1)1.Meyers Corporation had the following inventory balances at the beginning and
ID: 2423665 • Letter: 1
Question
1)1.Meyers Corporation had the following inventory balances at the beginning and end of November: November 1 November 30 Raw Materials $ 40,000 $ 16,000 Finished Goods $ 118,000 $ 103,000 Work in Process $ 20,000 $ 26,000 During November, $92,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $6 per direct labor-hour, and it paid its direct labor workers $8 per hour. A total of 700 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $11,000 of direct materials cost. The Corporation incurred $66,000 of actual manufacturing overhead cost during the month and applied $62,000 in manufacturing overhead cost. 2)2.Required information The direct materials cost in the November 1 Work in Process inventory account totaled: $15,800 $10,200 $5,600 $14,400 5.The actual direct labor-hours worked during November totaled: (Round your answers to the nearest dollar.) 7,750 hours 8,250 hours 11,000 hours 10,333 hours 8...Eade Company's quality cost report is to be based on the following data: Liability arising from defective products $40,000 Lost sales due to poor quality $22,800 Test and inspection of in-process goods $19,500 Quality circles $62,400 Net cost of spoilage $68,800 Debugging software errors $61,000 Rework labor and overhead $24,200 Final product testing and inspection $48,600 Statistical process control activities $37,900 What would be the total appraisal cost appearing on the quality cost report? $68,100 $88,300 $168,400 $103,300 3. 3) Dapper Corporation had only one job in process on May 1. The job had been charged with $1,950 of direct materials, $3,940 of direct labor, and $6,010 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $15.80 per direct labor-hour. During May, the following activity was recorded: Raw materials (all direct materials): Beginning balance $ 11,000 Purchased during the month $22,800 Used in production $30,200 Labor: Direct labor-hours worked during the month 2,070 Direct labor cost incurred $26,082 Actual manufacturing overhead costs incurred $30,200 Inventories: Raw materials, May 30 ? Work in process, May 30 $16,600 Work in process inventory on May 30 contains $2,772 of direct labor cost. Raw materials consist solely of items that are classified as direct materials. The balance in the raw materials inventory account on May 30 was: $3,600 $4,120 $3,480 $3,70
Explanation / Answer
Meyers corporation
The direct materials cost in the November 1 Work in Process inventory account:
Begining work in process inventory balance.................$20000
Less: Direct labour cost(700 DLH * $8 per DLH)............$5600
less: Manufacturing overhead(700 DLH * $6 per DLH)....$4200
Direct material cost in begining work in process inventory....$10200
The actual direct labor-hours worked during November:
Applied manufacturing overhead/ Predetermined overhead rate= Direct labour hours
$62000/$6= 10333 Direct Labour hours
Eade company
the total appraisal cost appearing on the quality cost report:
Test and inspection of in-process goods. $19,500
add: Quality circles $62,400
add: Final product testing and inspection $48,600
add: Statistical process control activities $37,900
total $168400
Dapper corporation
The balance in the raw materials inventory account on May 30 :
Begining inventory............................................................$11000
add: Inventory purchased during the month.........................$22800
Less: Inventory used in production.....................................$30200
Balance in raw material inventory account on may 30 .........$3600
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.