Muscat Corporation has the follawing cost recards for January 2019.Indirect factory labor14,300 Factory utilities10,100Raw materials purchases152,500 Factory repairs12,600Raw materials inventory 1/1/201916,700 Depreciation, factory equipment9,440Raw materials inventory, 1/31/1922,800Direct labor175,600Work in process, 1/1/201918,400Factory insurance8,360Work in process, 1/31/1925,200Advertising costs5,000Finished goods, 1/1/195,000Sales commissions3,500Finished goods, 1/31/197,500Cost of shipping2,500What is the cost of goods manufacturing for 2019:Select one:O a. 370,000O b. 376,000Oc. None of the answers are correctO d. 395,200O e. 376,800

The cost of goods manufactured is the cost incurred in manufacturing the product and completed but…

Muscat Corporation has the follawing cost recards for January 2019. Indirect factory labor 14,300 Factory utilities 10,100 Raw materials purchases 152,500 Factory repairs 12,600 Raw materials inventory 1/1/2019 16,700 Depreciation, factory equipment 9,440 Raw materials inventory, 1/31/19 22,800 Direct labor 175,60 Work in process, 1/1/2019 18,400 Factory insurance 8,360 Work in process, 1/31/19 25,200 Advertising costs 5,000 Finished goods, 1/1/19 5,000 Sales commissions 3,50 Finished goods, 1/31/19 7,500 Cost of shipping 2,50 What is the cost of goods manufacturing for 2019: Select one: O a. 370,000 O b. 376,000 O c. None of the answers are correct O d. 395,200 O e. 376,800

Muscat Corporation has the follawing cost recards for January 2019. Indirect factory labor 14,300 Factory utilities 10,100 Raw materials purchases 152,500 Factory repairs 12,600 Raw materials inventory 1/1/2019 16,700 Depreciation, factory equipment 9,440 Raw materials inventory, 1/31/19 22,800 Direct labor 175,60 Work in process, 1/1/2019 18,400 Factory insurance 8,360 Work in process, 1/31/19 25,200 Advertising costs 5,000 Finished goods, 1/1/19 5,000 Sales commissions 3,50 Finished goods, 1/31/19 7,500 Cost of shipping 2,50 What is the cost of goods manufacturing for 2019: Select one: O a. 370,000 O b. 376,000 O c. None of the answers are correct O d. 395,200 O e. 376,800

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PA: During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of...

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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.
Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
The following data summarize the operations during the year. Prepare a journal entry for each transaction. A. Purchase of raw materials on account: $1,500 B. Raw materials used by Job 1: $400 C. Raw materials used as indirect materials: $50 D. Direct labor for Job 1: $200 E. Indirect labor Incurred for Job 1: $30 F. Factory utilities Incurred on account: $500 G. Adjusting entry for factory depreciation: $200 H. Manufacturing overhead applied as percent of direct labor: 100% I. Job 1 is transferred to finished goods J. Job 1 is sold: $1,000 K. Manufacturing overhead is under applied: $100
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