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MaRussiya [10]
3 years ago
14

Diamond Design Company makes custom chairs for individual customers. On September 1, there was one job in process, Job 243, with

a cost of $2,000. Jobs 244, 245, and 246 were started during the month of September. Data on costs added during the month are as follows: Job 243 Job 244 Job 245 Job 246 Direct Materials $9,000 $2,280 $6,700 $8,000 Direct Labor 2,240 1,000 2,300 2,530 Overhead is applied to production at the rate of 60% of direct labor cost. Job 245 was completed on September 14 and the client was billed at cost plus 40%. All other jobs remained in process. If selling and administrative expenses for the month of September equals $ 1,000, what is operating income for the month of September
Business
1 answer:
Romashka [77]3 years ago
3 0

Answer:

Net operating income= $3,152

Explanation:

Giving the following information:

Job 245 was completed on September 14 and the client was billed at cost plus 40%.

Job 245:

Direct Materials= $6,700

Direct Labor= $2,300

Overhead= 0.60*2300= $1,380

Total cost= $10,380

Sales= 1.4*10380= $14,532

Cost od goods sold= 10380

Gross profit= 4152

Selling and administrative expense= 1000

Net operating income= $3,152

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"The production supervisor estimates that the ending work-in-process is 16 percent complete. Compute the cost of paint transferr
Luba_88 [7]

Complete Question:

Sanchez & Company produces paints. On July 1st it had no work in progress inventory. It starts reduction of 150,000 gallons of paint in July and completes 120000 gallons. The cost of the resources used by Sanchez in July consists of the following:

Materials- $137000

Conversion Costs- $175000

"The production supervisor estimates that the ending work-in-process is 16 percent complete. Compute the cost of paint transferred to finished goods and the amount in work-in-process ending inventory as of July 31"

Cost of paint transferred to finished goods__________

Work-in-process ending inventory_________

Answer

The Cost of Paint Transferred to Finished = $300,000

Work-in-Process Ending Inventory = $12,000

Explanation:

Given

Materials = $137,000

Conversion Costs = $175,000

Started = 150,000 gallons

Completed = (120,000) gallons

Ending Work in Progress = 150,000 - 120,000

Ending Work in Progress = 30,000

To calculate cost of paint transferred out and ending inventory of work in progress,

First we'll need to calculate the cost per unit of a paint(gallon)

This is given by: total cost ÷ total unit.

Calculating Total Cost:

Total Cost = $137,000 + $175,000

Total Cost = $312,000

Calculating Total Units:

Ending Work in Progress = : 16% complete ----- Given

So, Ending Work in Progress = 16% * 30,000 = 4,800

Total Completed Unit is then given by: 120,000 gallon + 4,800

Total = 124,800

Calculating Cost per unit

If the total cost is $312,000 then a unit will cost

$312,000/124,800

Cost per unit = $2.5/unit

Finally,

The Cost of Paint Transferred to Finished Goods is calculated by:

Total Units Transferred out = 120,000 gallons

Cost = 120,000 * $2.5

Cost = $300,000

Work-in-Process Ending Inventory is calculated by:

Ending Inventory = 4,800 ----- calculated

Work in Process Ending Inventory = 4,800 * $2.5

Work in Process = $12,000

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Help find Robert! South Carolina people help me find Robert!​
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Suppose an economy is modeled with a production possibilities frontier or curve (PPF) for butter (vertical axis) vs. guns (horiz
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Explanation: The Production Possibility Frontier is a curve that shows the two combination of goods an economy can produce when all its factors of production are efficiently used.

Technological progress shifts the curve outward, away from the origin as more output would be produced using the same combination of factor inputs.

Shifting of resources from butter to gun would lead to movements along the curve as more gun would be produced and less butter.

Pacifism becoming less popular which increases gun production, would cause movement along the curve.

Increase in consumer desire for butter increase the amount of butter produced . This would generate a movement along the curve

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It costs Waterway Industries $28 of variable costs and $14.40 of allocated fixed costs to produce an industrial trash can that s
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Answer:

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Explanation:

special request:

3000 units x $39 = 117,000

variable cost:

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<u>Contribution margin 33,000</u>

special cost:              <em>none</em>

additional fixed cost:   <em>none</em>

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Notice:

Non additional shipping or setup cost is request for the order.

Non increase in fixed cost due to excess capacity.

If any of this concept do inccur in additional cost, it should be relevant as well in the calculations.

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