BUSINESS COLLEGE

The following information is from ABC Company's general ledger: Beginning and ending inventories, respectively, for raw materials were $16,000 and $20,000 and for work in process were $40,000 and $44,000. Raw material purchases and direct labor costs incurred were $72,000 each, and manufacturing overhead applied amounted to $40,000. Determine the total cost of goods manufactured during the period.

Answers

Answer 1

Answer:

Answer:

cost of goods manufactured= $176,000

Explanation:

Giving the following information:

Direct materials:

Beginning inventory= $16,000

Ending inventory= $20,000

Purchase= $72,000

WIP:

Beginning inventory= $40,000

Ending inventory= $44,000

Direct labor= $72,000

Manufacturing overhead applied= $40,000

To calculate the cost of goods manufactured, we need to use the following formula:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 16,000 + 72,000 - 20,000= 68,000

cost of goods manufactured= 40,000 + 68,000 + 72,000 + 40,000 - 44,000

cost of goods manufactured= $176,000

Related Questions

Marshall Enterprises charged the following amounts of overhead to jobs during the year: $20,000 to jobs still in process, $60,000 to jobs completed but not sold, and $120,000 to jobs finished and sold. At year-end, Marshall Enterprise's Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should Marshall make at year-end?a. No entry is needed. b. Debit Factory Overhead $5,000; credit Cost of Goods Sold $5,000. c. Debit Cost of Goods Sold $5,000; credit Factory Overhead $5,000. d. Debit Factory Overhead $5,000; credit Work in Process Inventory $5,000. e. Debit Factory Overhead $5,000; credit Finished Goods Inventory $5,000.
Which of the following statements is most accurate? Group of answer choices Multimedia presentations are no longer used in the business world. Low-tech visual aids are not appropriate for the business world. Today's speakers rely exclusively on the use of multimedia slides in their presentations because they know that multimedia slides have no disadvantages. Effective speakers analyze their audience and the speaking occasion to help them determine what type of visual aid to use.
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following. Work in Process Inventory Date ExplanationDebit Credit Balance Dec.31 Direct materials cost1,900,000 1,900,000 31 Direct labor cost210,000 2,110,000 31 Overhead applied684,000 2,794,000 31 To finished goods 2,723,000 71,000 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remained in work in process inventory at December 31. Its direct materials cost is $22,000. How much direct labor cost and overhead cost are assigned to this job
9. Suppose an investor has two choices:Choice 1: invest in a Bond A which is a 2-year bond with an interest rate of 12% Choice B: two 1-year bonds with sequential interest payment of 10% and 14%?Which Choice would produce a greater return if the pure expectations theory was to hold true. *A) Choice AB) Choice BC) Both of the choices would produce the same returnD) We can’t tell.
The following information is available for Elliot Company. January 1, 2013 2013 December 31, 2013 Raw materials inventory $26,000 $30,000 Work in process inventory 13,500 22,200 Finished goods inventory 30,000 21,000 Materials purchased $170,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales 800,00Required:Compute cost of goods manufactured $____________________

How can strategic leaders be successful in an industry like the airlines industry

Answers

Answer:

Strategic leaders can help any airline related issue to be solved

Explanation:

Strategic leaders are needed everywhere. An airline company would indeed benefit from a strategic leader and or manager

Which of the following statements is (are) TRUE? I. A firm with market power maximizes profit by producing so that P = MC or MR = MC. II. If marginal revenue exceeds marginal cost, the firm should expand output to increase profits. III. If a firm has no costs of production, it should continue producing until marginal revenue falls to zero.

Answers

Answer:

Statement II and III

Explanation:

For Statement I

We know that in a perfect competitive market the profit is maximum where either Marginal Revenue = Marginal Cost, or the Price + Marginal Cost is the point defining the profit.

Therefore, firm having to exercise maximum power in market will produce more up till Marginal Revenue > Marginal Cost.

Therefore, statement I is false.

Statement II

For the time till when the marginal revenue is more than the marginal cost, more and more goods shall be produced to increase the quantum of profit.

as this will assure no losses up to the time where MR>MC.

Thus, statement II is true.

Statement III

If there is no cost of production then entire amount received for a good will be profit, accordingly till the time the marginal revenue does not fall to 0 the goods shall be supplied to consumers, as the entire amount received will be profit with no cost associated.

Thus, statement III is also True.

The Kilp Sisters Trust is required to distribute $60,000 annually equally to its two income beneficiaries, Clare and Renee. If trust income is not sufficient to pay these amounts, the trustee can invade corpus to the extent necessary. During the current year, the trust generates only taxable interest income and records DNI of $160,000; the trustee distributes $30,000 to Clare and $150,000 to Renee. a. How much of the $150,000 distributed to Renee is included in her gross income? $.
b. How much of the $30,000 distributed to Clare is included in her gross income? $ is included in her gross income.
c. The distributions which are composed of trust accounting income that is required to be distributed currently come under .

Answers

Answer:

Results for Renee are as follows:

After the first tier distributions ($60000/2 = $30000 to each income beneficiaries) are accounted for, $100000 DNI remains to be assigned to the beneficiaries on the second tier ($160000 DNI - $60000 DNI used for first tier distribution).

Amount received DNI received = Gross income,

portfolio income

First tier $30,000.00 $30,000.00

Second tier $1,20,000.00 $ 1,00,000.00

Total $1,50,000.00 $ 1,30,000.00

Results for Clare are as follows:

Amount received DNI received = Gross income,

portfolio income

First tier $30,000.00 $ 30,000.00

Second tier $ - $ -

Total $30,000.00 $ 30,000.00

The distributions which are composed of trust accounting income that is required to be distributed currently come under First Tier Distribution.

How does Amazon illustrate the sources of service sector growth?

Answers

Answer:

The service sector grows because of the same reason that any other economy sector grows: the demand for it increases.

Explanation:

Demand increases because new services are created, or existing ones obtain more customers: a larger market share.

In the case of Amazon, the service it offers is deliveries, but Amazon took deliveries to its logical conclusion, becoming an online store that essentially sells everything, from books to car accessories, to fruits and vegetables.

Amazon has become a giant company because it exploited a existing market that had a lot of untapped potential, and customers at the same time responded by demanding even more of these services. In other words, Amazon and the customers formed a virtous cycle that feeds economic growth.

Revise the following wordy, unorganized paragraphs. Include an introductory statement followed by a bulleted or numbered list. Look for ways to eliminate unnecessary wording.Because all casual clothing is not suitable for the office, these guidelines will help you determine what is appropriate to wear to work. Slacks that are similar to Dockers and other makers of cotton or synthetic material pants, wool pants, flannel pants, and attractive dress synthetic pants are acceptable. Casual dresses and skirts hemmed at the knee and lower or slits at or below the knee are acceptable. Dress and skirt length should be at a length at which you can sit comfortably in public. Casual shirts and blouses, dress shirts and blouses, sweaters, tops, golf-type shirts, tunics, and turtlenecks are acceptable attire for work. Most suit jackets or sport jackets are also acceptable attire for the office. Conservative athletic or walking shoes, loafers, clogs, sneakers, boots, flats, dress heels, and leather deck-type shoes are acceptable for work.

Answers

Answer:

Revision of wordy, unorganized paragraphs

Our organization's dress code allows suitable office dresses. Find below the guidelines for allowed dresses:

Slacks similar to Dockers
Casual dresses and skirts hemmed at the lower knee
Comfortable dress and skirt length
Casual shirts and blouses are acceptable
Suit and sport jackets
Conservative athletic or walking shoes

Explanation:

The use of bulleted or numbered lists can help to organize wordy paragraphs. They also eliminate some of the unnecessary wordings that have been included, thereby reducing the overall length.

Raner, Harris, & Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm has two offices—one in Chicago and one in Minneapolis. The firm classifies the direct costs of consulting jobs as variable costs.Assume that Minneapolis’ sales by major market are:
Market
Minneapolis Medical Dental
Sales $ 330,000 100 % $ 220,000 100 % $ 110,000 100 %
Variable expenses 198,000 60 % 143,000 65 % 55,000 50 %

Contribution margin 132,000 40 % 77,000 35 % 55,000 50 %
Traceable fixed expenses 39,600 12 % 11,000 5 % 28,600 26 %

Market segment margin 92,400 28 % $ 66,000 30 % $ 26,400 24 %

Common fixed expenses
not traceable to markets 9,900 3 %

Office segment margin $ 82,500 25 %

The company would like to initiate an intensive advertising campaign in one of the two market segments during the next month. The campaign would cost $4,400. Marketing studies indicate that such a campaign would increase sales in the Medical market by $38,500 or increase sales in the Dental market by $33,000.
Required:
Calculate the increased segment margin.for Medical:
Calculate the increased segment margin for Dental: