Merder Ihc had the folowing informaton for the preceding year.Beginning EndingInventory Inventory(1/1) (12/31)Rark in Process Inventory $ 22 $ 35,000Finisbed Goods Inventory$ 72 $ 30,000Additoral information for the jear is as followsDirect materials used$200,000Direct labor$150,000Yamfacturing overhead applied $160,000Cost of goods manufactured$525,000$54,00Cost of goods soldWhat was the begirning Work in Process Inventory balance on 1?

Name: Merder Ihc had the folowing informaton for the preceding year.Beginni
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Description: Merder Ihc had the folowing informaton for the preceding year.Beginning EndingInventory Inventory(1/1) (12/31)Rark in Process Inventory $ 22 $ 35,000Finisbed Goods Inventory$ 72 $ 30,000Additoral information for the jear is as followsDirect material

Total manufacturing costs = Direct material + direct labor + manufacturing overhead =…

Business

Accounting

Mender Inc. had the folowing hnformaton for the preceding year. Beginning Ending Inventory Inventory (12/31) (1/1) $ ?7 $ 35,000 $ 72 $ 30,00 Fork is Frocess Iaventory Finished Coods Inventory Additioral information for the year is as follows: Direct materials used $200,000 $150,000 Direct labor Yamfactıring overhead applied $160,000 Cost of goods manufactured Cost of goods sold $525,000 $54,000 What was the beginning Work in Process Inventory balance on 1?

Mender Inc. had the folowing hnformaton for the preceding year. Beginning Ending Inventory Inventory (12/31) (1/1) $ ?7 $ 35,000 $ 72 $ 30,00 Fork is Frocess Iaventory Finished Coods Inventory Additioral information for the year is as follows: Direct materials used $200,000 $150,000 Direct labor Yamfactıring overhead applied $160,000 Cost of goods manufactured Cost of goods sold $525,000 $54,000 What was the beginning Work in Process Inventory balance on 1?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

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Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 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.
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.
Using the weighted-average method, compute the equivalent units of production for a new company that started 85,000 units into production and transferred 67,000 to the second department. Assume that beginning inventory was 0. Conversion is considered to occur evenly throughout the process, while materials are added at the beginning of the process. The ending inventory for Equivalent Units: Conversion is 9,000 units.
Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.
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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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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
There were 2.000 units in beginning inventory that were 70% complete with regard to conversion. During the month. 15.000 units were started, and 16,000 were transferred to finished goods. The ending work in process was 55% complete with regard to conversion costs, and materials are added at the beginning of the process. What is the total amount of equivalent units for materials and conversion at the end of the month using the weighted-average method?
An examination of Buckhorn Fabricators records reveals the following transactions: a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the weighted average method, was 10,000 gal @ .52 per gal. b. Production returned to the storeroom materials that cost 775. c. Materials valued at 770 were charged to Factory Overhead (Repairs and Maintenance), but should have been charged to Work in Process. d. Defective material, purchased on account, was returned to the vendor. The material returned cost 234. e. Goods sold to a customer, on account, for 5,000 (cost 2,500) were returned because of a misunderstanding of the quantity ordered. The customer stated that the goods returned were in excess of the quantity needed. f. Materials requisitioned totaled 22,300, of which 2,100 represented supplies used. g. Materials purchased on account totaled 25,500. Freight on the materials purchased was 185. h. Direct materials returned to the storeroom amounted to 950. i. Scrap materials sent to the storeroom were valued at an estimated selling price of 685 and treated as a reduction in the cost of all jobs worked on during the period. j. Spoiled work sent to the storeroom valued at a sales price of 60 had production costs of 200 already charged to it. The cost of the spoilage is to be charged to the specific job worked on during the period. k. The scrap materials in (i) were sold for 685 cash. Required: Record the entries for each transaction.