1) Below are selected T accounts from Bri Cheese Dairy with incomplete informati
ID: 2497854 • Letter: 1
Question
1) Below are selected T accounts from Bri Cheese Dairy with incomplete information:
Work in Process
Oct. 1 Balance 20,000 | Oct. 31 Goods
31 Direct | finished X
materials 96,700 |
31 Direct |
labor 201,000 |
31 Factory |
overhead X |
Finished Goods
Oct. 1 Balance 52,000 |
31 Goods |
finished 360,000 |
If the balance of Work in Process at October 31 is $21,000, what was the amount of factory overhead applied in October by Bri?
a.
$63,300
b.
$21,300
c.
$42,300
d.
$11,300
2) CK Venkat Chemicals had incurred labor costs incurred on account during this period. The amount was $225,000 including $195,000 for production orders and $30,000 for general factory use. In addition, factory overhead applied to production was $17,000. Which of the following entries will CK Venkat use to record the factory overhead applied to production.
a.
Work in Process 30,000
Factory Overhead 30,000
b.
Factory Overhead 17,000
Work in Process 17,000
c.
Work in Process 17,000
Factory Overhead 17,000
d.
Factory Overhead 30,000
Accounts Payable 30,000
3) Use the Direct Method for this problem. Baltimore Tourist Trinkets had cost of merchandise sold during the 2014 at $50,000. Merchandise inventories were $12,500 and $10,500 On January 1 2014 and December 31, 2014 respectively. Accounts payable were $6,000 and $5,000 at the beginning and end of the year, respectively. Cash payments for merchandise total are
a.
$49,000
b.
$47,000
c.
$51,000
d.
$53,000
4) Patriots Inc. had equipment with an original cost of $50,000 and accumulated depreciation of $20,000. This was sold at a loss of $7,000. As a result of this transaction, Patriot’s cash would
a.
increase by $23,000
b.
decrease by $7,000
c.
increase by $43,000
d.
decrease by $30,000
5) Littleton Co. can further process Product J to produce Product D. Product J is currently selling for $21 per pound and costs $15.75 per pound to produce. Product D would sell for $35 per pound and would require an additional cost of $8.75 per pound to produce. What is the differential revenue of producing Product D?
a.
$7 per pound
b.
$8.75 per pound
c.
$14 per pound
d.
$5.25 per pound
a.
$63,300
b.
$21,300
c.
$42,300
d.
$11,300
Explanation / Answer
As per Chegg Guidelines we answer one question per post. I have answered more than 1 question. Kindly post remaining questions in separate post to get the best answers Q1 a 63,300 Opening Balance 20,000.00 Direct Materials 96,700.00 Direct Labour 201,000.00 Factory Overhead x Less Closing Balance (21,000.00) Total T/f to FG x + 296,700 T/f to FG 360,000.00 360,000 = x + 296,700 x= 63,300 Q3 a.$49,000 Statement showing computations Particulars Amount Closing Merchandise 10,500.00 Costof goods sold 50,000.00 Less Opening stock (12,500.00) Purchases 48,000.00 Opening AP 6,000.00 Total Amount to be paid 54,000.00 Less Closing AP 5,000.00 Amount paid for merchandise 49,000.00 Q4 a. increase by $23,000 Statement showing computations Particulars Amount Original Cost 50,000.00 Accumuated Depreciation 20,000.00 Net cost or book value 30,000.00 Loss 7,000.00 Sale Value 23,000.00 Q5 Statement showing computations Particulars Amount Incremental Revenue(35-21) 14.00 Incremental Cost 8.75 Differential Income 5.25
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