11. The following data pertain to ABC Corporation operations in April: April 1 April 31 12,000 Work in Process 7,000 Raw materials 15,000 ? Finished goods ? 20,000 Other data: Cost of goods manufactured Factory overhead cost Gross margin P135,000 60,000 60,000 30,000 40,000 200,000 Raw materials purchases Raw materials used Sales
Q: During the month of April, LTP Company incurred $30,000 of manufacturing overhead, $40,000 of direct…
A: Raw materials used = Raw material purchases + Decrease in raw materials inventory Total…
Q: Calculate the cost of goods manufactured using the following information: Direct materials $…
A: Cost of goods manufactured means the cost which is incurred to manufactured the finished goods…
Q: Lind Manufacturing had the following account balances as of January 1. Direct Materials Inventory…
A: The total cost is the sum of the fixed cost and the variable cost. Fixed costs are those that do not…
Q: Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Borchardt Corporation has provided the following data concerning last month's operations. Direct…
A: Total manufacturing costs = Direct materials + Direct labor + Manufacturing overhead Cost of goods…
Q: P2-4 The following data are available for White Company during the month of July 2015: P 95,000…
A: Direct material used = Beginning Raw material inventory + Direct Materials purchased - ending Raw…
Q: Reyes Company has the following data on July 31, 2021: Factory Overhead 100,000 Decrease in…
A: Materials purchases are the total amount of material purchased for a price that will be used in the…
Q: The following events took place for Focault Inc. during July 20Y2, the first month of operations as…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Miller Company reported the following year-end information: Beginning work in process inventory $…
A: The total cost of work in process can be calculated by adding up beginning work in process inventory…
Q: 5. Aikman Corporation has the following cost records for June 2010. $ 4,500 Indirect factory labor $…
A:
Q: At the end of the period, Carson Company had the following balances in selected accounts: Materials…
A:
Q: The following events took place for Focault Inc. during July 20Y2, the first month of operations as…
A: Net income = Sales- COGS- other selling and administrative expenses. Ending Finished goods= Units…
Q: X Company reported the following year-end information: Beginning Raw Materials Inventory $60,000…
A: Raw material used=Beginning raw material+Raw material purchased-Ending raw…
Q: The following events took place for Focault Inc. during July 20Y2, the first month of operations as…
A: Income statement is a statement that helps in calculating the income or the profit and loss of a…
Q: December 31. Garcon Реpper Company $ 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000…
A: The prime cost comprises of direct material and direct labor cost. The conversion cost comprises of…
Q: Calculate the cost of goods manufactured using the following information: Direct materials $…
A: We have the following information: Direct materials: $300,500 Direct labor: $134,000 Factory…
Q: Superior Company provided the following data for the year ended December 31 (all raw materials are…
A: Cost of Goods sold is the total costs incurred for manufacturing the goods sold during a period.…
Q: X Company reported the following year- end information: Beginning Raw Materials Inventory S70,000…
A: Cost of Good Sold - It is refer to the direct cost for production of goods sold by the company.
Q: Selected data concerning the past year's operations of the Beachwear Manufacturing Company are as…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Partially completed T-accounts and additional information for Pine Ridge Corporation for the month…
A: Solution a: Cost of direct materials issued to production during February = Amount credited to…
Q: The related data of Cyclops Company: Purchases of raw…
A: Cost of goods manufactured can include the direct material used, direct labor, overhead, and changes…
Q: 14. The accounting records of Bronco Company revealed the following information: Raw materials used…
A: Definition: Cost of goods sold: The cost of goods sold is the total of all the expenses incurred by…
Q: The following data were taken from the records of Joey Company for the mon of July : Ассoиnts July 1…
A: In the given question we need to reverse calculation in order to find the opening raw material Cost…
Q: Saffwa Manufacturing Company has two production departments: Cutting and Assembly. July 1…
A: In Departmental costing, raw material purchases are transferred to department 1, work in progress…
Q: Dullea Corporation reported the following data for the month of May: Inventories Beginning Ending…
A: Cost of goods manufactured = Beginning Work in process + Total manufacturing costs - Ending Work in…
Q: Information from the records o f Place, Inc., for the month of December is as follows: Sales…
A: Opening + purchases - closing provides the consumption during the period…
Q: The following data are available for Peter Senen Company during the month of July 2020: P 95,000…
A: Factory overhead is the indirect expenses that are incurred but manufacturing cost includes all the…
Q: Data about Genesis Company production and inventories for the month of October are as follows:…
A: Cost Sheet : Particulars Amount (P) Direct Material Purchased ( 143,440 - 2,440 ) 1,41,000…
Q: Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows:…
A: Formula: Cost of goods sold = Beginning finished goods inventory + cost of goods manufactured -…
Q: The following account balances and other information for Barfield Company pertain to November…
A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for…
Q: 3. The Selected data concerning the past fiscal year's operations of the Eyoha Manufacturing Company…
A: Direct materials used = Opening balance of materials + Direct materials purchased - Closing balance…
Q: Glenville Company has the following information for April: Cost of direct materials used in…
A: Preparation of the above statements that is statement of cost of goods manufactured and statment of…
Q: Hunkins Corporation has provided the following data concerning last month's operations. Purchases of…
A: Workings: Hunkins Corp. Schedule of Cost of goods Manufactured Work - in - process…
Q: The following data were taken from the records of Quezon Company: Inventories September 30 P50,000…
A:
Q: MARIE SWIFT Company reported the given information for the month of Octobe Inventories: P29,000 Work…
A: ln costing there are two types of cost direct cost and indirect. These cost are incurred to produce…
Q: 22. Peter Company provided the following data for the year ended December 31, 2020: Raw materials…
A: Manufacturing cost means the cost which is incurred in factory or related with production of goods…
Q: Company produced and sold 1,000 its during its first month of operation the month: $ 74,000 $ 37,500…
A: SOLUTION 1 a. Total variable manufacturing cost PARTICULARS TOTAL$(1000 UNITS)…
Q: The following were taken from the books of Marvin Company. January 1 March 31 Raw materials P…
A: In order to determine the cost of goods manufactured per unit, the total cost of goods manufactured…
Q: 4. Ipcome statement. Crowley, Inc., submits the following data for September: Direct labor cost,…
A: By using back-calculation the given question is solved Crowley Inc Cost of Goods Manufactured…
Q: ABC Corporation reported the following data for the month of January: Inventories: Beginning…
A: Raw material consumed means the material which is used for making the finished product. To find out…
Q: The following account balances and other information for Barfield Company pertain to November…
A: Direct materials: It is the basic input required to manufacture the finished products. The…
Q: The following costs were incurred in July: Direct materials $35,000 Direct labor $13,000 *...…
A: Prime cost includes direct expenses related to the Manufacturing of goods. Major components of Prime…
Q: Selected information from the Blake Corporation accounting records for June follows. Materials…
A: Costing:- It is a process of estimating the cost and associated revenue of the product. It involves…
Q: The following data relate to the Blue Devil Corp. in February: Material inventories: Beginning…
A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
Q: Dullea Corporation reported the following data for the month of May: Inventories Beginning Ending…
A: Net operating income as subtracting COGS and other operating expenses from sales revenue.
Q: IBC Steel Corp Inc has the following information for the current month: Cost of goods manufactured P…
A: Prime cost is the direct cost incurred in the production of goods. It doesn't include indirect costs…
How to compute
1. beginning finished goods inventory
2. total direct labor cost
3. total cost of goods sold
Step by step
Solved in 4 steps
- SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000Entries for process cost system Pori Ormond Carpel Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpel hacking is added al the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories: Finished Goods 62,000 Work in ProcessSpinning Department 35,000 Work in ProcessTufting Department 28,500 Materials 17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: a Materials purchased on account 500,000 b Materials requisitioned for use FiberSpinning Department 275,000 Carpet backingTufting Department 110,000 Indirect materialsSpinning Department 46,000 Indirect materialsTufting Department 39,500 c. Labor used Direct laborSpinning Department 185,000 Direct laborTufting Department 98,000 Indirect laborSpanning Department 18,500 Indirect laborTufting Department 9,000 d Depreciation charged on fixed assets: Spinning Department 12,500 Tufting Department 8,500 e. Expired prepaid factory insurance: Spinning Department 2,000 Tufting Department 1,000 f. Applied factory overhead Spinning Department 80,000 Tufting Department 55,000 g Production costs transferred from Spinning Department to Tufting Department 547,000 h Production costs transferred from Tufting Department to Finished Goods 807,200 i. Cost of goods sold during the period 795,200 Instructions 1. Journalize the entries to record the operations, identifying each entry by letter. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts.During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
- The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000 units one-half completed at a cost of 1,250 for materials, 675 for labor, and 950 for overhead. Production costs for the monthmaterials, 99,150; labor, 54,925; factory overhead, 75,050. Units completed and transferred to stock38,500. Work in process, end of month3,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost.Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600Analyzing manufacturing cost accounts Summer Boards Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for May: In addition, the following information is available: Materials and direct labor were applied to six jobs in May: b.Factory overhead is applied to each job at a rate of 120% of direct labor cost. c.The May 1 Work in Process balance consisted of two jobs, as follows: d. Customer jobs completed and units sold in May were as follows: Instructions Determine the May 31 balances for each of the inventory accounts and factory overhead.
- Analyzing manufacturing cost accounts Summer Boards Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for May: In addition, the following information is available: Materials and direct labor were applied to six jobs in May: b.Factory overhead is applied to each job at a rate of 120% of direct labor cost. c.The May 1 Work in Process balance consisted of two jobs, as follows: d. Customer jobs completed and units sold in May were as follows: Instructions Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units one-fourth completed at a cost of 2,500 for materials, 1,400 for labor, and 1,800 for overhead. Production costs for the monthmaterials, 130,000; labor, 70,000; and factory overhead, 82,000. Units completed and transferred to stock45,000. Work in process, end of month5,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. No indirect materials were used during the period. Other information pertaining to OReillys inventories and production for July is as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.