ACCT 102 - Subparts d e f 614,400Ending balance $ 53,400Manufacturing OverheadCost of Goods Sold$214,400$214,400Required:Indicate the amounts requested below. Some amounts are shown in the illustrated T accounts; others require short computations.a. Compute the amount of purchases of direct materials.b. Compute the amount of the cost of direct materials used.c. Compute the amount of direct labor costs assigned to production.d. Compute the amount of the year-end liability for direct wages payable.e. Compute the amount of total manufacturing costs charged to the Work in Process Inventory account during the current yearf. Compute the amount of the cost of finished goods manufactured.g. Compute the amount of the year-end balance in the Work in Process Inventory accounth. Compute the amount of the cost of goods sold.i. Compute the amount of the total amount of inventory listed in the year-end balance sheetPurchases of direct materials269,000a.265,000b. Cost of direct materials used134,000C.Amount of direct labor costsd. Amount of year-end liability for direct laborTotal manufacturing costsf.Cost of finished goods manufacturedg. Amount of year-end balance for work in process inventoryh Cost of goods soldTotal inventory%24 Materials InventoryWork in Process InventoryBeg. balance$ 13,000Beg, balance$ 19,000269,000Ending balance $ 17,000$614,400134,000214,400Ending balanceDirect LaborFinished Goods Inventory$134,000Ending balance $ 2,700$ 46,000614,400Ending balance $ 53,400$131,300Beg. balanceCost of Goods SoldManufacturing Overhead$214,400$214,400Required:Indicate the amounts requested below. Some amounts are shown in the illustrated T accounts; others require short computations.a. Compute the amount of purchases of direct materials.b. Compute the amount of the cost of direct materials used.c. Compute the amount of direct labor costs assigned to production.d. Compute the amount of the year-end liability for direct wages payable.e. Compute the ampunt of total manufacturing costs charged to the Work in Process Inventory account during the current year.f. Compute the amount of the cost of finished goods manufactured.g. Compute the amount of the year-end balance in the Work in Process Inventory account.h. Compute the amount of the cost of goods sold.i. Compute the amount of the total amount of inventory listed in the year-end balance sheet.269,000Purchases of direct materials265,000a.Cost of direct materials used134.000%24%24

Cost of goods manufactured = Beginning WIP + total manufacturing costs incurred during the year -…

b. Compute he diIount Ul UIC CUJL c. Compute the amount of direct labor costs assigned to production. d. Compute the amount of the year-end liability for direct wages payable. e. Compute the ampunt of total manufacturing costs charged to the Work in Proc f. Compute the amount of the cost of finished goods manufactured. ass Inventor

b. Compute he diIount Ul UIC CUJL c. Compute the amount of direct labor costs assigned to production. d. Compute the amount of the year-end liability for direct wages payable. e. Compute the ampunt of total manufacturing costs charged to the Work in Proc f. Compute the amount of the cost of finished goods manufactured. ass Inventor

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 32P: Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a...

See similar textbooks

Similar questions

Question Content Area Compute conversion costs given the following data: direct materials, $376,200; direct labor, $200,400; factory overhead, $179,400 and selling expenses, $48,400. a. $555,600 b. $131,000 c. $756,000 d. $379,800
You have the following data: Cost of goods sold Direct labour Direct materials Cost of goods manufactured Work-in-process ending Finished goods ending Manufacturing overhead Which of the following represents the beginning work-in-process inventory? O $25. $15. O $20. $55. $70 $20 $15 $80 $10 $15 $30
Fill in the blanks: Mama Mia Corp. produces customized products. The following accounts appeared in the ledger as of December 31, 2020. Direct Materials 01.01 P220,500.00 Compute 12.31 378,000.00 Factory Overhead Compute Work In Process 01.01 178,500.00 DM Compute Compute DL 1,575,000.00 он 12.31 130,000.00| Accounts Payable 26,250.00 01.01 1,433,250.00 210,000.00 12.31 Sales
Sales Revenue Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Cost of Goods Sold Gross Margin Direct Materials Used Selling and Administrative Expense Operating Income Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending Direct Labor Used Factory Overhead Total Manufacturing Cost Cost of Goods Manufactured Selling and administrative expenses are calculated to be: Multiple Choice $12.000. $4,000. $ 58,000 9,000 6,000 2 25,000 10,000 ? 14,000 ? 5,000 9,000 12,000 ? ?
Doaktown Products manufactures fishing equipment for recreational uses. The Miramichi plant produces the company's two versions of a special reel used for river fishing. The two models are the M-008, a basic reel, and the M-123, a new and improved version. Cost accountants at company headquarters have prepared costs for the two reels for the most recent period. The plant manager is concerned. The cost report does not coincide with her intuition about the relative costs of the two models. She has asked you to review the cost accounting and help her prepare a response to headquarters. Manufacturing overhead is currently assigned to products based on their direct labor costs. For the most recent month, manufacturing overhead was $334,400. During that time, the company produced 14,900 units of the M-008 and 2,400 units of the M-123. The direct costs of production were as follows. М-008 М-123 Total Direct materials $119,200 $ 96,000 48,000 $215,200 Direct labor 119,200 167,200 Management…
The following events occurred during March for Ajax Company. A. Materials were purchased on account for $35,427. B. Materials were requisitioned to begin work on Job C15 in the amount of $25,260. C. Direct labor expense for Job C15 was $24,127. D. Actual overhead was incurred on account of $32,851. E. Factory overhead was charged to Job C15 at the rate of 200% of direct labor. F. Job C15 was transferred to finished goods at $97,641. G. Job C15 was sold on account for $399,000. Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory 35,427 Accounts Payable 35,427 В. Work in Process Inventory 25,260 Raw Materials Inventory 25,260 C. Work in Process Inventory С. 24,127 Raw Materials Inventory Work in Process Inventory D. 32,851 Manufacturing Overhead 32,851 E. Previo Email Instructor Su All work saved.
Assume the following information from a schedule of cost of goods manufactured: Cost of goods manufactured Beginning work in process inventory Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs added to production What is the ending work in process inventory? Multiple Choice $158,800 $68,800 $98,800 $118,800 $ 158,000 $ 26,800 $ 50,000 $ 90,000 $ 200,000
Exercise 2: Flow of Cost - Cost System You are required to compute for the unknowns in the following accounts: Materials Inventory 7,950 Purchase Returns 750 Purchases 27,500 Direct Materials ? Indirect Materials (e) Inventory, end 5,100 Work in Process Inventory 13,650 Cost of Goods Sold Completed (c) Direct Materials Cost 23,500 Direct Labor Cost (a) Factory Overhead Applied (100% of direct labor cost) (b) Inventory 11,750 62,150 Finished Goods Inventory 12,500 Cost of Goods Sold (d) Cost of Goods Sold Completed ? Inventory, end 11,250
Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used, $19,000; direct labor, $6,000; manufacturingoverhead, $21,000; beginning Work-in-Process Inventory, $14,800; and ending Work-in-Process Inventory, $8,000. Cost of Goods Manufactured Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred during Period Total Manufacturing Costs to Account For Cost of Goods Manufactured Requirement 3. Using the results from Requirement 2, calculate the cost per unit for goods manufactured assuming 1,100 units were manufactured. ÷ = Unit product cost ÷ = Requirement 4. Beginning Finished Goods Inventory had 225 units that had a unit cost of $45 each. Ending Finished Goods Inventory has 250 units left.…
-S average costs per unit are as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Average Cost per Unit $7.10 $4.10 $ 1.60 $ 5.10 $ 3.60 $ 2.60 1. Total amount of product cost 2. Total amount of period cost incurred 3. Total amount of product cost 4. Total amount of period cost $ 1.10 $ 0.60 Exercise 1-8 (Algo) Product Costs and Period Costs; Variable and Fixed Costs [LO1-3, LO1-- Required: 1. For financial accounting purposes, what is the total amount of product costs incurred to make 11,000 units? 2. For financial accounting purposes, what is the total amount of period costs incurred to sell 11,000 units? 3. For financial accounting purposes, what is the total amount of product costs incurred to make 12,000 units? 4. For financial accounting purposes, what is the total amount of period costs incurred to sell 10,000 units? (For all…
Midterm Assume the following information from a schedule of cost of goods manufactured: Cost of goods manufactured Beginning work in process inventory Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs added to production What is the ending work in process inventory? Multiple Choice O $118,300 O $98,300 $68,300 O $158,300 $ 158,000 $ 26,300 $ 50,000 $ 90,000 $ 200,000
Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Ohno's monthly manufacturing cost and other expense data are as follows. Rent on factory equipment $1,600 Insurance on factory building 2,500 Raw materials (plastics, polystyrene, etc.) 79,700 Utility costs for factory 900 Supplies for general office 300 Wages for assembly line workers 63,700 Depreciation on office equipment 800 Miscellaneous materials (glue, thread, etc) 1,200 Factory manager's salary 6,400 Property taxes on factory building 500 Advertising for helmets 14,500 Sales commissions 10,600 Depreciation on factory building 1,600 (a)