Reference no: EM132441170

Question - Please explain the following practice:

Part A) Towson Manufacturing had a Work in Process balance of $110,000 on January 1, 2018. The year end balance of Work in Process was $108,000 and the Cost of Goods Manufactured was $660,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018. (Round enter as whole dollars only.)

Part B) For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $41,000, accounts receivable $143,000, inventories $78,000, prepaid expenses $24,000, accounts payable $71,000, and accrued expenses $69,000. Use this information to determine the Current Ratio. (Round & enter your answers to one decimal place.)

Part C) During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $21,000 & ending finished goods inventory of $18,500. Beginning work-in-process was $13,000 and ending work-in-process was 13,500. Factory overhead was $22,500. The total manufacturing costs amounted to $230,000. Use this information to determine the FY 2018 Cost of Goods Sold. (Round enter as whole dollars only.)

Part D) Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, are as follows:

Direct material of 4.00 yards at $5.50 per yard

Direct labor of 2.50 hours at $16.00 per hour

Overhead applied per sleeping bag at $18.00

In the month of April, the company actually produced 4,900 sleeping bags using 24,300 yards of material at a cost of $5.30 per yard. The labor used was 11,500 hours at an average rate of $19.50 per hour. The actual overhead spending was $96,200.

Find the materials price variance and round to the nearest whole dollar. Enter a favorable variance as a negative number. Enter an unfavorable variance as a positive number.