1. Romina Corporation utilizes normal costing. During the year ended December 31, 2019, the following information were made available:

- Total manufacturing costs incurred during the year - $2,200,000

- Cost of goods manufactured - $1,940,000

- Factory Overhead applied to production - 80% of direct labor cost

- Applied Factory Overhead during the year - 30% of total manufacturing cost

- Beginning work-in-process inventory - 75% of the work-in-process at the end

What is the cost of direct materials used for the year ended December 31, 2019?

2. For producing 200 units of product, an entity utilizes $60,000 of direct materials, pays $70,000 of direct labor and incurs $20,000 and $60,000 variable overhead and fixed overhead, respectively. How much is the product unit cost if 450 units are produced?

3. The information below relate to the manufacturing activities of the Keyser Corporation during the most recent year. Factory overhead costs incurred during the year are as follows:

Property taxes-factory - $1,600

Utilities-factory - 2,600

Indirect labor - 5,100

Depreciation-factory - 13,000

Insurance-factory - 2,500

Total Actual Factory Overhead costs - $24,800

Other costs incurred during the year:

Purchases of raw materials - $15,000

Direct labor cost - 22,000

Inventories:

Raw materials, beginning - $5,000

Raw materials, ending - 4,400

Work-in-process, beginning - 3,500

Work-in-process, ending - 4,500

The entity uses a predetermined overhead rate to charge overhead cost to production. The rate for the year just completed was $4.00 per machine-hour; a total of 6,000 machine-hours were recorded for the year. What amount is the cost of goods manufactured for the year?

4. Leil Corporation has the following inventory transactions:

Jan. 1 - Beginning balance, 16,000 units at $150

Jan 5 - Purchased 4,000 units at $150

Jan 10 - Issued 15,000 units to production

Jan 15 - Purchased 20,000 units at $160

Jan 16 - Returned 1,000 units to supplier from January 15 purchase

Jan 25 - Issued 8,000 units to production

Jan 26 - Production returned 4,000 units to storeroom from the January 25 issue

Jan 31 - Purchased 30,000 units at $150

Under FIFO method, how much is the cost of the inventory on January 31?

5. Makato is working on the assembly line of a manufacturing company where she assembles a component part for one of the company's products. She is paid $16 per hour for regular time and time and a half for all work in excess of 40 hours per week. Makato works 50 hours in a given week but is idle for 4 hours during the week due to equipment breakdowns. 

How much must be the allocation of Marrell's wages for the week for direct labor?

Answer rating: 100% (QA)

Answer Lets tackle each question step by step 1 Cost of Direct Materials Used To find the cost of direct materials used well use the formula textDirec... View the full answer