Items 24 to 27 are based on the following information: Direct materials purchased P50,000 Ending direct materials inventory 35,000 Increase in work in process inventory 20,000 Cost of goods manufactured 120,000 Conversion costs 100,000
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A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
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A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
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A: Raw material used=Beginning raw material+Raw material purchased-Ending raw…
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A: Cost of good sold includes all the cost which are direct costs of producing the goods sold by the…
Q: Raw materials purchased $254,000 Beginning raw materials inventory 12,000 Ending raw materials…
A: Cost sheet is a method of allocating total cost into different categories such as direct material…
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A: Cost of Good Sold - It is refer to the direct cost for production of goods sold by the company.
Q: INVENTORIES Ending Beginning $95,000 $110,000 Finished goods Work in process.. Direct materials.…
A: The cost of goods sold statement is prepared to estimate the cost of goods sold during the period.
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Q: alculate the total cost of direct materials used in production
A: 1. the total cost of direct materials used in production: Beginning inventory of direct material +…
Q: Lafilin company reported the followlng year-end Information: Beginning work in process inventory…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
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: Help with the 2nd half
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A: Solution The calculation of total cost assigned to ending work in process inventory is shown below…
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Q: X Company reported the following year- end information: Beginning Raw Materials Inventory S70,000…
A: Raw Material Cost = Beginning Raw Material Inventory + Raw Material Purchases - Ending Raw Material…
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A: Solution: Direct materials used using FIFO = (90000*P7) + (75,000*P8) + (30000*P8.50) = P1,485,000
Q: P9-1 Tampa Corporation uses FIFO process costing. It had the following results in September:…
A:
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A: Cost of goods manufactured means cost directly related with production of goods. It does not include…
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…
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A: Part 1:
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A: ln costing there are two types of cost direct cost and indirect. These cost are incurred to produce…
Q: Ryder Manufacturing reported the following year end information: beginning work in process inventory…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: The following costs relate to Antonio Industries for the last quarter: Conversion cost Direct…
A: Prime costs means cost of direct materials and direct labour used for the business. Total…
Q: Mercury Company showed cost of goods sold of P4,320,000 after the first year of operations. The…
A: Direct labor cost is a part of the total manufacturing cost. It is the total wages paid to the…
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A:
Q: Production data show 35,820 units were transferred out of a stage of production and 6,200 units…
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Q: information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods…
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26.Determine the total
27.What is the amount of direct materials used?
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- During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.A production department within a company received materials of $10,000 and conversion costs of $10,000 from the prior department. It added material of $27,200 and conversion costs of $53,000. The equivalent units are 20,000 for material and 18,000 for conversion. What is the unit cost for materials and conversion?For E2-17, prepare any journal entries that would have been different if the only trigger points had been the purchase of materials and the sale of finished goods. Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
- Entries for process cost system Pori Ormond Carpel Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpel hacking is added al the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories: Finished Goods 62,000 Work in ProcessSpinning Department 35,000 Work in ProcessTufting Department 28,500 Materials 17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: a Materials purchased on account 500,000 b Materials requisitioned for use FiberSpinning Department 275,000 Carpet backingTufting Department 110,000 Indirect materialsSpinning Department 46,000 Indirect materialsTufting Department 39,500 c. Labor used Direct laborSpinning Department 185,000 Direct laborTufting Department 98,000 Indirect laborSpanning Department 18,500 Indirect laborTufting Department 9,000 d Depreciation charged on fixed assets: Spinning Department 12,500 Tufting Department 8,500 e. Expired prepaid factory insurance: Spinning Department 2,000 Tufting Department 1,000 f. Applied factory overhead Spinning Department 80,000 Tufting Department 55,000 g Production costs transferred from Spinning Department to Tufting Department 547,000 h Production costs transferred from Tufting Department to Finished Goods 807,200 i. Cost of goods sold during the period 795,200 Instructions 1. Journalize the entries to record the operations, identifying each entry by letter. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts.Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)Kenkel, Ltd. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 80,000. b. Requisitioned raw materials to production, 80,000. c. Distributed direct labor costs, 10,000. d. Factory overhead costs incurred, 60,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 225,000, on account.
- The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?Production data show 15,200 units were transferred out of a stage of production and 3,500 units remained in ending WIP inventory that was 100% complete to material and 60% complete to conversion. The unit material cost is $9 for material and $4 for conversion. What is the amount of inventory transferred out and remaining in ending work in process inventory?Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
- The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000