Determine the cost of goods manufactured. Finished goods inventory, beginningFinished goods inventory, endingDepreciation, factoryAdministrative expensesP 20,00040,00027,000110,000Utilities, factoryMaintenance, factory8,00040,00011,000Supplies, factoryInsurance, factory4,000Purchases of raw materials125,000Raw materials inventory, beginning9,000Raw materials inventory, endingIndirect Labor6,00015,00070,00017,000Direct LaborWork in process inventory, beginningWork in process inventory, ending30,000| SalesSelling expenses500,00080,000

Solution Cost of good manufactured is the calculation of a company's Total costs of production…

Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Administrative expenses Utilities, factory P 20,000 40,000 27,000 110,000 8,000 Maintenance, factory 40,000 Supplies, factory Insurance, factory 11,000 4,000 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending 125,000 9,000 6,000 15,000 70,000 17,000 Indirect Labor Direct Labor Work in process inventory, beginning Work in process inventory, ending 30,000 Sales 500,000 Selling expenses 80,000

Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Administrative expenses Utilities, factory P 20,000 40,000 27,000 110,000 8,000 Maintenance, factory 40,000 Supplies, factory Insurance, factory 11,000 4,000 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending 125,000 9,000 6,000 15,000 70,000 17,000 Indirect Labor Direct Labor Work in process inventory, beginning Work in process inventory, ending 30,000 Sales 500,000 Selling expenses 80,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

See similar textbooks

Similar questions

What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.
Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Shanika Company for 20Y6: Instructions 1. Prepare the 20Y6 statement of cost of goods manufactured. 2. Prepare the 20Y6 income statement.
Ethel Company provided the following information asof May 31, 2020SalesP900,000Finished goods inventory, May 31300,000Work in process inventory,May 31 350,000Raw materials inventory, May 31280,000Finished goods inventory, May 1200,000Work in process inventory,May310,000Raw materials inventory, May250,000Direct labor150,000Factory overhead110,000The average historical gross profit is 30% of salesWhat is the total manufacturing cost? How much was the total raw materials used? How much was the total raw materials purchased?
If the beginning finished goods inventory 250 000 ID , prime cost 250 000 ID , ending finished goods inventory 160 000 ID , manufacturing overhead expenses 180 000 ID , cost of goods manufactured 1224 000 ID , the cost of goods sold are : - a - 1314 000 ID. b - 2184 000 ID . c - 1824 000 ID .
The following information pertains to the Cannady Corporation: Beginning work-in-process inventory $ 50,000 Ending work-in-process inventory 48,000 Beginning finished goods inventory 180,000 Ending finished goods inventory 195,000 Cost of goods manufactured 1,220,000 What is the cost of goods sold? a. $1,235,000 b. $1,205,000 c. $1,218,000 d. $1,222,000
The following inventory information is available for Narcisa Manufacturing Corporationfor the year: Beginning Ending Inventories:Raw materials P17,000 P19,000Work in process 9,000 14,000Finished goods 11,000 8,000Total P37,000 P41,000 In addition, the following transactions occurred:a. Raw materials purchased on account, P75,000.b. Incurred factory labor, P80,000, all is direct labor. (Credit Factory Wages Payable).c. Incurred the following overhead costs during the year: Utilities P6,800, Depreciation onmanufacturing machinery P8,000, Manufacturing machinery repairs P6,200, Factoryinsurance P9,000 (Credit Accounts Payable and Accumulated Depreciation).d. Assigned P80,000 of factory labor to…
Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 $ 8,000 Selling and administrative salaries 13,700 Insurance on factory and equipment 3,600 Work-in-process inventory, 12/31/x1 8,200 Finished-goods inventory, 12/31/x0 14,000 Cash balance, 12/31/x1 7,000 Indirect material used 4,600 Depreciation on factory equipment 2,100 Raw-material inventory, 12/31/x0 10,100 Property taxes on factory 2,400 Finished-goods inventory, 12/31/x1 15,400 Purchases of raw material in 20x1 39,000 Utilities for factory 6,000 Utilities for sales and administrative offices 2,300 Other selling and administrative expenses 3,800 Indirect-labor cost incurred 29,000 Depreciation on factory building 3,600 Depreciation on cars used by sales personnel 1,200…
Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…
Sheffield Corp. reported the following year-end information: beginning work in process inventory, $88000; cost of goods manufactured, $820000; beginning finished goods inventory, $58000; ending work in process inventory, $78000; and ending finished goods inventory, $48000. How much is Sheffield’s cost of goods sold for the year? $810000 $830000 $820000 $840000
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