Materials purchased, Cost Accounting

Assignment Help:

The Clash Company uses Normal Job-Order Costing in its individual production department.  Overhead is applied to jobs by a predetermined rate, which is depend on machine hours.  The Company started business on December 1, 2011.  The only job began into process during December was Job 45.  During December the Company purchased direct materials with a total cost of $15,000.  Of this total for direct materials, $2,500 was used on Job 45.   The Company also charged a total of $7,500 in conversion costs (direct labor + overhead) to Job 45 during December.  Job 45 was NOT finished as of the finished of December and no other jobs were worked on during the month.  There was no underapplied or overapplied overhead for December.  

The following transactions happend during 2012.

1.      Estimated overhead for 2012 is $384,000. The estimated machine hours for 2012 total 24,000.

2.      Direct materials purchased during 2012 cost a total of $150,000.


Task:

A.    Compute the ending balances in Materials Inventory and Work In Process Inventory as of December 31, 2011.
B.    Without preparing a schedule, what is the Cost of Good Manufactured for December 2011?


Related Discussions:- Materials purchased

What depreciation method, What depreciation method does Amazon use for prop...

What depreciation method does Amazon use for property and equipment? What is the range of useful lives for buildings and for fixtures and equipment? Do these useful lives make sens

Give feasibility study and propose an electronic system, A small company em...

A small company employing around 25 people manufactures and sells anthropometric measuring equipment - equipment used mainly in hospitals to measure the height and other dimensions

Why does rent control result in a shortage of rental unit, 1. Why does rent...

1. Why does rent control result in a shortage of rental units. 2. How does price elasticity of demand affect how much of a tax is passed on to the consumer and how much is absor

Calculate the primary deficit, Assume B, G and T are in real terms (and in ...

Assume B, G and T are in real terms (and in billions of dollars). B t-1  = 1000      G t = 220           T t = 200            i t   = .15     π t   = . 10 a) Calculate th

Income received in advance, This is the income received but not earned thro...

This is the income received but not earned throughout the accounting period. Conversely, this is the income for those services are to be rendered in future. Such income is deducted

Cost, please concept clear me cost accounting for example, we manufacturing...

please concept clear me cost accounting for example, we manufacturing any product

Calculate development cost, Candler Inc a computer software development fir...

Candler Inc a computer software development firm has stock outstanding as follows: 40,000 shares of $2 nonparticipating, noncumulative preferred stock of $10 par, and 250,000 share

Write Your Message!

Captcha
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!

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