Q-2 Following information related to Abbasi manufacturing company for the year endedDecember 31", 2007.Direct material BeginningDirect material PurchasedDirect material EndingDirect material usedDirect laborRs.35,00010,000?Conversion CostFactory overhead, 75% of 90% of DLWork in process endingWork in process beginning70,000?200,000COGM950,0001000,000Manufacturing costREQUIRED: Calculate all missing figures and also prepare Schedule for Cost of goodsmanufactured for the year ended December 31, 2007.

Name: Q-2 Following information related to Abbasi manufacturing company for
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Description: Q-2 Following information related to Abbasi manufacturing company for the year endedDecember 31", 2007.Direct material BeginningDirect material PurchasedDirect material EndingDirect material usedDirect laborRs.35,00010,000?Conversion CostFactory ove

The calculation of missing figures are as follows:

Business

Accounting

Q-2 Following information related to Abbasi manufacturing company for the year ended December 31", 2007. Direct material Beginning Direct material Purchased Direct material Ending Rs.35,000 10,000 Direct material used Direct labor Conversion Cost 70,000 Factory overhead, 75% of 90% of DL Work in process ending Work in process beginning 200,000 COGM 950,000 1000,000 Manufacturing cost REQUIRED: Calculate all missing figures and also prepare Schedule for Cost of goods manufactured for the year ended December 31, 2007.

Q-2 Following information related to Abbasi manufacturing company for the year ended December 31", 2007. Direct material Beginning Direct material Purchased Direct material Ending Rs.35,000 10,000 Direct material used Direct labor Conversion Cost 70,000 Factory overhead, 75% of 90% of DL Work in process ending Work in process beginning 200,000 COGM 950,000 1000,000 Manufacturing cost REQUIRED: Calculate all missing figures and also prepare Schedule for Cost of goods manufactured for the year ended December 31, 2007.

Accounting

27th Edition

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Chapter20: Process Cost Systems

Section: Chapter Questions

Problem 20.1APR: Entries for process cost system Pori Ormond Carpel Company manufactures carpets. Fiber is placed in...

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Entries for process cost system Pori Ormond Carpel Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpel hacking is added al the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories: Finished Goods 62,000 Work in ProcessSpinning Department 35,000 Work in ProcessTufting Department 28,500 Materials 17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: a Materials purchased on account 500,000 b Materials requisitioned for use FiberSpinning Department 275,000 Carpet backingTufting Department 110,000 Indirect materialsSpinning Department 46,000 Indirect materialsTufting Department 39,500 c. Labor used Direct laborSpinning Department 185,000 Direct laborTufting Department 98,000 Indirect laborSpanning Department 18,500 Indirect laborTufting Department 9,000 d Depreciation charged on fixed assets: Spinning Department 12,500 Tufting Department 8,500 e. Expired prepaid factory insurance: Spinning Department 2,000 Tufting Department 1,000 f. Applied factory overhead Spinning Department 80,000 Tufting Department 55,000 g Production costs transferred from Spinning Department to Tufting Department 547,000 h Production costs transferred from Tufting Department to Finished Goods 807,200 i. Cost of goods sold during the period 795,200 Instructions 1. Journalize the entries to record the operations, identifying each entry by letter. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts.
Items 3 – 6 Cena Company employs FIFO process costing system concerning its only product which undergoes production in assembly department and finishing department. The following data for the year ended December 31, 2020 are provided:ASSEMBLY DEPARTMENTUnits CostJanuary 1, 2020 100,000 units – 40% completed as to conversion costDM – P3MDL – P5MFOH – P2MDecember 31, 2020 150,000 units – 80% completed as to conversion costs?Units started during the year 400,000 unitsDM cost added during 2020 – P12MDL cost added during 2020 – P15MFOH cost added during 2020 – P13MFINISHING DEPARTMENTJanuary 1, 2020 50,000 units – 70% incomplete as to conversion costTransferred In – P10MDM – P6MDL – P1MFOH – P3MDecember 31, 2020 30,000 units – 10% incomplete as to conversion costs?Units started during the year ?DM cost added during 2020 – P30MDL cost added during 2020 – P40MFOH cost added during 2020 – P10MAdditional Information:• It is the company policy to apply direct labor and factory overhead uniformly…
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
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Eddie Company had the following data available:Direct materials purchased on account P74,000Direct materials requisitioned P41,000Direct-labor cost incurred P65,000Factory overhead incurred P77,000Factory overhead applied P85,000Work in process is increased by _____. a) P334,250 b) P191,000 c) P179,000 d) P139,000
Q1: The following information was taken from the books of Hunza Manufacturing Company for the month of January 2016 Cost of Units in process at beginning: January 1, 2016 Rs. 50,000 Cost of Raw Material used 148,000 Direct Labour cost incurred 115,200 Factory Overhead Cost incurred 86,400 The data extracted from the production report relating to above process are as follows: Units in process at beginning of January [40% complete as to material and 60% complete as to conversion cost] 5,000 units Units placed in production during January 13,000 units Units in process at end of January 31 [60% complete as to material and 80% as to conversion cost] 3,000 units. Calculate Cost of Units in Process at end of Period (on January 31) (3,000 Units)
5. NESTING, Inc. is employing a sophisticated just-in-time manufacturing system. The company uses backflush costing for recording its production. The following transactions occurred for the year ended December 31,2020: A. Purchased Php 170,000.00 of raw materials on account. B. All materials purchased were requisitioned for production. C. Incurred direct labor costs of Php 80,000.00. D. Actual Factory overhead costs amounted to Php 122,000.00. E. Applied conversion costs totaled Php 202,000.00 including direct labor cost of Php 80,000.00. F. All telephones were completed and sold. What is the cost of goods sold for the year ended December 31,2020? * 3 points
Q7. Suppose a company manufactures and sells a chemical product. The company processes the product in two departments. The March production data for Department B is: Beginning WIP 0 Units started this period 11,000 Units completed and transferred 9,000 Ending WIP units 2,000 Direct materials $1,100 Direct labor $2,880 Applied overhead $8,880 a) Show the physical flow of units. The 2,000 units in ending inventory are 40% complete as to conversion costs. b) Calculate the equivalent units for materials, labor and overhead. Hint: Show both materials and conversion.
The related data of Megan Company: Ending Beginning Raw materials P78,500 P69,200 Work in process 500,200 355,500 Finished goods 285,700 312,700 The Cost of goods manufactured is P1,317,200. The entity purchased P500,000 raw materials during the year, of which 20% is an indirect material. How much are the direct materials used?
Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased OMR 360000 Direct labor OMR 200000 Factory maintenance OMR 29000 Power and heat—factory OMR 18500 Direct Expenses 15 % of the direct labor cost Indirect factory labor OMR 21000 Freight In OMR 7000 Depreciation - Factory OMR 22300 Advertisement expenses OMR 8500 Inventories, 1 January 2020: Direct Material OMR 41700 Work-in-process…
Q) CPL Company reported a cost of goods manufactured of $520,000, with the firm's balance sheet revealing beginning work in process and closing finished goods of $130,000 and $134,000, respectively. If supplemental information disclosed raw materials used in production of $80,000, direct labour of $140,000, and manufacturing overhead of $240,000, the company's closing work in process must have been: a. $130,000. b. $70,000. c. $66,000. d. $390,000. e. Cannot be determined by the information given.
Choose the correct letter of answer materials used, P500,000; labor cost, 60% of raw materials used; overhead, 30% of raw materials used; administrative and selling expenses, 40% of labor cost. The total period cost is equivalent to: a. P 120,000b. P890,000c. P800,000d. P590,000