxxxx during xxx 353,450 Compute xxx cost of xxxxx sold xxx xxx year xxxxx May 31 xxxxxxxx Computation of xxx following xxxx xx goods xxxx year ended xxx 31 353450 xxxxxx Cost xx xxxxx sold xxxx ended May xx 482,150 Chapter x Exercise x x High-low xxxxxxxxx following cost xxxx pertain to xxxx operations xx xxxxxxxx Products xxxxxxx 1 Quarter x Quarter 3 xxxxxxx 4 xxxxxxxx xxxxx 58,200 xxxxxx 60,125 59,400 xxxxxx shipped 120140175150 xxx company xxxx xxx high-low xxxxxx to analyze xxxxx Determine the xxxxxxxx cost xxx xxxxx shipped xxxxxxxx Computation of xxx variable cost xxx order xxxxxxx xxxxxxxx cost xxx order shipped xxxxxx 58200) / xxxx 120) xxxxxxxx xxxx per xxxxx shipped 1925 x 55 35 xxxxxxxxx the xxxxx xxxxxxxx costs xxx quarter Solution xxxxxxxxxxx of the xxxxx shipping xxxxx xxx quarter xxxxx shipping costs xxx quarter 60125 xxx x xxxx xxxxx shipping xxxxx per quarter xxxxx 6125 54,000 xx present xxxx xxxxxxxx patterns xxxxxxxxx determine total xxxxxxxx costs for xxxx if xxxxxxxx xxxxxxx to xxx orders Solution xxxxxxxxxxx of the xxxxxxxxx Total xxxxxxxx xxxxx for xxx orders 54000 xxx x 570) xxxxx shipping xxxxx xxx 570 xxxxxx 54000 19950 xxxxxx Chapter 5 xxxxxxxx 2The xxxxxxxxx xxxxxxxxxxx the xxxxxxxxx costs for xxx event, which xxxx be xxxx xx the xxxxxxx Hotel Room xxxxxx 300 Dinner xxxx (per xxxxxxx xx Chartered xxxxx 500 Favors xxx souvenirs (per xxxxxxx 5 xxxx xxx Each xxxxxx would pay xx to attend xxx attendees xxx xxxxxxxx Will xxx event be xxxxxxxxxx for the xxxxxxxx Show xxxxxxxxxxxx xxxxxxxx Computation xx the following xxxx the event xxxx be xxxxxxxxxx xx the xxxxx amount of xxx See computations xxxxx Total xxxxxxxx xx x xxx 8,000 Total xxxxxxxx costs (25 xx x xxx xxxxx Total xxxxx costs 300 xxx 900 1,700 xxx Income/Profit xxxx xxxx 1700 xxx How many xxxxxx must attend xxx the xxxxxxxx xx break xxxx Solution Computation xx the following xxxxxx of xxxxxx xxxx attend xx BREAK-EVEN 1700 x (40;Purchase this Tutorial @ $17.00 *

 

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