# Cost Accounting Qns And Ans

Question

## Question 1

In 2016, Bravo Manufacturing had an opening finished goods inventory of \$250 and an ending finished goods inventory of \$1,000. In 2016 work in process was down \$500 and factory overheads were \$2,000. The total manufacturing cost was \$48,000. Use this information to determine the dollar amount for fiscal 2016: (Round the dollar value and enter only whole dollar amounts).

1. Manufacturing cost
2. Cost of Goods Sold

For the 2016 fiscal year, Bravo Manufacturing’s total manufacturing costs were \$520,000. Manufacturing costs that year were \$475,000. As of January 1, 2017, the WIP inventory is \$60,000. Use this information to determine the value of your work-in-progress inventory for the 2016 fiscal year. (Please round dollar amounts to the nearest whole dollar.)

On January 1, 2016, the Bravo Company’s inventory of finished goods was \$100,000. As of January 1, 2017, the finished product inventory is \$80,000. Manufacturing costs in 2016 were \$250,000. Use this information to determine the Cost of Goods Sold amount for the 2016 fiscal year. (Please enter only rounded and whole dollars.)

The Bravo Company manufactures high quality men’s clothing. Selected financial information for 2016 is provided below.

Use this information to determine the amount of Bravo’s direct labor costs for the 2016 fiscal year. (Please round dollar amounts to the nearest whole dollar.)

Bravo Manufacturing Company commenced operations on January 1, 2016. Depreciation for the year was \$200,000, 35% sales, 25% administrative facilities, and 40% factories. Of the total units produced in fiscal 2016, 75% were sold in his 2016 and 25% were in finished goods inventory. Use this information to determine the total depreciation accrued as follows: (Round dollar values ​​and enter whole dollar amounts only.)

Fiscal Year 2016 Product Cost

Costs for Fiscal Year 2016

Cost of Goods Sold for Fiscal Year 2016

Balance Sheet for Fiscal Year 2016

As of January 1, 2016 Bravo Company’s finished goods inventory was up to \$100,000 in January 2016. As of January 1, 2017, the finished product inventory is \$80,000. Manufacturing costs in 2016 were \$260,000. Use this information to determine the Cost of Goods Sold amount for the 2016 fiscal year. (Please round dollar amounts to the nearest dollar and enter only as dollars.)

On January 2, 2017, Alpha Company purchased 3,500 pounds of raw materials at \$10 per pound. The production manager seized and received 2,500 pounds of raw materials. The material he plans to go into production on January 15th. Use this information to prepare typical journal entries (unexplained) for January 2nd and 15th. If you do not need to enter, please write “no entry required”.

## Question 2

In 2016, Alpha Company’s total plant overheads were \$250,000. Additionally, during the 2016 fiscal year, Alpha spent a total of \$245,000 in plant overheads on various work orders. Use this information to prepare adjustments to the main journal entries (unexplained) to eliminate over or under overhead costs in your factory. If you do not need to enter, please write “no entry required”.

At Bravo Company, we use a job costing system to calculate overhead based on estimated fees. Overhead rates are based on estimated total overhead costs of \$250,000 and 50,000 direct hours worked. In February 2017, Job A-1 generated his 800 direct working hours. Use this information to prepare a general journal entry (not explained) for that month’s plant overhead costs for job A-1 at the end of the month. If you do not need to enter, please write “no entry required”.

At Bravo Company, we use a job costing system to calculate overhead based on estimated fees. Overhead rates are based on estimated total overhead costs of \$270,000 and 30,000 direct labor hours. In February 2017, Job A-1 generated 800 direct hours. Use this information to prepare a general journal entry (not explained) for that month’s plant overhead costs for job A-1 at the end of the month. If you do not need to enter, please write “no entry required”.

As of March 31, 2017, Alpha Corporation has the following plant overheads.

Factory Manager Salary \$7,000

Factory Supply \$2,000

Machine Depreciation \$11,000

Machine Repair \$2,500

Factory Insurance ( Prepaid) \$1,000

The overhead rate is based directly on hours worked. The default formula for applying overhead costs estimated \$21,000 and 10,000 direct labor hours. In March, he actually worked 7,100 hours on work order A-2 and 3,000 hours on work order A-3. Use this information to prepare March 31st general ledger entries to capture plant overheads. (All final dollar responses are rounded to the nearest whole dollar):

As of March 31, 2017, Alpha Corporation has recorded the following factory overhead accruals:

Factory Manager Salary \$6,000

Factory Supply \$2,500

Machine Depreciation \$10,000

Machine Repair \$2,000

Factory Insurance (Prepaid ) \$1,000

The overhead rate is based directly on hours worked. The default formula for applying overhead costs estimated \$21,000 and 10,000 direct labor hours. In March, he actually worked 7,100 hours on work order A-2 and 3,000 hours on work order A-3. Use this information to prepare your general journal entry for March 31st. (round all final monetary answers to the nearest whole number):

2. Allocation of Factory Overheads to Order A-3

On March 31, 2017, Alpha Corporation recorded the following factory overheads incurred:

Factory Manager Salary \$6,000

Factory Supply Company \$2,500

Machine Depreciation \$10,000

Machine Repair \$2,000

Factory Insurance (Prepaid) \$1,000

The overhead rate is based directly on hours worked. The default formula for applying overhead costs estimated \$21,000 and 10,000 direct labor hours. In March, he actually worked 7,100 hours on work order A-2 and 3,000 hours on work order A-3. Use this information to prepare the March 31st main journal entry for the adjustment entry to adjust for over or under plant overhead costs. (Round all final dollar answers to the nearest integer dollar)

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