60.1K

Verified Solution

Link Copied!

Required a. Present in T-accounts the actual manufacturing cost flows for the three jobs in the first quarter of this year Answer is not complete Materials Inventory Wages Payable Beg. bal 0 Beg. bal 137,500 101: DM 96,000102: DM 94,300103: DM 0 0 0 0 0 510,000101: DL 312,600102: DL 197,900103: DL 0 327,800 End. bal End. bal 1,020,500 Variable Manufacturing Overhead Fixed Manufacturing Overhead 30,200101: Variable 27,800102: Variable 4,900 103: Variable 208,600 104,300 101: Fixed 88,500102: Fixed 15,800103: Fixed 62,900 0 0 End. bal End. bal Work-in-Process Inventory Finished Goods Inventory Beg. bal Total DM Total DL Total Variable Total Fixed Beg. bal Total 101 Finished Total101 Finished 327,800 782 000 782,000 1,306,900 Cost of goods sold Goods |Total 102 Finished Total 102 Finished 1,020,500 62,900 208,600 0 312,900 524,900 524,900 End. bal End. bal Cost of Goods Sold Beg. bal Finished Goods 1,306,900 0 1,306,900 End. bal b. Using last year's overhead costs and direct labor-hours as this year's estimate, calculate predetermined overhead rates per direct labor-hour for variable and fixed overhead. (Round your answers to 2 decimal places.) Answer is complete and correct Predetermined Overhead Rate (Per Direct Labor-Hour) Vanable overhead rate Fixed overhead rate 1.80 2.70 c. Present in T-accounts the normal manufacturing cost flows for the three jobs in the first quarter of this year. Use the overhead rates derived in requirement (b). (Do not roun intermediate calculations.) Answer is not complete Materials Inventory Wages Payable Beg. bal Beg. bal 0 0 0137,500101: DM 96,000 102: DM 94,300 103: DM 510,000 101: DL 312,60102: DL 197,900 103: DL 0 0 End. bal 327,800 End. bal 1,020,500 Variable Manufacturing Overhead Fixed Manufacturing Overhead 51,000 101: Variable 31,260102: Variable 19,790103: Variable 76,500 101: Fixed 46,890102: Fixed 29,685 62,900 208,600 39,150 0 0 End. bal End. bal 55525 Work-in-Process Inventory Finished Goods Inventory Beg. bal Beg. bal Total 101 Finished 75001inshed sed775,000121,750Cost of goods sola 486,750Total 102 FinishedTotal 102 Finished486,750 Total 101 327,800 1,261,750 Cost of goods sold 1,020,500 Goods 102,050 153,075 0 341,675 End. bal End. bal Cost of Goods Sold Under-or ver-Applied Overhead Beg. bal Finished Goods 0 1,261,750 0 1,261,750 Beg. bal 0 55,525 0 16,375 39,150 End. bal End. bal d. Calculate operating profit (loss) for the first quarter of this year under actual and normal costing systems Answer is complete but not entirely correct. Actual Normal Operating profitS 5,1005,025

Answer & Explanation Solved by verified expert

See Answer