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Yuri [45]
3 years ago
15

Lake Company recorded the following data for the month of January 20xx: Inventories January 1, 20xx January 31, 20xx Direct Mate

rial $24,000 $23,000 Work in Process 18,000 15,000 Finished Goods 22,000 27,000 Additional Data: Net Sales Revenue $325,000 Direct Labour Costs 40,000 Indirect Labour Costs 45,000 Sales Commissions 15,000 Administrative Expenses 18,000 Direct Materials Purchased during January 30,000 Depreciation, factory 10,000 Factory Maintenance and Supplies 8,000 Utilities, (80% factory , 20% office) 25,000 General Office Salaries 12,000 Required: a) Compute the amount of direct materials used in January. b) List and total the Manufacturing Overhead costs for the month of January. c) Compute the Cost of Goods Manufactured. Note: It may be helpful to prepare a Cost of Goods Manufactured statement in rough form but it is not required. You may use short forms in your answers for DM, DL etc.
Business
1 answer:
Allisa [31]3 years ago
4 0

Answer:

A.Materials consumed in January = $31,000

B.Total Manufacturing Overhead Costs = $83,000

C. Cost of Goods Manufactured = $157,000

Explanation:

Direct Material $24,000 $23,000

Work in Process 18,000 15,000

Finished Goods 22,000 27,000

Net Sales Revenue $325,000

Direct Labour Costs 40,000

Indirect Labour Costs 45,000

Sales Commissions 15,000

Administrative Expenses 18,000

Direct Materials Purchased during January 30,000

Depreciation, factory 10,000

Factory Maintenance and Supplies 8,000

Utilities, (80% factory , 20% office) 25,000

General Office Salaries 12,000

A. Amount of direct materials used in January

Opening Direct Material $24,000

Add Purchased Direct Material $30,000

Less Closing Direct Materials $23,000

Materials consumed in January = $31,000

B. Manufacturing Overhead Costs:

Indirect Labour Costs 45,000

Depreciation, factory 10,000

Factory Maintenance and Supplies 8,000

Utilities, (80% factory) 20,000

Total Manufacturing Overhead Costs = $83,000

C. Cost of Goods Manufactured

Cost of Direct Materials Consumed = $31,000

Add :

Opening Work in Process $18,000

Less Closing Work in Process $15,000

Transfer to Finished Goods $3,000

Add Direct Labor Costs $40,000

Add Manufacturing Overhead Costs $83,000

Cost of Goods Manufactured = $157,000

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ch4aika [34]

Answer:

$91,100

Explanation:

Calculation to determine the total cost of merchandise purchased

Using this formula

Total cost of merchandise purchased = Invoice cost of merchandise purchases + Cost of transportation in - Purchase returns and allowances - Purchase discount

Let plug in the formula

Total cost of merchandise purchased= $100,000 + $500 - $400 - $9,000

Total cost of merchandise purchased= $91,100

Therefore the total cost of merchandise purchased is $91,100

3 0
3 years ago
Shoshone County uses the consumption method to account for supplies. At the beginning of the year the City had no supplies on ha
zhuklara [117]

Answer:

Expenditures $300,000; Supplies inventory $150,000.

Explanation:

The consumption method recognizes an asset when an item is purchased and an expense when an item is used or consumed. Therefore, when supplies are first bought, Supplies Inventory has a balance of $450,000.

After using those supplies during the year, $300,000 should be debited from Supplies Inventory and credited to Expenditures.

Therefore, at fiscal year-end, the appropriate account balances on the General Fund financial statements would be: Expenditures $300,000; Supplies inventory $150,000.

3 0
3 years ago
PackMan Corporation has semiannual bonds outstanding with nine years to maturity and are currently priced at $754.08. If the bon
Ann [662]

Answer:

b. 8.225%

Explanation:

In this question, we use the Rate formula which is shown in the spreadsheet.  

The NPER represents the time period.  

Given that,  

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PMT = 1,000 × 7.25% ÷ 2 = $36.25

NPER = 9 years × 2 = 18 years

The formula is shown below:  

= Rate(NPER,PMT,-PV,FV,type)  

The present value come in negative  

So, after solving this,  

1. The pretax cost of debt is 11.75%

2. And, the after tax cost of debt would be

= Pretax cost of debt × ( 1 - tax rate)

= 11.75% × ( 1 - 0.30)

= 8.225%

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3 years ago
Providing managers with increased visibility of the entire logistics process so that they can improve the efficiency of the enti
Paul [167]

The primary function of <u>supply chain management</u> system is to provide the managers with increased visibility of the entire logistics process so that they can improve the efficiency.

<h3>What is the supply chain management?</h3>

In a firm, the supply chain management refers to an operational section that manages the flow of goods, services, tasks and processes that take place from the input of raw materials to the output.

In conclusion, the primary function of any <u>supply chain management</u> system is to provide the managers with increased visibility of the logistics process.

Read more about supply chain

<em>brainly.com/question/14101567</em>

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2 years ago
3. What's considered a retail service?
katen-ka-za [31]

Answer:

B

Explanation:

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3 years ago
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