OMR10,000 ; Finished goods inventory has decreased by OMR20,000. How much iIs the manufacturing overhead costs applied to work in process during the year? Select one: O a. None of the answers given O b. OMR70,000 O c. OMR85,000 O d. OMR95,000 O e. OMR75,000
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A: Total manufacturing costs = cost of goods manufactured + work in process inventory increased =…
Q: 20. Hardigan Manufacturing Company reported the folowing year end information Beginning work in…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
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A: The calculation of total purchases will be based on accounts payable balance and disbursement of…
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A: SOLUTION- WORKING- COST OF GOODS MANUFACTURED = 246400 / 80%…
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A: Since you have asked multiple question, we will solve the first question for you. If you want any…
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A: The total production cost divided by number of units is called as average unit product cost.
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A: Cost of goods available for sale = Opening stock of finished goods + Cost of goods manufactured
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A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: SWEET TOOTH Company provided the following information for the current year: Increase in raw…
A: Solution: Cost of goods sold is the cost directly related to products sold during the period. Cost…
Q: The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume…
A: Cost of goods manufactured means the cost incurred for manufacturing the finished product. It is…
Q: Beginning raw materials inventory was OMR70,000. During the month, OMR175,000 of raw materials was…
A: The direct materials are those which are used in producing or manufacturing a product. Any cost of…
Q: X Company had $90,000 of ending finished goods inventory, beginning finished goods inventory was…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Problem 3. The records of Nysa Company revealed the following for the current year: Work-in-process…
A: Overhead overapplied: Overheads are said to be overapplied when actual overheads incurred are less…
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A: Particulars Amount ($) Cost of…
Q: At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,300,000. Closing…
A: Applied Overhead is the overhead initially applied to goods produced. The cost allocation base…
Q: The following information were taken from the accounting records of YANNI MUSIC, CO for 2009…
A: RAW MATERIAL ARE THE BASIC MATERIAL WHICH ARE USED PRIMARY PRODUCTION AND MANUFACTURING OF GOODS .
Q: At the end of the year, overhead applied was $42,000,000. Actual overhead was $40,300,000. Closing…
A: Underapplied overhead:When there is a debit balance in the manufacturing overhead account during the…
Q: During the year 2009, there was no change either in the Raw Materials or the Work in Process…
A: Opening finished goods inventory = P 50,000 Manufacturing cost = P 120,000
Q: X Company had $80,000 of ending finished goods inventory, beginning finished goods inventory was…
A: Cost of goods manufactured = Cost of goods sold + Ending inventory - Beginning inventory
Q: X Company had $90,000 of ending finished goods inventory, beginning finished goods inventory was…
A: Cost of Good Sold - It is refers to the direct costs for production of goods sold by the company.
Q: The accounting records for 2017 of DB Co. showed the following: Decrease in raw materials inventory…
A: Formula: Cost of raw materials used = Raw materials purchased + Decrease in raw materials inventory.
Q: X Company reported the following year-end information: Beginning Raw Mate ls Inventory S60.000…
A: Cost of raw material used = Beginning material inventory + Materials purchased - Closing material…
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A: Total manufacturing cost=Cost of goods manufactured+Ending work in process=P 187,500+P 12,500=P…
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A: Cost of direct materials used = Cost of Purchases of raw materials + Decrease(increase) of Raw…
Q: The Cost of Goods Manufactured of Silver Corporation is P5,600,000. If the ending finished goods…
A: The cost of goods sold includes the cost of goods that are sold during the period.
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A: Given that, Prime cost is 236000 OMR cost of production for the year is 298420 OMR Opening stock of…
Q: XYZ Company uses normal costing. Following are various cost and inventory data for the just…
A: Manufacturing OH cost is a fixed cost that is incurred as a result of normal operations of the…
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A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: X Company reported the following year-end information: Beginning Raw Materials Inventory $80,000…
A: Cost of direct material used = Beginning raw material inventory + Raw materials purchased - Closing…
Q: The following information is available for Integrity Corporation for 2020: 1) Materials inventory…
A: Direct Material Cost - Direct materials costs are the expenses incurred on the raw materials…
Q: What is the cost of goods manufactured?
A:
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A: Given: Manufacturing units=1000Sold units =850Direct material and direct labour =OMR 10000Production…
Q: Beginning raw materials inventory was OMR90,000. During the month, OMR175,000 of raw materials was…
A: Formula: Cost of direct materials used = Beginning raw materials + purchases - Ending raw materials…
Q: (b) For 2018, SQU Company had sales of 150,000 units and production of 200,000 units. There was no…
A: Direct material cost per unit=Direct material costProduction units =150,000200,000=0.94 per unit…
Q: ABC Company produced 3,000 units and sold 2,500 units. Total fixed manufacturing overhead cost is…
A: Under absorption costing, the fixed overheads are consumed for the goods sold during the period.
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A: Unadjusted cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured -…
Q: The following information is available for Integrity Corporation for 2020: 1) Materials inventory…
A: Cost of goods manufactured = Total manufacturing costs / 80% = P246,400/80% = P308,000
Q: 1)Coronado Industries reported the following year-end information: beginning work in process…
A: Financial statements are statements which states the business activities performed by the company .…
Q: If the beginning finished goods -9 inventory 90 000 ID, ending finished goods inventory 65 000 ID ,…
A: Cost of goods sold (COGS) refers to the cost including the costs which are directly related to the…
Q: Co. showed The accounting records for the following: Decrease in raw materials inventory P 45,000…
A: Cost of raw material used= Purchase of raw material+ Decrease in raw material inventory
Q: Kay Company provided the following information for t current year: Increase in raw materials…
A: Solution: Cost of goods sold includes cost of beginning finished goods and cost of goods…
Q: he following information was taken from H Company's accounting records for the year December 31,…
A: Given data, Increase in raw materials inventory= P15,000 Decrease in finished goods inventory=35,000…
Q: X Company had $90,000 of ending finished goods inventory, beginning finished goods inventory was…
A: COGM= EFG+COGS-BFG Where, COGM is cost of goods manufactured, EFG is ending finished goods, COGS is…
Q: Prime cost is 236000 OMR, and cost of production for the year is 355000 OMR Opening stock of work in…
A: Prime costs are direct costs that includes the cost of direct material and direct labor involved in…
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A: Manufacturing overhead will be included on predetermined basis and then compare with the actual…
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A: We have the following information: Direct materials: $160,000 Direct labour: $200,000 Prime cost:…
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- The following data were adapted from a recent income statement of Caterpillar Inc. (CAT) for the year ended December 31: Assume that 8,500 million of cost of goods sold and 4,000 million of selling, administrative, and other expenses were fixed costs. Inventories at the beginning and end of the year were as follows: Also, assume that 30% of the beginning and ending inventories were fixed costs. a. Prepare an income statement according to the variable costing concept for Caterpillar Inc. Round numbers to nearest million. b. Explain the difference between the amount of operating income reported under the absorption costing and variable costing concepts. Round numbers to nearest million.Last year, Orsen Company produced 25,000 juicers and sold 26,500 juicers for 60 each. The actual variable unit cost is as follows: Fixed overhead was 320,000. Fixed selling expenses consisted of advertising copayments totaling 110,000. Fixed administrative expenses were 236,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was 148,000 for 4,000 juicers. The value of ending inventory reported on the financial statements was Refer to the information in 2.24. The gross margin percentage for last year was a. 12.57% b. 55.67% c. 28.95% d. 38.33%At the end of the first year of operations, 21,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept.
- Pattison Products, Inc., began operations in October and manufactured 40,000 units during the month with the following unit costs: Fixed overhead per unit = 280,000/40,000 units produced = 7. Total fixed factory overhead is 280,000 per month. During October, 38,400 units were sold at a price of 24, and fixed marketing and administrative expenses were 130,500. Required: 1. Calculate the cost of each unit using absorption costing. 2. How many units remain in ending inventory? What is the cost of ending inventory using absorption costing? 3. Prepare an absorption-costing income statement for Pattison Products, Inc., for the month of October. 4. What if November production was 40,000 units, costs were stable, and sales were 41,000 units? What is the cost of ending inventory? What is operating income for November?Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a deflationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing 580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart.Last year, Orsen Company produced 25,000 juicers and sold 26,500 juicers for 60 each. The actual variable unit cost is as follows: Fixed overhead was 320,000. Fixed selling expenses consisted of advertising copayments totaling 110,000. Fixed administrative expenses were 236,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was 148,000 for 4,000 juicers. The value of ending inventory reported on the financial statements was a. 55,500 b. 92,500 c. 66,500 d. 39,900
- 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.The following production data came from the records of Olympic Enterprises for the year ended December 31, 2016: During the year, 40,000 units were manufactured but only 35,000 units were sold. Determine the effect on inventory valuation by computing the following: 1. Total inventoriable costs and the cost of the 35,000 units sold and of the 5,000 units in the ending inventory, using variable costing. 2. Total inventoriable costs and the cost of the 35,000 units sold and of the 5,000 units in the ending inventory, using absorption costing.What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
- Jellison Company had the following operating data for its first two years of operations: Jellison produced 90,000 units in the first year and sold 80,000. In the second year, it produced 80,000 units and sold 90,000 units. The selling price per unit each year was 12. Jellison uses an actual costing system for product costing. Required: 1. Prepare income statements for both years using absorption costing. Has firm performance, as measured by income, improved or declined from Year 1 to Year 2? 2. Prepare income statements for both years using variable costing. Has firm performance, as measured by income, improved or declined from Year 1 to Year 2? 3. Which method do you think most accurately measures firm performance? Why?For each of the following independent situations, calculate the missing values: 1. The Belen plant purchased 78,300 of direct materials during June. Beginning direct materials inventory was 2,500, and direct materials used in production were 73,500. What is ending direct materials inventory? 2. Forster Company produced 14,000 units at an average cost of 5.90 each. The beginning inventory of finished goods was 3,422. (The average unit cost was 5.90.) Forster sold 14,120 units. How many units remain in ending finished goods inventory? 3. Beginning work in process (WIP) was 116,000, and ending WIP was 117,300. If total manufacturing costs were 349,000, what was the cost of goods manufactured? 4. If the conversion cost is 84 per unit, the prime cost is 55, and the manufacturing cost per unit is 105, what is the direct materials cost per unit? 5. Total manufacturing costs for August were 412,000. Prime cost was 64,000, and beginning WIP was 76,000. The cost of goods manufactured was 434,000. Calculate the cost of overhead for August and the cost of ending WIP.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. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?