At May 31, 2012, the accounts of Hannifan Manufacturing Company show the following.
May 1 inventories-finished goods $12,600, work in process $14,700, and raw materials $8,200.
May 31 inventories-finished goods $9,500, work in process $17,900, and raw materials $7,100.
Debit postings to work in process were: direct materials $62,400, direct labor $32,000, and manufacturing overhead applied $40,000.
Sales totaled $200,000.
Complete the condensed cost of goods manufactured schedule. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.)
HANNIFAN MANUFACTURING COMPANY
Cost of Goods Manufactured Schedule
For the Month Ended May 31, 2012
$
$
Total manufacturing costs
Total cost of work in process
Less:
Cost of goods manufactured
$
Complete the income statement for May through gross profit.
HANNIFAN MANUFACTURING COMPANY
(Partial) Income Statement
For the Month Ended May 31, 2012
$
Cost of goods sold
$
Cost of goods available for sale
Cost of goods sold
Gross profit
$
Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2012.
In the May 31 balance sheet, the manufacturing inventories will be reported in as follows: Finished goods $, Work in Process $, and Raw Materials $.
3 Answers
-
Complete the condensed cost of goods manufactured schedule. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.)
HANNIFAN MANUFACTURING COMPANY
Cost of Goods Manufactured Schedule
For the Month Ended May 31, 2012
Work in process, May 1…… ……. …….. ……….$14,700
Direct materials used …….. ……… …..$62,400
Direct labor……… ……….. ……… …….32,000
Manufacturing overhead applied……….40,000
Total manufacturing costs……………. …………..134,400
Total cost of work in process………….. ………..149,100
Less: Work in process, May 31…………. ……….17,900
Cost of goods manufactured……. …….. ….. ..$131,200
Complete the income statement for May through gross profit.
HANNIFAN MANUFACTURING COMPANY
(Partial) Income Statement
For the Month Ended May 31, 2012
Sales……. ………. ………. ……… ……….. ……..$200,000
Cost of goods sold
Finished goods, May 1………… …..$12,600
Cost of goods manufactured………131,200
Cost of goods available for sale….143,800
Finished goods, May 31……… ………..9,500
Cost of goods sold…… ……… …….. ……….. ..134,300
Gross profit……….. ………. ……… ……. ……. …..$ 65,700
In the May 31 balance sheet, the manufacturing inventories will be reported in as follows: Finished goods $$9,500, Work in Process $17,900, and Raw Materials $7,100
-
….a Macro? I dont know what a mac file is. If you heard this from other students why dont you ask them how to set it up. Setting up a macro varies in all versions of Office, between 2003 and 2013. Look up how to set up a Macro on google.
-
A job cost sheet of Chamberlin Company is given below.
Job Cost Sheet
JOB NO. 469 Quantity 2,000
ITEM White Lion Cages Date Requested 7/2
FOR Todd Company Date Completed 7/31
Date Direct materials
Direct labor Manufacturing Overhead
7/10 825
12 900
15 440 550
22 380 475
24 1,600
27 1,500
31 540 675
Cost of completed job
Direct materials
Direct labor
Manufacturing overhead
Total cost
Unit cost
Warning
Don’t show me this message again for the assignment
Ok Cancel
Answer the following questions.
1.What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job?
Direct materials Time ticketsPredetermined overhead rateRaw materials purchasesActual overheadWage expenseMaterials requisition slipsresp_0
Direct labor Wage expenseMaterials requisition slipsRaw materials purchasesActual overheadTime ticketsPredetermined overhead rateresp_4
Manufacturing overhead Actual overheadTime ticketsWage expensePredetermined overhead rateMaterials requisition slipsRaw materials purchasesresp_3
2.What is the predetermined manufacturing overhead rate? (Round answer to 0 decimal places, e.g. 135.)
24.16%
3.What are the total cost and the unit cost of the completed job? (Round unit cost to 2 decimal places, e.g. 10.50.)
Total cost $
Unit cost $
Warning
Don’t show me this message again for the assignment
Ok Cancel
Prepare the entry to record the completion of the job.
Date Account/Description Debit Credit
July 31 Manufacturing overheadRaw materials inventoryAccounts payableCost of goods soldFinished goods inventorySalesCashWork in process inventoryAccounts receivable $
Accounts receivableCost of goods soldManufacturing overheadAccounts payableFinished goods inventoryRaw materials inventoryWork in process inventoryCashSales $
Warning
Don’t show me this message again for the assignment
Ok Cancel
