Bjerg Corporation incurred several costs

E2-7 Bjerg Corporation incurred several costs. Prepare entries for manufacturing costs. Journalize the following transactions.

1. Purchased raw materials on account $46,300
2. Raw Materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicates that $6,800 was classified as indirect materials.
3. Factory labor costs incurred were $53,900, of which $49,000 pertained to factory wages payable and $4,900 pertained to employer payroll taxes payable.
4. Time tickets indicated that $48,000 was direct labor and $5,900 was indirect labor.
5. Overhead costs incurred on account were $80,500.
6. Manufacturing overhead was applied at the rate of 150% of direct labor cost.
7. Goods costing $88,000 were completed and transferred to finished goods.
8. Finished goods costing $75,000 to manufacture were sold on account for $103,000

Click here for the solution: Bjerg Corporation incurred several costs

(Identify the costs below as variable, fixed, or mixed) Moctezuma Furniture Corporation incurred the following costs

Identify the costs below as variable, fixed, or mixed.

E5-4 Moctezuma Furniture Corporation incurred the following costs.
1. Wood used in the production of furniture.
2. Fuel used in delivery trucks.
3. Straight-line depreciation on factory building.
4. Screws used in the production of furniture.
5. Sales staff salaries.
6. Sales commissions.
7. Property taxes.
8. Insurance on buildings
9. Hourly wages of furniture craftsmen.
10. Salaries of factory supervisors.
11. Utilities expense.

Click here for the solution: (Identify the costs below as variable, fixed, or mixed) Moctezuma Furniture Corporation incurred the following costs

Elder Corporation incurred the following transactions

E2-7 Elder Corporation incurred the following transactions.

1. Purchased raw materials on account $46,300.
2. Raw Materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,800 was classified as indirect materials.
3. Factory labor costs incurred were $53,900, of which $49,000 pertained to factory wages payable and $4,900 pertained to employer payroll taxes payable.
4. Time tickets indicated that $48,000 was direct labor and $5,900 was indirect labor.
5. Overhead costs incurred on account were $80,500.
6. Manufacturing overhead was applied at the rate of 150% of direct labor cost.
7. Goods costing $88,000 were completed and transferred to finished goods.
8. Finished goods costing $75,000 to manufacture were sold on account for $103,000.

Journalize the transactions.

Click here for the solution: Elder Corporation incurred the following transactions

For each of the following costs incurred in a manufacturing firm, indicate whether the costs are most likely fixed (f) or variable (v)

2-19 Basic Concepts

For each of the following costs incurred in a manufacturing firm, indicate whether the costs are most likely fixed (f) or variable (v) and whether they are most likely period costs (p) or product cost (m) and under full absorption costing.

1. Energy to run machines producing units of output in the factory.
2. Depreciation on the building for administrative staff offices.
3. Bonuses of top executives in the company.
4. Overtime pay for assembly workers.
5. Transportation-in costs on materials purchased.
6. Assembly line workers’ wages.
7. Sales commissions for sales personnel.
8. Administrative support for sales supervisors.
9. Controller’s office rental.
10. Cafeteria costs for the factory.


Click here for the solution: For each of the following costs incurred in a manufacturing firm, indicate whether the costs are most likely fixed (f) or variable (v)

Trudy Company incurred the following costs

ACC 291 Week 1 Assignment

E9-2 Trudy Company incurred the following costs.
1. Sales tax on factory machinery purchased $5,000
2. Painting of and lettering on truck immediately upon purchase 700
3. Installation and testing of factory machinery 2,000
4. Real estate broker’s commission on land purchased 3,500
5. Insurance premium paid for first year’s insurance on new truck 880
6. Cost of landscaping on property purchased 7,200
7. Cost of paving parking lot for new building constructed 17,900
8. Cost of clearing, draining, and filling land 13,300
9. Architect’s fees on self-constructed building 10,000

Indicate to which account Trudy would debit each of the costs.


Click here for the solution: Trudy Company incurred the following costs

In 2011, Bantham County incurred $80 million in costs to construct a new highway

P7-8 If governments do not preserve their infrastructure assets, they must depreciate them.

In 2011, Bantham County incurred $80 million in costs to construct a new highway. Engineers, estimate that the useful life of the highway is 20 years.

AND SO ON


Click here for the solution: In 2011, Bantham County incurred $80 million in costs to construct a new highway

During the 2010 tax year, Irma incurred the following expenses

During the 2010 tax year, Irma incurred the following expenses:

Union dues $275
Tax return preparation fee 125
Brokerage fees for the purchase of stocks 35
Uniform expenses 300

If Irma's adjusted gross income is $22,000, calculate her miscellaneous deductions on Schedule A of Form 1040.


Click here for the solution: During the 2010 tax year, Irma incurred the following expenses

Allegro Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment

E10-5 (Treatment of Various Costs) Allegro Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment.

Abstract company’s fee for title search $ 520
Architect’s fees 3,170
Cash paid for land and dilapidated building thereon 92,000
Removal of old building $20,000
Less: Salvage 5,500 14,500
Interest on short-term loans during construction 7,400
Excavation before construction for basement 19,000
Machinery purchased (subject to 2% cash discount, which was not taken) 65,000
Freight on machinery purchased 1,340
Storage charges on machinery, necessitated by noncompletion of building when machinery was delivered 2,180
New building constructed (building construction took 6 months from date of purchase of land and old building) 485,000
Assessment by city for drainage project 1,600
Hauling charges for delivery of machinery from storage to new building 620
Installation of machinery 2,000
Trees, shrubs, and other landscaping after completion of building (permanent in nature) 5,400

Instructions
Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment. Assume the benefits of capitalizing interest during construction exceed the cost of implementation. Indicate how any costs not debited to these accounts should be recorded.

Click here for the solution: Allegro Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment