Beginning of 2013 Prepare a schedule for the cost of goods manufactured for | 2013. Begin by preparing the schedule of cost of goods manufactured(in thousands). Start with the direct materials and labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods End of 2013 manufactured. Direct materials inventory $27,000 s28,000 Work-in-process inventory 29,000 22.000 Finished goods inventory 16,000 25.000 Purchases of direct materials 73,000 Direct manufacturing labor 24,000 Indirect manufacturing labor 18.000 Plant insurance 6,000 Depreciationa€"plant, building, and equipment 17.000 Repairs and maintenances€"plant 2.000 111.000 Marketing, distribution, and customer-service costs General and administrative costs 36.000

Beginning of 2013 Prepare a schedule for the cost of goods manufactured for | 2013. Begin by preparing the schedule of cost of goods manufactured(in thousands). Start with the direct materials and labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods End of 2013 manufactured. Direct materials inventory $27,000 s28,000 Work-in-process inventory 29,000 22.000 Finished goods inventory 16,000 25.000 Purchases of direct materials 73,000 Direct manufacturing labor 24,000 Indirect manufacturing labor 18.000 Plant insurance 6,000 Depreciationa€"plant, building, and equipment 17.000 Repairs and maintenances€"plant 2.000 111.000 Marketing, distribution, and customer-service costs General and administrative costs 36.000

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...

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Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:
Direct materials: Beginning inventory Purchases Ending inventory Direct manufacturing labor Manufacturing overhead Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory P 40,000 123,200 20,800 32,000 24,000 8,000 1,600 48,000 32,000 Required: A. What is the cost of direct materials used during 2022? B. What is cost of goods manufactured for 2022? C. What is cost of goods sold for 2022? D. What amount of prime costs was added to production during 2022? E. What amount of conversion costs was added to production during 2022?
Prepare a schedule for the cost of goods manufactured for Beginning of 2013 End of 2013 2013. Begin by preparing the schedule of cost of goods manufactured(in thousands). Start with the direct materials and labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. Direct materials inventory $27,000 $28,000 Work-in-process inventory 29,000 22.000 Finished goods inventory 16,000 25.000 Purchases of direct materials 73,000 Direct manufacturing labor 24,000 Indirect manufacturing labor 18,000 Plant insurance 6,000 Depreciationa€"plant, building, and equipment 17,000 Repairs and maintenancea€"plant 2,000 Marketing, distribution, and customer-service costs 111,000 General and administrative costs 36,000
From the following data, determine the total Cost of Goods Manufactured (COGM): Costs of units in beginning Work-in-Progress (WIP) Inventory $78500.00Costs added to units in beginning WIP Inventory this period 19500.00Costs of units started and completed 153000.00Cost of units started and incomplete 57500.00 Cost of units in ending WIP inventory 57500.00 A. $269500.00 B. $251000.00 C. $268000.00D. $308500.00
2. From the following information, draw up a manufacturing account and the trading account section of the income statement for the six months ending 30 September, 2012. You should show clearly: a. Cost of raw materials consumed b. Prime cost of production c. Gross cost of production d. Net Production cost Inventory 1 April 2012: GH¢ Raw materials 2,990 Work-in-progress 3,900 Finished goods 15,300| Inventory, 30 September 2012: Raw materials 4,200 Work-in-progress 3,600 Finished goods 17,700| Purchase of raw materials 15,630 Carriage on raw materials 126 Direct wages 48,648 Factory general expenses 7,048 Office salaries 22,200 Depreciation of office furniture 420 Carriage outwards 191 Advertising 1,472 Bad debts 200 112,410 1,317 Sales less returns Sales of scrap Discount received 188 Depreciation of factory equipment Rent and business rates (factory three-quarters, office one-quarter) 4,200 2,800
Concord Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory. Dec. 31, 2020 O $2190700 O $2110700 Ⓒ$2260700. O $2010700 $310000 300000 190000 Dec. 31, 2019. $260000 160000 150000 During 2020, $920000 of raw materials were purchased, direct labor costs amounted to $684700, and manufacturing overhead incurred was $736000. If Concord Corporation's cost of goods manufactured for 2020 amounted to $2150700, its cost of goods sold for the year is
From the following data, determine the total Cost of Goods Manufactured (COGM): Costs of units in beginning Work-in-Progress (WIP) Inventory Costs added to units in beginning WIP Inventory this period Costs of units started and completed Cost of units started and incomplete Cost of units in ending WIP inventory $ 78,000.00 $ 16,040.40 $ 157,050.50 $ 59,309.10 $ 59,309.10 A) $251,090.90 B) $270,840.40 C) $279,000.00 D) $310,400.00
3. Prepare a Statement of Cost of Goods Manufactured and Sold for the given problem. The following data are provided by the controller of Liwasan Corporation for the year 2020: Cash, P480,000 Accounts Receivable, 696,000 Finished Goods Inventory, beg., 108,400 Finished Goods Inventory, end., 132,000 Work in Process Inventory, beg., 59,600 Work in Process Inventory, end., 77,600 Raw Materials Inventory, beg., 176,000 Raw Materials Inventory, end., 128,000 Raw Material Purchases, 732,000 Sales Discounts, 16,000 Factory Overhead (excluding depreciation), 936,000 Marketing and Administrative Expenses (excluding depreciation), 688,400 Depreciation (90% manufacturing, 10% marketing and administrative expenses), 232,000 Sales, 3,688,000 Direct Labor, 1,047,200 Freight on raw materials purchased, 13, 200 Rental Income, 128,000 Interest on Notes Payable, 32,000
Problem 7: Cost of Production Report Helen Company uses FIFO process costing. Data are as follows: Beginning inventory 40% complete Units completed during period Ending inventory 70% complete 25,000 units 500,000 units 45,000 units
If You Company had the following account balances as of August 1, 2018: Raw Material(direct&indirect)inventory Work in Process Inventory $20,300 $7,000 $18,000 Finished Goods Inventory Required: Journalize the transactions for August.Post transactions to the general ledger accounts for WIP, Finished Goods, and Cost of good solds. Prepare a schedule of cost of goods manufactured for August using actual costing. Prepare an income statement, including a detailed schedule of cost of goods sold. 1.Purchased $164,000 of raw material on account. 2.Issued $180,000 of raw material of which $134,000 was direct to the product. 3.Accrued factory payroll of $88,000; $62,000 was for direct labor and the rest was for supervisors' salaries. 4.Accrued utility cost of $7,000; of these costs $1600 were fixed. 5.Accrued property taxes on the factory in the amount of $2,000. 6.Had prepaid insurance of $1,600 on factory equipment that expired in August. 7.Had straight line depreciation on factory equipment…
Manufacturing costs: Direct materials: Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (I.e., 234,000 should be entered as 234). Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale January 1 (Beginning) ($000) $ 712 Cost of goods sold December 31 (Ending) ($000) $784 1,330 264 1,154 139 BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000)
Coronado Industries's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2020 O $2050000. $1910000. $2110000. $2010000. $310000 300000 190000 Dec. 31, 2019 $250000 160000 150000 During 2020, $800000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Coronado Industries's total manufacturing costs incurred in 2020 amounted to