60.1K

Verified Solution

Link Copied!

I need those answers plz

Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $15.25 per direct labor-hour was based on a cost formula that estimated $610,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $562,000. b. Raw materials used in production, $513,200. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $560,000; indirect labor, $150,000; selling and administrative salaries, $249,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $401,000 e. Incurred various manufacturing overhead costs (e.g. depreciation, insurance, and utilities), $460,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. g. Jobs costing $1,614,850 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,397,500. The jobs cost $1,624,850 to manufacture according to their job cost sheets. 2. What is the ending balance in Raw Materials? Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $15.25 per direct labor-hour was based on a cost formula that estimated $610,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year. a. Raw materials were purchased on account, $562,000. b. Raw materials used in production, $513,200. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $560,000; indirect labor, $150,000; selling and administrative salaries, $249,000, d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $401,000 e. Incurred various manufacturing overhead costs (e.g. depreciation, insurance, and utilities), $460,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. g. Jobs costing $1,614,850 to manufacture according to their job cost sheets were cotnpleted during the year. h. Jobs were sold on account to customers during the year for a total of $3,397,500. The jobs cost $1,624,850 to manufacture according to their job cost sheets. 7. What is the ending balance in Work in Process? Bunnell Corporation is a manufacturer that uses job-order costing. On January 1 , the company's inventory balances were as follows: The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $15.25 per direct labor-hour was based on a cost formula that estimated $610,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $562,000. b. Raw materials used in production, $513,200. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services; direct labor, $560,000; indirect labor, $150,000; selling and administrative salaries, $249,000. d. Incurred various selling and administrative expenses (e.g. advertising, sales travel costs, and finished goods warehousing), $401,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $460,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. g. Jobs costing $1,614,850 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,397,500. The jobs cost $1,624,850 to manufacture according to their job cost sheets. 10. What is the cost of goods avallable for sale during the year? Bunnell Corporation is a manufacturer that uses job-order costing. On January 1 , the company's inventory balances were as follows: The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $15.25 per direct labor-hour was based on a cost formula that estimated $610,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $562,000, b. Raw materials used in production, $513,200. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $560,000; indirect labor, $150,000; selling and administrative salaries, $249,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $401,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $460,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. g. Jobs costing $1,614,850 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,397,500. The jobs cost $1,624,850 to manufacture according to their job cost sheets. 1. What is the journal entry to record the cost of goods sold referred to in item h above? (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) as follows: The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $15.25 per direct labor-hour was based on a cost formula that estimated $610,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $562,000 b. Raw materials used in production, $513,200. All of of the raw materials were used as direct materials. b. Raw materials used in production, $513,200. All of of the raw materiais were used as direct labor, $150,000; selling and administrative salaries, $249,000 d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $401,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $460,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. g. Jobs costing $1,614,850 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,397,500. The jobs cost $1,624,850 to manufacture according to their job cost sheets. 12. What is the ending balance in Finished Goods? [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1 , the company's inventory balances were as follows: The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $15.25 per direct labor-hour was based on a cost formula that estimated $610,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $562,000. b. Raw materials used in production, $513,200. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $560,000; indirect labor, $150,000; selling and administrative salaries, $249,000 d. Incurred various selling and administrative expenses (e.g. advertising, sales travel costs, and finished goods warehousing), $401,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $460,000. 1. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. 9. Jobs costing $1,614,850 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,397,500. The jobs cost $1,624,850 to manufacture according to their job cost sheets. 14. What is the gross margin for the year? [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $15.25 per direct labor-hour was based on a cost formula that estimated $610.000 of total manufacturing overhead for an estimated activity level of 40.000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $562,000 b. Raw materials used in production, $513,200. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $560,000; indirect labor, $150,000; selling and administrative salaries, $249,000. d. Incurred various selling and administrative expenses (e.g., advertising. sales travel costs, and finished goods warehousing), $401,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $460,000 f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. g. Jobs costing $1,614,850 to manufacture according to their job cost sheets were completed during the year. 9. Jobs were sold on account to customers during the year for a total of $3,397,500. The jobs cost $1,624,850 to manufacture according to their job cost sheets. 15. What is the net operating income for the year

Answer & Explanation Solved by verified expert

See Answer