The following T-accounts represent inventory costs as of December 31, 2012: 1. Determine the direct labor costs
Question:
The following T-accounts represent inventory costs as of December 31, 2012:
1. Determine the direct labor costs for 2012.
2. Determine the cost of goods manufactured for 2012.
3. Determine the cost of goods sold for 2012.
4. Compute over- or under-applied manufacturing overhead for 2012.
5. Determine actual indirect manufacturing costs for2012.
Transcribed Image Text:
Raw Materials Inventory Finished Goods Inventory 200,000 Bal. 12/31/11 39,500 Bal. 12/31/11 70,000 336,500 175,000 350,000 Bal. 12/31/12 45,000 Bal. 12/31/12 53,000 Manufacturing Overhead Work-in-Process Inventory Bal. 12/31/11 12,500 24,500 124,500 350,000 200,000 26,000 30,000 124,500 36,000 86,000 Bal. 12/31/12 73,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
1 Direct labor costs are 86000 from the debit side of ...View the full answer
Answered By
Vikash Singh
I am a research scholar in the department of civil engineering at Indian Institute of Technology, Gandhinagar. I have been selected here on the basis of my technical knowledge and skills. So, I have tutored many graduate students for all the civil engineering subjects specially structures and geotech.
I have a very unique method to teach students in a way that they can easily grasp all the concepts and can also apply those to solve the problems.
Teaching is my passion and I take a great honor to make people understand the civil engineering world. I also have a good control over English language, so communicating with students is never a problem.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Question Posted:
Students also viewed these Managerial Accounting questions
-
At 1 atm, how much energy is required to heat 47.0 g HO(s) at -24.0 C to HO(g) at 167.0 C? Use the heat transfer constants found in this table. q= kJ
-
The condensed balance sheets as of December 31 for Rice and Associates and Rachel Excavation are as follows: As of December 31, the market values of Rachels inventories and property, plant, and...
-
The following T accounts summarize entries made to selected general ledger accounts of Cooper & Company. Certain entries, dated December 31, are closing entries. Prepare the closing entries that were...
-
Draw a graph showing the marginal revenue (MR) and marginal cost (MC) of increasing the tax rate (t) in the Peltzman model of regulation represented by equation (19.1). Place the tax rate on the...
-
Old Fashioned Candy Company sells three types of candies. Th e company uses a perpetual inventory system and a subsidiary ledger to keep track of its inventory. Determine the balance in the inventory...
-
A 15F capacitor carries 1.4 A rms. Whats its minimum safe voltage rating if the frequency is (a) 60 Hz (b) 1.0 kHz?
-
The beam is made of oak, for which \(E_{0}=11 \mathrm{GPa}\). Determine the slope and displacement at point \(A\). 200 mm 400 mm I A 4 kN/m -3 m- + -3 m- B
-
The Trial Balance section of the worksheet for 21st Century Fashions for the period ended December 31, 2016, appears on the next page. Adjustments data are also given. ADJUSTMENTS a. Supplies used,...
-
Managerial Economics can be defined as amalgamation of economic theory with business practices so as to ease decision-making and future planning by management. Discuss how Managerial Economics...
-
A natural gas trading company wants to develop an optimal trading plan for the next 10 days. The following table summarizes the estimated prices (per thousand cubic feet (cf)) at which the company...
-
Farrer Manufacturing Company uses a job order costing system. All relevant information for Jobs #203 and #204, which were completed during May, is provided here. No other jobs were in process during...
-
The Boise Manufacturing Company uses a job order costing system. For Job #221, the production manager requisitioned $1,500 of direct materials and used 35 hours of direct labor at $30 per hour....
-
WAR (We Are Rich) has been in business since 1982. WAR is an accrual method sole proprietorship that deals in the manufacturing and wholesaling of various types of golf equipment. Hack & Hack CPAs...
-
What are the tasks needed when building and testing databases?
-
Sketch an isentropic and actual pumping process on a Ts diagram for a compressed liquid. Include the vapor dome and the pressure contours that pass through the initial and final states.
-
Who are the network designers and network administrators?
-
What is the purpose and the major activity of the construction phase?
-
What are the four common conversion strategies?
-
A 6-hour UH of a catchment is triangular in shape with a base width of 53 hours and a peak ordinate of 25 m 3 /s. Calculate the equilibrium discharge of an S-curve obtained by this 6-hour unit...
-
Consider the circuit of Fig. 7.97. Find v0 (t) if i(0) = 2 A and v(t) = 0. 1 3 ett)
-
Determine whether the following series converges conditionally: 1 3 + 1 2 T 1 + 5 3 7 + 1 4 1 1 + 9 5 667 11 +
-
Refer to the Kepler Company information as shown in Problem 16-45. Required: 1. Compute the following ratios for each year: a. Current ratio b. Quick ratio c. Receivables turnover (in days) d....
-
Refer to the Kepler Company information as shown in Problem 16-45. Required: 1. Compute the following for each year: a. The times-interest-earned ratio b. The debt ratio 2. Does Kepler have too much...
-
Refer to the Kepler Company information as shown in Problem 16-45. Also, assume that for last year and for the current year, the market price per share of common stock is $2.98. In addition, for last...
-
Provide an analysis of the benefits and challenges of having a growth mindset as opposed to having a fixed mindset. Examine the benefits of each type of mindset, as well as the challenges that each...
-
Discuss and explain what is Performance Management (P M)? How does P M fit into corporate strategy? What's in it for me? How does it work? What are my responsibilities? How does PM relate to other...
-
A conducting spherical shell has inner radius 2 / 3 R and outer radius R . ( a ) Suppose we put a charge Q onthe shell ( a conductor ) so that all of the charge goes to the outer radius. Find the...
Study smarter with the SolutionInn App