Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Georgia pacific a manufacturer incurs the following costs

15/10/2021 Client: muhammad11 Deadline: 2 Day

Managerial Accounting - Module 1 Assignment

I. Cost analysis and identification.

Georgia Pacific, a manufacturer, incurs the following costs:

a. Classify each cost as either a product or a period cost. If a product cost, identify it as a rime or a conversion cost.

b. Classify each product cost as either a direct cost or an indirect cost using the product as the cost object.

II. Manufacturing statement preparation

Given the following selected account balances of Randa Company, prepare its manufacturing statement for the year ended on December 31, 2013. Include a listing of the individual overhead account balances in this statement.

III. Income Statement Preparation

Use the information from problem II above to prepare an income statement for Randa Company (a manufacturer). Assume that its cost of goods manufactured is $546,390.

IV. Inventory computation and reporting

Shown here are annual financial data at December 31, 2013, taken from two different

companies. Pinnacle Retail, Slope Board Manufacturing

V. Analysis of cost flows

As of the end of June, the job cost sheets at Racing Wheels, Inc. show the following total costs accumulated on three custom jobs:

VI. Cost flows in a job order cost system

The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.

VII. Journal Entries for Materials, Labor, and Overhead

Use information from Problem VI to prepare journal entries for the following events for the month of May. Remember that a journal entry must debit at least one account and credit at least one account. Please use proper account titles.

VIII. Factory Overhead Calculation, Allocation, and Analysis

Red Wing Company applies factory overhead based on direct labor costs. The company incurred the following costs during 2013: direct materials costs, $637,500; direct labor costs, $2,500,000; and factory overhead costs applied, $1,000,000.

Module 1 Review Questions I. Cost analysis and identification. Georgia Pacific, a manufacturer, incurs the following costs:

a. Classify each cost as either a product or a period cost. If a product cost, identify it as a prime or a conversion cost.

b. Classify each product cost as either a direct cost or an indirect cost using the product as the cost object.

II. Manufacturing statement preparation

Given the following selected account balances of Randa Company, prepare its manufacturing statement for the year ended on December 31, 2013. Include a listing of the individual overhead account balances in this statement. Sales....................................................................................................................................... $1,252,000 Raw Materials inventory, Dec. 31, 2012................................................................................. 39,000 Goods in process inventory, Dec. 31, 2012........................................................................... 55,900 Finished goods inventory, Dec. 31, 2012............................................................................... 64,750 Raw materials purchases....................................................................................................... 177,600 Direct labor............................................................................................................................. 227,000 Factory computer supplies used............................................................................................ 19,840 Indirect labor........................................................................................................................... 49,000 Repairs – factory equipment.................................................................................................. 7,250 Rent cost of factory building................................................................................................... 59,000 Advertising expense............................................................................................................... 96,000 General and administrative expense...................................................................................... 131,300 Raw materials inventory, Dec. 31, 2013................................................................................. 44,700 Goods in process inventory, Dec. 31, 2013........................................................................... 43,500 Finished goods inventory, Dec. 31, 2013............................................................................... 69,300

III. Income Statement Preparation

Use the information from problem II above to prepare an income statement for Randa Company (a manufacturer). Assume that its cost of goods manufactured is $546,390.

IV. Inventory computation and reporting

Shown here are annual financial data at December 31, 2013, taken from two different companies.

Pinnacle Retail

Slope Board Manufacturing

Beginning inventory

Merchandise $150,000

Finished goods $300,000

Cost of purchases 250,000

Cost of goods manufactured 586,000

Ending inventory

Merchandise 100,000

Finished goods 200,000

1. Compute the cost of goods sold section of the income statement at December 31, 2013, for each company. Include the proper date, title and format in the solution.

2. Write a half-page memorandum to your instructor (a) identifying the inventory accounts

and (b) describing where each is reported on the income statement and balance sheet for both companies.

V. Analysis of cost flows

As of the end of June, the job cost sheets at Racing Wheels, Inc. show the following total costs accumulated on three custom jobs:

 Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $12,000; direct labor, $3,600; and overhead, $1,800.

 Jobs 103 and 104 are started in June. Overhead cost is applied with a predetermined rate based on direct labor cost.

 Jobs 102 and 103 are finished in June, and Job 104 is expected to be finished in July. No raw materials are used indirectly in June.

Using this information, answer the following questions. (Assume this company’s predetermined overhead rate did not change across these months).

1. What is the cost of the raw materials requisitioned in June for each of the three jobs? What is the total cost of raw materials requisitioned for June?

2. How much direct labor cost is incurred during June for each of the three jobs? What is total direct labor cost incurred in June?

3. What predetermined overhead rate is used during June? How much total cost is transferred to finished goods during June?

VI. Cost flows in a job order cost system

The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.

Complete the following amounts for the month of May.

1. Cost of direct materials used. 2. Cost of direct labor used. 3. Cost of goods manufactured. 4. Cost of goods sold.* 5. Gross profit. 6. Overapplied or underapplied overhead.

*Do not consider any underapplied or overapplied overhead.

VII. Journal Entries for Materials, Labor, and Overhead

Use information from Problem VI to prepare journal entries for the following events for the month of May. Remember that a journal entry must debit at least one account and credit at least one account. Please use proper account titles.

1. Raw materials purchased for cash. 2. Direct materials usage. 3. Indirect materials usage. 4. Factory payroll costs Paid in cash.

5. Direct labor usage. 6. Indirect labor usage. 7. Factory overhead excluding indirect materials and indirect labor (record credit to Other

Accounts). 8. Application of overhead to goods in process. 9. Allocation of overapplied or underapplied overhead to Cost of Goods Sold.

VIII. Factory Overhead Calculation, Allocation, and Analysis

Red Wing Company applies factory overhead based on direct labor costs. The company incurred the following costs during 2013: direct materials costs, $637,500; direct labor costs, $2,500,000; and factory overhead costs applied, $1,000,000.

1. Calculate the predetermined overhead rate for year 2013. 2. Assuming that the company’s $57,000 ending Goods in Process Inventory account for

year 2013 had $18,000 of direct labor costs; determine the inventory’s direct materials costs.

3. Assuming that the company’s $337,485 ending Finished Goods Inventory account for year 2013 had $137,485 of direct materials costs, determine the inventory’s

(a). direct labor costs and (b). its overhead costs.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Coursework Assignment Help
Quick Finance Master
Accounting Homework Help
Quality Homework Helper
University Coursework Help
Helping Engineer
Writer Writer Name Offer Chat
Coursework Assignment Help

ONLINE

Coursework Assignment Help

I will be delighted to work on your project. As an experienced writer, I can provide you top quality, well researched, concise and error-free work within your provided deadline at very reasonable prices.

$24 Chat With Writer
Quick Finance Master

ONLINE

Quick Finance Master

I will be delighted to work on your project. As an experienced writer, I can provide you top quality, well researched, concise and error-free work within your provided deadline at very reasonable prices.

$17 Chat With Writer
Accounting Homework Help

ONLINE

Accounting Homework Help

I find your project quite stimulating and related to my profession. I can surely contribute you with your project.

$42 Chat With Writer
Quality Homework Helper

ONLINE

Quality Homework Helper

I have assisted scholars, business persons, startups, entrepreneurs, marketers, managers etc in their, pitches, presentations, market research, business plans etc.

$42 Chat With Writer
University Coursework Help

ONLINE

University Coursework Help

I have read your project description carefully and you will get plagiarism free writing according to your requirements. Thank You

$42 Chat With Writer
Helping Engineer

ONLINE

Helping Engineer

I have written research reports, assignments, thesis, research proposals, and dissertations for different level students and on different subjects.

$37 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Don quixote book questions and answers - Dr michael tong haematologist - Bates visual guide to physical examination pdf - Summarize three important things with analyzing job performance as a manager to the employees, learning to understand diversity within the workplace, and handling work relationships with not being friends with someone on the job. - Philosophy - Healthcare leadership model self assessment - Shark tank season 9 episode 2 stream - Mji 10 18 19 jobs - Address to the commonwealth club of california commonlit answers - Week10 health discussion HSCI 430 - Good man is hard to find pdf - Brilliant Answers - Alaskan fire breathing dragon - Adjectives ending in ish - Swing time discussion questions - Work from a constant force mastering physics - Nike unethical business practices case study - Early houses of refuge were run using a - Walmart supply chain case study pdf - Netwox 78 - Simnet office 2016 integrated applications project 3 - Accounting 201 Rephrase in own words - Essay 8 - Monroe motivated sequence example outline - Sixoxan weekia - Walt disney company mission and vision statement - Test your understanding questions - Concrete abstract and collective nouns worksheet - Cb messages note 8 - Probiotics - Light organic solvent preservative - Module 6 project economics - Six sigma call center case study - Momma the dentist and me questions and answers - Council nursery oak flats - Critical issues in education dialogues and dialectics 8th edition - What does the word christian literally mean - A room of one's own analysis chapter 3 - Pa state police southwest training center - Abc does not conform to gaap because it - Saskia sassen global cities and survival circuits - Evaluate paper - Bethesda mining company case study - Training and development #3 - Employee class in python - What direction am i facing - Causes of the industrial revolution webquest answer key - Online marketing at big skinny case solution - Kuta software infinite calculus implicit differentiation - Dave is a plumber who uses the cash method - Discussion Question 2 - Addition properties and subtraction rules - Examiner newspaper death notices launceston - Koren specific technique criticism - Movies and meaning 6th edition - Mirror sylvia plath line by line analysis - How to make recommendation report - Knowing What's a Consideration within a contract? - Strategic management by frank t rothaermel pdf - Application specific integrated circuit - Discrete mathematics lecture notes ppt - Testout 4.4 7 - Case study - Keller's brand equity model - Accounting rules - The surfer by judith wright - Personality Disorders - Contraceptive Care Grant - Othello research paper - What is 2n factorial - Pos inbound processing engine - Ioncross freelancer character editor - According to the negro digs up his past - Pathfinder ring of eloquence - The management of zigby manufacturing prepared - Africa in world history gilbert 3rd edition chapter summaries - What is a mid shot - The major product line decision involves - Ethical issues in behavior modification - Mount eliza ashram scandal - Fish dichotomous key worksheet answers - On course study skills plus 3rd edition chapter 1 - Amp up vs ramp up - Labor Relations - Professional Contribution Comments/Replies - Training Needs Analysis - The average production of peanuts in virginia is - Information taken from an existing classified - 8500: Discussion 2-2 - Lost certificate of title victoria - Romeo and juliet study guide - Advanced wildlife licence victoria - Student exploration rna and protein synthesis answer key - Marketing analytics data driven techniques with microsoft excel download - Information Systems - True or false? a larger sample size produces a longer confidence interval for μ. - Jack tar cfo of sheetbend - Pr 6 2b lifo perpetual inventory - Same-day 0833173182 JANE FURSE ABORTION CLINIC // PILLS,,,, - Letter to parents introducing new teacher