Answer the following questions by analysing the T-accounts given below. 1. Answer the following questions by analysing the T-accounts given belowMaterials InventoryWork in Process InventoryBeg. balance$ 18,000Beg. balance$ 20,000360,000?Ending balance $ 14,000230,000400,000Ending balance $ 25,000Direct LaborFinished Goods Inventory$225,000$230,000Beg. balance$ 98,000Ending balance $ 5,000?Ending balance $110,000Manufacturing OverheadCost of Goods Sold$400,000$400,000-?d) Direct labor costs assigned to productione) The overhead as a percentage of direct labor costsf) Total manufacturing costs charged to the Work in Process Inventory account during the currentyear

Total manufacturing cost is the accumulated total expenses incurred in the process of manufacturing…

1. Answer the following questions by analysing the T-accounts given below Materials Inventory Work in Process Inventory Beg. balance $ 18,000 360,000 Ending balance $ 14,000 Beg. balance $ 20,000 +? 230,000 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $230,000- Ending balance $ 5,000 $ 98,000 $225,000 Beg. balance Ending balance $110,000 Manufacturing Overhead Cost of Goods Sold $400,000 $400,000 -? d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year

1. Answer the following questions by analysing the T-accounts given below Materials Inventory Work in Process Inventory Beg. balance $ 18,000 360,000 Ending balance $ 14,000 Beg. balance $ 20,000 +? 230,000 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $230,000- Ending balance $ 5,000 $ 98,000 $225,000 Beg. balance Ending balance $110,000 Manufacturing Overhead Cost of Goods Sold $400,000 $400,000 -? d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Inventory costing methods The purchases and issues of rubber gaskets (Materials Ledger #11216) as shown in the records of Hillsdale Corp. for November follow: Required: 1. Complete a materials ledger account similar to Figure 2-10 (the On Order columns should be omitted) for each of the following inventory costing methods, using a perpetual inventory system: a. FIFO b. LIFO c. Weighted average (carrying unit prices to five decimal places) 2. For each method, prepare a schedule that shows the total cost of materials transferred to Work in Process and the cost of the ending inventory. 3. If prices continue to increase, would you favor adopting the FIFO or the LIFO method? Explain. 4. When prices continue to rise, what is the effect of FIFO versus LIFO on the inventory balance for materials reported in the balance sheet? Discuss.
Inventory costing methods The following transactions affecting materials occurred in February: Required: Record the transactions in materials ledger accounts similar to Figure 2-10. (The On Order columns should be omitted.) Use the following inventory methods, assuming the use of a perpetual inventory system. Carry unit prices to four decimal places. 1. FIFO 2. LIFO 3. Weighted average
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for Filimonov Inc. (p. 337) and assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
( Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records for Lee Enterprises contained the following data: Required: 1. Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all three methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses the periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200