please let me know if I can get help with this problems


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please let me know if I can get help with this problems cost accounting problems.docx Problem II – 15 Points Doc Reefy Inc. is a manufacturing firm that uses job-order costing. The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year in determining their predetermined overhead rate, they estimated that they would work 31,000 machine hours and incur $248,000 in overhead costs. Required: Prepare journal entries in good form for only the following transactions that occurred during the year. If no entry is required write the word "None." Omit journal entry explanations. 1. Raw materials amounting to $409,000 were used in production. $388,000 of the raw materials are classified as direct materials and $21,000 are classified as indirect materials. 2. Factory utility costs amounting to $12,000 were incurred and paid. 3. Direct labor costs were $145,000, indirect labor costs amounted to $61,000, and selling and administrative salaries were $190,000. All labor and salary costs were paid in cash. 4. The actual level of machine hours for the year was 29,000. 5. Sales for the year amounted to $500,000 all on account, and the cost of goods sold were $300,000. A periodic inventory system was used. 1 Problem III – 10 Points Scherff Inc. produces a product which goes through three processes – Process 1, Process 2, and Process 3. Process 1 is the Mixing Department; Process 2 is the Blending Department; and Process 3 is Pouring Department. The following information pertains to the Mixing Department to the units and costs for the month of October (% is the percentage completed): Beginning Inventory Direct Materials 1000 units, 50% $10,000 Conversion 1000 units, 25% $20,000 Started this Period 20,000 units $400,000 20,000 units $1,600,000 Ending Inventory 2000 units, 75% 2000 units, 50% Required: 1. Prepare a complete production report for the month of October using the FIFO technique. 2. Prepare the journal entry transferring the goods to the Blending Department from the Mixing Department. Problem IV – 10 Points Williams Inc. manufactures quality clothing. The company uses a normal costing system, using a predetermined overhead rate to charge overhead cost to production. The overhead rate for the current month was based on estimated overhead costs of $24,000, and 6,000 machine hours. The following data relate to the activities for the month of December, 2016. Manufacturing overhead costs incurred: Property taxes……………………….. $ 1,600 Utilities, factory……………………. 2,600 Depreciation, factory……………… 13,000 Insurance, factory…………………… 4,500 Indirect labor………………………. 5,100 Other costs incurred: Purchase of raw materials……… $15,000 Direct labor cost………………. 2,000 Selling and administrative costs… 99,000 Inventories: Raw materials, beginning………… $ 5,000 Raw materials, ending…………… 4,400 Work in process, beginning………. 3,500 Work in process, ending…………. 4,500 2 Actual machine hours………………. 7,000 Required: 1. Compute the predetermined overhead rate. 2. Compute the amount of applied overhead cost for the month of December. 3. Prepare the journal entry to dispose of the under- or over-applied overhead. The amount is considered immaterial and not prorated. Omit the journal entry explanation. Problem V – 15 Points The Brown’s Draft Bust Company sells ten different styles of relatively inexpensive football jerseys with identical purchase costs and selling prices. Brown is trying to determine the desirability of opening another store, which would have the following expense and revenue relationships (variable data on a per unit basis, fixed expenses in total): Variable data: Selling Price $40.00; Cost of Shirt $18.00; Sales Commissions $7.00 Annual fixed expenses: Rent $80,000; Salaries $150,000; Other fixed expenses

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