How much is the cost of goods sold using the normal costing system? Chapter 5: A Closer look on Cost Accounting additional information: Actual factory overhead Applied Factory overhead Direct Materials Used Cost of Goods Manufactured 1,080,000 1,125,000 1,425,000 3,862,500 a. P3,975,000 b. P3,930,000 c. P3,855,000 d. P3,817,500
Q: Required: 1. Classify each cost and its amount as (a) either variable or fixed and (b) either…
A:
Q: Question 1 Finished goods inventory, beginning Finished goods inventory, ending Depreciation,…
A: Cost of goods sold = Beginning finished goods inventory + Cost of goods goods manufactured - ending…
Q: The Work in Process inventory account of Joseph Company showed: Werk in Process Inventory P220,000 I…
A: Direct costs are costs and expenses incurred directly for the production of goods and services.…
Q: Refer to the following data: Direct material used…
A: Cost accounting is one of the important branch of accounting. Several type of costs are being…
Q: Raw Materials Inventory Manufacturing Overhead Wages Payable Work in Process: Packaging Accounts…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: (a) Incomplete manufacturing costs, expenses, and selling data for two different cases are as…
A:
Q: Product Cost Flows Complete the following T-accounts: Materials Inventory 480 Answer…
A: Solution:- Preparation of T accounts as follows:- Working note:- (i)75 is a manufacturing overhead…
Q: (a) Incomplete manufacturing costs, expenses, and selling data for two different cases are as…
A: cost sheet of case 1 Direct materials used 8300 Direct labour 3000 Manufacturing overhead…
Q: Requirement 1. Classify each of the costs as output-unit-level, batch-level, output-sustaining, or…
A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…
Q: Compute for (1) the rate of factory overhead to direct labor cost, and (2) the direct materials…
A: Cost of goods manufactured consists of direct material used, direct labor incurred and overheads…
Q: E1-10 Manufacturing cost data for Copa Company are presented below. Case A Case B Case C $ (a)…
A: (A) $57,000 + $46,500 + (A) = $195,650 (A) = $92,150 (B) $195,650 + (B) = $221,500 (B) = $25,850…
Q: Show how to compute cost of goods manufactured. Use the following amounts: direct materials used…
A: Given information: Direct material used = $24,000 Direct labor = $9,000 Manufacturing overhead =…
Q: Product Cost Flows Complete the following T-accounts: Materials Inventory 960 Answer…
A: The question is based on the concept of Cost Accounting.
Q: The following is an incomplete manufacturing cost data for Carl Inc. CASE 1 Direct materials used $…
A: The cost of goods manufactured is calculated as: Direct material + direct labor + manufacturing…
Q: Indicate the missing amount for each letter. Case 1 2 Direct materials used $9,700 Direct labor…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory,…
A: The sum of all component manufacturing costs is the conversion cost (Factory cost). It is the…
Q: Factory rent Factory utilities Sales salaries expense Office salaries expense Indirect materials How…
A: A cost sheet is a written statement that shows the cost of manufacturing the product in every stage…
Q: Determine the missing amount for each separate situation involving manufacturing costs. (1) (2) (3)…
A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…
Q: Princeton 3 Company has the following information for May: Cost of direct materials used in…
A: cost of goods manufactured=Total manufacturing costs+Beginning WIP-Ending WIP
Q: 1. Answer the following questions by analysing the T-accounts given below Materials Inventory Work…
A: Total manufacturing cost is the accumulated total expenses incurred in the process of manufacturing…
Q: (a) Determine the missing amounts for three different situations. Direct Materials Used Direct Labor…
A: (1) Thus, the total manufacturing cost is $157,300
Q: Required: 1. Calculate the cost assignment ratios to be used under the direct method for…
A: 1. calculate the cost assignment ratios to be used under the direct method for Departments S1 and…
Q: How much is the cost of goods sold using the normal costing system? odditional information: Actual…
A: Calculation: Particulars Amount (P) Beginning Inventory of Finished Goods 487,500 Add: Cost…
Q: Question 2.1 The following costs are attributed to the Gandalf and Company: Purchase of raw…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: 1. Answer the following guestions by analysing the T-accounts given below, Work in Process Inventory…
A:
Q: Product Cost Flows Complete the following T-accounts: Materials Inventory 1,120 Answer…
A: Bookkeeping can be defined as the recording of financial (monetary) transactions on a regular basis.…
Q: Determine the missing amounts for three different situations. Direct Materials Direct Total Labor…
A: Manufacturing Costs = Direct Materials + Direct Labour + Factory Overheds Cost of goods manufactured…
Q: Account balances from the Boilermakers Company are as follows: Manufacturing Overhead $240,000…
A: Effect of Underapplied Manufacturing Overhead if the amount is immaterial Disposition of…
Q: (A) Discuss the circumstances that would require a business to change from traditional costing to…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods…
A: The income statement is prepared to estimate the net income or loss incurred during the period.
Q: (a) Indicate the missing amount for each letter. Case 1 Direct materials used $9,700 24 Direct labor…
A: Total Manufacturing Cost = Direct Material + Direct Labour + Factory Overheads Cost of Goods…
Q: 1. Answer the following questions by analysing the T-accounts given below, Materials Inventory Work…
A: Since there are multi sub-parts, we will solve first three for you. To get the remaining sub-parts…
Q: Determine the manufacturing overhead of Cleene Company using the following information: • Work in…
A: Manufacturing Overhead: It is the indirect costs incurred in production facilities of a…
Q: 1. Answer the following questions by analysing the T-accounts given below Materials Inventory Work…
A: Variable cost: It is the cost that changes with the change in the level of units produce. It…
Q: Supply the missing data in the following cases. Each case is independent of the others. Case 2…
A: Workings: Case :1 Direct Labor: Total Manufacturing costs – [Direct Materials + Direct Labor]…
Q: The following cost information is presented for Phoenix Ltd. for the most recent period.…
A: Cost of goods manufactured(COGM) shows the total costs incurred on the production of goods. It…
Q: Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the fallowing information for…
A: Answer a)
Q: Sales Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased…
A: A cost sheet is a method of allocating total costs into different categories. It helps to identify…
Q: Here are selected data for Ramalingagowda Company: Cost of goods manufactured $320,000 Work in…
A: Workings: Cost of goods manufactured=Beginning WIP+Total manufacturing cost-Ending…
Q: 1. Answer the following questions by analysing the T-accounts given below Materials Inventory Work…
A: The General records all the financial transactions of the Company which would affect two accounts.
Q: How much is the cost of goods sold to be presented in the financial odditional information: Actual…
A: The financial position of the company can be arrived from the income statement prepared by the…
Q: According to the information given in the table below, which of the following is Cost of Goods…
A: Cost of goods manufactured = Opening stock of work in process + The cost of production - closing…
(see the attached image below, kindly answer based on your knowledge. thank you!)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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…4.The following were taken from accounting records of Bella Company in December 2020.Prime cost, P301,000Gross profit rate on sales, 20%Cost of goods available for sale, P460,000Direct materials purchased, P170,000Work in process, December 1, 2020, P34,000Direct Materials, December 1, 2020, P16,000Finished goods, December 1, 2020, P30,000Factory overhead, 40% of conversion cost.Sales, P500,000Direct labor, P180,000Compute for December 31, 2020: (1) Direct materials inventory; (2) Work in process inventory; (3) Finished goodsinventory: A.(1) P6,000 ; (2) P25,400 ; (3) P30,000B. (1) P49,000 ; (2) P25,000 ; (3) P30,000C. (1) P65,000 ; (2) P25,400 ; (3) P60,000D. (1) P65,000 ; (2) P25,000 ; (3) P60,000The following data of the industrial enterprise D S.A. for the accounting year 20X9 are given. Raw material stock 1/1/20X9 45.000€ Raw material stock 31/12/20X9 41.000€ Stock of semi-finished products 1/1/20X9 36.000€ Stock of semi-finished products 31/12/20X9 31.000€ Stock of ready-made products 1/1/20X9 23.000€ Stock of ready-made products 31/12/20X9 31.000€ Purchases of raw materials 115.000€ Direct labour costs 29.000€ Indirect labour costs 23.000€ Factory insurance premiums 12.500€ Miscellaneous factory outlets 6.500€ Machine depreciation 8.500€ Depreciation of production department equipment 3.500€ Maintenance of machinery 4.000€ Sales expenses 15.000€ Administrative expenses 29.000€ Distribution costs 8.000€ Revenue from product sales 543.000€ Requested: The report of the cost of produced The profit and loss statement for the financial year
- The following data of the industrial enterprise D S.A. for the accounting year 20X9 are given. Raw material stock 1/1/20X9 45.000€ Raw material stock 31/12/20X9 41.000€ Stock of semi-finished products 1/1/20X9 36.000€ Stock of semi-finished products 31/12/20X9 31.000€ Stock of ready-made products 1/1/20X9 23.000€ Stock of ready-made products 31/12/20X9 31.000€ Purchases of raw materials 115.000€ Direct labour costs 29.000€ Indirect labour costs 23.000€ Factory insurance premiums 12.500€ Miscellaneous factory outlets 6.500€ Machine depreciation 8.500€ Depreciation of production department equipment 3.500€ Maintenance of machinery 4.000€ Sales expenses 15.000€ Administrative expenses 29.000€ Distribution costs 8.000€ Revenue from product sales 543.000€ Requested: The report of the cost of producing The profit and loss statement for the financial yearEthel 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?14. You are given the following Company Information Company LFrom the point of origin Direct materials 120.000Purchases of direct materials 228000Direct labour costs 610000Direct cost initial cost 780000 The stock cost of direct materials is the amount?
- The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending - raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: - purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000 Required: Prepare a statement of cost of goods manufactured.The beginning and ending balance of selected accounts of Drea Paper Products Inc. for the year 2020 are given below: Ending Balance Beginning Balance Finished goods P400,000 P385,000 Work on process 520,000 495,000 Raw materials 710,000 750,000 Transactions that transpired during the year were: Raw materials costing P280,000 were purchased for cash. Raw materials costing P220,000 were purchased on account. Incurred factory overhed cost, P135,000. Other materials requisitioned for production, P30,000 Factory wages consisted of: Direct labor, P270,000; Indirect labor, P100,000. Finished goods costing 350,000 were sold for P800,000. Required: Prepare the statement of cost of goods manufactured and sold in good form. Determine the following: a. Prime cost b. Conversion cost c. Product cost.Identify cost graphs The following cost graphs illustrate various types of cost behavior: For each of the following costs, identify the cost graph that best illustrates its cost behavior as the number of units produced increases. a. Direct material cost per unit. b. Fees for using a patent of $500,000 plus $0.25 for each unit produced. c. Salary of quality control supervisor. d. Straight-line depreciation per unit on factory equipment. e. Total direct materials cost.
- Classifying costs as factory overhead Which of the following items are properly classified as part of factory overhead for Caterpillar? a. Amortization of patents on new assembly process b.Consultant fees for a study of production line employee productivity C. Depreciation on Peoria. Illinois, headquarters building d.Factory supplies used in the Morganton. North Carolina, engine parts plant e.Interest expense on debt f. Plant manager's salary at Aurora, Illinois, manufacturing plant g.Properly taxes on the Danville, Kentucky, tractor tread plant h.Sales incentive fees to dealers i. Steel plate j. Vice president of finance's salaryProduct cost concept of product pricing Based on the data presented in Exercise 12-15, assume that Willis Products Inc. uses the product cost concept of applying the cost-plus approach to product pricing. a.Determine the total manufacturing costs and the cost amount per unit for the production and sale of 200,000 units. b.Determine the product cost markup percentage per unit. Round to two decimal place. c.Determine the selling price per unit. Round to the nearest dollar.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)?