1

Timely Transport provides local delivery service for a number of downtown and suburban businesses.

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Timely Transport provides local delivery service for a number of downtown and suburban businesses. Delivery charges are based on distance and weight involved for each delivery: 30 cents per pound and 10 cents per mile. Also, there is a $30 handling fee per parcel.

a.

Develop an expression that summarizes delivery charges.

b.

Determine the delivery charge for transporting a 60-pound parcel 20 miles.

1

A production department’s output for the most recent month consisted of

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A production department’s output for the most recent month consisted of 12,500 units completed and transferred to the next stage of production and 12,500 units in ending goods in process inventory. The unit in ending goods in process inventory were 65% complete with respect to both direct material and conversion costs. There were 1,500 units in beginning goods in process inventory, and they were 85% complete with respect to both direct materials and conversion costs. Calculate the equivalent unit of production for the month, assuming the company uses weight average method.

Kindly help me in it.

2

The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems.

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The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems.
Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note.
Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400.
13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000.
Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account.
14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account.
Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.)
May 11. Received from Bradford & Co. the amount due on the note of March 12.
13. Dry Creek Co. dishonored its note dated March 14.

July 12. Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note.
Aug. 1. Received from Trina Gelhaus the amount due on her note of April 3.
Oct. 5. Sold merchandise on account to Halloran Co., $13,500, net/30. The cost of the merchandise sold was $8,100.
15. Received from Halloran Co. the amount of the invoice of October 5.
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

1

Preprah Engineering Contractors incurred service salaries and wages of

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Preprah Engineering Contractors incurred service salaries and wages of $39,500 ($30,000 direct and $9,500 indirect) on an engineering project. The company applies overhead at a rate of 25% of direct labor.

The company uses Operating Overhead in place of Manufacturing Overhead and it uses Service Contracts in Process in place of Work in Process.

Record the entries to assign service salaries and wages and to apply overhead.

1

Wayman Corporation reports the following amounts in its December 31, 2015, income statement.

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Wayman Corporation reports the following amounts in its December 31, 2015, income statement.

Sales revenue $ 397,000 Income tax expense $ 51,000
Interest expense 21,000 Cost of goods sold 131,000
Salaries expense 41,000 Advertising expense 31,000
Utilities expense 51,000

Required:
Prepare a multiple-step income statement.

Please help me in this question. I am almost stuck in it . I knew the Net income is 71,000.

0

The Sanding Department of Richards Furniture Company has the following production and manufacturing cost data for March 2014, the first month of operation

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The Sanding Department of Richards Furniture Company has the following production and manufacturing cost data for March 2014, the first month of operation.

Production: 9,470 units finished and transferred out; 2,800 units started that are 100% complete as to materials and 20% complete as to conversion costs.

Manufacturing costs: Materials $33,129; labor $24,180; overhead $40,012.

Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25.)

RICHARDS FURNITURE COMPANY
Sanding Department
Production Cost Report
For the Month Ended March 31, 2014

Equivalent Units

Quantities

Physical
Units

Materials

Conversion
Costs

Units to be accounted for

Work in process, March 1

Started into production

Total units

Units accounted for

Transferred out

Work in process, March 31

Total units

Costs

Materials

Conversion
Costs

Total

Unit costs

Total Costs

$

$

$

Equivalent units

Unit costs

$

$

$

Costs to be accounted for

Work in process, March 1

$

Started into production

Total costs

$

Cost Reconciliation Schedule

Costs accounted for

Transferred out

$

Work in process, March 31

Materials

$

Conversion costs

Total costs

$

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7

Rodman Corporation’s fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year.

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Rodman Corporation’s fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year.

Other data:

1. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $9,860 and direct labor costs of $16,800. Overhead was applied at a rate that was 75% of direct labor cost.
2. During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had charges for direct materials $4,300 and direct labor $5,100, plus manufacturing overhead. All jobs, except for Job No. 158, were completed in December.
3. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $5,600. On December 31, Job No. 157 was the only job finished that was not sold. It had a cost of $4,300.
4. Manufacturing overhead was $760 overapplied in December.

List the letters (a) through (m) and indicate the amount pertaining to each letter.

Raw Materials Inventory
Dec. 1 Beginning balance (a) ??
31 Purchases 19,980
Dec. 31 Requisitions 18,500
Dec. 31 Ending balance 8,220

Work in Process Inventory
Dec. 1 Beginning balance (b) ??
31 Direct materials (c) ??
31 Direct labor 9,400
31 Overhead (d) ??
Dec. 31 Jobs completed (f)??
Dec. 31 Ending balance (e)??

Finished Goods Inventory
Dec. 1 Beginning balance (g)??
31 Completed jobs (h) ??
Dec. 31 Cost of goods sold (i)??
Dec. 31 Ending balance (j)??

Factory Labor
Dec. 31 Factory wages 12,210
Dec. 31 Wages assigned (k)??

Manufacturing Overhead
Dec. 31 Indirect materials 2,100
31 Indirect labor (l) ???
31 Other overhead 1,380
Dec. 31 Overhead applied (m) ??

Please help me. My mind is not working in it .