QUESTION 2
Materials inventory account and materials purchases are
for direct materials only. Indirect materials used...
QUESTION 2
Materials inventory account and materials purchases are
for direct materials only. Indirect materials used are not credited
to this account. Property taxes are treated as production
costs.
The direct materials used is , the total manufacturing costs for
the period is , the total COGM is and the total COGS is
.
ABC Company uses a Materials Inventory account to record both
direct and indirect materials. ABC charges...
ABC Company uses a Materials Inventory account to record both
direct and indirect materials. ABC charges direct materials to WIP,
while indirect materials are charged to the Factory Overhead
account. During the month of April, the company has the following
cost information:
Total materials (direct and indirect) purchased
$
93,200
Indirect materials issued to production
27,100
Total materials issued to production
119,000
Beginning materials inventory
52,900
The amount of direct materials issued is:
Direct Material
$ 1,500
Employees'salaries
6,300
Utilities
2,300
Indirect Labor
3,300
Rent
3,000
Property Taxes
1,400...
Direct Material
$ 1,500
Employees'salaries
6,300
Utilities
2,300
Indirect Labor
3,300
Rent
3,000
Property Taxes
1,400
1-Specify whether each of the costs should be classified as
variable, fixed or mixed.
rent , direct material , employees salaries , utilities,
indirect labor , property taxes
2-The expected Direct Material cost to be incurred when the
production is 1,000 units is: *
3-The expected Rent cost to be incurred when the production is
4,500 units is: *
4-The expected Utilities cost to...
A materials requisition slip showed that direct materials
requested were $65,000 and indirect materials requested were...
A materials requisition slip showed that direct materials
requested were $65,000 and indirect materials requested were
$8,000. The entry to record the transfer of materials from the
storeroom is
Select one:
A.
Work In Process Inventory
65,000
Raw
Materials Inventory
65,000
B.
Direct Materials
65,000
Indirect Materials
8,000
Work in
Process Inventory
73,000
C.
Manufacturing Overhead
73,000
Raw
Materials Inventory
73,000
D.
Work In Process Inventory
65,000
Manufacturing Overhead
8,000
Raw
Materials Inventory
73,000
E. None...
Steinberg Company had the following direct materials costs for
the manufacturing of product T in March:...
Steinberg Company had the following direct materials costs for
the manufacturing of product T in March: Actual purchase price per
pound of direct materials $ 8.20 Standard direct materials allowed
for units of product T produced 3,100 pounds Decrease indirect
materials inventory 200 pounds Direct materials used in production
3,300 pounds Standard price per pound of material $ 7.55
Required:
1. What was Steinberg’s direct materials purchase-price variance
and its direct materials usage variance for March? Indicate whether
each variance...
Advertising expense
22,000
Direct material purchases
60,000
Paint for direct materials
15,000
Direct labour hours
220,000...
Advertising expense
22,000
Direct material purchases
60,000
Paint for direct materials
15,000
Direct labour hours
220,000
Factory utilities
15,000
Factory repairs
12,000
Amortization, office printers
85,000
Amortization, factory chairs
25,000
Indirect materials
16,000
Indirect labour
31,000
Sale Commissions
4,000
Office Utilities
6,000
By-product sales
22,000
Sales
420,000
Promotional items
82,000
Cost per labour hour
20
Materials inventory, July 1, 19
50,000
Work-in-Process Inventory, July 1, 19
15,000
Finished Goods Inventory, July 1, 19
72,000
Materials Inventory, June 30, 20
10,000...