Beginning Work in Process: Ending Work in Process: Beginning Finished Goods Inventory: Ending Finished Goods Inventory: Beginning Raw Materials Inventory Ending Raw Materials Inventory Raw Material Purchases Indirect Materials Used: Direct Labor: Indirect Labor: Administrative and Selling Expenses: Other Manufacturing Overhead: Required: Complete a Schedule of Cost of Goods Manufactured for the Smithfield Company. $50,000 $55,000 $190,000 $140,000 $210,000 $190,000 $205,000 $45,000 $320,000 $70,000 $205,000 $135,000

Beginning Work in Process: Ending Work in Process: Beginning Finished Goods Inventory: Ending Finished Goods Inventory: Beginning Raw Materials Inventory Ending Raw Materials Inventory Raw Material Purchases Indirect Materials Used: Direct Labor: Indirect Labor: Administrative and Selling Expenses: Other Manufacturing Overhead: Required: Complete a Schedule of Cost of Goods Manufactured for the Smithfield Company. $50,000 $55,000 $190,000 $140,000 $210,000 $190,000 $205,000 $45,000 $320,000 $70,000 $205,000 $135,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 10E: Costs per equivalent unit Georgia Products Inc. completed and transferred 89,000 particle board...

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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
Beginning inventory and direct material cost added during the month total $55,000. What is the value of the ending work in process inventory if beginning inventory was 2,000 units; 9,000 units were started; and 1,000 units were in ending inventory? $1,000 $5,000 $50,000 $55,000
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 62,000
Selected account balances and transactions of Titan Foundry Inc. follow: May Transactions: a. Purchased raw materials and factory supplies on account at costs of 45,000 and 10,000, respectively. (One inventory account is maintained.) b. Incurred wages during the month of 65,000 (15,000 was for indirect labor). c. Incurred factory overhead costs in the amount of 42,000 on account. d. Made adjusting entries to record 10,000 of factory overhead for items such as depreciation (credit Various Credits). Factory overhead was closed to Work in Process. Completed jobs were transferred to Finished Goods, and the cost of jobs sold was charged to Cost of Goods Sold. Required: Prepare journal entries for the following: 1. The purchase of raw materials and factory supplies. 2. The issuance of raw materials and supplies into production. (Hint: Be certain to consider the beginning and ending balances of raw materials and supplies as well as the amount of the purchases.) 3. The recording of the payroll. 4. The distribution of the payroll. 5. The payment of the payroll. 6. The recording of factory overhead incurred. 7. The adjusting entry for factory overhead. 8. The entry to transfer factory overhead costs to Work in Process. 9. The entry to transfer the cost of completed work to Finished Goods. (Hint: Be sure to consider the beginning and ending balances of Work in Process as well as the manufacturing costs added to Work in Process this period.) 10. The entry to record the cost of goods sold. (Hint: Be sure to consider the beginning and ending balances of Finished Goods as well as the cost of the goods finished during the month.)
Entries 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.
Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
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
Financial statements of a manufacturing firm The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased 250,000 of materials. b. Used 180,000 of direct materials in production. c. Incurred 450,000 of direct labor wages. d. Incurred 180,000 of factory overhead. e. Transferred 760,000 of work in process to finished goods. f. Sold goods for 1,200,000. g. Sold goods with a cost of 675,000 h. Incurred 215,000 of selling expense i. Incurred 125,000 of administrative expense Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. b. Determine the inventory balances at the end of the first month of operations.
Materials P 1,400,000 Advance for materials ordered 200,000 Goods in process 650,000 Unexpired insurance on inventories 60,000 Advertising catalogs and shipping boxes 150,000 Finished goods in factory 2,000,000 Finished goods in company-owned retails store, including 50% profit on cost 750,000 Finished goods in hands on consignees including 40% profit on sales 400,000 Finished goods in transit to customers, shipped FOB destination, at cost 250,000 Finished goods out on approval, at cost 100,000 Unsalable finished goods, at cost 50,000 Office supplies 40,000 Materials in transit shipped FOB shipping point, excluding freight of P30,000 330,000 Goods held on consignment, at sales price, cost P150,000 200,000 37.How much is the correct amount of inventories?
Raw materials……………………………………………………………….P 1,400,000 Advances for materials ordered…………………………………………. 200,000 Work in process……………………………………………………………. 650,000 Unexpired inventory insurance…………………………………………. 60,000 Advertising catalogs and packaging cartons…………………………. 150,000 Finished goods inventory in the warehouse…………………………... 2,000,000 Finished goods in the company owned retail store, stated at 50% mark-up on its cost…………………………………………………… 750,000 Finished goods in the hands of consignees including 40% profit on sales…………………………………………………………. 400,000 Finished goods in transit to customers, Shipped at FOB-Destination stated at cost…………………………………………………………… 250,000 Finished goods out on customers’ approval, at cost…………………. 100,000 Unsalable finished goods, at cost………………………………………. 50,000 Office stationeries and supplies………………………………………… 40,000 Materials in transit,…
Direct Material, Beginning $7,000 WIP, Beginning 7,500 Finished goods, Beginning 10,000 Raw Material purchased 46,800 Selling & general expenses 6,700 Direct Material, Ending 9,000 WIP, Ending 3,500 Finished goods, Ending 12,000 Direct Labor 8,000 Factory overhead is applied at the rate of 80% of direct labor cost. You are required to calculate: i) Cost of goods manufactured ii) Cost of goods sold
Balances: Beginning Ending Direct materials 13,5007 300 Work in process inventory 0 3,400 Finished goods inventory 0 5,100 Other information: Direct materials purchase 36,000 Plant expenses 19,000 Sales salaries 6,200 Delivery of items sold 1,100 Net sales revenue 108,500 Customer hotline costs 4,800 Direct labor 24,000 Create a Schedule of Cost of Good Manufactured. Create an Income Statement.