Popeye Company is a metal and wood cutting manufacture – Click on this link


ACC203 Assignment 

Question 2

Foxwood Company is a metal and woodcutting manufacturer, selling products to the home construction market. Consider the following data for 2018:


Sandpaper $2,000
Materials-handling costs 70,000
Lubricants and coolants 5,000
Miscellaneous indirect manufacturing labour 40,000
Direct manufacturing labour 300,000
Direct materials inventory 1 Jan 2018 40,000
Direct materials inventory 31 Dec 2018 50,000
Finished goods inventory 1 Jan 2018 100,000
Finished goods inventory 31 Dec 2018 150,000
Work in process inventory 1 Jan 2018 10,000
Work in process inventory 31 Dec 2018 14,000
Plant leasing costs 54,000
Depreciation – plant equipment 36,000
Insurance on plant equipment 3,000
Direct material purchased 460,000
Sales revenues 1,360,000
Marketing promotions 60,000
Marketing salaries 100,000
Distribution costs 70,000
Customer service costs 100,000



1)  Prepare a schedule of cost of goods manufactured.

2)  Prepare a schedule of costs of goods sold.

3)  Prepare an income statement.


Question 3.

Karlene Industries produces plastic ice cube trays in two processes: heating and stamping. All materials are added at the beginning of the Heating Department process. Karlene uses the weighted averaged method to compute equivalent units.

On 1 November 2016, the Heating Department had in process 1,000 trays that were 70% complete. During November, it started into production 12,000 trays. On 30 November, 2016, 2000 trays that were 60% complete were in process.

The following cost information for the Heating Department was also available.


Work in process, 1 November:

Direct material (100% complete)       $640
Conversion costs (70% complete) $360
Balance in work in process, 1 November $1,000


Costs incurred during November:

Direct material                                   $3,000

Conversion costs:

Direct labour                         $2,300

Manufacturing overhead               $4,050     $6,350

Total production costs incurred during November          $9,350



  1. Analysis of physical flow of units
  2. Calculation of equivalent units
  3. Calculation of units cost
  4. Analysis of total costs


Question 4.

Martinez Building Products Company is one of the largest manufacturers and marketers of unique, custom made residential garage doors in the U.S. It also is a major supplier of industrial and commercial doors, grills, and counter shutters for the new construction, repair, and remodel markets.

Martinez uses a job cost system and applies overhead to production on the basis of direct labour cost. In computing a predetermined overhead rate for the year 2018, the company estimated manufacturing overhead to be $24 million and direct labour costs to be $20 million. In addition, it developed the following information.


Actual costs incurred during 2018

Direct materials used                                     $30,000,000

Direct labour cost incurred                                  21,000,000

Insurance for factory                                         500,000

Indirect labour                                            7,500,000

Factory maintenance                                       1,000,000

Rent on factory building                                    11,000,000

Depreciation on factory equipment                            2,000,000


  1. Why is Martinez Building Products Company using a job costing system?
  2. On what basis does Martinez allocate its manufacturing overhead? Please calculate the predetermined overhead rate for 2018.
  3. Calculate the amount of the under- or overapplied overhead for 2018.

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