Acct525.01w Administrative controls
1. Shine Company's total costs amounted to $1,845 for direct materials, direct labor, and manufacturing overhead in producing 913 units of product during the year. Selling costs were $783 and 684 units were sold. The amount expensed on the income statement for the year would include product costs of: (answer to nearest whole dollar without any decimal points eg. 10 not 10.00)
2. Shine Company's total costs amounted to $1,936 for direct materials, direct labor, and manufacturing overhead in producing 1,009 pet rocks during the year. Selling and administrative costs were $795 and 599 pet rocks were sold. The amount expensed on the income statement for the year would include period costs of:
Answer to nearest whole dollar without any decimal points eg. 10 not 10.00 enter a negative number as -10 not (10).
3. The Carthage Company incurred the following labor costs:
Wages of assembly line workers.............. $485
Salaries of shop supervisors.................... 1000
Sales commissions................................... 146
Salary of the president............................. 280
Wages of the factory building janitor........ 18
How much of the above costs would be assigned to manufacturing overhead?
4. The Goods in Process Inventory account for the Lazer Co, follow:
Beginning Balance $1,543, Direct Material $660, Direct Labor $1296, Applied Overhead $1158, Ending Balance $661.
The cost of units transferred to finished goods is:
5. A company has an overhead application rate of 93% of direct labor costs. How much overhead would be allocated to a job if it required total labor costing $457?
Answer to nearest whole dollar without any commas or decimal points eg. 1000 not 1,000.00 enter a negative number as -10 not (10).
6. Penn Company uses a job order cost accounting system. In the last month, the system accumulated labor time tickets totaling $1,565 for direct labor and $1,297 for indirect labor. These costs were accumulated in Factory Payroll as they were paid. How much should the Factory Overhead account be debited for?
7. The E&N Company's production costs for the month are: direct labor, $5,000; indirect labor, $2,400; direct materials, $1,706; property taxes on production equipment, $196; heat, lights and power, $518; and insurance on plant and equipment, $350. E&N Company's factory overhead incurred for the month is:
Answer to nearest whole dollar without any commas or decimal points eg. 1000 not 1,000.00 enter a negative number as -10 not (10).
8. Queen City Company uses a job order cost accounting system. The company's executives estimated that direct labor would be 200 hours at $23/hour and that factory overhead would be $1,582 for the current period. At the end of the period, the records show that there had been 224 hours of direct labor and $1,200 of actual overhead costs. Using direct labor hours as a base, what was the predetermined overhead allocation rate? (Important: round to nearest two decimal points)
9. The balance in Nash Company's finished goods inventory account was $10,359 at the beginning of September. Cost of goods manufactured for the month totaled $10,795, and cost of goods sold totaled $10,667.
What is the ending balance of Finished Goods ?
Answer to nearest whole dollar without any commas or decimal points eg. 1000 not 1,000.00 enter a negative number as -10 not (10).
10. Unique Company had the following activity for the year ended December 31:
Sales Revenue $57,889, selling expenses $1,916, general & administrative expenses $1,722, cost of goods sold (before adjustment) $29,337, overapplied overhead 933. What is the net income?