Solution-Determine the cost of goods manufactured for the

Determine the cost of goods manufactured for the year

Assignment Help Managerial Accounting

Reference no: EM132502487

Sonia Company Estimates and Actual Costs

	Estimate	Actual
Direct materials used	$1,400.000	$1,500,000
Direct labor	1,000,000	1,050,000
Indirect labor	400.000	375,000
Factory insurance	25,000	25.000
Factory maintenance	100,000	50,000
Factory rent	575.000	550,000
Factory equipment depreciation	100,000	100.000

Work-in-process inventory is $0 at 1/1/16 and $70,000 at 12/31/16. Finished goods inventory is $80,000 at 1/1/16 and $65,000 at 12/31/16.

Question 1: Would Sonia use job order costing or process costing? Why? Sonia uses a predetermined overhead rate based on direct labor costs. What is the predetermined overhead rate for the current year?

Question 2: Compute the amount of under- or over-applied overhead for the year.

Question 3: Determine the cost of goods manufactured for the year.

Reference no: EM132502487

Questions Cloud

Estimate the cost of ending work in process inventory : Estimate The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to.

Identify what vitamins and minerals fell below goal level : Identify what vitamins and minerals fell below the goal level. Elaborate on how your protein intake compared with the goal level. Discuss specific grams.

What is the price of this stock today given : What is the price of this stock today given a required return of 15 percent?

Determine the expense ratio total fees : A mutual fund reported year end total assets of $2,347,000,000. Determine the expense ratio if total fees amounted to $18,580,000.

Determine the cost of goods manufactured for the year : Would Sonia use job order costing or process costing? Why? Sonia uses a predetermined overhead rate based on direct labor costs

Explain the benefits of resistance training : The American College of Sports Medicine and the American Heart Association recommend adults get 150 minutes of moderate-intensity exercise each week.

Show an amortization table representing : Show an amortization table representing the following situation. You are buying a house. The sale price is $150,000, and you have a downpayment

Expected return on the stock : What would be the expected return on the stock if the expected market return increased to 14.00% while the risk-free rate and beta remained unchanged?

What is the yield to maturity of a zero coupon bond : What is the yield to maturity (YTM) of a zero coupon bond with a face value of $1,000, current price of $800 and maturity of 7 years?

User Account

All Pages

Determine the cost of goods manufactured for the year

Reference no: EM132502487

Reference no: EM132502487

Questions Cloud

Reviews

Write a Review

Managerial Accounting Questions & Answers

Manage budgets and financial plans

Prepare a retained earnings statement

Prepare a master budget for the three-month period

Construct the companys direct labor budget

Evaluate the predetermined overhead rate

Determine the company''s bid

Compute the pool rates for the different activities

Prepare Company financial statements

Prepare an analysis of terracycles

Discuss the ethical issues

Political resources in emerging markets

Management accounting - ehsan electronics company

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT