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Assume that the following predictions were made for 2012 for one of the plants of Milliken & Company




Question;I need answers to the below problems: M17-15, a-c & E17-21, a-d. M17-15. Developing and Using a Predetermined Overhead RateAssume that the following predictions were made for 2012 for one of the plants of Milliken & Company:- Total manufacturing overhead for the year ????? $40,000,000- Total machine hours for the year??????????? 2,000,000Actual results for February 2012 were as follows:- Manufacturing overhead???????????????. $5,520,000- Machine hours?????????????????????. 310,000Requireda. Determine the 2012 predetermined overhead rate per machine hourb. Using the predetermined overhead rate per machine hour, determine the manufacturing overhead applied to Work-in-Process during February.c. As of February 1, actual overhead was underapplied by $400,000. Determine the cumulative amount of any overapplied or underapplied overhead at the end of February.E17.21. Analyzing Activity in Inventory AccountsSelect data concerning operations of Cascade Manufacturing Company for the past fiscal year follow:Raw materials used????????????????????????????????????.. $300,000Total manufacturing costs charged to production during the year (includes raw materials, direct labor, and manufacturing overhead applied at a rate of 60 percent of direct labor costs ? 680,000Cost of goods available for sale ?????????????????????????????? 826,000Selling and general expenses ???????????????????????????????.. 30,000InventoriesBeginning EndingRaw materials???? $70,000 $80,000Work in process??? $85,000 30,000Finished goods ???. $90,000 110,000RequiredDetermine each of the following:a. Cost of raw materials purchasedb. Direct labor costs charged to productionc. Cost of goods manufacturedd. Cost of goods sold


Paper#45119 | Written in 18-Jul-2015

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