Business, 09.10.2019 16:10 victoriapellam04

Gitano products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). its predetermined overhead rate was based on a cost formula that estimated $126,000 of manufacturing overhead for an estimated allocation base of $84,000 direct material dollars to be used in production. the company has provided the following data for the just completed year: purchase of raw materials $ 134,000 direct labor cost $ 80,000 manufacturing overhead costs: indirect labor $ 133,400 property taxes $ 8,600 depreciation of equipment $ 16,000 maintenance $ 15,000 insurance $ 8,200 rent, building $ 40,000 beginning ending raw materials $ 26,000 $ 15,000 work in process $ 49,000 $ 39,000 finished goods $ 71,000 $ 59,000 required: 1. compute the predetermined overhead rate for the year. 2. compute the amount of underapplied or overapplied overhead for the year. 3. prepare a schedule of cost of goods manufactured for the year. assume all raw materials are used in production as direct materials. 4. compute the unadjusted cost of goods sold for the year. do not include any underapplied or overapplied overhead in your answer. 5. assume that the $39,000 ending balance in work in process includes $8,200 of direct materials. given this assumption, supply the information missing below:

Answers: 3

Show answers

Other questions on the subject: Business

Business, 21.06.2019 20:40, Patricia2121

•broussard skateboard’s sales are expected to increase by 15% from $8 million in 2016 to $9.2 million in 2017. its assets totaled $5 million at the end of 2016. broussard is already at full capacity, so its assets must grow at the same rate as projected sales. at the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. the after-tax profit margin is forecasted to be 6%, and the forecasted payout ratio is 40%. use the afn equation to forecast broussard’s additional funds needed for the coming year

Answers: 2

continue

Business, 21.06.2019 21:30, dondre54

The following balance sheet for the los gatos corporation was prepared by a recently hired accountant. in reviewing the statement you notice several errors. los gatos corporation balance sheet at december 31, 2018 assets cash $ 44,000 accounts receivable 86,000 inventories 57,000 machinery (net) 122,000 franchise (net) 32,000 total assets $ 341,000 liabilities and shareholders' equity accounts payable $ 54,000 allowance for uncollectible accounts 7,000 note payable 59,000 bonds payable 112,000 shareholders' equity 109,000 total liabilities and shareholders' equity $ 341,000 additional information: cash includes a $22,000 restricted amount to be used for repayment of the bonds payable in 2022. the cost of the machinery is $194,000. accounts receivable includes a $22,000 note receivable from a customer due in 2021. the note payable includes accrued interest of $7,000. principal and interest are both due on february 1, 2019. the company began operations in 2013. income less dividends since inception of the company totals $37,000. 52,000 shares of no par common stock were issued in 2013. 200,000 shares are authorized. required: prepare a corrected, classified balance sheet. (amounts to be deducted should be indicated by a minus sign.)

Answers: 2

continue

Business, 22.06.2019 16:40, jojo171717

Based on what you learned about time management which of these statements are true

Answers: 1

continue

Business, 22.06.2019 22:00, Kira4585

Retail industry fundamentals credential exam, part 1 all answers

Answers: 3

continue

You know the right answer?

Gitano products operates a job-order costing system and applies overhead cost to jobs on the basis o...