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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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wolverine [178]
I think it is either C or D. I'm not sure which one though. Hope this helped, have a great day! :D
4 0
3 years ago
Aaron Company has 80,000 shares of $10 par common stock outstanding. On May 25, Aaron Company declared a $1.50 cash dividend. Th
Finger [1]

Answer:

a.a debit to Cash Dividends for $120,000.

Explanation:

The amount of dividend paid is dependent on two function; the number of shares and the amount declared for payment per share.

When it is paid, a credit is posted to cash account and the corresponding debit is posted to the dividend paid account.

As such, since the company has  80,000 shares and the declared dividend  was $1.50,

Total dividend paid = $1.50 × 80000

= $120,000.

Hence cash dividend is debited with $120,000 on payment.

3 0
3 years ago
The time that an employee spends on a particular job determines his or her specialization of labor.
zmey [24]

Answer:

MAde up of employes in an industry

Explanation:

3 0
3 years ago
Darden Restaurants is expected to pay annual dividends of $1.90 and $2.10 over the next two years,respectively. After that, the
Ainat [17]

Answer:

$13.89

Explanation:

The computation of the value of stock is shown below:

Year Dividend Present value factor at 16% Present value  

1         $1.90                0.862                               $1.64

2        $2.10                 0.743                               $1.56

3        $2.30

Price $14.375             0.743                               $10.68

The price is computed below:

= $2.30 ÷ 16% = $14.375

Total present value $13.89

The present value factor is computed below:

= 1 ÷ (1 + rate) ^ years

For Year 1 = 1 ÷ 1.16^1 = 0.862

For Year 2 = 1 ÷ 1.16^2 = 0.743

7 0
3 years ago
You purchased 5,400 shares in the New Pacific Growth Fund on January 2, 2016, at an offering price of $63.90 per share. The fron
Alexxandr [17]

Answer:

The total return from this investment is -2.35%

Explanation:

According to the give data You invested = 5,400 x $63.90 = $345,060

Because of the front-load, your effective investment = $345,060 x (1 - 5%) = $327,807

Value of assets increases by 6% in 2016, hence, your investment value = $327,807 x (1 + 6%) = $347,475

Fund expense of 1.87% must be deducted from this value, Investment value = $347,475 x (1 - 1.05%) = $343,826

Now, because you withdrew within a year, back-end load of 2% is applicable as well.

Hence, your net withdrawal =$343,826 x (1 - 2%) = $336,949

Hence, total return = $336,949 / $345,060 - 1 = -2.35%

The total return from this investment is -2.35%

4 0
3 years ago
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