How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask DanielleCPA Your Own Question
DanielleCPA, CPA
Category: Business and Finance Homework
Satisfied Customers: 793
Experience:  CPA with Accounting degree and focus on Business
Type Your Business and Finance Homework Question Here...
DanielleCPA is online now
A new question is answered every 9 seconds

On 1 January 2012, the total costs for 1

Customer Question

On 1 January 2012, the total costs for 100,000 partially completed units amounted to $479,936 of which $94,000 were material costs.
• The factory started production on approximately 6,000,000 units during the year.
• There were 200,000 partially completed units costing a total of $191,936 on 30 December 2012, prior to the factory’s year-end closure on 31 December 2012.
• Direct materials brought forward from 2011 were $400,000. The Procurement Manager made a total purchase of $1,625,000 during the year. On 29 December 2012, only $350,000 was left in the store. Direct materials are input at the beginning of the production process.
• 20 out of the total 120 staff worked in the administrative office. The remaining 100 were highly-skilled production technicians and operators who were paid an average of $25 per hour. Each of them worked an average of 120 hours per month from January to December.
• Indirect materials and labour were $20,000 and $120,000 respectively.
• Factory and equipment depreciation was $800,000.
• As most of the machines were old, $400,000 was incurred for repair and maintenance expenses.
• The weighted average method is used to value inventory.

(a) Identify and estimate the costs incurred for production during the year for Direct Materials, Direct Labour and Overheads respectively.
(b) Prepare a Production Report for the year 2012 for Bronson Corporation. What is the percentage of completion of the ending work-in-progress on 31 December 2012?
Submitted: 4 years ago.
Category: Business and Finance Homework
Expert:  DanielleCPA replied 4 years ago.
Welcome and thanks for your question!

What of your deadline for this? Thanks for requesting me, but I am not going to be available to answer this until after 6 pm central time this evening. If your deadline is prior to that, I will opt out so that another expert may assist you.
Customer: replied 4 years ago.

It's okay then... I think I figured it out :)

Expert:  DanielleCPA replied 4 years ago.
Ok. I send this to the moderators to close out.

Thanks again for requesting me.