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iragen [17]
3 years ago
9

The following information is available for Lock-Tite Company, which produces special-order security products and uses a job orde

r costing system.
April 30 May 31
Inventories
Raw materials $ 42,000 $ 44,000
Work in process 9,400 18,400
Finished goods 59,000 33,200
Activities and information for May
Raw materials purchases (paid with cash) 191,000
Factory payroll (paid with cash) 200,000
Factory overhead
Indirect materials 17,000
Indirect labor 46,000
Other overhead costs 91,000
Sales (received in cash) 1,900,000
Predetermined overhead rate based on direct labor cost 55 %
Compute the following amounts for the month of May using T-accounts.
Cost of direct materials used.
Cost of direct labor used.
Cost of goods manufactured.
Cost of goods sold.*
Gross profit.
Overapplied or underapplied overhead.
*Do not consider any underapplied or overapplied overhead.
Raw Materials (RM) Work in Process (WIP)
Beginning Balance 42,000 17,000 Indirect materials Beginning Balance 9,400 Cost of goods manuf.
RM purchases 191,000 172,000 DM used DM used 172,000
DL used 154,000
Overhead applied
Ending balance 44,000 Ending balance 335,400
Finished Goods (FG) Factory Overhead
Beginning Balance 59,000 Indirect materials Overhead applied
Cost of goods manuf. Indirect labor
Other overhead costs
Ending balance 59,000
Underapplied OH
Income statement (partial)
Sales
Cost of goods sold
Gross profit

Business
1 answer:
ValentinkaMS [17]3 years ago
7 0

Answer:

• Cost of direct materials used $172,000

• Cost of direct labor $154,000

• Cost of goods manufactured $401,700

• Cost of goods sold $427,500

• Gross profit $1,472,500

Explanation:

Please see attached detailed solution to the above questions and answers.

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A good starting point for developing time and cost estimates is:.
Ilia_Sergeevich [38]

It should be noted that good starting point for developing time and cost estimates is Past experience.

<h3>What is cost estimate ?</h3>

A cost estimate  can be regarded as the approximation of the cost of a program as well as project.

The cost estimate  can be seen as product of the cost estimating process and it based on past experience.

Learn more about cost estimate  at;

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2 years ago
Biochemical Corp. requires $690,000 in financing over the next three years. The firm can borrow the funds for three years at 9.2
viva [34]

Answer:

a. We have:

Interest cost of long-term fixed-rate = $191,475

Interest cost of short-term variable-rate = $192,51

b. Long-term fixed rate plan is less costly

Explanation:

a. Determine the total interest cost under each plan.

Interest cost of long-term fixed-rate = Amount required to be borrowed * Fixed interest rate per year * Number of years = $690,000 * 9.25% * 3 = $191,475

Interest cost of short-term variable-rate = (Amount required to be borrowed * First year interest rate) + (Amount required to be borrowed * Second year interest rate) + (Amount required to be borrowed * Third year interest rate) = ($690,000 * 7.50%) + ($690,000 * 12.15%) + (($690,000 * 8.25%) = $192,510

b. Which plan is less costly?

Since the $191,475 interest cost of long-term fixed-rate is less than $192,510 interest cost of short-term variable-rate, this implies that long-term fixed rate plan is less costly.

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Smiling and staying positive and taking notes for further reference are the essentials of a successful informational interview.

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