Please Solve In 10mins I will Thumbs-up Question 6 of 71/3 EPrepare an income statement through gross profit.MARIGOLD COMPANYIncome Statement (Partial)For the Year Ended December 31, 2022%24>> Question 6 of 7View PoliciesShow Attempt HistoryCurrent Attempt in ProgressThe following information is available for Marigold Company.January 1, 20222022December 31, 2022Raw materials inventory$19.600$28.200Work in process inventory12,90016,250Finished goods inventory25,45019,740Materials purchased$141,000Direct labor206,800Manufacturing overhead169,200Sales revenue855,400

The profit a firm makes after deducting the costs of producing and selling its products, or the…

Answered: Question 6 of / e an income statement…

Question 6 of / e an income statement through gross profit. MARIGOLD COMPANY Income Statement (Partial) For the Year Ended December 31, 2022

Financial & Managerial Accounting

13th Edition

ISBN:9781285866307

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter27: Lean Principles, Lean Accounting, And Activity Analysis

Section: Chapter Questions

Problem 27.20EX

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Study Figure 15.8, showing the level 0 DFD of the cost accounting system. Note that the raw materials and finished goods inventory processes are outside the context of the system shown (i.e., the DFD covers work-in-process inventory only). a. Draw a context diagram for the system as it currently exists. b. Assume that both the raw materials and finished goods inventories are within the system context. Prepare a context diagram for the revised system, and redraw Figure 15.8 to reflect the revised system. Ignore the ordering of raw materials from vendors; start the raw materials process with the receipt of goods. Also ignore the issue of finished goods. Keep the assumption that the company uses standard costing for all inventories.
Q.3. New Method Company uses a process cost system to manufacture sensors for the security industry. The company uses Weighted Average method. The following information pertains to operations of Processing Department K for the most recent month: Units Beginning Work-in-Process Inventory 16,000 Units completed during the month 92,000 Ending Work-in-Process Inventory 24,000 The beginning inventory was 60 percent complete for materials and 20 percent complete for conversion costs. The ending inventory was 90 percent complete for materials and 40 percent complete for conversion costs. Costs pertaining to the month were as follows: Beginning inventory costs: materials, $54,560; conversion cost, $35,560 Costs incurred during the month: materials used, $468,000; conversion cost, $574,040 Requirement – For Processing Department K: A) Calculate be the total equivalent units of production for Direct Materials and Conversion Cost for Processing Department K B) Calculate the unit cost of Materials…
Hw.75. Arturo Manufacturing Company provided the following information for the year 2012: Beginning balance—work in process inventory $12,000 Ending balance—work in process inventory $28,000 Beginning balance—direct materials inventory $42,000 Ending balance—direct materials inventory $30,000 Purchases—direct materials $180,000 Direct labor $235,000 Indirect materials $23,500 Indirect labor $9,500 Depreciation on factory plant & equipment $12,000 Plant utilities & insurance $135,000 Requirements: a) What was the amount of direct materials used in production? b) What was the amount of manufacturing overhead costs? c) What was the amount of manufacturing costs incurred during the year? d) What was the amount of the cost of goods manufactured for the year?
Ch. 3 MG Homework  Saved Help Save & Exit SubmitThe following four companies use a process cost system:Required:Treating each case independently, find the missing amount solana co. vista.co Ray Inc. Lindsay company conversion cost ? 235200 56350 ? direct labor 43000 ? 25300 13300 depreciation 2400 17400 ? 1500 manufacturing overhead 25500 143600 ? ? rent 16100 ? 10100 830 direct materials 89100 362050 39600 17050 supervisors salary 5200 19450 2700 1900 utilities ? 34200 8850 630
Hw.52. The manufacturing concern has the following data available for the month of March 2020:Total manufacturing cost Rs. 10,000Total cost of goods manufactured Rs.15,500Cost of material purchased Rs.3,500Direct Labour Rs.2,100Direct material_ Begining Rs.3,100Direct material Ending Rs.600The amount of FOH must be RS. O a. 1,900 O b. 2,000 O C. 2,900 • d. 2,100
Item8 Part 3 of 4 eBook Item 8 Required information Skip to question [The following information applies to the questions displayed below.] Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 12,000 units during November. The following production activity in both units and costs refers to the Assembly department’s November activities. Assembly Department Units Percent Complete for Direct Materials Percent Complete for Conversion Beginning work in process inventory 3,000 60% 40% Units started this period 12,000 Units completed and transferred out 10,000 Ending work in process inventory 5,000 85% 35% Cost of beginning work in process Direct materials $ 1,455 Conversion 1,105 $ 2,560 Costs added this month Direct materials 19,920 Conversion 20,045 39,965 Assign costs to the Assembly department’s output—specifically, the units transferred out to the Painting…
Exercise 4: ABC Electrical Company has the following records for the period ended 31 December 2019. Total production units 7500 units Material purchased OMR 55000 Inventories, 1 January 2019: Materials OMR 2000 Work-in-process OMR 20000 Finished goods OMR 10000 Direct labor OMR 105000 Factory overhead OMR 75000 Inventories, 31 December 2019: Material OMR 5000 Work-in process OMR 10000 Finished goods 1000 units Finished goods are valued at the current unit 1/Schedule of cost of goods manufactured
Problem 2–41 Determine the missing amounts in each of the following independent cases. Case A Case B Case C Beginning inventory, raw material ...................................... ? $20,000 $15,000 Ending inventory, raw material ........................................... $90,000 ? $30,000 Purchases of raw material .................................................... 100,000 85,000 ? Direct material ..................................................................... 70,000 95,000 ? Direct labor .......................................................................... ? 100,000 125,000 Manufacturing overhead ...................................................... 250,000 ? 160,000 Total manufacturing costs.................................................... 520,000 345,000 340,000 Beginning inventory, work in process ................................ 35,000 20,000 ? Ending inventory, work in process ...................................... ? 35,000 5,000 Cost of goods…
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Question Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs Materials 28,350 46,800 Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of…
Problem 19-1B Production costs computed and recorded; reports prepared C2 P1 P2 P3 P4 Perez Mfg.’s August 31 inventory of raw materials is $150,000. Raw materials purchases in September are $400,000, and factory payroll cost in September is $232,000. Overhead costs incurred in September are: indirect materials, $30,000; indirect labor, $14,000; factory rent, $20,000; factory utilities, $12,000; and factory equipment depreciation, $30,000. The predetermined overhead rate is 50% of direct labor cost. Job 114 is sold for $380,000 cash in September. Costs for the three jobs worked on in September follow. Required Determine the total of each production cost incurred for September (direct labor, direct materials, and applied overhead) and the total cost assigned to each job (including the balances from August 31). Prepare journal entries for the month of September to record the following. Materials purchases (on credit). Direct materials used in production. Direct labor paid and…
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…