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lisov135 [29]
3 years ago
6

Morrison Company began the year with the following balances in its inventory accounts:  Raw Materials $ 15,000  Work‐in‐Proces

s $ 45,000  Finished Goods $ 85,000 Morrison applies overhead to production using direct labor hours. As of the beginning of the year, Morrison estimated the year’s total manufacturing overhead to be $140,000 and total direct labor hours to be 5,000. The following transactions occurred during the year: 1. Purchased $94,000 of raw materials on account. 2. Used $87,000 of raw materials. The materials used were classified as:  Direct materials $69,000  Indirect materials $18,000 3. Incurred and paid wages and salaries of $190,000, classified as:  Direct labor $130,000 (5,200 hours at $25 per hour)  Indirect labor $ 15,000  Selling and administration $ 45,000 4. Incurred various costs totaling $83,000, related to:  Production (i.e. manufacturing overhead) $60,000  Selling and Administration $23,000 5. Recorded total depreciation of $60,000, related to:  Manufacturing equipment $43,000  Equipment used for selling and administration $17,000 6. Work in process totaling $290,000 was transferred to Finished Goods during the year. 7. Finished goods costing $300,000 were sold during the year.

Business
1 answer:
elixir [45]3 years ago
7 0

Answer:

The question is not complete,find in the attached the complete of questions as well as the spread sheets containing all calculations

Explanation:

Costs of finished goods manufactured            

Direct materials used        69000      

Direct labour          130000

Prime cost          199000

           

Total manufacturing overhead      145600    

Opening work in progress       45000    

closing work in progress        -99600    

Costs of finished goods manufactured       290000      

           

Overabsorption of overhead=overhead used-actual overhead 15600           Net income=sales-costs of good sold-total adminand selling expense24600            

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Lot size-reorder point system is one of the multi period models. This system is denoted by decision variables (Q, R). This multi period model is implemented when there is uncertain demand in inventory control.

nevertheless, in the simple EOQ model, demand is known and fixed. But when the demand is random, these lot size-reorder point (Q, R) systems allow random demand.

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Additional steps are attached as files

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