(b)AC).At May 31, 2022, the accounts of Ivanhoe Company show the following.May 1 inventories-finished goods $10,830, work in process $12,630, and raw materials $7,040.May 31 inventories-finished goods $8,170, work in process $13,680, and raw materials $6,100.Debit postings to work in process were direct materials $53,670, direct labor $43,000, and manufacturing overhead applied$34,400. (Assume that overhead applied was equal to overhead incurred.)Sales revenue totaled $184,900.1.2.3.(a)Prepare a condensed cost of goods manufactured schedule for May 2022.3:0eTextbook and MediaList of AccountseTextbook and MediaPrepare an income statement for May 2022 through gross profit.List of AccountsIVANHOE COMPANYCost of Goods Manufactured ScheduleeTextbook and Media$List of AccountsPrepare the balance she section of the manufacturing inventories at May 31, 2022.IVANHOECOMPANY(Partial) Balance sheetIVANHOE COMPANY(Partial) Income Statement

Name: (b)AC).At May 31, 2022, the accounts of Ivanhoe Company show the foll
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Description: (b)AC).At May 31, 2022, the accounts of Ivanhoe Company show the following.May 1 inventories-finished goods $10,830, work in process $12,630, and raw materials $7,040.May 31 inventories-finished goods $8,170, work in process $13,680, and raw materia

Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…

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(b) AC). At May 31, 2022, the accounts of Ivanhoe Company show the following. 1. 2. 3. 4. (a) May 1 inventories-finished goods $10,830, work in process $12,630, and raw materials $7,040. May 31 inventories-finished goods $8,170, work in process $13,680, and raw materials $6,100. Debit postings to work in process were direct materials $53,670, direct labor $43,000, and manufacturing overhead applied $34,400. (Assume that overhead applied was equal to overhead incurred.) Sales revenue totaled $184,900. Prepare a condensed cost of goods manufactured schedule for May 2022. eTextbook and Media List of Accounts Prepare an income statement for May 2022 through gross profit. eTextbook and Media IVANHOE COMPANY Cost of Goods Manufactured Schedule List of Accounts IVANHOE COMPANY (Partial) Income Statement Prepare the balance sheet section of the manufacturing inventories at May 31, 2022. IVANHOECOMPANY (Partial) Balance sheet $ $

(b) AC). At May 31, 2022, the accounts of Ivanhoe Company show the following. 1. 2. 3. 4. (a) May 1 inventories-finished goods $10,830, work in process $12,630, and raw materials $7,040. May 31 inventories-finished goods $8,170, work in process $13,680, and raw materials $6,100. Debit postings to work in process were direct materials $53,670, direct labor $43,000, and manufacturing overhead applied $34,400. (Assume that overhead applied was equal to overhead incurred.) Sales revenue totaled $184,900. Prepare a condensed cost of goods manufactured schedule for May 2022. eTextbook and Media List of Accounts Prepare an income statement for May 2022 through gross profit. eTextbook and Media IVANHOE COMPANY Cost of Goods Manufactured Schedule List of Accounts IVANHOE COMPANY (Partial) Income Statement Prepare the balance sheet section of the manufacturing inventories at May 31, 2022. IVANHOECOMPANY (Partial) Balance sheet $ $

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 14P: An examination of Buckhorn Fabricators records reveals the following transactions: a. On December...

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An examination of Buckhorn Fabricators records reveals the following transactions: a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the weighted average method, was 10,000 gal @ .52 per gal. b. Production returned to the storeroom materials that cost 775. c. Materials valued at 770 were charged to Factory Overhead (Repairs and Maintenance), but should have been charged to Work in Process. d. Defective material, purchased on account, was returned to the vendor. The material returned cost 234. e. Goods sold to a customer, on account, for 5,000 (cost 2,500) were returned because of a misunderstanding of the quantity ordered. The customer stated that the goods returned were in excess of the quantity needed. f. Materials requisitioned totaled 22,300, of which 2,100 represented supplies used. g. Materials purchased on account totaled 25,500. Freight on the materials purchased was 185. h. Direct materials returned to the storeroom amounted to 950. i. Scrap materials sent to the storeroom were valued at an estimated selling price of 685 and treated as a reduction in the cost of all jobs worked on during the period. j. Spoiled work sent to the storeroom valued at a sales price of 60 had production costs of 200 already charged to it. The cost of the spoilage is to be charged to the specific job worked on during the period. k. The scrap materials in (i) were sold for 685 cash. Required: Record the entries for each transaction.
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. 40,600
At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1 inventories—finished goods $ 14,800, work in process $ 17,600, and raw materials $ 8,600. 2. May 31 inventories—finished goods $ 9,600, work in process $ 17,000, and raw materials $ 8,000. 3. Increases to work in process were direct materials $ 64,300, direct labor $ 51,400, and manufacturing overhead applied $ 42,100. 4. Sales revenue totaled $ 217,000. (a) Prepare a condensed cost of goods manufactured schedule for May 2020. SHEFFIELD COMPANYCost of Goods Manufactured Schedulechoose the accounting periodchoose the accounting period select an opening section nameselect an opening section name $ enter a dollar amountenter a dollar amount select an account titleselect an account title $ enter a dollar amountenter a dollar amount select an account titleselect an account title enter a dollar amountenter a dollar amount…
At May 31, 2020, the account of Vaugh Company show the following. 1. May 1 Inventories-finished goods $14,300, work in process $15,100 and raw materials $8,900. 2. May 31 inventories-finished goods $9,600, work in process $16,100, and raw materials $7,600. 3. Debit posting to work in process were direct materials $62,800, direct labor $53,100, and manufacturing overhead applied $42,300. (Assume that overhead applied was equal to overhead incurred) 4. Sales revenue totaled $216,200 Prepare a condensed cost of goods manufactured schedule.
Black Mink Manufacturing Company has the following account balances at year end: Office Supplies- P4,000; Raw materials- P27,000; Work in process- P59,000; Finished goods- P72,000; Prepaid insurance- P6,000. What amount should Black Mink report as inventories in its balance sheet?
CTSha Sdn. Bhd., a local business involved in the manufacturing of plastic, metal and other moulds for a wide variety of industrial customers, had the following balances extracted from its books on 31 December 2020. Name of Account RM WIP - Raw materials, 1 January 2020 14,630 WIP - Factory wages, 1 January 2020 18,330 WIP - Factory overhead, 1 January 2020 21,660 Raw materials, 1 January 2020 36,700 Raw materials purchases 251,340 Transportation of raw materials 8,340 Custom duties on raw materials 9,600 Insurance on raw materials 3,500 Factory wages 285,430 Group accident insurance on factory workers 12,340 Depreciation of plant and factory machinery 48,000 Oils and lubricants 5,700 Factory supervisor's wages 30,400 Factory cleaner’s wages 12,300 Factory security's staff salaries 18,600 Factory repairs and maintenance 9,560 Factory insurance expense 8,400…
Doenjang Jjigae Manufacturing Company has the following account balances at year end: Office Supplies- P4,000; Raw materials- P27,000; Work in process- P59,000; Finished goods- P72,000; Prepaid insurance- P6,000. What amount should Doenjang Jjigae report as inventories in its balance sheet?
The following data were taken from the records of Kingbird Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 $51,100 Accounts Receivable $34,600 Raw Materials Inventory 6/30/22 41,600 Factory Insurance 5,200 Finished Goods Inventory 7/1/21 96,800 Factory Machinery Depreciation 16,800 Finished Goods Inventory 6/30/22 27,800 Factory Utilities 29,700 Work in Process Inventory 7/1/21 21,300 Office Utilities Expense 9,550 Work in Process Inventory 6/30/22 27,900 Sales Revenue 563,900 Direct Labor 144,350 Sales Discounts 4,600 Indirect Labor 26,360 Factory Manager’s Salary 64,300 Factory Property Taxes 9,610 Factory Repairs 2,500 Raw Materials Purchases 97,200 Cash 37,900
Comvita management have provided you with the following data for the year ended in 31st December 2018. Amounts in $ Work in Process - Jan 1, 2018 8100 Selling and Administrative Salaries 13800 Insurance on factory and equipment 3600 Work in Process - December 31, 2018 8300 Finished goods inventory, Jan 1, 2018 14000 Indirect material used 4900 Depreciation on factory equipment 2100 Raw material inventory, Jan 1 2018 10100 Property taxes for factory 2400 Finished goods inventory, 31 December 2018 15400 Purchase of raw material 39000 Electricity for factory 6000 Electricity for sales and administrative offices 2500 Other selling and administrative expenses 4000 Indirect labour cost incurred 29000 Depreciation on factory building 3800 Depreciation on cars used by sales personnel 1200 Direct labour cost incurred 79000 Raw material inventory, Dec 31, 2018 11000…
The following information has been taken from the accounting records of Manufacturing company for year December, 2019: Particulars Amount Raw materials inventory, January 1 $300,000 Raw materials inventory, December 31 50,000 Selling expenses 50,000 Utilities, factory 50,000 Direct labor cost 40,000 Depreciation, factory 30,000 Purchase of raw materials 2,500,000 Sales 5,000,000 Insurance, factory 50,000 Supplies, factory 30,000 Administrative expenses 150,000 Indirect labor 50,000 Maintenance, factory 100,000 Work in progress inventory, January 1 150,000 Work in progress inventory, December 31 100,000 Finished goods inventory, January 1 250,000 Finished goods inventory, December 31 100,000 Management wants these date organized in a better format so that financial statements can be prepared for…
Gugusan Manufacturing, a family-owned business involved with producing stickers for homeand office use, has the following balances extracted from its books on 31 December 2022: Name of Accounts RM RM Raw materials, 1 January 2022 30,400Raw materials purchases 125,600Transportation of raw materials 8,500Custom duties on raw materials 2,800Factory wages 223,300Rent 96,000Depreciation of plant and factory machinery 23,600Depreciation of motor vehicles 36,000Oils and lubricants 1,800Factory supervisory’s salary 38,400General manager’s salary 80,000General expenses 6,000Utilities expenses 24,000Factory repairs and maintenance 4,800Sales returns 9,500Finished goods, 1 January 2022 58,300Advertising expense 10,500Salesmen’s commissions 32,700Salesmen's salaries 48,000Repairs to motor vehicles 12,000Selling expense 4,600Office wages & salaries 63,800Depreciation of office furniture 5,000Discounts allowed 8,400Bad debts expense 6,400Drawings 80,000Freehold land & buildings…
The following data were taken from the records of Waterway Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $48,100 Factory Insurance $5,600 Raw Materials Inventory 6/30/20 46,200 Factory Machinery Depreciation 18,600 Finished Goods Inventory 7/1/19 99,600 Factory Utilities 29,200 Finished Goods Inventory 6/30/20 21,600 Office Utilities Expense 8,850 Work in Process Inventory 7/1/19 27,700 Sales Revenue 561,400 Work in Process Inventory 6/30/20 25,300 Sales Discounts 4,900 Direct Labor 144,150 Plant Manager’s Salary 64,400 Indirect Labor 24,960 Factory Property Taxes 9,910 Accounts Receivable 29,900 Factory Repairs 2,100 Raw Materials Purchases 99,200 Cash 40,700 Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)