on On the Schedule of Cost of Goods Manufactured, the final Cost of Goods Manufactured figure represents: Time left O O a. The amount of cost transferred from Finished Goods to Cost of Goods Sold during the period O b. The amount of cost of goods completed during the current year whether they were started before or during the current year Oc. The amount of cost placed into production during the period O d. The amount of cost charged to Work in Process during the period

on On the Schedule of Cost of Goods Manufactured, the final Cost of Goods Manufactured figure represents: Time left O O a. The amount of cost transferred from Finished Goods to Cost of Goods Sold during the period O b. The amount of cost of goods completed during the current year whether they were started before or during the current year Oc. The amount of cost placed into production during the period O d. The amount of cost charged to Work in Process during the period

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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S1: When raw materials are requisitioned and placed into production, the Raw Materials Inventory account is debited.S2: Over-applied overhead that is material in amount is closed to the Cost of Sales account at year-end. Group of answer choices False; True False; False True; True True; False
Question Content Area Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 7,100 Apr. 30 Goods finished X 30 Direct materials 63,000 30 Direct labor 192,400 30 Factory overhead 57,720 Finished Goods Apr. 1 Balance 12,700 30 Goods finished 303,900 What was the balance of Work in Process as of April 30? a.$12,700 b.$16,320 c.$57,720 d.$303,900
Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
T2-7 Assign costs to completed units and ending Work in Process Inventory (LO 4) Monk, Inc. reported the following results for the month of November. Units Materials Conversion Work in Process Beginning inventory ? $ 5,900 $15,000 Added to production ? 47,300 65,000 Completed and transferred out ? ? ? Ending inventory 40,000 60% complete 40% complete Cost per equivalent unit $0.40 $0.64 Questions a.How many units were completed and transferred out of Work in Process Inventory? b.What cost should be assigned to the units transferred out of Work in Process Inventory? c.What cost should be assigned to the ending Work in Process Inventory?
Hide or show questions Progress:1/20 items Selected accounts with some amounts omitted are as follows: Work in Process Aug. 1 Balance 270,500 Aug. 31 Goods finished 167,400 31 Direct materials X 31 Direct labor 45,400 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 110,300 Aug. 1 Balance 15,300 31 Applied X If the balance of Work in Process on August 31 is $198,700, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? a.$13,620 b.$167,400 c.$15,300 d.$110,300
Question Content Area Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 269,610 Aug. 31 Goods finished 176,760 31 Direct materials X 31 Direct labor 36,300 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 109,360 Aug. 1 Balance 12,070 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $199,160, what was the amount debited to Work in Process for direct materials in August? a.$59,120 b.$328,310 c.$505,070 d.$106,750
QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statement
Info in images Question relating to the images: 3. Info in image "ACC PT2" 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. Unadjusted cost of goods sold [ ] 5. Assume that the $38,000 ending balance in Work in Process includes $8,600 of direct materials. Given this assumption, supply the information missing below: Direct materials $8,600 Direct labor [ ] Manufacturing overhead [ ] Work in process inventory $38,000
Subject: Cost managemet & accounting PQ – 2*The following data relates to M/s. Zubair Co. for the month of August 2018 ( who maintains Job Order Cost System ) .DATAa) Material purchased on account Rs. 145,000b) Material requisitioned and Factory Labour usedMaterial Factory LabourJob No. 201 Rs. 12,000 Rs. 20,000Job No. 202 Rs. 8,000 Rs. 15,000Job No. 203 Rs. 25,400 Rs. 13,500Job No. 204 Rs. 16,600 Rs. 21,500Job No. 205 Rs. 15,000 Rs. 8,200Job No. 206 Rs. 9,000 Rs. 4,600For general factory use Rs. 5,000 Rs. 8,000c) Factory overhead cost incurred on account Rs. 70,800d) Depreciation of Machinery Rs. 10,000e) The Factory overhead rate is 110 % of direct labour cost.f) Job completed: No. 201, 203, 204 and 206.g) Job No. 201, 203 and 204 were shipped and customers were billed for Rs. 104,000, Rs. 105,000 and Rs. 106,000. REQUIRED:ii) Prepare Accounts in Ledger of the Company for the Accounts, Work-in-Process and Finished Goods.
Question Content Area Selected accounts with some amounts omitted are as follows Work in Process Oct. 1 Balance 23,400 Oct. 31 Finished goods X 31 Direct materials 93,800 31 Direct labor 170,200 31 Factory overhead X Finished Goods Oct. 1 Balance 13,700 31 Goods finished 326,600 If the balance of Work in Process on October 31 is $207,600, what was the amount of factory overhead applied in October? a.$246,800 b.$401,200 c.$93,800 d.$170,200
Subject: Cost management & accounting QUESTION – 9**Following transactions were recorded in the books of Wahid Electronics Est., for the month of April 1989.Beginning Inventories: Rs. Ending Inventories: RsMaterials 19,000 Materials 8,900Work – In – Process 7,500 Work – In – Process 15,700Finished Goods 26,000 Finished Goods 21,750Transactions for the months were:Material Purchased 275,000 Consumable & supplies (Indir. Mat.) 54,000Utilites 60,000 Wages 90,000 (Factory 60%, Office 40%) (Factory 70%, Office 30%) Salaries – Office Staff 30,000 Salaries – Sales Staff 10,000Travelling Expenses – Sales 25,500 Factory Overheads…
1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,410 51,520 15,030 37,090 Double line4,010 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,020 56,340 15,540 31,920 Double line Double line6,860 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20