FINANCE

 f. Applied overhead to Jobs 136, 138, and 139.
 g. Transferred Jobs 136, 138, and 139 to Finished Goods.
 h. Sold Jobs 136 and 138 on credit at a total price of $535,000.
 i. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance).

 

  Depreciation of factory building $ 69,500
  Depreciation of factory equipment 38,000
  Expired factory insurance 11,000
  Accrued property taxes payable 35,000

 

 j. Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.
Required:
1. Prepare a job cost sheet for each job worked on during the month.

 

2. Prepare journal entries to record the events and transactions a through j

3. Prepare T-accounts for each of the following general ledger accounts, each of which started the month with a zero balance: Raw Materials Inventory, Goods in Process Inventory, Finished Goods Inventory, Factory Payroll, Factory Overhead, Cost of Goods Sold. Then post the journal entries to these T-accounts and determine the balance of each account.

 

 

 

 

During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 56,000 were in process in the production department at the beginning of April and 260,000 were started and completed in April. April’s beginning inventory units were 50% complete with respect to materials and 50% complete with respect to labor. At the end of April, 68,000 additional units were in process in the production department and were 80% complete with respect to materials and 40% complete with respect to labor.
The production department had $500,000 of direct materials and $400,000 of direct labor cost charged to it during April. Also, its beginning inventory included $90,000 of direct materials cost and $60,000 of direct labor.

 

1&2. Using the weighted-average method, compute the direct materials cost and the direct labor cost per equivalent unit and assign April’s costs to the department’s output. (Round “Cost per EUP” to 2 decimal places.)

 

 

Blanchard Company manufactures a single product that sells for $310 per unit and whose total variable costs are $248 per unit. The company’s annual fixed costs are $992,000.

 

(1) Prepare a contribution margin income statement for Blanchard Company at the break-even point.

 

(2) Assume the company’s fixed costs increase by $145,000. What amount of sales (in dollars) is needed to break even?

 

 

Blanchard Company manufactures a single product that sells for $240 per unit and whose total variable costs are $192 per unit. The company targets an annual after-tax income of $780,000. The company is subject to a 35% income tax rate. Assume that fixed costs remain at $734,400.

 

Castor, Inc. is preparing its master budget for the quarter ended June 30. Budgeted sales and cash payments for merchandise for the next three months follow:

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