Managerial accounting

 Winfrey Co.’s March 31 inventory of raw materials is $140,000. Raw materials purchases in April are $470,000, and factory payroll cost in April is $253,000. Overhead costs incurred in April are: indirect materials, $24,000; indirect labor, $15,000; factory rent, $19,000; factory utilities, $11,000; and factory equipment depreciation, $68,100. The predetermined overhead rate is 55% of direct labor cost. Job 306 is sold for $360,000 cash in April. Costs of the three jobs worked on in April follow. Job 306Job 307Job 308   Balances on March 31                 Direct materials $14,000  $21,000           Direct labor  14,000   6,000           Applied overhead  7,700   3,300        Costs during April                 Direct materials  95,000   170,000   $ 65,000      Direct labor  28,000   70,000    140,000      Applied overhead  ?   ?   ?          Status on April 30Finished (sold) Finished (unsold) In processreferences  1.value:10.00 points  Required:1.Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31). (Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response. ) 306307308April Total  Beginning goods in process     (From March)$ a.Materials purchases (on credit), factory payroll (paid in cash), and actual overhead costs including indirect materials and indirect labor. (Factory rent and utilities are paid in cash.)b.Assignment of direct materials, direct labor, and applied overhead costs to the Goods in Process Inventory.c.Transfer of Jobs 306 and 307 to the Finished Goods Inventory.d.Cost of goods sold for Job 306.e.Revenue from the sale of Job 306.f.Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.)2.Prepare journal entries for the month of April to record the above transactions. (Omit the “$” sign in your response.) General JournalDebitCredita.  To record materials purchases.                   3.Prepare a manufacturing statement for April (use a single line presentation for direct materials and show the details of overhead cost.) (Amounts to be deducted should be indicated with a minus sign. Omit the “$” sign in your response.)WINFREY COMPANYManufacturing StatementFor Month Ended April 30   $  $    4.1Compute gross profit for April. (Omit the “$” sign in your response.)    Gross profit$ a.Direct materials costs to Goods in Process Inventory.b.Direct labor costs to Goods in Process Inventory.c.Overhead costs to Goods in Process Inventory.d.Indirect materials costs to the Factory Overhead account.e.Indirect labor costs to the Factory Overhead account. Required:1.Prepare journal entries to assign the above costs. (Omit the “$” sign in your response.) DateGeneral JournalDebitCredita.       2.1Determine the revised balance of the Factory Overhead account after making the entries in part 1. Determine whether there is any under- or overapplied overhead for the year. (Input all amounts as positive values. Omit the “$” sign in your response.)  $  3.Prepare a revised trial balance. (The items in the Trial Balance should be grouped as follows: Assets, Liabilities (in order of their liquidity), Equity, Revenues, and Expenses. Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response.)THAI BAY COMPANYTrial BalanceDecember 31, 2011 DebitCredit  $  $     4.1Prepare an income statement for year 2011. (Amounts to be deducted and net loss amount should be indicated with minus sign. Omit the “$” sign in your response.)THAI BAY COMPANYIncome StatementFor Year Ended December 31, 2011  $ $  $  $   $    $  [removed]    check my workeBook Links (2)references11 years ago08.07.201320Report issueAnswer(1)courseworkhero.co.uk4.7 (179)4.8 (155)ChatPurchase the answer to view itNOT RATED11 years agoplagiarism checkPurchase $20Bids(1)courseworkhero.co.ukother Questions(10)Assignment Type: Individual Project Deliverable Length: 2 -3 Pages Minitab questions with statistics #3Identify internal control principles.
(SO 2), C
The internal control procedures in Phillips Company make the following provisions. Identify the principles of…f you place 20 grams of helium at room temperature into a closed container that holds 500 mL, and then…cellular respiration continues in the ________of the cell with the _________and electron transport chanWhat steps can you suggest that might help John solve his labor problems for the new plant in Tokyo?a buildings shadow is 48 feet long using indirect measurement find the hieght of the buildin
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