he following information was taken from H Company's accounting records for the year December 31, 2008: Increase in raw materials inventory P 15,000 Decrease in finished goods inventory 35,000 Raw materials purchased 430,000 Direct labor cost 200,000 Factory overhead control 260,000 Freight-in 45,000 There was no work in process inventory at the beginning or end of the year. H's 2008 cost of goods

Q: At the beginning of the current year, Tesla Company's work in process inventory account had a…

A: Cost of Goods Manufactured :— The cost of goods manufactured is the calculation of a company's total…

Q: A manufacturing company that produces a single product has provided the following data concerning…

A: Unit costs include all manufacturing fixed and variable cost. Variable costs are flexible as per…

Q: The records of SURLY BAD TEMPERED Co. showed the following information: Decrease in accounts…

A: The calculation of total purchases will be based on accounts payable balance and disbursement of…

Q: The accounting records for 2017 of DB Co. showed the following: Decrease in raw materials inventory…

A: Raw materials used is the cost of raw materials that is actually used in the production.  Raw…

Q: Krepps Corporation produces a single product. Last year, Krepps manufactured 30,140 units and sold…

A: Contribution Margin - When we deduct variable cost of the product from the net sales , then the…

Q: Pennell Company gathered the following information for the year ended December 31, 2018. During the…

A: Sales: It is an economic activity. Under this, one party sell its goods or services to another…

Q: Krepps Corporation produces a single product. Last year, Krepps manufactured 26,160 units and sold…

A: Selling price per unit = $971,850 / 20,900 units = $46.50   Variable cost per unit = [($188,352 +…

Q: The accounting records for the current year of Luzon Company showed the following: Decrease in raw…

A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred to manufactured…

Q: P2-3 Pink Company provided the following information as of May 31, 2015: P 900,000 Sales 300,000…

A: Cost of goods sold = Sales - sales x 30% = 900000 - 900000*30% = 630,000

Q: Consider the following account balances (in thousands) for the Canseco Company: Beglnning of End of…

A: Cost of goods manufactured includes all the costs that are incurred in order to manufacture the…

Q: Maffei Company, which has only one product, has provided the following data concerning its most…

A:

Q: The following information is available for the HAPPY Corporation for 20X3: 1. Materials inventory…

A: Given, Ending finished goods inventory = $65,000 Materials inventory decreased = $4,000 Beginning…

Q: The following data were taken from the records of a Company:   Raw Materials Inventory, 09/30/2011…

A: Net income is the final income available to the firm after paying all the expenses. It is determined…

Q: SWEET TOOTH Company provided the following information for the current year: Increase in raw…

A: Solution: Cost of goods sold is the cost directly related to products sold during the period. Cost…

Q: The following information was taken from ABC Company’s accounting records for the year ended…

A: Cost of goods sold consists of all direct costs that are incurred on production and manufacturing of…

Q: An entity provided the following information for the current year: Increase in raw materials…

A: Cost of goods sold(COGS) implies for the amount of outlay made on making the goods which are sold in…

Q: The following information was taken from Cristine Company's accounting records for the current year:…

A: Cost of goods sold = Cost of goods manufactured + Decrease in finished goods inventory Cost of goods…

Q: The following information was taken from Albemar Company for the year ended December 31, 2021:…

A: Raw material used = Raw material purchased - increase in raw material = 43000000-1500000 = 4150000

Q: The following production data came from the records of Olympic Enterprises for the year ended…

A: Inventory cost is computed differently under two methods : Variable costing and Absorption costing.…

Q: GIGRIC314 company provided the following data for the end of the year (all raw materials are used in…

A: Working Notes: 1. Computations of overapplied or underapplied overhead: = Manufacturing Overhead…

Q: The following information were taken from the accounting records of YANNI MUSIC, CO for 2009…

A: RAW MATERIAL ARE THE BASIC MATERIAL WHICH ARE USED PRIMARY PRODUCTION AND MANUFACTURING OF GOODS .

Q: During the year 2009, there was no change either in the Raw Materials or the Work in Process…

A: Opening finished goods inventory = P 50,000 Manufacturing cost = P 120,000

Q: During the most recent year, ABC Company reported the following data. During the year 10,000 units…

A: Under absorption costing fixed overhead costs are allocated to each unit of product produced during…

Q: Peterson Corporation produces a single product. The company had no beginning inventory and they…

A: a)Ending finished goods inventory under variable costing=(Units produced-Units sold)*direct material…

Q: The following information are taken from Pineapple Co. accounting records for the current period: •…

A: Cost of goods sold for the current year = Decrease in raw materials inventory + Direct labor payroll…

Q: The accounting records for 2017 of DB Co. showed the following: Decrease in raw materials inventory…

A: Formula: Cost of raw materials used = Raw materials purchased + Decrease in raw materials inventory.

Q: X Company reported the following year-end information: Beginning Raw Mate ls Inventory S60.000…

A: Cost of raw material used = Beginning material inventory + Materials purchased - Closing material…

Q: The following information was taken from UMAASA Company’s accounting records for the current year:…

A: Cost of gods sold is the direct costs related to the production of goods sold by the company. This…

Q: The following data are given by Domestic Mfg. Corp.:…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Kokey's accounting records shows the following: Increase of Raw Materials of 4,500; decrease in…

A: Cost of direct materials used = Cost of Purchases of raw materials + Decrease(increase) of Raw…

Q: You are given the following information for the year ended 31 October 20X7: $ Purchases of raw…

A: We have the following information: Purchases of raw materials: $112,000 Returns inwards: $8,000…

Q: During its first year of operations, the McCormick Company incurred the following manufacturing…

A: Fixed overhead per unit = total Fixed overhead/units produced = $390000/39000 units = $10 per unit

Q: The following information was taken from H Company’s accounting records for the year December 31,…

A: Raw material used = Raw materials purchased - Increase in raw materials inventory = 430000-15000 =…

Q: The following information are taken from Pineapple Co. accounting records for the current period: •…

A: calculations are as follows.

Q: The following information is given for the year ended 31 October 2000: £ Purchase of raw materials…

A: We have the following information: Purchase of raw materials: $28,000 Returns inwards: $2,000…

Q: X Company reported the following year-end information: Beginning Raw Materials Inventory $80,000…

A: Cost of direct material used = Beginning raw material inventory + Raw materials purchased - Closing…

Q: The following information is available for the HAPPY Corporation for 20X3: Materials inventory…

A: COGS = COGM + Opening Finished Goods Inventory - Closing Finished Goods Inventory COGM = Total…

Q: Alexandria Company provided the following data for the current year: Inventory end of the fiscal…

A: Cost of Goods Manufactured is a schedule or statement which shows the total production costs of…

Q: The owner of a large machine shop has just finished its financial analysis from the prior fiscal…

A:

Q: 22. Peter Company provided the following data for the year ended December 31, 2020: Raw materials…

A: Manufacturing cost means the cost which is incurred in factory or related with production of goods…

Q: GIGRIC314 company provided the following data for the end of the year (all raw materials are used in…

A: Overapplied overhead = Overhead applied - Actual overhead  = $365,000 - $342,000 = $23,000 Adjusted…

Q: 1. For The period just ended, the gross margin of Robin Company was P 3,840,000, the cost of goods…

A: Direct labour refers to workers in manufacturing or services who are accountable for a specific…

Q: During March of the current year, Rolly Company purchased P3,500,000 raw materials. During the…

A: Raw Material used = raw materials purchased -  Increase in raw materials = P3,500,000 - 100,000 =…

Q: Company A, which follows the normal cost system, had the following information for the fiscal year…

A: 1)  The amount of inventory recognized in the financial statements of Company A is the amount of…

Q: The following information pertains to Lextel, Inc., for 2008: Beginning inventory in units Units…

A: Answer -  Part 1 - Without preparing an income statement, indicate what the difference will be…

Q: The following information was taken from H Company's accounting records for the year December 31,…

A: The cost of goods sold is deducted from the sales revenue in order to calculate the gross profit of…

Q: Jack Jones, the materials manager at Precision Enterprises,is beginning to look for ways to reduce…

A: Weekly of Supply can be calculated by below formula: [Raw materials + work in process + finished…

Q: Krepps Corporation produces a single product. Last year, Krepps manufactured 27,120 units and sold…

A: Ending inventory units = Total units produced - units sold = 27,120 units - 21,800 units = 5,320…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.