Lando company reported the following amounts for 2022: Raw materials purchased: $83,000 Beginning raw materials inventory: 5,200 Ending raw materials inventory: 4,500 Calculate the cost of raw materials used in production
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Lando company reported the following amounts for 2022:
Raw materials purchased: $83,000
Beginning raw materials inventory: 5,200
Ending raw materials inventory: 4,500
Calculate the cost of raw materials used in production
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- Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:What are the total costs to account for if a companys beginning inventory had $23,432 in materials and $18,450 in conversion costs, and added direct material costs ($41,392), direct labor ($23,192), and manufacturing overhead ($62,500)?Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2018 Dec. 31, 2019 Raw materials inventory $120,000 $ 96,000 Work in process inventory 156,000 174,000 Finished goods inventory 150,000 138,000 During 2019, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2019? (hint: use T-accounts to solve) Group of answer choices $1,397,000 $1,229,000 $1,391,000 $1,385,000
- End of fiscal year 2022, John Co. had the following balances: Raw materials inventory: $45,500 Work in process inventory: 87400 Finished goods inventory: 25600 During 2022, the company purchased raw materials costing $224000 and used $218000 of those raw materials in production. Total direct labor costs amounted to $187,500. Overhead applied to work in process was $98,000 but actual overhead costs totaled $102,600. During the year, the company completed products costing $511,000. Their total selling and admin expenses were $98,000. Product sales were $714,000 for goods costing $510,000 to produce. All transactions were cash. Prepare a schedule of costs of goods manufactured and sold for the year 2022. Prepare an income statement for 2022. Please avoid image based solutions thnxThe following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plzThe 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.
- The sales of Flamingo Manufacturing Corp. in 2021 is P6,100,000. The cost of goods manufactured is P4,800,000. The beginning inventories of goods in process and finished goods are P820,000 and P650,000 respectively. The ending inventories are: Goods in process - P750,000; Finished Goods - P550,000. The selling expenses and general and administrative expenses are 5% and 2.5% of cost of goods sold, respectively. Sales returns and sales discounts are P100,000 and P200,000 respectively. What is Flamingo's profit for the year 2021?The accounting records for 2022 of Natural Co. showed the following: Increase in raw materials inventory, P45,000; Decrease in finished goods inventory, P150,000; Raw materials purchases, P1,290,000; Direct labor payroll, P600,000; Factory overhead, P900,000; Decrease in work in process inventory, P80,000. How much is the cost of goods manufactured?The following data refer to Solaris Power Ltd for the financial year ending 31 December 2021: Sales $5,900,000 Raw material inventory, 1 January 2021 160,000 Purchases of raw material 2,000,000 Raw material inventory, 31 December 2021 120,000 Direct labour cost incurred 1,400,000 Other selling and administrative expenses 240,000 Indirect labour cost (65% for factory; 35% for selling & admin) 800,000 Other manufacturing expenses 300,000 Depreciation of building (85% for factory; 15% for selling & admin) 400,000 Depreciation of equipment (90% for factory; 10% for selling & admin) 320,000 Income tax expense 80,000 Indirect material used (all for factory) 60,000 Insurance on factory & equipment (80% for factory; 20% for selling & admin) 100,000 Electricity (75% for factory; 25% for selling & admin) 200,000 Work in process, 1 January 2021 40,000…
- The following data refer to Solaris Power Ltd for the financial year ending 31 December 2021: Sales $5,900,000 Raw material inventory, 1 January 2021 160,000 Purchases of raw material 2,000,000 Raw material inventory, 31 December 2021 120,000 Direct labour cost incurred 1,400,000 Other selling and administrative expenses 240,000 Indirect labour cost (65% for factory; 35% for selling & admin) 800,000 Other manufacturing expenses 300,000 Depreciation of building (85% for factory; 15% for selling & admin) 400,000 Depreciation of equipment (90% for factory; 10% for selling & admin) 320,000 Income tax expense 80,000 Indirect material used (all for factory) 60,000 Insurance on factory & equipment (80% for factory; 20% for selling & admin) 100,000 Electricity (75% for factory; 25% for selling & admin) 200,000 Work in process, 1 January 2021 40,000…The following data refer to Solaris Power Ltd for the financial year ending 31 December 2021: Sales $5,900,000 Raw material inventory, 1 January 2021 160,000 Purchases of raw material 2,000,000 Raw material inventory, 31 December 2021 120,000 Direct labour cost incurred 1,400,000 Other selling and administrative expenses 240,000 Indirect labour cost (65% for factory; 35% for selling & admin) 800,000 Other manufacturing expenses 300,000 Depreciation of building (85% for factory; 15% for selling & admin) 400,000 Depreciation of equipment (90% for factory; 10% for selling & admin) 320,000 Income tax expense 80,000 Indirect material used (all for factory) 60,000 Insurance on factory & equipment (80% for factory; 20% for selling & admin) 100,000 Electricity (75% for factory; 25% for selling & admin) 200,000 Work in process, 1 January 2021 40,000…The following data were taken from the records of Westbrooks Company: INVENTORIES Aug. 31, 2020 Sept. 30, 2020 Raw Materials ₱00? ₱50,000 Work-in-Process ₱80,000 ₱95,000 Finished Goods ₱60,000 ₱78,000 Additional Information: Raw materials purchased ₱46,000 Factory overhead, 75% of direct labor cost ₱63,000 Selling and administrative expenses, 12.5% of sales ₱25,000 Net Income for September 2020 ₱25,000 What is the cost of raw materials inventory on August 31, 2020? Show solution Group of answer choices ₱40,000 ₱63,000 ₱36,000 ₱46,000
