Davis Manufacturing Company had the following data:January 1 December 31Accounts receivable$27,000$33,000Materials inventory22,5006,000Work in process inventory70,20048,000Finished goods inventory3,00015,000Collections on account were $625,000.Cost of goods sold was 68% of sales.Direct materials purchased amounted to $90,000.Factory overhead was 300% of the cost of direct labor.a. Compute sales revenue (all sales were on account).b. Compute cost of goods sold.c. Compute cost of goods manufactured.d. Compute direct materials used.$e. Compute direct labor incurred.$f. Compute factory overhead incurred.

a. Work back on the sales revenue using the Accounts Receivable beginning and ending and the…

Answered: Davis Manufacturing Company had the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the following data to compute total manufacturing costs for the month: Sales commissions $ 11,300 Direct labor 40,100 Indirect materials 15,700 Factory utilities 9,500 Indirect labor 14,000 Depreciation—office equipment 5,500 Direct materials 41,000 Corporate office salaries 43,000 Depreciation—factory equipment 8,000
Meyers Corporation had the following inventory balances at the beginning and end of November: November 1 November 30 Raw Materials 27,000 22,000 Finished Goods 60,000 48,000 Work in Process 8,000 11,000 During November, Rs. 50,000 of direct raw materials were drawn from inventory and used in production. The company's predetermined overhead rate was Rs. 9 per direct labor-hour, and it paid its direct labor workers Rs. 12 per hour. A total of 310 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained Rs. 4, 800 of direct materials cost. The Corporation incurred Rs. 28,400 of actual manufacturing overhead cost during the month and applied Rs. 29,700 in manufacturing overhead cost Calculate the amount of raw materials purchased during November?
Prior to the first month of operations ending October 31, Marshall Inc. estimated the following operating results: 1 Sales (28,800 × $75) $2,160,000.00 2 Manufacturing costs (28,800 units): 3 Direct materials 1,209,600.00 4 Direct labor 316,800.00 5 Variable factory overhead 115,200.00 6 Fixed factory overhead 221,760.00 7 Fixed selling and administrative expenses 28,400.00 8 Variable selling and administrative expenses 34,900.00 The company is evaluating a proposal to manufacture 36,000 units instead of 28,800 units, thus creating an ending inventory of 7,200 units. Manufacturing the additional units will not change sales, unit variable factory overhead costs, total fixed factory overhead cost, or total selling and administrative expenses. Required: a. Prepare an estimated income statement, comparing operating results if 28,800 and 36,000 units are manufactured in (1) the absorption costing…
PROVIDE Answer with calculation
From the following information taken from the books of a manufacturing concern, compute the operating cycle in days: Period covered 365 days Average period of credit allowed by suppliers 16 days (Rs. in ‘000) Average debtors outstanding 480 Raw material consumption 4,400 Total production cost 10,000 Total cost of goods sold 10,500 Sales for the year 16,000 Value of average stock maintained: Raw Material 320 Work-in-progress 350 Finished goods 260
Factory overhead is applied at 75% of direct labor cost. How much is the total cost of purchases for the month of August?
Malone Company has the following balances for the current month: Indirect materials used $1320 Direct labor 5469 Sales salaries 11588 Indirect labor 1508 Production manager's salary 10170 Marketing costs 4286 Factory rent Direct materials used What are the total period costs? 11814 2021
A partial listing of costs incurred during December at Gagnier Corporation appears below: Factory supplies $8,000 Administrative wages and salaries $105,000 Direct materials $153,000 Sales staff salaries $68,000 Factory depreciation $49,000 Corporate headquarters building rent $34,000. Indirect labor Marketing Direct labor $32,000 $103,000 $83,000 The total of the period costs listed above for December is a. 89,000 b. $310,000 c. $325,000 d. $399,000

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