User Account

All Pages

Assignment help , Managerial Accounting

Assignment Help:
Excercise 2-5
Granger products had the following transactions for the just completed month. The company had no beginning inventories.

a)$75,000 in raw materials were purchased for cash.
b) $73,000 in raw materials were requisionted for use in production. Of this amount, $67,000 was for direct materials and the remainder was for indirect materials.
c) Total labor wages of 152,000 were incurred and paid. Of this amount, 134,000 was for direct labor and the remainder for indirect labor.
d) additional manufacturing overhead costs of 126,000 were incurred and paid.
e) manufacturing overhead costs of 178,000 were applied to jobs using the company''s predetermined overhead rate.
f) all of the jobs in progress at the end of the month were completed and shipped to customers.
g) Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold.

Required:
1) Post above transactions to T-Accounts
2) Determine the cost of goods sold for the period.

Excercise 2-7
Cretin Enterprises uses a predetermined overhead rate of $21.40 per direct labor-hour. this predetermined rate was based on a cost forumla that estimated $171,200 of total manufacturing overhead for an estimated activity level of 8,000 direct labor hours.

The company incurred actual total manufacturing overhead costs of 172,500 and 8,250 total direct labor hours during the period.

1) Determine the amount of underapplied or overapplied manufacturing overhead for the period
2) Assuming that the entire amount of the underapplied or overapplied overhead is closed out to Cost of Goods Sold, what would be the effect of the underapplied or overapplied overhead on the company''s gross margin for the period?

Related Discussions:- Assignment help

Explain budgetary control according to CIMA, Budgetary control Accordin...

Budgetary control According to CIMA the establishment of budgets relating the responsibilities of executive to the requirement of a policy and the continuous comparison of achi

Invoice discounting or factoring, If a company creates sales to a number of...

If a company creates sales to a number of customers on credit terms this will have to wait for two or still three months before its debtors pay that they owe. It means that the deb

Prepare an overhead analysis sheet, QUESTION 1: P A RT A You are...

QUESTION 1: P A RT A You are the Cost Accountant of an industrial concern and have been assigned the duty of preparing a cost accounting system. Initially it has been de

Chapter 3, Cretin Enterprises uses a predetermined overhead rate of $21.40 ...

Cretin Enterprises uses a predetermined overhead rate of $21.40 per direct labor-hour. This predetermined rate was based on a cost formula that estimated $171,200 of total manufact

State the steps for standard costing system, State the steps for Standard c...

State the steps for Standard costing system standard costing system involves the following steps 1) Setting-up of standards for each element of cost: standards should be s

Explain the external factors of pricing decisions, Explain the External fac...

Explain the External factors of pricing decisions 1) Demand: the market demand for a product or service obviously has big impact on pricing. Since demand is affected by fact

Describe the selling costs and development costs, Describe the Selling cost...

Describe the Selling costs and Development costs Selling costs: These are costs of seeking to create and stimulate demand (sometimes termed as marketing) and securing orde

Homework Assistance, Need a quote to complete my homework.

Need a quote to complete my homework.

Describe the benefits of operating decisions - relevant cost, Relevant cost...

Relevant costs and benefits for operating decisions: In operating decisions, concentration is on best use of existing capacity. Incremental analysis based on differential cost

State the target pricing method, Rate of return or target pricing method ...

Rate of return or target pricing method Under this method of price determination first of all a rate of return desired by the enterprises on the amount of profit capital inves

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd