used in the factory Advertising costs Delivery truck costs Depreciation on bake ovens Interest on bank loan Beginning Inventory Materials Beginning Work in Process Ending Inventory Materials Inventory Purchases Ending Work in Process Other Overhead costs Beginning Finished Goods Inventory Ending Finished Goods Inventory Rent for Factory 32‚000 Correct $32‚000 36‚000 10000 5000 12000 25000 500 250 10‚000 8000 4000 26000 2500 1200 7500
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$18 per hour) $828 Manufacturing overhead cost (6 hours $9 per hour) 54 Total wages earned $882 2-16 Direct labour cost (35 hours $26 per hour) $910 Manufacturing overhead cost (5 hours $26 per hour) 130 Total wages earned $1‚040 Problem 2-15 (30 minutes) Name of the Cost Variable Cost Fixed Cost Product Cost Period (Selling and Admin.) Cost Opportunity Cost Sunk Cost Direct Materials Direct Labour Mfg. Overhead
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DEPARTMENT OF BUSINESS ADMINISTRATION UNIVERSITY OF ILORIN ABSTRACT This paper reports the findings of a survey on the usefulness of selected traditional and new performance measures used in some Nigeria companies that have adopted a flexible manufacturing strategy. The results indicate that majority of these companies considered the new performance measures useful particularly among the larger companies and among those with 5 years or less of business experience. Traditional measures are still useful
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Calculate the following: (a) Direct material used (b) Direct labour cost (c) Factory overhead (d) (e) (f) Prime cost Conversion cost Production cost -1- 5. Compute cost of goods manufactured and cost of goods sold from the following amounts Direct materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labour Manufacturing overhead Beginning of Year $22‚000 38‚000 18‚000 End of Year $26‚000 30‚000 23‚000
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Ex 16.2 (Basic Types of Manufacturing Costs) Into which of the three elements of manufacturing cost would each of the following be classified? a. Tubing used in manufacturing bicycles. b. Wages paid by an automobile manufacturer to employees who test-drive completed automobiles. c. Property taxes on machinery. d. Gold bullion used by a jewelry manufacturer. e. Wages of assembly-line workers who package frozen food. f. Salary of plant superintendent. g. Electricity used in factory operations
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Eastern Gear 1. What are the major problems being faced by Eastern Gear? The major problem’s Eastern Gear is facing is that they are accepting large orders to help pay their overhead‚ also‚ their sales group is not part of the business‚ there is no link between them and manufacturing. Their order entry is inefficient; the tolerance on products is not firm. The layout of their shop is set up to make mistakes and increased lead time has resulted in the need for an expeditor. Lastly‚ they are
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Hi Students‚ I would like you to study this problem and the solution to help in the preparation of your case study question on cost classification. Keith PRACTICE PROBLEM AND SOLUTION Given the following‚ prepare manufacturing statement and partial income statement. Raw materials inventory 1/1/05 8‚000 Raw materials inventory 12/31/05 5‚000 Work in process inventory 1/1/05 2‚000 Work in process inventory 12/31/05 3‚000 Finished goods inventory 1/1/05 15‚000 Finished goods inventory
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and contrast job order costing to process costing methods. Comparison: These systems are to determine the manufacturing costs of products. Both costing systems combine direct materials‚ direct labor and overhead which is indirect costs or could be considered a direct cost in the process costing method nonetheless both systems use this in the process of producing products. The manufacturing accountants assign cost objectives to raw materials inventory‚ work in process inventory and finished goods
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is to maximize profit of Shelby Shelving Company‚ manufacturing two types of shelves for grocery stores; Model S (standard model) and Model LX (heavy duty model). The plant’s engineer suggested that Model S manufacturing should be cut off as they are sold less than their manufacturing cost. On contrary the controller argued that Model S products absorb a large manufacturing overhead burden so even though they are sold at loss‚ their manufacturing should continue. The analysis is performed by given
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Acct 2302 Chapter 9 Sample Exam Questions Exercise 184 Coliseum Company has budgeted the following unit sales: Quarter Units Qtr. 1‚ 2006 60‚000 Qtr. 2‚ 2006 50‚000 Qtr. 3‚ 2006 40‚000 Qtr. 4‚ 2006 80‚000 The finished goods inventory on hand on December 31‚ 2005 was 6‚000 units. It is the company’s policy to maintain a finished goods inventory at the end of each quarter equal to 10% of the next quarter’s anticipated sales. Instructions Prepare a production budget for the
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