A company reports ending work in process inventory of $770 and cost of goods sold of $23,404. Compute days’ sales in work in process inventory. Round the answer to the nearest whole day.

Q: Harrington Industries, which uses a process-costing system, had a balance in its Work-in-Process…

A: Cost of goods manufactured = Beginning WIP + Manufacturing costs - Ending WIP Cost of goods…

Q: The T-accounts below provide selected data about Company J’s financial results for the year: Raw…

A: Manufacturing overhead costs also include some indirect costs, such as the following: Indirect…

Q: The following balances are from the accounts of Tappan Parts. January 1 (Beginning) 962,000…

A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…

Q: LX2747 company has provided the following data for a month. The balance in the Finished Goods…

A: 1. OVERAPPLIED MANUFACTURING OVERHEAD : = APPLIED MANUFACTURING OVERHEAD - ACTUAL MANUFACTURING…

Q: A manufacturing company has the following balances at the end of its first year's operations: Sales…

A: Under-applied Overhead = Actual manufacturing overhead - Manufacturing overhead applied = 160000…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: As per the absorption costing system, product cost includes both fixed and variable expenses.

Q: A company has the following transactions during the week. • Purchase of $1,788 raw materials…

A: Cost is the monetary value of expenditures for different goods.

Q: Last month a manufacturing company had the following operating results: Beginning finished goods…

A: For calculating cost of goods manufactured , we need to calculate cost of goods sold. Following…

Q: Last month a manufacturing company had the following operating results: $90.000 Beginning finished…

A: Cost of goods sold = Sales - Gross profit = $412,000 - $62,000 = $350,000

Q: Problem: Below are the following balances of accounts as of December 31, 2020: Inventory: Beginning…

A: Conversion cost appears to be the expenses involved by any manufacturing organization in the…

Q: Question - Edmiston Company reported the following year-end information: beginning work in process…

A: Computation of Cost of goods sold is given by the following formula : Cost of Goods Sold = Beginning…

Q: The following selected account balances for the year ended December 31 are provided for Valenko…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: The balance in Branch Co.’s Work in Process inventory account was P15,000 on June 1 and P18,000 on…

A: Cost of goods manufactured = Beginning WIP + Direct materials + Direct labor + Overhead applied-…

Q: The following information was taken from Albemar Company for the year ended December 31, 2021:…

A: Raw material used = Raw material purchased - increase in raw material = 43000000-1500000 = 4150000

Q: Tyare Corporation had the following inventory balances at the beginning and end of May:     May 1…

A: Direct labor cost: salaries or wages paid to the employees in the process of manufacturing the…

Q: On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials…

A: Calculate predetermined overhead rate:

Q: Tyare Corporation had the following inventory balances at the beginning and end May: May 1 $31,500…

A: Given,  Overhead applied = $43,200 Predetermined overhead rate = $12 per direct labor hour

Q: Luebke Inc. has provided the following data for the month of November. The balance in the Finished…

A: Overheads under/over applied: When the actual overheads incurred for the jobs is less than the…

Q: JYD Manufacturing Company showed the following information as of June 1, 2020; ​Raw materials…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: The balance in Branch Co.'s Work in Process inventory account was P15,000 on June 1 and P18,000 on…

A: Solution: Cost of goods manufactured = Beginning WIP + Direct materials + Direct labor +…

Q: Compute ending work in process inventory for a manufacturer with the following information.

A: Work in Process Inventory - This includes the inventory where some work has to be done to complete…

Q: Prepare journal entries for the April transactions. 2. Calculate the ending balances of each of the…

A:

Q: Cerrone Inc. has provided the following data for the month of July. The balance in the Finished…

A: Raw materials: It is the basic input required to manufacture the finished products. The raw…

Q: A company provided the following data for its first year of operations ended on June 30. Figures are…

A: 1. Sales Revenue - Sales Revenue is the income earned by the organization during the accounting…

Q: The following data is provided for Garcon Company and Pepper Company for the year ended December 31.…

A: Prime cost is the total direct cost involved in the process of production. It includes the direct…

Q: The following information is available for the first month of operations of Bahadir Company, a…

A: a. Cost of Goods Sold = Sales-Gross Profit =$451,170-$263,030=$188,140   b. Finished Goods Inventory…

Q: The following data is provided for Garcon Company and Pepper Company for the year ended December 31.…

A: A cost sheet is a method of allocating total costs into different categories. It helps to identify…

Q: Selected account balance for the year ended Dec 31 are provided below for the Big Company:…

A: Cost of goods manufactured represents the amount of cost incurred on the production of the goods. It…

Q: The accounts of Delphinia​ Dreams, Inc. showed the following balances at the beginning of​ October:…

A: The question is related to Process Costing. In the given question there will no change in the ending…

Q: Work in process inventory on December 31 of the current year is $44,000. Work in process inventory…

A: The term work-in-progress (WIP) is used to describe partially finished goods that are awaiting…

Q: A company incurred $200,000 of manufacturing cost during the month, with a beginning finished goods…

A: Formula: Cost of goods sold = Beginning finished goods + Manufacturing costs during the month -…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: The following was taken from Stickers Corp.’s accounting records for the year ended December 31,…

A: Raw material used = Raw material purchased - Increase in raw material inventory

Q: The accounting records of Roland Manufacturing Company include the following information: Dec. 31…

A: The total amount debited to work in process inventory includes the material used in production,…

Q: On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: The financial analysis of a manufacturing company for the previous year yielded the following…

A: The weeks of supply is the time in weeks a company keeps inventory. It is calculated in a similar…

Q: LX7877 company has provided the following data for a month. The balance in the Finished Goods…

A: The adjusted cost of goods sold is the amount of cost of goods sold that is adjusted with the…

Q: By the end of the period, Company X had the following unadjusted balances: work in process inventory…

A: Underapplied overhead to be applied to Work in process = Total underapplied overhead * Work in…

Q: The T-accounts below provide selected data about Company J’s financial results for the year: Raw…

A:

Q: Company had the following inventory balances at the beginning and end of November: November 1…

A: Labor cost: Labor cost is the amount of cost paid to the human workforce who are engaged in…

Q: Cerrone Inc. has provided the following data for the month of July. The balance in the Finished…

A: Cost of goods sold means the cost incurred on the goods which has been sold out. Cost of goods sold…

Q: A company’s Factory Overhead account shows total debits of $624,000 and total credits of $646,000 at…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: A manufacturing company has the following balances at the end of its first year's operations: Sales…

A: Under-applied Overhead = Actual manufacturing overhead - Manufacturing overhead applied = 140000…

Q: Worth Company reported the following year-end information: beginning work in process inventory,…

A: Cost of Goods sold = Cost of goods manufactured + Beginning Finished Goods inventory - Ending…

Q: How much is the cost of goods sold?

A: Cost of goods sold:   It is the cost of a product to a distributor, manufacturer or retailer. The…

Q: Wiremold tracks the direct materials in inventory. At the end of their most recent month, the direct…

A: Raw material inventory      920000 x 7/20 =   322000 WIP  raw material.   920000x2/20. = 92000 Cost…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.