Question

Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw...

Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel's beginning and ending Work in Process Inventory are $15,500 and $27,000 respectively. Compute the cost of product transferred to Finished Goods Inventory:

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Cost Computation Amount($)
Material 195,000-30,000        165,000
Factory Payroll 150,000-40,000        110,000
Overhead 110,000*1.5        165,000
Opening WIP          15,500
Closisng WIP        (27,000)
cost transferred to Fnished Goods       428,500
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel’s beginning and ending Work in Process Inventory are $15,500 and $27,000 respectively. Compute the cost of product transferred to Finished Goods Inventory $558,500....
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel’s beginning and ending Work in Process Inventory are $15,500 and $27,000 respectively. Compute the cost of jobs transferred to Finished Goods Inventory. Multiple...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $193,000 of raw...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $193,000 of raw materials on credit; issued materials to production of $210,000 of which $15,000 were indirect. Minstrel incurred a factory payroll of $154,000, of which $25,000 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. If Minstrel incurred total overhead costs of $193,000 during the month, compute the amount of under- or overapplied overhead: Multiple Choice $39,000 overapplied. $500...
Fort Corporation had the following transactions during its first month of operations: 1. Purchased raw materials...
Fort Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $85,000. 2. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials. 3. Factory labor costs incurred were $175,000. 4. Time tickets indicated that $145,000 was direct labor and $30,000 was indirect labor. 5. Overhead costs incurred were $198,000. 6. Manufacturing overhead was applied at the rate of...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $211,000. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $105,000. Other manufacturing overhead costs accrued during October, $129,000. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A total of 76,300 machine-hours...
Prepare journal entries for the following transactions assuming the company uses a job-order costing system: Raw...
Prepare journal entries for the following transactions assuming the company uses a job-order costing system: Raw materials were purchased on account for $300,000 Raw materials were issued to production for $290,000 ($228,000 direct material and $62,000 indirect materials). Direct labour cost was incurred for $110,000 and indirect labour cost was incurred for $90,000. Depreciation was recorded on factory equipment for $70,000. Other manufacturing overhead costs were incurred on account for $140,000.
Villanova Corporation is a diversified manufacturer of industrial goods that uses a job-order costing system. The...
Villanova Corporation is a diversified manufacturer of industrial goods that uses a job-order costing system. The company utilizes a predetermined overhead rate of $30 per machine-hour. Manufacturing overhead cost was applied to production on the basis of 18,000 machine-hours actually worked during 2019. Cost data have been supplied for the manufacturing activities during 2019: Inventories: Raw materials, beginning $10,000 Raw materials, ending $60,000 Work in process, beginning $50,000 Work in process, ending $60,000 Manufacturing overhead costs incurred: Indirect materials $...
Villanova Corporation is a diversified manufacturer of industrial goods that uses a job-order costing system. The...
Villanova Corporation is a diversified manufacturer of industrial goods that uses a job-order costing system. The company utilizes a predetermined overhead rate of $30 per machine-hour. Manufacturing overhead cost was applied to production on the basis of 18,000 machine-hours actually worked during 2019. Cost data have been supplied for the manufacturing activities during 2019: Inventories: Raw materials, beginning $10,000 Raw materials, ending $60,000 Work in process, beginning $50,000 Work in process, ending $60,000 Manufacturing overhead costs incurred: Indirect materials $...
Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are...
Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $28,000; factory rent, $38,000; factory utilities, $20,000; and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $670,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...
Findlay Company uses a job-order costing system. The following data relate to the month of October,...
Findlay Company uses a job-order costing system. The following data relate to the month of October, the first month of the company’s fiscal year:             10/1    Raw materials purchased on account, $ 210,000.             10/7    Raw materials issued to production, $ 190,000. ( 80% direct and 20%                        indirect)             10/8    Direct labor cost issued to production, $49,000; and indirect labor cost incurred                        $21,000)             10/22 The company applies manufacturing overhead cost to production on the                        ...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT