1 answer

A&E Electronics design and manufacturer specialized switches for the telecommunications industry. The accounting records of the...

Question:

A&E Electronics design and manufacturer specialized switches for the telecommunications industry. The accounting records of the business reflect the following data at December 31,2018:

Inventory

1/1/2018

31/12/2018

Raw Materials

$260000

$230000

Work-in-progress

$332300

$218800

Finished Goods

$1075200

$615000

Other Information:

Sales Revenue

$5765000

Factory Supplies

$45000

Direct Factory Labour

$735000

Special Design cost

$15000

Raw Materials Purchased

$540000

Plant Janitorial Service

$52000

Depreciation: plant and equipment

$165000

Total Utilities *

$550000

Plant supervisor’s salary

$480000

Property Taxes **

$300000

R & D for Graphic Designs

$70500

Total Insurance ***

$160000

Delivery truck driver’s wages

$125000

Depreciation: Delivery Truck

$52000

Administrative Wages & Salaries

$850150

Advertising Expenses

1% of sales revenue

*of the total utilities,70% relates to manufacturing and 30% relates to general and administrative costs

**The property taxes should be shared:60% manufacturing & 40% general & administrative costs

*** of total insurance,75% relates to plant & equipment and 25% relates to Administrative costs

Required:

1.Calculate the raw materials used by   A & E Electronics.

2.What is the total Manufacturing overhead costs incurred by A & E Electronics during the period?

3.Determine the prime costs & conversion costs of the product manufactured.

4.Calculate the cost of goods manufactured for the year by A & E Electronics

5.Prepare an income statement for the year ended December 31,2018, clearly showing the calculation of costs of goods sold. List the non-production overheads in order of size starting with the largest.

       6. If A & E Electronics manufactured 1500 switches for the year, what is the factory   cost per switch?


Answers

Dear student, we cannot able to post solution more than four sub-parts of the question as per our policy.

Answer 1
Materials inventory at beginning $                260,000
Add: raw materials purchased $                540,000
Material available for use $                800,000
Less: material inventory at ending $                230,000
Direct raw materials used $              570,000
Answer 2
Factory supplies $                   45,000
Special design cost $                   15,000
Plant janitorial service $                   52,000
Depreciation: plant and equipment $                165,000
Plant supervisor’s salary $                480,000
R & d for graphic designs $                   70,500
Factory utilities (550000*70%) $                385,000
Factory property taxes (300000*60%) $                180,000
Factory insurance (160000*75%) $                120,000
Total manufacturing overhead $          1,512,500
Answer 3
Direct raw materials used $                570,000
Add: direct factory labour $                735,000
Prime costs $          1,305,000
Direct factory labour $                735,000
Add: total manufacturing overhead $             1,512,500
Conversion costs $          2,247,500
Answer 4
Direct raw materials used $                385,000
Direct factory labour $                735,000
Total manufacturing overhead $             1,512,500
Total manufacture cost $             2,632,500
Add: work in process inventory at beginning $                332,300
Total cost to be accounted for $             2,964,800
Less: work in process inventory at ending $                218,800
Cost of goods manufactured $          2,746,000
.

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