Business, 13.02.2020 23:51 LtotheJ0225
Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January.
January 1 January 31
Finished goods $ 126,000 $ 117,000
Work in process 233,000 251,000
Raw material 134,000 124,000
The following additional data pertain to January operations.
Raw material purchased $ 191,000
Direct labor 300,000
Actual manufacturing overhead 170,000
Actual selling and administrative expenses 120,000
The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year.
Required:
1. Compute the company’s prime cost for January.
2. Compute the total manufacturing cost for January
3. Compute the cost of goods manufactured for January.
4. Compute the cost of goods sold for January
5. Compute the balance in the manufacturing overhead account on January 31. Debit or Credit?
Answers: 3
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After graduation, you plan to work for dynamo corporation for 12 years and then start your own business. you expect to save and deposit $7,500 a year for the first 6 years (t = 1 through t = 6) and $15,000 annually for the following 6 years (t = 7 through t = 12). the first deposit will be made a year from today. in addition, your grandfather just gave you a $32,500 graduation gift which you will deposit immediately (t = 0). if the account earns 9% compounded annually, how much will you have when you start your business 12 years from now?
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Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The...
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