Maurice Tutor

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Category > Accounting Posted 11 Aug 2017 My Price 13.00

Bags and Luggage Company

The Bags and Luggage Company had the following account balances as of January 1:

         
Direct Materials Inventory   $ 9,200  
Work in Process Inventory     78,400  
Finished Goods Inventory     53,600  
Manufacturing Overhead     -0-  

 

During the month of January, all of the following occurred:

 

1. Direct labor costs were $42,000 for 1,800 hours worked.
2. Direct materials costing $35,750 and indirect materials costing $3,500 were purchased.
3. Sales commissions of $16,500 were earned by the sales force.
4. $26,000 worth of direct materials were used in production.
5. Advertising costs of $6,300 were incurred.
6. Factory supervisors earned salaries of $12,000.
7. Indirect labor costs for the month were $3,000.
8. Monthly depreciation on factory equipment was $4,500.
9. Utilities expense of $7,800 was incurred in the factory.
10. Luggage with manufacturing costs of $70,100 were transferred to finished goods.
11. Monthly insurance costs for the factory were $4,200.
12. $5,000 in property taxes on the factory were incurred and paid.
13. Luggage with manufacturing costs of $89,000 were sold for $145,000.

 

a.

Assume If Bags and Luggage assigns manufacturing overhead of $34,400, what will be the balances in the Direct Materials, Work in Process, and Finished Goods Inventory accounts at the end of January?(Input all amounts as positive values. Omit the "$" sign in your response.)

 

b. As of January 31, what will be the balance in the Manufacturing Overhead account? (Input all amounts as positive values.Omit the "$" sign in your response.)

 

Manufacturing overhead $

 

c.

What was Bags and Luggage's operating income for January? (Input all amounts as positive values.Omit the "$" sign in your response.)

 

Operating income $

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 11:08 PM My Price 13.00

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