Requirements 1. What is the cost of direct materials used? 2. What is the cost of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Requirements 1. What is the cost of direct materials used? 2. What is the cost of indirect materials used? 3. What is the cost of direct labor? 4. What is the cost of indirect labor? 5. What is the cost of goods manufactured? 6. What is the cost of goods sold (before adjusting for any under- or overallocated manufacturing overhead)? 7. What is the actual manufacturing overhead? 8. How much manufacturing overhead was allocated to jobs? 9. What is the predetermined manufacturing overhead rate as a percentage of direct labor cost? 10. Is manufacturing overhead underallocated or overallocated? By how much? Easy Life produces screens for use in various smartphones. The company reports the following information at December 31. Easy Life began operations on January 31 earlier that same year. (Click the icon to view additional information.) Read the requirements. More info Work in Process Inventory Wages Payable Manufacturing Overhead Finished Goods Inventory Raw Materials Inventory 29,000 124,500 79,000 79,000 3,000 42,000 124,500 112,000 54,000 32,000 63,000 16,000 42,000 Balance 0 43,000 - ☑ Easy Life produces screens for use in various smartphones. The company reports the following information at December 31. Easy Life began operations on January 31 earlier that same year. ... Requirement 1. What is the cost of direct materials used? The cost of direct materials used is Requirement 2. What is the cost of indirect materials used? The cost of indirect materials used is Requirement 3. What is the cost of direct labor? The cost of direct labor is Requirement 4. What is the cost of indirect labor? The cost of indirect labor is Requirement 5. What is the cost of goods manufactured? The cost of goods manufactured is Requirement 6. What is the cost of goods sold (before adjusting for any under- or overallocated manufacturing overhead)? The cost of goods sold (before adjusting for any under- or overallocated manufacturing overhead) is Easy Life produces screens for use in various smartphones. The company reports the following information at December 31. Easy Life began operations on January 31 earlier that same year. The actual manufacturing overhead is Requirement 8. How much manufacturing overhead was allocated to jobs? Allocated manufacturing overhead is Requirement 9. What is the predetermined manufacturing overhead rate as a percentage of direct labor cost? Identify the formula and then compute the percentage. (Round your answer to the nearest whole percent.) Predetermined = overhead rate = % Requirement 10. Is manufacturing overhead underallocated or overallocated? By how much? Identify the formula and then compute the underallocated or overallocated overhead. (Use parentheses or a minus sign for overallocated overhead.) Manufacturing overhead is by (Over) Under allocated Requirement 9. What is the predetermined manufacturing overhead rate as a percentage of direct labor cost? Identify the formula and then compute the percentage. (Round your answer to the nearest whole percent.) Predetermined ÷ ÷ rallocated or overallocated? By how much? = overhead rate % Actual manufacturing overhead Allocated manufacturing overhead ocated or overallocated overhead. (Use parentheses or a minus sign for overallocate Direct labor Indirect labor Manufacturing overhead Predetermined overhead rate = (Over) Under allocated Requirements 1. What is the cost of direct materials used? 2. What is the cost of indirect materials used? 3. What is the cost of direct labor? 4. What is the cost of indirect labor? 5. What is the cost of goods manufactured? 6. What is the cost of goods sold (before adjusting for any under- or overallocated manufacturing overhead)? 7. What is the actual manufacturing overhead? 8. How much manufacturing overhead was allocated to jobs? 9. What is the predetermined manufacturing overhead rate as a percentage of direct labor cost? 10. Is manufacturing overhead underallocated or overallocated? By how much? Easy Life produces screens for use in various smartphones. The company reports the following information at December 31. Easy Life began operations on January 31 earlier that same year. (Click the icon to view additional information.) Read the requirements. More info Work in Process Inventory Wages Payable Manufacturing Overhead Finished Goods Inventory Raw Materials Inventory 29,000 124,500 79,000 79,000 3,000 42,000 124,500 112,000 54,000 32,000 63,000 16,000 42,000 Balance 0 43,000 - ☑ Easy Life produces screens for use in various smartphones. The company reports the following information at December 31. Easy Life began operations on January 31 earlier that same year. ... Requirement 1. What is the cost of direct materials used? The cost of direct materials used is Requirement 2. What is the cost of indirect materials used? The cost of indirect materials used is Requirement 3. What is the cost of direct labor? The cost of direct labor is Requirement 4. What is the cost of indirect labor? The cost of indirect labor is Requirement 5. What is the cost of goods manufactured? The cost of goods manufactured is Requirement 6. What is the cost of goods sold (before adjusting for any under- or overallocated manufacturing overhead)? The cost of goods sold (before adjusting for any under- or overallocated manufacturing overhead) is Easy Life produces screens for use in various smartphones. The company reports the following information at December 31. Easy Life began operations on January 31 earlier that same year. The actual manufacturing overhead is Requirement 8. How much manufacturing overhead was allocated to jobs? Allocated manufacturing overhead is Requirement 9. What is the predetermined manufacturing overhead rate as a percentage of direct labor cost? Identify the formula and then compute the percentage. (Round your answer to the nearest whole percent.) Predetermined = overhead rate = % Requirement 10. Is manufacturing overhead underallocated or overallocated? By how much? Identify the formula and then compute the underallocated or overallocated overhead. (Use parentheses or a minus sign for overallocated overhead.) Manufacturing overhead is by (Over) Under allocated Requirement 9. What is the predetermined manufacturing overhead rate as a percentage of direct labor cost? Identify the formula and then compute the percentage. (Round your answer to the nearest whole percent.) Predetermined ÷ ÷ rallocated or overallocated? By how much? = overhead rate % Actual manufacturing overhead Allocated manufacturing overhead ocated or overallocated overhead. (Use parentheses or a minus sign for overallocate Direct labor Indirect labor Manufacturing overhead Predetermined overhead rate = (Over) Under allocated
Expert Answer:
Answer rating: 100% (QA)
Here are the detailed workings and answers 1 Cost of direct materials used Given Raw Materials Inven... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Touch Enterprises produces LCD touch screen products. The company reports the following information at December 31. Touch Enterprises began operations 11 months before on Requirements 1. What is the...
-
Touch Enterprises produces LCD touch screen products. The company reports the following information at December 31. Touch Enterprises began operations on January 31 earlier that same year....
-
Evaluate and simplify the following derivatives. d dx -(x Inx)
-
If bond investors decide that 30-year bonds are no longer as desirable an investment as they were previously, predict what will happen to the yield curve, assuming (a) The expectations theory of the...
-
Find the horizontal and vertical asymptotes of the graph of F(x) = 8/2x 10
-
Barbara Vigil, Chief Justice, New Mexico Supreme Court Ken Badilla bought a pair of Brahma brand work boots from Wal-Mart on October 19, 2003. The boots packaging had these express descriptions: iron...
-
Leach Inc. experienced the following events for the first two years of its operations: 2016: 1. Issued $10,000 of common stock for cash. 2. Provided $78,000 of services on account. 3. Provided...
-
A tiling company has been tasked to tile the floor of a new shopping mall using the following materials and creating the design which follows: . Square marble slabs . Heavy duty rods on the outer...
-
In auditing Train Company, you obtain directly from the bank Trains bank statement, canceled checks, and other memoranda which relate to the companys bank account for December 2016. In reconciling...
-
Suggest how you might respond to the Ma's concern that Zian is rejecting his Chinese culture. This morning you notice that Zian starts a conversation with one of his peers, how could you share this...
-
1. Create a function to accept a student ssn as parameter and return the number of course sections the student registered. Create table Student ( ssn numeric primary key, name char(50), address...
-
a) i) Write a function called Division that accepts two arguments namely intA and decB, and the function returns a result in Decimal data type. intA is divided by decB and the result is stored to...
-
What is the proper way to prepare for investigations? What should be considered when undertaking an investigation? Review concepts of gap analysis and effectiveness evaluation. What aspects would an...
-
describe Thayer's concept of denial/mystification--and why this is so compelling for us.
-
How can TV series and films in South Africa drive tourism locally and globally?
-
The numerator of a fraction is 7 less than the denominator. If 3 is added to the numerator and 9 is subtracted from the denominator. The new fraction is equal to 3/2. Find the original fraction?
-
1) Predict the organicproduct formed when BzCl reacts with cyclohexanol. BzCl = benzoylchloride. 2) Provide the majororganic product of the reaction below. 3) Draw the structureof the product formed...
-
Mike is a restaurant owner and has read about the effect that music can have on the amount of time that customers stay at their tables for dinner. To test this effect, Mike made arrangements to play...
-
Coke would like to perform a blind taste test of its cola vs. the cola from its biggest competitor, Pepsi. To conduct this test, 24 individuals were randomly selected, asked to taste one unmarked...
-
The following table shows the weight of randomly selected packages shipped by FedEx, UPS, and DHL. These data can also be found in the Excel file package weight.xlsx. a. Perform a one way ANOVA using...
-
What is the amount of cost of goods sold under variable costing? a. $220,000. b. $161,000. c. $154,000. d. $230,000.
-
When comparing Kelleys absorption costing net operating income to its variable costing net operating income, which of the following will be true? a. Its absorption costing net operating income will...
-
Dexter Corporation produces and sells a single product, a wooden hand loom for weaving small items such as scarves. Selected cost and operating data relating to the product for two years are given...
Artificial Intelligence In Drug Discovery And Development 1st Edition - ISBN: B0C3Z978XC - Free Book
Study smarter with the SolutionInn App