answer letter k to o. PREPARE AN INCOME STATEMENTMARIE SWIFT Company reported the given information for the month of October:Inventories:Beginning EndingP36,000Raw materials P29,000Work in process P19,000Finished goods P55,000P21,000P53,000Additional information:Raw materials purchasesDirect labor costManufacturing overhead cost P64,000Selling expenseAdministrative expenseNet Salesunits producedP75,000P45,000P16,000P44,000P500,00020,000Determine the values of the following:a. operating profitb. manufacturing costc. cost of goods manufacturedd. period coste. operating expensef. cost of goods soldg. cost of product that is transferred to finished goodsh. raw materials usedi. gross profitj. total inventory cost reflected in the statement of financial positionk. raw materials available for useI. manufacturing cost per unitm. conversion costn. cost of goods placed in processo. prime cost

ln costing there are two types of cost direct cost and indirect. These cost are incurred to produce…

MARIE SWIFT Company reported the given information for the month of Octobe Inventories: P29,000 Work in process P19,000 Finished goods P55,000 Beginning Ending P36,000 P21,000 P53,000 Raw materials Additional information: Raw materials purchases Direct labor cost P75,000 P45,000 Manufacturing overhead cost P64,000 P16,000 P44,000 P500,000 20,000 Selling expense Administrative expense Net Sales units produced Determine the values of the following: a. operating profit b. manufacturing cost c. cost of goods manufactured d. period cost e. operating expense f. cost of goods sold g. cost of product that is transferred to finished goods

MARIE SWIFT Company reported the given information for the month of Octobe Inventories: P29,000 Work in process P19,000 Finished goods P55,000 Beginning Ending P36,000 P21,000 P53,000 Raw materials Additional information: Raw materials purchases Direct labor cost P75,000 P45,000 Manufacturing overhead cost P64,000 P16,000 P44,000 P500,000 20,000 Selling expense Administrative expense Net Sales units produced Determine the values of the following: a. operating profit b. manufacturing cost c. cost of goods manufactured d. period cost e. operating expense f. cost of goods sold g. cost of product that is transferred to finished goods

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 8P: OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending...

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Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and 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 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. No indirect materials were used during the period. Other information pertaining to OReillys inventories and production for July is as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.
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.
Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
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During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
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