Prepare a schedule of cost of goods manufactured for the quarter ended December 31, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for. 2. Prepare an income statement for personal All School Logos & More for the quarter ended December 31, 2021. List the non-manufacturing overheads in order of size starting with the largest. 3. What is the selling price per crest if All School Logos & More manufactured 2,800 crests for Hill Point High School for the quarter under review and uses a mark-up of 50% on cost?
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- In preparation for the 2022 English Week Celebration, Beacon Hills High School Student’s council entered into a contract with Beacon Clothing which shall produce 180 organizational shirts with the following costs: Materials – P 8,000; Direct Labor – P 5,500 and Applied Overhead – P 4,500. Before the delivery, it was found out that a rework has to be done for all of the 180 shirts. As a consequence, additional P 5.00 for the materials, P 2.00 for labor and P 3.00 for overhead will be spent for each defective shirt with Beacon Clothing charges its customer at 50% above cost. FIND: Assume that the rework is due to customer’s specifications: How much should be charged to Work In Process to record production before rework? How much should be charged to Work In Process to record the rework? What is the total cost of the 180 shirts delivered to Beacon Hills High School Student’s council? How much should Beacon Hills High School Student’s council pay for the 180 shirts? How much should…In preparation for the 2022 English Week Celebration, Beacon Hills High School Student’s council entered into a contract with Beacon Clothing which shall produce 180 organizational shirts with the following costs: Materials – P 8,000; Direct Labor – P 5,500 and Applied Overhead – P 4,500. Before the delivery, it was found out that a rework has to be done for all of the 180 shirts. As a consequence, additional P 5.00 for the materials, P 2.00 for labor and P 3.00 for overhead will be spent for each defective shirt with Beacon Clothing charges its customer at 50% above cost. FIND: Assume that the rework is due to internal failure: How much should be charged to Work In Process to record production before rework? How much should be charged to Work In Process to record the rework? What is the total cost of the 180 shirts delivered to Beacon Hills High School Student’s council? How much should Beacon Hills High School Student’s council pay for the 180 shirts? How much should each of the…Shaker Stairs Co. designs and builds factory-made premium wooden stairways for homes. The manufactured stairway components (spindles, risers, hangers, hand rails) permit installation of stairways of varying lengths and widths. All are of white oak wood. Budgeted manufacturing overhead costs for the year 2020 are as follows. Overhead Cost Pools Amount Purchasing $75,000 Handling materials 82,000 Production (cutting, milling, finishing) 210,000 Setting up machines 100,000 Inspecting 96,000 Inventory control (raw materials and finished goods) 126,000 Utilities 450,000 Total budgeted overhead costs $1,139,000 For the last 4 years, Shaker Stairs Co. has been charging overhead to products on the basis of machine hours. For the year 2020, 100,000 machine hours are budgeted.Jeremy Nolan, owner-manager of Shaker Stairs Co., recently directed his accountant, Bill Seagren, to implement the activity-based costing system that he has…
- Shaker Stairs Co. designs and builds factory-made premium wooden stairways for homes. The manufactured stairway components (spindles, risers, hangers, hand rails) permit installation of stairways of varying lengths and widths. All are of white oak wood. Budgeted manufacturing overhead costs for the year 2020 are as follows. Overhead Cost Pools Amount Purchasing $75,000 Handling materials 82,000 Production (cutting, milling, finishing) 210,000 Setting up machines 100,000 Inspecting 120,000 Inventory control (raw materials and finished goods) 126,000 Utilities 450,000 Total budgeted overhead costs $1,163,000 For the last 4 years, Shaker Stairs Co. has been charging overhead to products on the basis of machine hours. For the year 2020, 100,000 machine hours are budgeted.Jeremy Nolan, owner-manager of Shaker Stairs Co., recently directed his accountant, Bill Seagren, to implement the activity-based costing system that he has…Current Attempt in Progress Ivanhoe Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling balls. In the Packaging Department, the balls are placed in cartons and sent to the finished goods warehouse. All materials are entered at the beginning of each process. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department during June 2022 are presented below. Production Data June Beginning work in process units Units started into production 0 29,480 Ending work in process units 2,700 Percent complete-ending inventory 40 % Cost Data Materials $280,060 Labor 71.800 165,010 Overhead Total $516,870 Your answer is correct. Prepare a schedule showing physical units of production. Physical units Units to be accounted for Work in process, June 1 Started into production…Peter Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs Materials 28,350 46,800 Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is…
- For March 2024, The Jacksonville shirt company compiled the following data for the Cutting and sewing department Department Item Amount units Cutting Beginning Balance $0 0 Shirts Started in march 1200 shirts Direct Materials added in March 1,920 Conversion costs 1,320 Completed and transferred to sewing ??? 1,200 Shirts Ending Balance 0 0 shirts Sewing Beginning Balance, transferred in, $1,350; conversion costs, $650 $2000 500 shirts Transferred in from cutting ??? ??? Conversion costs added in March 1,196 Completed and transferred to finished goods ??? 1,000 shirts Ending Balance, 60% complete ??? ??? 1. Complete a production cost report for the Cutting Department and the Sewing department. What is the cost of one basic shirt?Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs Materials 28,350 46,800 Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is…S18-13 Preparing journal entry Learning Objective 5 The Mixing Department's production cost report for May shows $12,500 in total costs, of which $2,500 will remain in the department assigned to the units still in process at the end of the month. Prepare the journal entry to record the transfer of costs from the Mixing Department to the Packaging Department.
- Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs Materials 28,350 46,800 Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is…Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs Materials 28,350 46,800 Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is…Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs Materials 28,350 46,800 Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is…