5. Mah, Inc. completed Job No B14 during 2013. The job cost sheet listed the following: Direct Materials - $55,000 Direct labor -$30,000 Manufacturing overhead applied -$20,000 Units produced 3000 units Units Sold 1800 units How much

5. Mah, Inc. completed Job No B14 during 2013. The job cost sheet listed the following:

    Direct Materials - $55,000

    Direct labor -$30,000

    Manufacturing overhead applied -$20,000

    Units produced 3000 units

    Units Sold 1800 units

 How much is the cost of the finished goods on hand from this job?

6. In the month of June, a department had 20,000 units in beginning work in process that were 70% complete. During June, 80,000 units were transferred into production from another department. At the end of June there were 10,000 units in ending work in process that were 40% complete. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. The equivalent units of production for materials for June were

7 A company budgeted unit sales of 204,000 units for January, 2013 and 240,000 units for February, 2013. The company has a policy of having an inventory of units on hand at the end of each month equal to 30% of next month’s budgeted unit sales. If there were 61,200 units of inventory on hand on December 31, 2013. How many units should be produced in January 2013 in order for the company to meet its goals?

8. A company’s planned activity level for next year is expected to be 200,000 machine hours. At this level of activity, the company budgeted the following manufacturing overhead costs:

VariableFixed

Indirect Materials $ 280,000                                                                        Depreciation $ 120,000

Indirect Labor 400,000                                                                                   Taxes                   20,000

Factory supplies 40000                                                                                 Supervision       100,000

A flexible budget prepared at the 160,000 machine hours level of acitivity would show total manufacturing overhead costs of

9. A company developed the following per unit standards for its product: 2 pounds of direct materials at $ 4 per pound. Last month 1,500 pounds of direct materials were purchased for $5,700. The direct materials price variance for last month was

Problem 2: 10 points

Nemani Corporation is projecting a cash balance of $31,785 in its December 31, 2013, balance sheet. Nemani schedule of expected collections from customers for the first quarter of 2013 shows total collections of $180,885. The schedule of expected payments for direct materials for the first quarter of 2013 shows total payments of $40,200. Other information gathered for the first quarter of 2013 is: sale of equipment $3,392; direct labor $70,178, manufacturing overhead $34,583, and purchase of securities $12,372. Selling and administrative expenses are projected to be $45,117; this figure includes $1,117 in depreciation expense on the office equipment. All costs and expenses will be paid in cash. Nemani wants to maintain a balance of at least $25,000 cash at the end of each quarter

Problem 3: 10 points

Problem 6: 5 points

On July 1, Browning Corporation purchases 550,000 shares of its $6 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 275,000 shares of the treasury stock for cash at $13 per share. The balance in the retained earnings account is $6,345,000.

Instructions: Journalize the two treasury stock transactions.