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ACCT/386 ACCT386 ACCT 386 Week 2 Homework Question 3

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ACCT 386 Week 2 Homework Question 3 There may be chances that the figures given in our question and your question doesn’t matches. Don’t worry, we are here to help you. Just write to us at studentwhiz@gmail.com and your answer is with you in no time. Question 3 Southworth Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of direct materials used in production. Its predetermined overhead rate was based on a cost formula that estimated $243,200 of manufacturing overhead for an estimated allocation base of $152,000 direct material dollars. The following transactions took place during the year (all purchases and services were acquired on account): a. Raw materials purchased, $145,000. b. Raw materials requisitioned for use in production (all direct materials), $143,000. c. Utility bills incurred in the factory, $22,000. d. Costs for salaries and wages were incurred as follows: Direct labor $ 216,000 Indirect labor $ 90,200 Selling and administrative salaries $ 142,000 e. Maintenance costs incurred in the factory, $23,000. f. Advertising costs incurred, $121,000. g. Depreciation recorded for the year, $43,000 (70% relates to factory assets, and the remainder relates to selling and administrative assets). h. Rental cost incurred on buildings, $85,000 (80% of the space is occupied by the factory, and 20% is occupied by sales and administration). i. Miscellaneous selling and administrative costs incurred, $13,000. j. Manufacturing overhead cost was applied to jobs, $ ? k. Cost of goods manufactured for the year, $557,000. l. Sales for the year (all on account) totaled $1,300,000. These goods cost $510,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were as follows: Raw materials $ 16,000 Work in process $ 25,000 Finished Goods $ 33,000

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