Incomplete manufacturing cost data for Horizon Company for 2017 are presented as follows for four different situations.

Incomplete manufacturing cost data for Horizon Company for 2017 are presented as follows for four different situations.

Explanation

(a)$117,000 + $140,000 + $87,000 = $344,000 

(b)$344,000 + $33,000 – $360,000 = $17,000 

(c)$450,000 – ($200,000 + $132,000) = $118,000

 (d)$40,000 + $470,000 – $450,000 = $60,000 

(e)$265,000 – ($80,000 + $100,000) = $85,000 

(f)$265,000 + $60,000 – $80,000 = $245,000 

(g)$288,000 – ($70,000 + $75,000) = $143,000 

(h)$288,000 + $45,000 – $270,000 = $63,000

Prepare a condensed cost of goods manufactured schedule for situation (1) for the year ended December 31, 2017.
 
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Sales Budget: Definition & Examples

ABC Company’s has December unit sales of 12,000 units. Assuming a 5% growth, what is the projected unit sales.

ABC Company’s has December unit sales of 12,000 units. Assuming a 5% growth, what is the projected unit sales.

ABC Company’s has December unit sales of 12,000 units. Assuming a 5% growth, and a selling price per unit of $40, what is the projected unit sales?

ABC Company’s has project the next period sales of 12,000 units. ABC Company desires ending inventory equal to 20% of the next month’s sales. What is the desired inventory?

ABC Company’s has project the next period sales of 12,000 units. ABC Company desires ending inventory equal to 20% of the next month’s sales. If the beginning inventory is 100, and the current month’s sales are 14,000, what is the number of units that will need to be purchased for the current month?

ABC Company’s has sales forecasts of the following: January = $40,000; February = $65,000; March=$52,850. All sales are on account and are collected as follows: 20% in the current month, 50% in the month following, 25% in the second month following, and 5% uncollectible. What are the cash receipts for March?

ABC Company’s has sales forecasts of the following: January = $40,000; February = $65,000. All sales are on account and are collected as follows: 20% in the current month, 50% in the month following, 25% in the second month following, and 5% uncollectible. If the total cash receipts for March equal $48,250, what is the sales forecast for January?

Assume the following information for the month of August. June sales=$40,000; July sales =$65,000; August sales = $52,850. All sales are on account and are collected as follows: 20% in the current month, 50% in the month following, 25% in the second month following, and 5% uncollectible. The beginning cash balance is $14,670, with cash payments of $24,653. If the minimum cash balance is $50,000, what is the amount needed by the bank, or how much is available to pay towards the bank loan? Show the amount needed as a positive number and amount reply the loan as a negative number.

Assume the following information for the month of August. June sales=$40,000; July sales =$65,000; August sales = $52,850. All sales are on account and are collected as follows: 20% in the current month, 50% in the month following, 25% in the second month following, and 5% uncollectible. The beginning cash balance is $14,670, with cash payments of $24,653. If the minimum cash balance is $40,000, what is the amount needed by the bank, or how much is available to pay towards the bank loan? Show the amount needed as a positive number and amount reply the loan as a negative number.

ABC Company pays for merchandise by paying cash and using credit. Credit purchases equal 80% of the purchases. Of those purchased on credit the purchases are paid for as follows: 60% in the current month, 35% in the following, and 5% in the second month following. Assume January purchases are $65,000. How much of the January purchases are paid for in January?

ABC Company pays for merchandise by paying cash and using credit. Of those purchased on credit the purchases are paid for as follows: 60% in the current month, 35% in the following, and 5% in the second month following. Assume January purchases are $65,000. How much of the January purchases are paid for in January?

                                       



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In December 2012, Yerbury Company’s manager estimated next year’s total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $25 per hour. The manager also estimated the following manufacturing overhead costs for year 2013.

In December 2012, Yerbury Company’s manager estimated next year’s total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $25 per hour. The manager also estimated the following manufacturing overhead costs for year 2013.

 

Indirect labor	$	319,200
Factory supervision		240,000
Rent on factory building		140,000
Factory utilities		88,000
Factory insurance expired		68,000
Depreciation—Factory equipment		480,000
Repairs expense—Factory equipment		60,000
Factory supplies used		68,800
Miscellaneous production costs		36,000
Total estimated overhead costs	$	1,500,000

 

At the end of 2013, records show the company incurred $1,520,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,000; Job 202, $563,000; Job 203, $298,000; Job 204, $716,000; and Job 205, $314,000. In addition, Job 206 is in process at the end of 2013 and had been charged $17,000 for direct labor. No jobs were in process at the end of 2012. The company’s predetermined overhead rate is based on direct labor cost.

Required
1.a	Determine the predetermined overhead rate for year 2013.

1.b	Determine the total overhead cost applied to each of the six jobs during year 2013.

 

2.

Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of year 2013.

 

Explanation:

1.a

Predetermined overhead rate

 

Estimated overhead costs		$1,500,000		$1,500,000
	=		=		=	60%
Estimated direct labor cost		[50 × 2,000 × $25]		$2,500,000

 
1.c

Overapplied or underapplied overhead determination

Actual overhead cost	$	1,520,000
Less: Applied overhead cost		1,507,200
Underapplied overhead	$	12,800