Assignment Problem: Please explain the following practice:
Question 1: Towson Manufacturing had a Work in Process balance of $110,000 on January 1, 2018. The year end balance of Work in Process was $108,000 and the Cost of Goods Manufactured was $660,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018. (Round enter as whole dollars only.)
Question 2: For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $41,000, accounts receivable $143,000, inventories $78,000, prepaid expenses $24,000, accounts payable $71,000, and accrued expenses $69,000. Use this information to determine the Current Ratio. (Round & enter your answers to one decimal place.)
Question 3: During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $21,000 & ending finished goods inventory of $18,500. Beginning work-in-process was $13,000 and ending work-in-process was 13,500. Factory overhead was $22,500. The total manufacturing costs amounted to $230,000. Use this information to determine the FY 2018 Cost of Goods Sold. (Round enter as whole dollars only.)
Question 4: Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, are as follows:
Direct material of 4.00 yards at $5.50 per yard
Direct labor of 2.50 hours at $16.00 per hour
Overhead applied per sleeping bag at $18.00
In the month of April, the company actually produced 4,900 sleeping bags using 24,300 yards of material at a cost of $5.30 per yard. The labor used was 11,500 hours at an average rate of $19.50 per hour. The actual overhead spending was $96,200.
Find the materials price variance and round to the nearest whole dollar. Enter a favorable variance as a negative number. Enter an unfavorable variance as a positive number.
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