62000 62 53000 9000 c Manufacturing Overhead d Work In Proce

62.000 62. 53,000 9,000 c Manufacturing Overhead d Work In Process Iavensery 62.000) Raw Materials Inventory Raw Materials Invensory 533,000 $18,000 512.000 3,000 units 1.800 units cpleted ob Ne B14 during 2017. The job oost sheet listod the following: Direct malerials Manufacturing overhcad applied Units produced Units sol the finished goods on d from this yob $25,20 Use the following information for questions 9 &-10 developed the following data for the current year Beginning work in process invetory Direct maserials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs $160,000 96,000 192,000 144,000 176,000 480,000 9 How mach is Giulik Company\'s direct labor cost for the year? a. $48.000 b. $240,000 c. $144,000 d. $192,000 10. How much is Gulik Company\'s ending work in process inventory for the year? a $464,000 .$320,000 c. $304,000. b. $320,000 d. $144,000. 11 Barnes Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period: Estimated annual overhead cost Actual annual overhead cost Estimated machine hours Actual machine hours $1,500,000 $1,430,000 375,000 350,000 a. b. c. d. $1,400,000 applied and S30,000 overapplied $1.500,000 applied and $30,000 overapplied $1.400,000 applied and $30,000 underapplied $1,430.000 applied and neither under- nor overapplied 12. Cline Company issued common stock for proceeds of $186.000 during 2017. The company paid dividends of $33,000 and issued a long-term note payable for $45,000 in exchange for equipment during the year. The company also purchased treasury stock that had a cost of $7,000. The financing section of the statement of cash flows will report net cash inflows of a. $146,000 b. $202.000 $153,000 d. $179,000.

Solution

8) Calculate finished goods on hand :

So answer is c) $25200

9) Direct labour cost = Total manufacturing cost-Direct material used-Overhead applied

= 480000-96000-144000

Direct labour cost = 240000

So answer is b) $240000

10) Ending work in process = Beginning work in process+Total manufacturing cost-Cost of goods manufactured

= 160000+480000-176000

Ending work in process = 464000

So answer is a) $464000

11) Predetermine overhead rate = 1500000/375000 = 4 per machine hour

Overhead applied = 350000*4 = 1400000

Actual overhead = 1430000

Under applied overhead = 30000

So answer is c) $1400000 applied and $30000 under applied

12) Calculate financing activities cash flow :

So answer is a) $146000

Direct material	33000
Direct labour	18000
Manufacturing overhead applied	12000
Total product cost	63000
Unit produced	3000
Cost per unit	21
Finished goods on hand (3000-1800)*21 =	25200