Posted: February 26th, 2023

20 accounting questions

see attached

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Current Attempt in Progress

Manufacturing cost data for Sage Hill Company are presented as follows.

Determine the missing amount for each letter (a) through (i).

Case A Case B Case C

Direct materials used

$ (a) $60,300 $114,400

Direct labor 50,000 75,600 (g)

Manufacturing overhead

40,800 71,700 89,600

Total manufacturing costs

172,100 (d) 223,000

Work in process 1/1/22

(b) 25,200 (h)

Total cost of work in process

194,800 (e) 296,400

221 Exam 2 Ch 19-21

Question 4 of 20 - / 7.5

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Work in process 12/31/22

(c) 9,600 61,600

Cost of goods manufactured

163,020 (f) (i)

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221 Exam 2 Ch 19-21 Question 4 of 20 - / 7.5

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Current Attempt in Progress

The following information is available for Metlock Company.

April 1 April 30

Raw materials inventory $8,600 $12,100

Work in process inventory 4,300 3,100

 

Materials purchased in April $84,400

Direct labor in April 68,800

Manufacturing overhead in April 137,600

Prepare the cost of goods manufactured schedule for the month of April 2022. (Assume that all raw materials used were direct materials.)

METLOCK COMPANY Cost of Goods Manufactured Schedule

221 Exam 2 Ch 19-21

Question 2 of 20 - / 7.5

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$

$

: 

$ :  $ 221 Exam 2 Ch 19-21 Question 2 of 20 - / 7.5 2/12/23, 11:27 PM NWP Assessment Player UI Application

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221 Exam 2 Ch 19-21 Question 2 of 20 - / 7.5

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Current Attempt in Progress

Don Lieberman and Associates, a CPA �rm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs worked on during November..

Oriole Inc. Pharoah Inc. Sheridan Inc.

Direct materials $710 $440 $310

Auditor labor costs $5,900 $7,700 $4,375

Auditor hours 77 89 50

Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $51 per auditor hour. The Oriole Inc. job is the only incomplete job at the end of November. Actual overhead for the month was $13,600.

(a) Determine the cost of each job.

Cost

Oriole $

Pharoah $

221 Exam 2 Ch 19-21

Question 13 of 20 - / 7.5

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Sheridan $

(b) Indicate the balance of the Service Contracts in Process account at the end of November.

Balance in service contracts in process account $

(c) Calculate the ending balance of the Operating Overhead account for November.

Balance in operating overhead account $

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221 Exam 2 Ch 19-21 Question 13 of 20 - / 7.5

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Current Attempt in Progress

Oriole Company has the following production data for March 2022: no beginning work in process, units started and completed 33,000, and ending work in process 5,500 units that are 100% complete for materials and 40% complete for conversion costs. Oriole uses the FIFO method to compute equivalent units. If unit materials cost is $5 and unit conversion cost is $9, determine the costs to be assigned to the units completed and transferred out and the units in ending work in process. The total costs to be assigned are $509,300.

Completed and transferred out $

Ending work in process $

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221 Exam 2 Ch 19-21

Question 16 of 20 - / 7.5

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Current Attempt in Progress

In January, Oriole Company requisitions raw materials for production as follows: Job 1 $800, Job 2 $1,040, Job 3 $600, and general factory use $520. During January, time tickets show that the factory labor of $5,280 was used as follows: Job 1 $1,920, Job 2 $1,400, Job 3 $1,240, and general factory use $720.

Prepare the job cost sheets for each of the three jobs.

Job 1

Date   Direct Materials   Direct Labor

1/31    

Job 2

Date   Direct Materials   Direct Labor 1/31    

221 Exam 2 Ch 19-21

Question 7 of 20 - / 7.5

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Job 3

Date   Direct Materials   Direct Labor 1/31    

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221 Exam 2 Ch 19-21 Question 7 of 20 - / 7.5

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Current Attempt in Progress

(a)

Sheridan Inc. has beginning work in process $29,300, direct materials used $273,600, direct labor $250,800, total manufacturing overhead $205,200, and ending work in process $35,800.

What is the total cost of work in process?

Total cost of work in process $

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221 Exam 2 Ch 19-21

Question 5 of 20 - / 7.5

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(b)

The parts of this question must be completed in order. This part will be available when you complete the part above.

221 Exam 2 Ch 19-21 Question 5 of 20 - / 7.5

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Current Attempt in Progress

Pharoah Company completes and transfers out 10,800 units and has 1,800 units of ending work in process that are 25% complete as to conversion costs. Materials are entered at the beginning of the process, and there is no beginning work in process. Pharoah uses the FIFO method to compute equivalent units. Assuming unit materials costs of $3 and unit conversion costs of $7, what are the costs to be assigned to units (a) completed and transferred out and (b) in ending work in process?

Costs to be assigned

(a) Completed and transferred out $

(b) Ending work in process $

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221 Exam 2 Ch 19-21

Question 20 of 20 - / 7.5

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Current Attempt in Progress

At Crane Company, there are 820 units of ending work in process that are 100% complete as to materials and 40% complete as to conversion costs. If the unit cost of materials is $3 and the total costs assigned to the 820 units is $5,740, what is the per unit conversion cost? (Round answer to 2 decimal places, e.g. 2.25.)

Per unit conversion cost $

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221 Exam 2 Ch 19-21

Question 19 of 20 - / 7.5

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Current Attempt in Progress

The Smelting Department of Carla Vista Company has the following production data for November.

Beginning work in process 2,360 units that are 100% complete as to materials and 20% complete as to conversion costs; units completed and transferred out 10,620 units; and ending work in process 8,260 units that are 100% complete as to materials and 40% complete as to conversion costs.

Compute the equivalent units of production for (a) materials and (b) conversion costs for the month of November.

Materials Conversion Costs

Total equivalent units

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221 Exam 2 Ch 19-21

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Current Attempt in Progress

(a)

In March, Sandhill Company had the following unit production costs: materials $12 and conversion costs $10. On March 1, it had no work in process. During March, Sandhill completed and transferred out 25,600 units. As of March 31, 5,200 units that were 40% complete as to conversion costs and 100% complete as to materials were in ending work in process.

Compute the total units to be accounted for.

Total units

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221 Exam 2 Ch 19-21

Question 17 of 20 - / 7.5

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(b)

The parts of this question must be completed in order. This part will be available when you complete the part above.

(c)

The parts of this question must be completed in order. This part will be available when you complete the part above. 221 Exam 2 Ch 19-21 Question 17 of 20 - / 7.5

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Current Attempt in Progress

Pharoah Company had zero units of beginning work in process. During the period, 8,100 units were completed and transferred out, and there were 530 units of ending work in process. How many units were started into production?

Units started into production units

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221 Exam 2 Ch 19-21

Question 18 of 20 - / 7.5

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Current Attempt in Progress

An incomplete cost of goods manufactured schedule is presented here.

Complete the cost of goods manufactured schedule for Splish Brothers Company. (Assume that all raw materials used were direct materials.)

SPLISH BROTHERS COMPANY Cost of Goods Manufactured Schedule

For the Year Ended December 31, 2022

Work in process, January 1

Direct materials

   Raw materials inventory, January 1 $

   Raw materials purchases 148,800

   Total raw materials available for use

   Less: Raw materials inventory, December 31 21,500

Direct materials used $169,200

221 Exam 2 Ch 19-21

Question 3 of 20 - / 7.5

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Direct labor

Manufacturing overhead

   Indirect labor 17,200

   Factory depreciation 33,700

   Factory utilities 64,200

   Total manufacturing overhead 115,100

Total manufacturing costs

Total cost of work in process

Less: Work in process, December 31

Cost of goods manufactured

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221 Exam 2 Ch 19-21 Question 3 of 20 - / 7.5

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Current Attempt in Progress

During the current month, Sheridan Company incurs the following manufacturing costs.

(a) Purchased raw materials of $21,200 on account.

(b) Incurred factory labor of $45,600.

(c) Factory utilities of $3,290 are payable, prepaid factory insurance of $3,010 have expired, and depreciation on the factory building is $11,000.

Prepare journal entries for each type of manufacturing cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No. Account Titles and Explanation Debit Credit

(a)

(Purchases of raw materials on account)

221 Exam 2 Ch 19-21

Question 11 of 20 - / 7.5

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(b)

(To record factory labor costs)

(c)

(To record overhead costs)

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221 Exam 2 Ch 19-21 Question 11 of 20 - / 7.5

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Current Attempt in Progress

(a1)

The following are incomplete manufacturing cost data.

Determine the missing amounts for these three independent situations.

Direct Materials Used

Direct Labor

Manufacturing Overhead

Total Manufacturing

Costs

(1) $37,600 $57,200 $47,000 $

(2) $ $70,500 $131,600 $278,800

(3) $51,700 $ $104,200 $291,400

221 Exam 2 Ch 19-21

Question 1 of 20 - / 7.5

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(a2)

The parts of this question must be completed in order. This part will be available when you complete the part above.

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221 Exam 2 Ch 19-21 Question 1 of 20 - / 7.5

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Current Attempt in Progress

During the �rst quarter, Wildhorse Company incurs the following direct labor costs: January $48,800, February $36,600, and March $61,000.

For each month, prepare the entry to assign overhead to production using a predetermined rate of 70% of direct labor cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date Account Titles and Explanation Debit Credit

221 Exam 2 Ch 19-21

Question 9 of 20 - / 7.5

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Current Attempt in Progress

Blossom Company estimates that annual manufacturing overhead costs will be $1,240,000. Estimated annual operating activity bases are direct labor cost $620,000, direct labor hours 62,000, and machine hours 124,000.

Compute the predetermined overhead rate for each activity base. (Round answers to 2 decimal places, e.g. 10.50% or 10.50.)

Overhead rate per direct labor cost %

Overhead rate per direct labor hour $

Overhead rate per machine hour $

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221 Exam 2 Ch 19-21

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Current Attempt in Progress

A job order cost sheet for Cullumber Company is shown below.

Job No. 92           For 2,000 Units

Date  

Direct Materials

  Direct Labor

  Manufacturing

Overhead

Beg. bal. Jan. 1   5,900   7,000   4,900

8   7,000      

12     8,000   6,000

25   2,400      

27       4,000   3,000

    15,300   19,000   13,900

Cost of completed job:

   Direct materials $15,300

221 Exam 2 Ch 19-21

Question 12 of 20 - / 7.5

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   Direct labor 19,000

   Manufacturing overhead 13,900

Total cost $48,200

Unit cost ($48,200 ÷ 2,000) $24.10

(a) On the basis of this data, answer the following questions.

(1) What was the balance in Work in Process Inventory on January 1 if this was the only un�nished job?

Balance in Work in Process Inventory on January 1 $

(2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to 0 decimal places, e.g. 55%.)

Last year Current year

Overhead rate % %

(b) Prepare summary entries at January 31 to record the current year’s transactions pertaining to Job No. 92. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date Account Titles and Explanation Debit Credit

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Jan.

31

(To record raw materials used)

31

(To record factory labor used)

31

(To record manufacturing overhead)

31

(To record job completed)

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Current Attempt in Progress

Production costs of the Finishing Department in June in Sheridan Company are materials $13,680, labor $33,630, and overhead $20,520. Equivalent units of production are materials 22,800 and conversion costs 18,050.

Compute the unit costs for materials and conversion costs for June. (Round answers to 2 decimal places, e.g. 2.25.)

Materials cost per unit $

Conversion cost per unit $

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221 Exam 2 Ch 19-21

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Current Attempt in Progress

Tamarisk Express reports the following costs and expenses in June 2022 for its delivery service.

Indirect materials used $6,160 Drivers’ salaries $15,360

Depreciation on delivery equipment 10,720 Advertising 4,480

Dispatcher’s salary 4,800 Delivery equipment repairs 288

Property taxes on of�ce building 860 Of�ce supplies 624

CEO’s salary 11,520 Of�ce utilities 960

Gas and oil for delivery trucks 2,080 Repairs on of�ce equipment 182

Determine the total amount of (a) delivery service (product) costs and (b) period costs.

Delivery service (product) costs $

Period costs $

221 Exam 2 Ch 19-21

Question 6 of 20 - / 7.5

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Current Attempt in Progress

Sandhill Engineering Contractors incurred employee payroll costs of $43,200 ($33,600 direct and $9,600 indirect) on an engineering project. The company applies overhead at a rate of 25% of direct labor cost.

Record the entries to assign payroll liabilities and to apply overhead. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit

(To record service salary and wages)

(To record the applied overhead)

221 Exam 2 Ch 19-21

Question 10 of 20 - / 7.5

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221 Exam 2 Ch 19-21 Question 10 of 20 - / 7.5