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aalyn [17]
3 years ago
15

Tancredi Corporation has two manufacturing departments--Machining and Customizing. The company used the following data at the be

ginning of the year to calculate predetermined overhead rates: Machining Customizing Total Estimated total machine-hours (MHs) 5,000 5,000 10,000 Estimated total fixed manufacturing overhead cost $22,000 $11,500 $33,500 Estimated variable manufacturing overhead cost per machine-hour $ 1.80 $ 3.00 During the most recent month, the company started and completed two jobs--Job E and Job J. There were no beginning inventories. Data concerning those two jobs follow: Job E Job J Direct materials $12,800 $7,000 Direct labor cost $17,600 $7,700 Machining machine-hours 3,400 1,600 Customizing machine-hours 2,000 3,000 Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. If both jobs are sold during the month, the company's cost of goods sold for the month would be closest to: (Round your intermediate calculations to 2 decimal places.)
Business
1 answer:
olganol [36]3 years ago
6 0

Answer:

Results are below.

Explanation:

<u>First, we need to calculate the predetermined overhead rate:</u>

Fixed overhead= 33,500

Total variable overhead= (1.8*5,000) + (3*5,000)= 24,000

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (33,500 + 24,000) / 10,000

Predetermined manufacturing overhead rate= $5.75

<u>Now, we can determine the total cost for each Job:</u>

<u>Job E:</u>

Direct material= $12,800

Direct labor= $17,600

Allocated overhead= (3,400 + 2,000)*5.75= $31,050

Total cost= $61,450

<u>Job J:</u>

Direct material= $7,000

Direct labor= $1,600

Allocated overhead= (1,600 + 3,000)*5.75= $26,450

Total cost= $35,050

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XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020 December 31, 2020 D
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Answer:

Complete question is:

XYZ Company recorded the following information related to their inventory

accounts for 2020:

                         January 1, 2020        December 31, 2020

Direct materials               37,000                   50,000

Work in process                38,000                   41,000

Finished goods                 22,000                   34,000

The following information was taken from XYZ Company's accounting records

for 2020:

Sales revenue ...........................................   $630,000

Direct materials purchased ..............................       ?

Depreciation, factory equipment .........................     34,000

Prime costs .............................................    250,000

Utilities (60% for factory; 40% for office building) ....     20,000

Sales commissions .......................................       ?

Indirect materials ......................................     25,000

Depreciation, office equipment ..........................     30,000

Rent, factory building ..................................     56,000

Net income ..............................................     10,000

Direct labor ............................................       ?

Advertising .............................................     75,000

Production supervisor's salary ..........................     81,000

Additional information:

1.  Direct labor comprised 35% of the conversion costs for 2020.

2.  The actual overhead cost for 2020 was equal to the overhead applied

   to production. Thus there was no overhead variance for 2020.

A) Calculate XYZ Company's direct labor cost for 2020.

B) Calculate the direct materials purchased by XYZ Company in 2020.

C) Calculate XYZ Company's sales commissions for 2020.

Answer is:

a) Total overhead = 34000+12000+25000+56000+81000 = 208000

Direct labor = 208000*35/65 = 112000

b) Direct material used = 250000-112000 = 138000

Direct material purchase = 138000+50000-37000 = 151000

c) Sales and administrative expense other than sales commission = 113000

Sales commission = 630000-443000-113000-10000 = 64000

Explanation:

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Answer:

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Given that,  

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