IV. Given are the financial information of Bart Incorporated. Raw materials inventory 1/1/20 Raw materials inventory 12/31/20 Work in process inventory 1/1/20 Work in process inventory 12/31/20 Finished goods inventory 1/1/20 Finished goods inventory 12/31/20 Factory insurance Depreciation, factory machinery 8,000 5,000 2,000 3,000 15,000 16,000 2,000 2,000 Required: Answer the following questions. Show all your computations to support your answers. 1. Direct material used 2. Total manufacturing overhead 3. Total manufacturing costs 4. Cost of goods manufactured 5. Cost of goods sold 6. Operating expenses 7. Net Income

IV. Given are the financial information of Bart Incorporated. Raw materials inventory 1/1/20 Raw materials inventory 12/31/20 Work in process inventory 1/1/20 Work in process inventory 12/31/20 Finished goods inventory 1/1/20 Finished goods inventory 12/31/20 Factory insurance Depreciation, factory machinery 8,000 5,000 2,000 3,000 15,000 16,000 2,000 2,000 Required: Answer the following questions. Show all your computations to support your answers. 1. Direct material used 2. Total manufacturing overhead 3. Total manufacturing costs 4. Cost of goods manufactured 5. Cost of goods sold 6. Operating expenses 7. Net Income

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

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.
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)?
Qualcomm Incorporated (QCOM) is a leading developer and manufacturer of digital wireless telecommunications products and services. Qualcomm reported the following inventories (in millions) in the notes to recent financial statements: a.Why does Qualcomm report three different inventories? b. What costs are included in each of the three inventory accounts?
Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw Materials Account) Beginning Raw Materials Inventory 2,373.75 Plus: Purchases of Direct Materials, Freight-in, Duties 26111.25 Materials Available for Use 28485 Less: Ending Raw Materials Inventory 18,041.32 <<<To balance sheet Direct Materials Used 10443.68 Calculation of Cost of Goods Manufactured (Analyze WIP Inventory) Beginning WIP Inventory 0 Plus Manufacturing Costs Incurred: 355,428.68 Direct Materials Used 10443.68 Direct Labor 135,000.00 Manufacturing Overhead 191,943.68 Total Manufacturing Costs to Account For 337,387.36 Less: Ending WIP Inventory 18,041.32 <<<To balance sheet Cost of Goods Manufactured 319346.04 Calculation of Cost of Goods Sold (Analyze Finished Goods Inventory)…
An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Report Number Quantity Unit Price MaterialsRequisition Number Quantity Amount Date Quantity Unit price Amount May 1 320 $8 $2,560 27 220 $10 May 4 fill in the blank 96e897097f99fe6_1 fill in the blank 96e897097f99fe6_2 fill in the blank 96e897097f99fe6_3 fill in the blank 96e897097f99fe6_4 fill in the blank 96e897097f99fe6_5 fill in the blank 96e897097f99fe6_6 105 360 $fill in the blank 96e897097f99fe6_7 May 10 fill in the blank 96e897097f99fe6_8 fill in the blank 96e897097f99fe6_9 fill in the blank 96e897097f99fe6_10 33 150 12 May 21 fill in the blank 96e897097f99fe6_11 fill in the blank 96e897097f99fe6_12 fill in the blank 96e897097f99fe6_13 fill in the blank…
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 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 year
An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Report Number Quantity Unit Price MaterialsRequisition Number Quantity Amount Date Quantity Unit price Amount May 1 310 $9 $2,790 27 220 $11 May 4 fill in the blank 0fee43fc4fc8fc9_1 fill in the blank 0fee43fc4fc8fc9_2 fill in the blank 0fee43fc4fc8fc9_3 fill in the blank 0fee43fc4fc8fc9_4 fill in the blank 0fee43fc4fc8fc9_5 fill in the blank 0fee43fc4fc8fc9_6 102 350 $fill in the blank 0fee43fc4fc8fc9_7 May 10 fill in the blank 0fee43fc4fc8fc9_8 fill in the blank 0fee43fc4fc8fc9_9 fill in the blank 0fee43fc4fc8fc9_10 33 150 13 May 21 fill in the blank 0fee43fc4fc8fc9_11 fill in the blank 0fee43fc4fc8fc9_12 fill in the blank 0fee43fc4fc8fc9_13 fill in the blank…
E1-9 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc. INVENTORIES ENDING BEGINNING Finished goods $82,294 $120,698 Work in process $87,780 $76,808 Direct materials $104,239 $98,753 Revenues and Cost for the period: Sales $987,525 Cost of goods available for sale $850,369 Total manufacturing costs $740,644 Factory overhead $192,019 Direct materials used $224,936 Calculate the following for the year:a. Direct materials purchasedb. Direct labor costs incurredc. Cost of goods soldd. Gross profit (Hint Answers to subsequent parts may require using solutions from earlier parts)
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
Q8) Financial statements for manufacturing companies includes the following, except: a. Direct Labor b. Direct material purchases c. Product inventories costs d. Merchandise purchase
The following items were included in the inventory list of ABC Corp:Materials unused in the production, P10,000Materials used in the production, P50,000Conversion costs, P50,000Unsold goods in the warehouse, 67,000Which of the following conclusion is true about ABC Corp? a. The entity is a trading company b. ABC sells services to its clients c. The unsold goods in the warehouse are finished goods inventory d. The business purchases materials and sell them at a higher price