Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials inventory $20,000 $ 80,000 Work in process inventory 30,000 50,000 Finished goods inventory 40,000 70,000 During 2020, 1) $70,000 of raw materials was purchased. 2) Incurred direct labor costs amounted to $120,000. 3) Applied manufacturing overhead was $180,000. Instructions: (a) Please calculate the direct raw materials was used during 2020.

Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:…

A: 1. Direct material used in production=Opening direct material + Raw material purchased-Closing…

Q: Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR…

A: Cost of goods manufactured: The cost of goods manufactured refers to the expenses incurred by the…

Q: Golden Ventures has the following inventories for the month of December 2020:…

A: Cost of goods manufactured means the cost incurred for manufacturing the finished product. To find…

Q: month ended February 29, 2019, the following data were registered by Lumabat Corp.: Work in Process,…

A: Solution: Work in process at the end of the month is the production which is not completed till the…

Q: . JYD Manufacturing Company showed the following information as of June 1, 2020; ​Raw materials…

A: 1)Calculation of the raw materials inventory as of June 30, 2020 as  follows under:- Basic…

Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:…

A: It is the sum of Adjusted raw material, manufacturing cost, and Adjusted Work-in-progress inventory.…

Q: 1. Empire Glass Work provides the following data relating to operations for the month ended 31…

A: Cost of goods manufactured (COGM) is the cost incurred on the production of goods in a period.…

Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…

A: Job costing: It is a method of costing where in all the costs like direct material, direct labor and…

Q: The following are information provided for Norman Company for the month of August 2019 (refer to the…

A: The prime cost is total of direct materials and direct labor cost.  The conversion cost os total of…

Q: 4. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to…

A: Since he student has asked for (ii) and (vi), we will answer that only. Overhead represents the…

Q: The following information has been obtained from the records of XYZ coroporation for the period from…

A: PARTICULAR     DIRECT MATERIAL CONSUMED :     OPENING STOCK OF RAW MATERIAL 30,000   OPENING…

Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…

A: Predetermined Manufacturing Overhead Rate = Estimated Overhead cost / Estimated Machine Hours…

Q: The cost data relating to units of production for the year ending 31st December 2020 are as follows:…

A: Material cost per unit = £60,00020,000 units  = £ 3 per unit  Subcontracted labour cost per unit =…

Q: Peak Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec.…

A: Raw materials used = Beginning raw materials + Raw materials purchased - Ending raw materials

Q: Prepare a statement of cost of goods manufactured for the month of Prepare an income statement for…

A: Cost of goods manufactured is the accumulation of all costs till manufacture stage.

Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…

A: note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021…

A: Solution: Direct materials used = Beginning DM inventory + DM purchased - Ending DM inventory =…

Q: 2. .JYD Manufacturing Company showed the following information as of June 1, 2020%3; Raw materials…

A: Cost sheet is a sheet which describes the cost associated with a product at different stages like…

Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…

A: Predetermined Manufacturing Overhead Rate = Estimated Overhead cost / Estimated Machine Hours

Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…

A: Predetermined Manufacturing Overhead Rate = Estimated Overhead cost / Estimated Machine Hours

Q: XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw…

A: Direct material consumed:     Beginning stock 20000   Add: Purchases of raw material…

Q: Problem: Below are the following balances of accounts as of December 31, 2020: Inventory: Beginning…

A: Conversion cost appears to be the expenses involved by any manufacturing organization in the…

Q: d)   Prepare a schedule of cost of goods manufactured for the year ended June 30, 2020, clearly…

A: Direct Material Cost=Beginning Direct Meterial Inventory+Raw Material Purchased-Ending Direct…

Q: Boston Company has the following balances as of the year ended December 31, 2018.  Direct Materials…

A: Calculation of beginning direct materials Inventory: =Ending inventory of Direct materials +Direct…

Q: The given miscellaneous data has been collected for a manufacturing company for the year ended…

A: The question is related to Cost Sheet. The cost of goods manufactured will be calculated with the…

Q: Muscat Company's accounting records reflect the following inventories: Dec. 31, 2020, Jan. 1, 2020…

A: The manufacturing cost for the year would be computed by adding the raw materials used by Muscat…

Q: The given miscellaneous data has been collected for a manufacturing company for the year ended…

A: cost of goods manufactured: Cost of goods manufactured is a technique by which business managers and…

Q: Muscat Company's accounting records reflect the following inventories: Dec. 31, 2020, Jan. 1, 2020…

A: Total manufacturing costs in the business means all costs incurred in the production or…

Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: A manutacturing company shows the following amounts in the cost statement and the statement of…

A: The cost of goods sold is calculated by adding the beginning inventory and purchases and deducting…

Q: Following balances as of the year ended December 31, 2019 of Yelen Trading co. Direct Materials…

A: Inventories are the goods or work in progress of finished goods which was held by the entity during…

Q: XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw…

A: The cost of goods sold is the cost incurred for producing the goods that are sold by the company.…

Q: EM Manufacturing Co’s material purchases for June 2020 amounted to 110000 and its cost of goods sold…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The following information is available for the QRS Corporation for 2019:  Inventories…

A: One of the three key financial statements for reporting a company's financial performance over a…

Q: The following data are available for Peter Senen Company during the month of July 2020: P 95,000…

A: Factory overhead is the indirect expenses that are incurred but manufacturing cost includes all the…

Q: Following are the cost and inventory data of Fast Company for the year 2019: Cost incurred:…

A: Cost of goods manufactured: It refers to the aggregated expense incurred by the business in the…

Q: Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR…

A: Cost of goods manufactured = Total Manufacturing Cost (Direct Materials + Direct Labor + Overhead…

Q: Bidiyah Sugar Factory had the following data: Jan. 1, 2020 Dec. 31, 2020 Raw materials inventory OMR…

A: Cost of goods sold means total cost incurred on the goods which are to be sold to external market.…

Q: 1. Cabundoc Manufacturing provides the following information for 2020. The ending work in process…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Lakeshore Company allocates overhead using direct labour-hours. For 2020, the estimated and actual…

A: Over-applied overhead = Overhead applied - Actual overhead or, Actual Overhead = Overhead applied -…

Q: Duqm Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR…

A: Cost of goods sold means total costs incurred for the products that are to be sold in the market.

Q: The following was taken from Stickers Corp.’s accounting records for the year ended December 31,…

A: Raw material used = Raw material purchased - Increase in raw material inventory

Q: information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods…

A: The cost of goods sold is calculated as sum of beginning finished goods inventory and cost of goods…

Q: At the end of 2019, Alonzo Company’s manufacturing inventory and expense accounts held the following…

A: Adjusted Finished Goods inventory=(Direct Materials+Direct Labor+Factory Overhead)+Under applied…

Q: Frosting Corp. has provided the following relating to the most recent month (August 31, 2020) of…

A: Statement Showing Cost of Goods Sold

Q: At May 31, 2020, the accounts of Sheffield Company show the following. 1.   May 1…

A: In order to determine the cost of goods manufactured, Beginning Work in Process inventory is…

Q: Following are the account balances for the DC Company in 2018: Beginning of 2018 26,500 Ending of…

A: A company prepares income statement to calculate the net profit or net loss from the sales of its…

Q: An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the…

A: Amount  (In $)  Direct Materials   Beginning Raw Materials Inventory…

Q: Bidiyah Sugar Factory had the following data: Jan. 1, 2020 Dec. 31, 2020 Raw materials inventory OMR…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.