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FrozenT [24]
3 years ago
15

Consider Derek's budget information: materials to be used totals $62,100; direct labor totals $198,200; factory overhead totals

$403,100; work in process inventory January 1 is $187,500; and work in progress inventory on December 31 is $195,000. The budgeted cost of goods manufactured for the year is
Business
1 answer:
Katen [24]3 years ago
8 0

Answer:

Cost of goods manufactured  655,900

Explanation:

<em>First, we add the three cost component:</em>

materials used in production                 62,100

direct labor                                            198,200

overhead                                               403,100

total cost added during the period    663,400

<em>Then, using the WIP beginning and ending figures, we solve for cost of goods manufactured</em>

WIP         january 1st                 187,500

cost added                              663,400

WP endind                           <u>   (195,000)  </u>

Cost of goods manufactured  655,900

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8 0
1 year ago
Pie Corporation paid $319,500 to acquire 90 percent ownership of Slice Company on April 1, 20X2. At that date, the fair value of
Brums [2.3K]

Answer and Explanation:

As per situation the Journal entries with narrations is here below:-

As per requirement of a

1. Slice Co. investment Dr, $319,500  

        To Cash $319,500

(Being cash paid is recorded)

2. Slice Co. investment Dr, $27,000  

      To  Income from Slice Co. $27,000

(Being investment is recorded)

3 Cash Dr, $13,500  

       To Slice Co. investment $13,500

(Being cash is recorded)

As per requirement b

1. Sales Dr, $90,000  

    To Total Expenses $80,000

     To Dividends Declared $5,000

      To Retained Earnings $5,000

(Being sales is recorded)

2. Common stock Dr, $160,000  

Additional paid-in capital Dr, $40,000  

Retained earnings Dr, $155,000  

Income from Slice Co. Dr, $27,000  

NCI in NI of Slice Co. Dr, $3,000  

       To Dividends declared $15,000  

            ($1,500 + $13,500)

        To Investment in Slice Co. $333,000  

             ($319,500 + $27,000 - $135,00)

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5 0
3 years ago
Wessner Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 6.20 Direct labor $
brilliants [131]

Answer:

The correct answer is D: $13

Explanation:

Giving the following information:

Cost per Unit Cost per Period:

Direct materials $ 6.20

Direct labor $ 2.80

Variable manufacturing overhead $ 1.45

Fixed manufacturing overhead $ 12,000

Sales commissions $ 1.00

Variable administrative expense $ 0.55

Fixed selling and administrative expense $ 4,000

Price= 25

Contribution margin= Price - variable costs

Variable costs= direct materials + direct labor + variable manufacturing overhead + sales commissions + variable administrative expense

Variavle costs= 6.20 + 2.80 + 1.45 + 1 + 0.55= $12

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4 0
3 years ago
Scenario 5 Guemmer Specialty Foods can produce their famous cherry pies at a rate of 1650 cases per day (this is the daily produ
Arturiano [62]

Answer:

c) Annual set up cost= $9878.04

Explanation:

<em>Economic batch quantity (EBQ) is also known as economic production run, It is the optimum production run that a manufacturer should operate to minimize set up cost and carrying cost. </em>

<em>Carrying cost is the cost of keeping inventory while set up cost is cost of getting machines ready for production</em>

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<em>Annual demand / the economic production run(EBQ)</em>

It is calculated as follows:

Economic batch quantity =√2× Co× D / Ch(1-D/P)

Where ,

D - annual demand - 62,500

Ch -holding cost per unit per annum - $11.50

Co- set up cost - $320

Production rate  = 1650 units per day  × 250 days =412,500 units

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= √(2× 320× 62,500) / (11.50× (1- 62500/412500) )

=2024.69 units

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= $320×  62,500/2024.69

Annual set up cost= $9878.04

6 0
2 years ago
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