Entries by Grace Wahito

Drake Company incurred costs of $77,000 for direct materials (raw) purchased.

April 1, 2020 in /by

Drake Company incurred costs of $77,000 for direct materials (raw) purchased. Direct labor was $45,000 and factory overhead was $22,000 for March. Inventories were as follows: Raw materials beginning $10,000; raw materials ending $14,000 Work-in-process beginning $36,000; work-in-process ending $24,000 Finished goods beginning $5,000; finished goods ending $10,000 Required: Calculate the cost of goods manufactured […]

 

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James Inc. estimates that its employees will utilize 400,000 machine hours

April 1, 2020 in /by

James Inc. estimates that its employees will utilize 400,000 machine hours during the coming year. Total overhead costs are estimated to be $8,800,000 and direct labor hours are estimated to be 200,000. Actual machine hours are 420,000. Actual labor hours are 225,000. If James Inc. allocates overhead based on machine hours, what is the predetermined […]

 

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Johnson Company produces and sells a single

April 1, 2020 in /by

Johnson Company produces and sells a single product whose selling price is $80.00 per unit and whose variable expense is $50.00 per unit. The company’s fixed expense is $270,000 per month.(a) What is the CM ratio (express your answer as a percentage to two decimal places)? (5 points)(b) How many units must be sold to […]

 

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XYZ Company uses process costing to track

April 1, 2020 in /by

XYZ Company uses process costing to track its costs in two sequential production departments: Forming and Finishing. The following information is provided regarding the Forming department. Forming DepartmentMonth Ended June 30 Unit informationBeginning work in process, June 1 — 6,000Started into production during June — 30,000Completed and transferred to Finishing Department during June — 22,000Ending […]

 

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