Question 1 Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Administrative expenses Utilities, factory Maintenance, factory Supplies, factory Insurance, factory P 20,000 40,000 27,000 110,000 8,000 40,000 11,000 4,000 Purchases of raw materials 125,000 Raw materials inventory, beginning Raw materials inventory, ending 9,000 6,000 Indirect Labor 15,000 Direct Labor 70,000 Work in process inventory, beginning Work in process inventory, ending 17,000 30,000 Sales 500,000 Selling expenses 80,000

Question 1 Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Administrative expenses Utilities, factory Maintenance, factory Supplies, factory Insurance, factory P 20,000 40,000 27,000 110,000 8,000 40,000 11,000 4,000 Purchases of raw materials 125,000 Raw materials inventory, beginning Raw materials inventory, ending 9,000 6,000 Indirect Labor 15,000 Direct Labor 70,000 Work in process inventory, beginning Work in process inventory, ending 17,000 30,000 Sales 500,000 Selling expenses 80,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5PA: Statement of cost of goods manufactured and income statement for a manufacturing company The...

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Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Shanika Company for 20Y6: Instructions 1. Prepare the 20Y6 statement of cost of goods manufactured. 2. Prepare the 20Y6 income statement.
Account Dollar amount Beginning Materials Inventory $74,323 Purchases ? Materials available for use 151,644 Ending inventory ? Materials used in production 78,413 Work In Process Inventory Beginning inventory 253,210 Materials used in production ? Direct labor 125,900 Overhead applied 94,425 Manufacturing costs incurred ? Ending inventory 242,932 Cost of goods manufactured ? Finished Goods Inventory Beginning inventory 333,149 Cost of goods manufactured ? Goods available for sale ? Ending inventory 354,235 Cost of goods sold ? Prepare the journal entries to record the following events: The purchase of materials The completion of work in process The sale of finished goods (omit the revenue side of the sale)
Question 24 - On the costs of goods manufactured schedule, the item raw materials inventory (ending) appears as a(n) addition to raw materials purchases. addition to raw materials available for use. subtraction from raw materials available for use. subtraction from raw materials purchases.
From the following data, determine the total Cost of Goods Manufactured (COGM): Costs of units in beginning Work-in-Progress (WIP) Inventory Costs added to units in beginning WIP Inventory this period Costs of units started and completed Cost of units started and incomplete Cost of units in ending WIP inventory $ 78,000.00 $ 16,040.40 $ 157,050.50 $ 59,309.10 $ 59,309.10 A) $251,090.90 B) $270,840.40 C) $279,000.00 D) $310,400.00
Raw material purchased OMR150000, opening stock raw material OMR 53000, Paid freight charges OMR 7000, wages paid to labor OMR 40000, closing stock finished goods OMR 15000 and factory overhead is OMR 58000. The cost of goods Manufacturing is:
Work in process inventory, 08/31/x2? Finished goods inventory, 08/31/x2?
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
1. Supply the missing data in the following cases, each case is independent of the others. Schedule of Cost of Goods ManufacturedDirect materials . . . . . . . . . . . . . . . . . . . . . .P 4,500Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . ?Manufacturing overhead . . . . . . . . . . . . . . . 5,000Total manufacturing costs . . . . . . . . . . . . . . 18,500Beginning work in process inventory . . . . . 2,500Ending work in process inventory . . . . . . . . ?Cost of goods manufactured . . . . . . . . . . . 18,000 Income StatementSales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P 30,000Beginning finished goods inventory . . . . . 1,000Cost of goods manufactured . . . . . . . . . . . 18,000Goods available for sale . . . . . . . . . . . . . . . ?Ending finished goods inventory . . . . . . . . ?Cost of goods sold . . . . . . . . . . . . . . . . . . . . 17,000Gross margin . . . . . . . . . . . . . . . . . . . . . . . . 13,000Selling and administrative…
Question Content Area Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $22,900 $48,600 (e) Total manufacturing costs incurred during August 388,000 (c) 1,253,500 Total manufacturing costs (a) $601,400 $1,445,900 Work in process inventory, August 31 27,400 63,000 (f) Cost of goods manufactured (b) (d) $1,245,300 a. $fill in the blank 1 b. $fill in the blank 2 c. $fill in the blank 3 d. $fill in the blank 4 e. $fill in the blank 5 f. $fill in the blank 6
E1-9 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc. INVENTORIES ENDING BEGINNING Finished goods $82,294 $120,698 Work in process $87,780 $76,808 Direct materials $104,239 $98,753 Revenues and Cost for the period: Sales $987,525 Cost of goods available for sale $850,369 Total manufacturing costs $740,644 Factory overhead $192,019 Direct materials used $224,936 Calculate the following for the year:a. Direct materials purchasedb. Direct labor costs incurredc. Cost of goods soldd. Gross profit (Hint Answers to subsequent parts may require using solutions from earlier parts)
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 285 $30.00 $8,550 40 130 $32.00 May 4 fill in the blank b6beca03afc4fb5_1 fill in the blank b6beca03afc4fb5_2 fill in the blank b6beca03afc4fb5_3 fill in the blank b6beca03afc4fb5_4 fill in the blank b6beca03afc4fb5_5 fill in the blank b6beca03afc4fb5_6 91 365 $fill in the blank b6beca03afc4fb5_7 May 10 fill in the blank b6beca03afc4fb5_8 fill in the blank b6beca03afc4fb5_9 fill in the blank b6beca03afc4fb5_10 44 110 38.00 May 21 fill in the blank b6beca03afc4fb5_11 fill in the blank b6beca03afc4fb5_12 fill in the blank…
How to compute 1. beginning finished goods inventory 2. total direct labor cost 3. total cost of goods sold