Home / Questions / Oriole Inc manufactures ergonomically designed computer furniture Oriole uses a job order ...
Oriole, Inc. manufactures ergonomically designed computer furniture.. Oriole uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Job No. Accumulated Cost Item Units Computer caddy CC723 26,000 $910,000 Chair CH291 15,000 434,000 Printer stand PS812 28,000 271,000 $1,615,000 On November 30, Oriole's Raw Materials Inventory account totaled $676,000, and its Finished Goods Inventory totaled $3,466,400.
Oriole applies manufacturing overhead on the basis of machine hours. The company's manufacturing overhead budget for the year totaled $4,950,000, and the company planned to use 990,000 machine hours during the year. Through the first eleven months of the year, the company used a total of 850,000 machine hours, total manufacturing overhead amounted to $4,284,500, and Cost of Goods Sold was $8,760,250. For the pursposes of this problem, ignore year-end disposition of over under applied overhead.
Oriole purchased $638,000 in raw materials in December and incurred the following costs for jobs in process that month: Materials Machine Direct Labor Direct Labor Job No. Issued Hours Hours Cost СС723 $167,000 13,000 14,800 $123,400 CH291 $49,200 $19,000 4,800 3,600 PS812 $214,000 20,800 17,300 $216,500 DS444 $259,000 19,000 17,500 $143,000 The following jobs were completed in December and transferred to the Finished Goods Inventory: Job No. Item Units Computer caddy CC723 26,000 Chair CH291 15,000 Desk DS444 9,000 (a)
Calculate the total cost of each of the four jobs worked on in December. CC723 CH291 PS812 DS444 526200 497000 1265400 805500 Total Cost (b) Calculate the total manufacturing cost for December 1479100 Total manufacturing cost (c) Calculate the cost of goods manufactured for December. 2288600 Cost of goods manufactured (d) Calculate the balance in the Work in Process Inventory account on December 31 805500 Balance in work in process
(e) Assume that Oriole sold 15,000 computer caddies, 12,000 chairs, and 4,500 desks in December. Calculate Cost of Goods Sold for the month of December and the ending Finished Goods Inventory balance on December 31. (For computation purpose round per unit rates to 2 decimal places, e.g. 3.54. Round final answers decmial places, e.g. 45,000.) to 0 Cost of goods sold Finished goods inventory
Feb 11 2020 View more View Less
If the interest rate is 10 percent, then the present value of $100 to be paid in 2 years isa. $80b. $83.c. $120.d. $121.
Jul 16 2021Assume that liquid funds can be invested to yield 4.5 percent. If annual remittance checks total $2 billion, what is it worth for the firm to reduce float by 1 day?a. $38...
Aug 13 2020Why might business customers generally be considered more rational in their purchasing behavior than ultimate consumers?Here is a tip:Business markets are organizational ...
Jul 04 2021The following Lewis symbols for ions have the charges omitted. Determine the number of extra electrons that each structure contains, and give the proper charge for each ion?
Jul 06 2021What will an increase in a consumer's budget do?
May 07 2021In addition to improved employee retention, what are some other areas of potential economic benefit to the organization from having a human resource department? What calc...
Aug 04 2020What is the impact of movement of labor from a foreign country to the domestic (home) economy?
Jun 09 2021Exercise 7.5.2: Write the following as triggers. In each case,disallow or undo the modification if it does not satisfy the stated constraint.The database schema is from...
Apr 06 2020on july 1 2015 markie purchased a ten year 10000 bond. the bond has a stated interest rate of 4$ payable annually on July1. On june 2,2016, 337 days from the last interes...
Mar 21 2020COMPLETE THE ANOVA SUMMARY BY FILLING IN THE MISSING DATA. (NOTE: UP TO FOUR DECIMAL PLACES ONLY)A study is being conducted to know the variability of different diet fads...
Apr 25 2020