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Record Manufacturing Costs Practice Problem 1 Imagination Avation, Inc. manufactures and sells model airplane sets and beginner paint kits. Each model airplane set is sold at $25 and each paint kit has a price of $15. Three different materials are needed for the model airplane kits: plastic, plastic model cement , and a miniature X-acto knife. Similarly, for each paint kit, the materials required are a miniature fine paintbrush, acrylic paints, and a plastic palette to mix the paints on. Both products are manufactured in the same manufacturing facility. The manufacturing for model airplane sets is entirely done by machines. After the plastic is molded and cut by the machine, the operators include a bottle of plastic model cement (pre-made and bought from a wholesaler) as well as a miniature X-acto knife. The machines are capable of cutting enough plastic for 30 model airplane kits in 1 hour. The paint kits are also machine-made; workers operate machines that distribute different colors of paint into different canisters in the paint kit. Machine operators also recycle the excess plastic cut during the model airplane manufacturing to create large plastic palettes. These palettes are bundled into the beginner paint kit as well. Machine operators are able to manufacture 45 paint kits in 1 hour. After the products are assembled, packing employees package the model airplane sets and beginner paint kits at a rate of 30 model airplane kits in 20 minutes and 60 paint kits in an hour. Imagination Aviation expects to sell 650,000 model airplane sets and 550,000 beginner paint kits during the current year. The company expects to manufacture 700,000 model airplane sets and 600,000 beginner paint kits. Manufacturing overhead is allocated based on total machine hours. Total actual machine hours for model airplane sets were 25,475; total machine hours for paint kits were 15,021. Total estimated variable manufacturing overhead is $985,000, and total estimated fixed manufacturing overhead is expected to be $1,125,000. The company has budgeted for variable selling costs of costs of $550,000, fixed selling costs of $500,000; fixed warehouse costs of $435,000; and fixed administrative costs of $750,000. Total actual variable manufacturing overhead is $1,012,302 and total actual fixed manufacturing overhead was $1,103,170. Total actual direct labor incurred was $262,260 for the model airplane machine operators and $208,615 for the paint kit operators. Packing direct labor incurred was $58,216 for airplanes and $41,605 for paint kits. Total actual variable selling costs were $541,265. Total actual fixed selling costs were $512,870, total actual fixed warehouse costs were $411,220, and total fixed administrative costs were $792,310. Finished Goods Units: Beginning + Made Airplanes 13,000 512,230 (492,138) 33,092 Paint Kit 37,000 449,470 (381,267) 105,203 Total 50,000 961,700 (873.405) 138,295 - Sold = Ending The company had the following cost sheet information: Direct Materials Model Airplanes Plastic Model Cement Mini X-acto Knife Quantity for 1 + Cost for 1 Total Cost .8 lbs $ 11 per lbs $ 8.80 5 oz $.60 per oz $ 3.00 $2.50 $ 2.50 Total DM for Model Airplanes: $14.30 Paint Kits Miniature fine paintbrush Paints Plastic Palette Quantity for 1 + Cost for 1 Total Cost 1 $ 2.00 $ 2.00 12 oz $ 0.45 $ 5.40 .1 lbs $ 11 per lbs $ 1.10 Total DM for Beginner Paint Kits: $8.50 Direct Labor Model Airplanes Machine Operators Packagers = Quantity for 1 + .033 hours .011 hours Cost for 1 Total Cost $ 9 $ 0.30 $7 $ 0.08 Total DL for 1 Airplane Set: $0.38 = Paint Kits Machine Operators Packagers Quantity for 1 .022 hours .016 hours Cost for 1 Total Cost $ 9 $ 0.20 $ 7 $ 0.11 Total DL for 1 Paint Kit: $0.31 = Manufacturing Overhead Model Airplanes Variable Fixed Quantity for 1 + .033 hours .033 hours Cost for 1 Total Cost $ 27.1324 $0.90 $ 30.99 $ 1.02 Total MOH for 1 Airplane Set: $1.92 = Paint Kits Variable Fixed Quantity for 1 + .022 hours .022 hours Cost for 1 Total Cost $ 27.18,4 $ 0.60 $ 30.99 $ 0.68 Total MOH for 1 Airplane Set: $1.28 Beginning Actual Inventory Information: Ending Used Purchased $7,390,682 $2,989,810 $7,389,370 $2,991,495 Direct Materials: Airplanes Direct Materials: Paint Kits Work In Process: Airplanes Work In Process: Paint Kits Finished Goods: Airplanes Finished Goods: Paint Kits $ 47,124 $ 33,916 $ 32,216 $ 25,198 $ 235,000 $336,000 $ 45,812 $ 35,601 $ 30,906 $ 27,204 2. Prepare all the journal entries (in the correct order) related to manufacturing the product, separately for Mittens and Gloves, using the NORMAL method: Record cost of goods sold. Determine the total gross profit for each product. Record Manufacturing Costs Practice Problem 1 Imagination Avation, Inc. manufactures and sells model airplane sets and beginner paint kits. Each model airplane set is sold at $25 and each paint kit has a price of $15. Three different materials are needed for the model airplane kits: plastic, plastic model cement , and a miniature X-acto knife. Similarly, for each paint kit, the materials required are a miniature fine paintbrush, acrylic paints, and a plastic palette to mix the paints on. Both products are manufactured in the same manufacturing facility. The manufacturing for model airplane sets is entirely done by machines. After the plastic is molded and cut by the machine, the operators include a bottle of plastic model cement (pre-made and bought from a wholesaler) as well as a miniature X-acto knife. The machines are capable of cutting enough plastic for 30 model airplane kits in 1 hour. The paint kits are also machine-made; workers operate machines that distribute different colors of paint into different canisters in the paint kit. Machine operators also recycle the excess plastic cut during the model airplane manufacturing to create large plastic palettes. These palettes are bundled into the beginner paint kit as well. Machine operators are able to manufacture 45 paint kits in 1 hour. After the products are assembled, packing employees package the model airplane sets and beginner paint kits at a rate of 30 model airplane kits in 20 minutes and 60 paint kits in an hour. Imagination Aviation expects to sell 650,000 model airplane sets and 550,000 beginner paint kits during the current year. The company expects to manufacture 700,000 model airplane sets and 600,000 beginner paint kits. Manufacturing overhead is allocated based on total machine hours. Total actual machine hours for model airplane sets were 25,475; total machine hours for paint kits were 15,021. Total estimated variable manufacturing overhead is $985,000, and total estimated fixed manufacturing overhead is expected to be $1,125,000. The company has budgeted for variable selling costs of costs of $550,000, fixed selling costs of $500,000; fixed warehouse costs of $435,000; and fixed administrative costs of $750,000. Total actual variable manufacturing overhead is $1,012,302 and total actual fixed manufacturing overhead was $1,103,170. Total actual direct labor incurred was $262,260 for the model airplane machine operators and $208,615 for the paint kit operators. Packing direct labor incurred was $58,216 for airplanes and $41,605 for paint kits. Total actual variable selling costs were $541,265. Total actual fixed selling costs were $512,870, total actual fixed warehouse costs were $411,220, and total fixed administrative costs were $792,310. Finished Goods Units: Beginning + Made Airplanes 13,000 512,230 (492,138) 33,092 Paint Kit 37,000 449,470 (381,267) 105,203 Total 50,000 961,700 (873.405) 138,295 - Sold = Ending The company had the following cost sheet information: Direct Materials Model Airplanes Plastic Model Cement Mini X-acto Knife Quantity for 1 + Cost for 1 Total Cost .8 lbs $ 11 per lbs $ 8.80 5 oz $.60 per oz $ 3.00 $2.50 $ 2.50 Total DM for Model Airplanes: $14.30 Paint Kits Miniature fine paintbrush Paints Plastic Palette Quantity for 1 + Cost for 1 Total Cost 1 $ 2.00 $ 2.00 12 oz $ 0.45 $ 5.40 .1 lbs $ 11 per lbs $ 1.10 Total DM for Beginner Paint Kits: $8.50 Direct Labor Model Airplanes Machine Operators Packagers = Quantity for 1 + .033 hours .011 hours Cost for 1 Total Cost $ 9 $ 0.30 $7 $ 0.08 Total DL for 1 Airplane Set: $0.38 = Paint Kits Machine Operators Packagers Quantity for 1 .022 hours .016 hours Cost for 1 Total Cost $ 9 $ 0.20 $ 7 $ 0.11 Total DL for 1 Paint Kit: $0.31 = Manufacturing Overhead Model Airplanes Variable Fixed Quantity for 1 + .033 hours .033 hours Cost for 1 Total Cost $ 27.1324 $0.90 $ 30.99 $ 1.02 Total MOH for 1 Airplane Set: $1.92 = Paint Kits Variable Fixed Quantity for 1 + .022 hours .022 hours Cost for 1 Total Cost $ 27.18,4 $ 0.60 $ 30.99 $ 0.68 Total MOH for 1 Airplane Set: $1.28 Beginning Actual Inventory Information: Ending Used Purchased $7,390,682 $2,989,810 $7,389,370 $2,991,495 Direct Materials: Airplanes Direct Materials: Paint Kits Work In Process: Airplanes Work In Process: Paint Kits Finished Goods: Airplanes Finished Goods: Paint Kits $ 47,124 $ 33,916 $ 32,216 $ 25,198 $ 235,000 $336,000 $ 45,812 $ 35,601 $ 30,906 $ 27,204 2. Prepare all the journal entries (in the correct order) related to manufacturing the product, separately for Mittens and Gloves, using the NORMAL method: Record cost of goods sold. Determine the total gross profit for each product