70.2K

Verified Solution

Link Copied!

Use this information to Compute for the end of 12/31

Begin Raw Materials=$22,000 Raw Materials Purchased=$155,000 Raw Materials Used In-Directly=$24,000 Raw Materials Used Directly into BMX Bikes=$88,000 Raw Materials Used Directly into Mtn Bikes=$54,000 Begin Work-in-Process Costs BMX=ZERO Begin Work-in-Process Costs Mtn Bikes=$38,000 Direct Labor Costs for BMX=$80,000 Direct Labor Costs for Mtn Bikes=$190,000 Finance Costs = $35,000 Factory Equipment =$88,000, CPA Costs=$55,000, Factory Tools =$25,000, In-Direct Factory Labor=$33,000, Marketing Costs =$18,000, Factory Rent =$67,000 Manufacturing Overhead is Charged to Jobs using an MOH Rate of 180% of Direct Material Costs BMX Bikes Unit Details are Shown Below; 1,200 Units were Fully Completed during the Month. 500 Units were partially completed (End WIP Units are 80% complete for DM, DL, MOH) 1,100 Units were Sold to Target with a 50% Markup over Cost. Mountain Bikes (Mtn) Unit Details are Shown Below; 3,000 Units Fully Completed during the Month. 1,000 Units were partially completed (End WIP Units are 20% complete for DM, DL, MOH) 3,000 Units were Sold to Target with a 40% Markup over Cost.

Compute the Ending Balance in the Raw Materials Account at Year End =

Compute the Total Manufacturing Overhead Applied during the Year=

Compute the Actual Manufacturing Overhead Costs Incurred for the Year=

Please provide steps I want to learn this not just get the answer thank you

Answer & Explanation Solved by verified expert

See Answer