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Answer:
Preparation of the adjusting entries as of December 31, 2015.
Dr Salaries Expense 3,920
Cr Salaries Payable 3,920
Explanation:
Since we were been told in the question that all the 15 employees worked the first 2 days of that week, the Adjustment we therefore be $3,920( 1,960×2) . And the transaction will be recorded as:
Dr Salaries Expense 3,920
Cr Salaries Payable 3,920
The Adjustment will be :
1,960 x 2 = 3,920
Therefore the pay that occured in New Year's Day will not be used because it falls in the next year.
Answer:
Hie, there is <em>no correct answer</em> from the Options provided.
The Net Profit Under absorption costing, for November would be $7,460.
This is can be calculated from reconciling the Variable Costing profit to Absorption Costing profit or Alternatively from Preparing Absorption costing statement as shown below:
<u>Absorption Costing Income Statement for November.</u>
Sales 765,000
Less Costs of Goods Sold
Opening Stock (8,650×14) 121,100
Add Cost of Manufacture (35,120×14) 491,600
Less Closing Stock (1270×14) (17,780) 594,920
Gross Profit 170,080
Less Expenses
Variable selling expense 127,500
Fixed Selling and administrative 35,120
Net Income / loss 7,460
Answer and Explanation:
The computation is shown below:
a. The manufacturing overhead is
= factory utilities + depreciation on factory equipment + indirect factory labor + indirect material + factory manager salary + property tax + factory repairs
= $16,500 + $12,650 + $48,900 + $70,800 + $8,000 + $2,500 + $2,000
= $161,350
b. The product cost is
= Direct material used + direct labor + total manufacturing overhead
= $157,600 + $79,100 + $161,350
= $398,050
c. The period cost is
= Depreciation on delivery truck + sales salaries + repairs to office equipment + advertising + office supplies used
= $3,800 + $48,400 + $1,300 + $23,000 + $4,640
= $81,140
Answer:
the cost of goods manufactured is $183,000
Explanation:
The computation of the cost of goods manufactured is shown below:
Cost of goods manufactured = Labor cost + direct material purchased + overhead cost - ending balance of material - ending balance of work in process
= $66,000 + $22,000 + $98,000 - $1,000 - $2,000
= $183,000
Hence, the cost of goods manufactured is $183,000
