devry acct344 week 1 and week 2 homework

1. Question
: Able Corporation incurred the
following costs.
Beginning direct materials inventory $16,000
Beginning work-in-process inventory $7,000
Beginning finished goods inventory $19,000
Ending direct materials inventory $16,000
Ending work in process
$14,000
Ending finished goods
$26,000
Factory supervisor’s salary
$28,000
Depreciation on plant
$12,000
Sales $800,000
Selling and administrative expenses $125,000
Plant maintenance
$6,000
Plant utilities
$11,000
Direct material purchases
$215,000
Direct labor
$240,000

Calculate the following.

a Direct materials used
b. Cost of goods manufactured
c. Cost of goods sold
d. Operating income

2. Question : Below is information from Job Card 506 for the Bearing
Manufacturing Company.

Date started: June
15,2015
Date completed: July
24, 2015

Date Direct
Materials Direct Labor Applied Factory Overhead Job Total
6/15/2015
$5,000
6/25/2015
$ 1,200 $600
6/27/2015
$2,300
7/6/2015
$1,540 $770
7/15/2015
$2,600
7/24/2015
$760 $380

Job 506 was sold on credit on July 24, 2015 for 180% of its
cost.
Factory OH was applied on the basis of DL.

Required:

a. Prepare the journal entries to record the costs incurred
for Job 506 in 2015 for direct materials, direct labor, and factory overhead.
b. Prepare the journal entry to record the completion of Job
506.
c. What is the predetermined factory overhead rate for
Bearing Manufacturing?
d. Prepare the journal entries to record the sale of Job
506.

homework 21. Question
: Kali Manufacturing Inc. began
the year with the following. Units Beginning
work-in-process 20,000 20% complete Transferred
to finished goods 60,000 Ending
inventory 10,000 70% complete Materials
added at the beginning of the process RequiredCalculate the equivalent units fora. material costs under the weighted average process cost
method;b. conversion costs under the weighted average process cost
method;c. material costs under the FIFO process cost method; andd. conversion costs under the FIFO process cost method. Student Answer: Instructor Explanation: Points Received: 10 of 10 Comments: 2. Question : Glass Company manufactures a product through a continuous
single-step process. All materials are added at the beginning of processing.
Production and cost data for the company for the current month are as follows.Production Data UnitsIn process, beginning of month (20% converted) 2,000Started during current month 8,000Completed and transferred to finished goods 5,500In process, end of month (60% converted) 4,500Manufacturing Costs
Work in process, beginning
$21,450 ($15,000 Materials, $6,450 Conversion) Costs added to WIP
during the period: Materials
$54,000Direct labor cost
$105,000Factory overhead cost
$36,150Required Prepare a cost of production report for current
month. Use Weighted Average process costing. Points Received: 10 of 10 Comments: