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devry acct344 week 1 and week 2 homework




Question;1. Question;Able Corporation incurred the;following costs.;Beginning direct materials inventory $16,000;Beginning work-in-process inventory $7,000;Beginning finished goods inventory $19,000;Ending direct materials inventory $16,000;Ending work in process;$14,000;Ending finished goods;$26,000;Factory supervisor's salary;$28,000;Depreciation on plant;$12,000;Sales $800,000;Selling and administrative expenses $125,000;Plant maintenance;$6,000;Plant utilities;$11,000;Direct material purchases;$215,000;Direct labor;$240,000;Calculate the following.;a Direct materials used;b. Cost of goods manufactured;c. Cost of goods sold;d. Operating income;2. Question: Below is information from Job Card 506 for the Bearing;Manufacturing Company.;Date started: June;15,2015;Date completed: July;24, 2015;Date Direct;Materials Direct Labor Applied Factory Overhead Job Total;6/15/2015;$5,000;6/25/2015;$ 1,200 $600;6/27/2015;$2,300;7/6/2015;$1,540 $770;7/15/2015;$2,600;7/24/2015;$760 $380;Job 506 was sold on credit on July 24, 2015 for 180% of its;cost.;Factory OH was applied on the basis of DL.;Required;a. Prepare the journal entries to record the costs incurred;for Job 506 in 2015 for direct materials, direct labor, and factory overhead.;b. Prepare the journal entry to record the completion of Job;506.;c. What is the predetermined factory overhead rate for;Bearing Manufacturing?;d. Prepare the journal entries to record the sale of Job;506.;homework 21. Question;Kali Manufacturing Inc. began;the year with the following. Units Beginning;work-in-process 20,000 20% complete Transferred;to finished goods 60,000 Ending;inventory 10,000 70% complete Materials;added at the beginning of the process RequiredCalculate the equivalent units fora. material costs under the weighted average process cost;method,b. conversion costs under the weighted average process cost;method,c. material costs under the FIFO process cost method, andd. conversion costs under the FIFO process cost method. Student Answer: Instructor Explanation: Points Received: 10 of 10 Comments: 2. Question: Glass Company manufactures a product through a continuous;single-step process. All materials are added at the beginning of processing.;Production and cost data for the company for the current month are as follows.Production Data UnitsIn process, beginning of month (20% converted) 2,000Started during current month 8,000Completed and transferred to finished goods 5,500In process, end of month (60% converted) 4,500Manufacturing Costs;Work in process, beginning;$21,450 ($15,000 Materials, $6,450 Conversion) Costs added to WIP;during the period: Materials;$54,000Direct labor cost;$105,000Factory overhead cost;$36,150Required Prepare a cost of production report for current;month. Use Weighted Average process costing. Points Received: 10 of 10 Comments;="msonormal">


Paper#38149 | Written in 18-Jul-2015

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