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

14/10/2021 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

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:

Engineering Guru
24/7 Assignment Help
Helping Engineer
Accounting & Finance Specialist
Top Quality Assignments
Top Grade Essay
Writer Writer Name Offer Chat
Engineering Guru

ONLINE

Engineering Guru

I reckon that I can perfectly carry this project for you! I am a research writer and have been writing academic papers, business reports, plans, literature review, reports and others for the past 1 decade.

$24 Chat With Writer
24/7 Assignment Help

ONLINE

24/7 Assignment Help

Being a Ph.D. in the Business field, I have been doing academic writing for the past 7 years and have a good command over writing research papers, essay, dissertations and all kinds of academic writing and proofreading.

$49 Chat With Writer
Helping Engineer

ONLINE

Helping Engineer

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.

$35 Chat With Writer
Accounting & Finance Specialist

ONLINE

Accounting & Finance Specialist

I am a professional and experienced writer and I have written research reports, proposals, essays, thesis and dissertations on a variety of topics.

$23 Chat With Writer
Top Quality Assignments

ONLINE

Top Quality Assignments

As per my knowledge I can assist you in writing a perfect Planning, Marketing Research, Business Pitches, Business Proposals, Business Feasibility Reports and Content within your given deadline and budget.

$42 Chat With Writer
Top Grade Essay

ONLINE

Top Grade Essay

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

$45 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

Exercise 5 9 part level submission - What are expressive techniques in music - Principles of management and organization - Maintenance pro web login - Third class lever examples - Introduction about merchant of venice - Wk 4 - Security Risk Mitigation Plan - Fast times at ridgemont high a true story pdf - Third millennium ministries reviews - Irish sailing garda vetting - Kirk perron net worth - Aaron devor gender role behaviors and attitudes citation - Global citizenship and equity assignment - Michael kirby net worth - Business - Access control procedure guide - Goodstart intranet incident report - Jb hi fi warranty contact - American Government - Quiz 4 - South melbourne little athletics - Determining the Credibility of Evidence and Resources - Kendall county women's shelter - Construct an ogive for the data - PROJECT 3 - Shortest wavelength in brackett series - Which tv series coined the phrase "the tribe has spoken"? - Electronic gmbh encoder d 78647 wiring diagram - WRD - Dragons and heroes read theory answers - Ipv6 implementation in india - IISP DISCUSSION-5 - 0737179697 MAMA SHANANI ABORTION CLINIC IN DUNDEE - How to start html using notepad - The lottery by shirley jackson setting - Of these four words, which one is most likely to have a negative flavor or connotation? - Gifford mcmahon refrigeration ppt - Bachelor of mathematics qut - Your Personal Moral Theory - Organization leadership - How to create a network diagram in excel - Andrew carnegie the gospel of wealth 1889 worksheet answers - Arrange the compounds in order of increasing ionic character - Watch mcbride fallen idol online free - What are the two branches of statistical methods - Alpha beta charlie delta - Langham hotel chicago careers - Balance sheet of coca cola 2014 - Last month when holiday creations inc sold - Its greek to me foster - Ethics in Criminal Justice: - Tableau pie chart sort by size - Sensitivity analysis questions and answers - The prince by niccolo machiavelli answers - The decomposition of hydrogen peroxide lab report - Workplace surveillance laws victoria - How does multitasking confuse the resource availability of project team personnel? - Legends Essay - 4360 risk management standard - Life on the goldfields - The gypsy moth is a serious threat to oak - Melting and freezing stearic acid - Penetration Testing Report - Ppq number plate transfer - Cisco finesse not ready reason codes - Fingerprint recognition algorithm java - Which famous art form represented a fertility figure - Senior project accountant job description - Ad analysis example essay - The future value of $200 received today and deposited at 8 percent for three years is - Security guidance for critical areas of focus in cloud computing - River severn upper course - Essay - Assignment 3 - Flexpath strategies scam - Me talk pretty one day claim - What are the importance of family resources - How to find area of a kite - Work teams - OG - Phi 103 week 4 journal - Chapter 4 mastery problem answers - Tesco phone return policy - How to draw blood sample from goat - Criteria for speech competition - Mass of empty 100 ml beaker - Theme park swot analysis - Python permutation code - When Is NECO 2020 Commencing - 400 nm to hz - Bmw s1000rr slick mode plug - Coles lolly gobble bliss bombs - Interpretive simulations hr management - Eleco ltd slot machine manual - Battelle developmental inventory communication domain - Brian wilson fan mail address - Discussion Board - Perpetual help college of rizal - Ethics in evidence based practice - When rewarding employees let them bus 302 - Sales revenue may be recorded before cash is collected