Inventories Materials January 1 December 31 $78,750 $94,450 Work in process 108,600 96,800 Finished goods 113,750 109,100 December 31 $ 69,000 22,750 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-office building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: A. Prepare the 2018 statement of cost of goods manufactured. B. Prepare the 2018 income statement.* 14,860 184,350 5,950 24,600 122,200 77,750 4,170 13,200 6,675 862,000 138,500 5,000 5,280

Inventories Materials January 1 December 31 $78,750 $94,450 Work in process 108,600 96,800 Finished goods 113,750 109,100 December 31 $ 69,000 22,750 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-office building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: A. Prepare the 2018 statement of cost of goods manufactured. B. Prepare the 2018 income statement.* 14,860 184,350 5,950 24,600 122,200 77,750 4,170 13,200 6,675 862,000 138,500 5,000 5,280

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter4: Job-order Costing And Overhead Application

Section: Chapter Questions

Problem 63P: (Appendix 4A) Journal Entries, T-Accounts Lowder Inc. builds custom conveyor systems for warehouses...

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(Appendix 4A) Journal Entries, T-Accounts Lowder Inc. builds custom conveyor systems for warehouses and distribution centers. During the month of July, the following occurred: a. Purchased materials on account for 42,630. b. Requisitioned materials totaling 27,000 for use in production: 12,500 for Job 703 and the remainder for Job 704. c. Recorded direct labor payroll for the month of 26,320 with an average wage of 14 per hour. Job 703 required 780 direct labor hours; Job 704 required 1,100 direct labor hours. d. Incurred and paid actual overhead of 19,950. e. Charged overhead to production at the rate of 10 per direct labor hour. f. Completed Job 703 and transferred it to Finished Goods. g. Kept Job 704, which was started during July, in process at the end of the month. h. Sold Job 700, which had been completed in May, on account for cost plus 30%. Beginning balances as of July 1 were: Required: 1. Prepare the journal entries for transactions a through e. 2. Prepare simple job-order cost sheets for Jobs 703 and 704. 3. Prepare the journal entries for transactions f and h. 4. Calculate the ending balances of the following: (a) Raw Materials, (b) Work in Process, and (c) Finished Goods.
Inventories January 1 December 31 Materials $433,530 $546,250 Work in process 780,350 742,900 Finished goods 750,010 759,290 Advertising expense $370,900 Depreciation expense-office equipment 52,440 Depreciation expense-factory equipment 70,470 Direct labor 841,230 Heat, light, and power-factory 27,860 Indirect labor 98,330 Materials purchased 824,840 Office salaries expense 287,870 Property taxes-factory 22,940 Property taxes-headquarters building 47,520 Rent expense-factory 38,780 Sales 3,861,990 Sales salaries expense 474,150 Supplies-factory 19,120 Miscellaneous costs-factory 12,020 Required: Question Content Area 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 $- Select - Direct materials: $- Select - - Select - $- Select - - Select - $- Select - - Select - Factory overhead: $- Select - - Select - - Select - - Select - - Select -…
QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statement
Exercise 4: ABC Electrical Company has the following records for the period ended 31 December 2019. Total production units 7500 units Material purchased OMR 55000 Inventories, 1 January 2019: Materials OMR 2000 Work-in-process OMR 20000 Finished goods OMR 10000 Direct labor OMR 105000 Factory overhead OMR 75000 Inventories, 31 December 2019: Material OMR 5000 Work-in process OMR 10000 Finished goods 1000 units Finished goods are valued at the current unit 1/Schedule of cost of goods manufactured
Question 1Part IAdvent Corporationhas provided the following data for its activities for the month of May.Beginning Raw Materials Inventory$75,000Ending Raw Materials Inventory$45,000Purchases of Raw Materials$550,000Direct Labour Incurred$120,000Manufacturing Overheads Incurred$250,000Beginning Work in Process$60,000Ending Work in Process$140,000Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May.
Inventories: March 1 March 31Raw material P18,000 P15,000Work in process 9,000 6,000Finished goods 27,000 36,000Additional information for March:Raw material purchased P42,000Direct labor payroll 30,000Direct labor rate per hour 7.50Overhead rate per direct labor hour 10.00 Required a. prime cost incurred b.conversion cost incurred c. Cost of Goods Manufactured