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Assume if bags and luggage assigns manufacturing overhead

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Reference no: EM13586947

The Bags and Luggage Company had the following account balances as of January 1:






  Direct Materials Inventory
$ 8,700
  Work in Process Inventory

76,500
  Finished Goods Inventory

53,000
  Manufacturing Overhead

- 0 -

During the month of January, all of the following occurred:

1.   Direct labor costs were $40,000 for 1,800 hours worked.
2.   Direct materials costing $25,000 and indirect materials costing $4,400 were purchased.
3.   Sales commissions of $16,000 were earned by the sales force.
4.   $23,000 worth of direct materials were used in production.
5.   Advertising costs of $6,300 were incurred.
6.   Factory supervisors earned salaries of $11,791.
7.   Indirect labor costs for the month were $3,000.
8.   Monthly depreciation on factory equipment was $4,500.
9.   Utilities expense of $7,133 was incurred in the factory.
10.   Luggage with manufacturing costs of $69,000 were transferred to finished goods.
11.   Monthly insurance costs for the factory were $4,200.
12.   $5,000 in property taxes on the factory were incurred and paid.
13.   Luggage with manufacturing costs of $90,775 were sold for $165,046.

a.

Assume If Bags and Luggage assigns manufacturing overhead of $34,400, what will be the balances in the Direct Materials, Work in Process, and Finished Goods Inventory accounts at the end of January?(Input all amounts as positive values. Omit the "$" sign in your response.)



  Direct materials inventory $    
  Work in process inventory $    
  Finished goods inventory $    

b.

As of January 31, what will be the balance in the Manufacturing Overhead account? (Input all amounts as positive values. Omit the "$" sign in your response.)

  Manufacturing overhead $    

c.

What was Bags and Luggage's operating income for January? (Input all amounts as positive values.Omit the "$" sign in your response.)

  Operating income $    

Reference no: EM13586947

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