Requirement 1. Calculate the cost of direct materials inventory 3/31/2017. Data Table Direct materials inventory 3/1/2017 $ 90 Direct materials inventory 3/31/2017 Direct materials purchased 365 Direct materials used 370 Total manufacturing overhead costs 490 Variable manufacturing overhead costs 275 Total manufacturing costs incurred during March 2017 1,580 Work-in-process inventory 3/1/2017 215 Cost of goods manufactured 1,650 Finished goods inventory 3/1/2017 120 Cost of goods sold 1,770
Q: Inventory balances for the Jameson Company in October 2018 are as follows: October 1, 2018…
A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…
Q: Palmer Corporation is a manufacturing concern that uses a perpetual inventory system. The following…
A: Solution: cost of materials issued to production = Other debits to the materials account during the…
Q: Pan Company's accounting records reflect the following inventories: Dec. 31, 2016 $260,000 160,000…
A: Raw material is the direct and most important component for manufacturing finished goods. It is a…
Q: 14. The following data pertain to Alpha Company for the month of June 2018: Finished Goods, June 1,…
A: Answer:
Q: 1. Renka's Heaters selected data for October 2014 are presented here (in millions): $ 105 Direct…
A: Hi studentSince there are multiple questions, we will answer only first three subparts. If you want…
Q: Proration of overhead. The Ride-On-Wave Company (ROW) produces a line of non-motorized boats. ROW…
A: Hey, since there are multiple sub-part posted, we will answer the first three sub-part questions.…
Q: Income statement and schedule of cost of goods manufactured. The following items (in millions)…
A:
Q: 34,500 Dr. Finished Goods Inventory 49,500 Dr. Cost of…
A: 1. Beginning inventory = Cost of goods sold – Purchases + Ending inventory. Beginning direct…
Q: Understanding the Relationship between Cost Flows, Inventories, and Cost of Goods Sold Ivano Company…
A: Cost: Cost can be defined as the cash and cash equivalent incurred against the products or its…
Q: Requirements 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: Metro Computer Company had the following balances and transactions during 2014. Beginning inventory…
A: As per LIFO method, the ending inventory would consist of items from the first purchases as the…
Q: Complete the information in the cost computations shown here: Raw materials Beginning inventory…
A: The cost of goods sold is computed as: Beginning inventory of finished goods + cost of goods…
Q: The following information relates to the only product made by Fabby Limited for the year ended 31…
A: Fixed manufacturing overhead per unit = total Fixed manufacturing overhead / no. of units produced…
Q: Expert Manufacturing reported the following: Revenue Beginning inventory of direct materials,…
A: Cost of goods sold is the total cost incurred to produce goods during the particular year. It is…
Q: vaughn Manufacturing's accounting records reflect the following inventories: Dec. 31. 2017 Dec. 31.…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Chili Manufacturing Company Income Statement Month Ended June 30, 2018 Net Sales Revenue Cost of…
A: The following computations are done for Chili Manufacturing Company.
Q: The following production data came from the records of Olympic Enterprises for the year ended…
A: Inventory cost is computed differently under two methods : Variable costing and Absorption costing.…
Q: Elite Home Decor manufactures customized household furnishings. The company uses a perpetual…
A: Since there are multi sub parts, we will solve first three for you. To get the remaining sub-parts…
Q: The following information is available for Crouching Alligator Manufacturing Company for the month…
A: The answer is as fallows
Q: Information below pertains to raw materials inventory of PQR Company for the month of February 2020:…
A: Solution: Moving average unit cost of inventory on Feb 28 = Cost of units available / Nos of units
Q: 2. The following information is available for Amir Company. January 1, 2017 2017 December 31, 2017…
A: Cost of Goods Manufactured otherwise called COGM. It is a term used in managerial accounting that…
Q: Wasik Company had the following inventory balances at the beginning and end of August 2013:…
A: Given the following information: Raw material inventory August 1: $58,000 (Opening)August 31:…
Q: The following inventory information is available for Cullumber Manufacturing Corporation for the…
A: Total Manufacturing Overhead cost = Utilities + Depreciation on manufacturing machinery +…
Q: The following are data regarding Sunny Company in 2021 - Finished Goods Inventory December 31…
A: “Since you have posted a many questions, we will solve first question for you. To get the remaining…
Q: What is cost of goods sold for 2017?
A:
Q: Hankook Company Statement of Cost of Goods Manufactured For the year ended Dec 31st_2015 Direct…
A: Office insurance, Marketing and distribution costs, and Office utilities are part of the period…
Q: Cost of ending inventory Cost of materials issued
A: Moving average method: Under this method moving average cost is calculated based on the weighted…
Q: 4. The following information is available for Amir Company. January 1, 2017 Raw materials inventory…
A: Solution A Cost of good manufactured…
Q: E1-9 Determining materials, labor, and cost of goods sold The following inventory data relate to…
A: The cost of goods sold represents the cost of the goods already sold by the company during the…
Q: Charlotte Company started operations in 2016. The entity used FIFO cost flow to determine cost of…
A: Solution: cost of goods sold in 2017 = 60000 from ending units of 2016 + (155000-35000) units from…
Q: Following are certain operating data for Durango Manufacturing Company for January 2016 Materials…
A: COGS %=100-GP %=100-40=60%
Q: PART 1 G-Force Woodcraft manufactures customized household furnishings. The company uses a perpetual…
A: Hey, since there are multiple questions posted, we will answer first three subparts. If you want any…
Q: The following data pertains to Omega company for the month of June 2014. Finished goods, June 1,…
A: Cost of goods sold means all costs incurred on the goods that are being sold to the outside market.
Q: 2-2A - Schedule of Cost of Goods Manufactured Kelowna Plumbing Supplies shows the following data…
A: Cost of goods manufactured shows total direct and indirect costs related to the production and…
Q: Cost of goods manufactured, income statement, manufacturing company. Consider the following account…
A:
Q: Consider the following account balances (in thousands) for the Canseco Company: Home Insert Page…
A: Cost of goods manufactured refers to the total cost incurred by an entity to produce a product for…
Q: Renka’s Heaters selected data for October 2017 are presented here (in millions):Direct materials…
A:
Q: The following data were taken from the records of ABC Company for the year ended June 30,2014. Raw…
A: ABC Company Cost of good manufactured schedule For the year ended June 30, 2014 Work in…
Q: 14. Groh Co. recorded the following data pertaining to raw material X during January 2012: Units…
A: Moving-average unit cost is a method of valuing the inventory wherein the unit cost is recomputed…
Q: Monty Manufacturing Company reported the following materials data for the month ending April 30,…
A: Cost of direct materials used in production can be calculated as, =Opening inventory on April 01+…
Q: Raw materials Beginning inventory $344 Purchases 1,533 Materials available for use Ending inventory…
A: This problem can be solved by using the following formulas: 1. Material used in production(raw…
Q: PART 1 G-Force Woodcraft manufactures customized household furnishings. The company uses a perpetual…
A: (1) The closing balance of the manufacturing overhead account is $14,000.
Q: 1. Purchased P25,000 of raw materials on account. 2. Issued P18,000 of raw materials to production…
A: Journal Entries S.no. Particulars Debit Credit 1. Raw material Purchases A/c... Dr. P25,000…
Q: Statement of Cost of Goods Manufactured and Income StatementInformation from the records of the…
A: 1. Bridgeview Manufacturing Company Statement of Cost of Goods Manufactured For the Month…
Q: The following information relates to the only product made by Mario Traders for the year ended 31…
A: Income statement as per absorption costing is the one that considers total or full cost relating to…
Q: Direct Materials Inventory= $15,000 Dr. WIP Inventory= 34,500 Dr. Finished Goods…
A: Inventories are the goods or part of the finished goods held by the company for sales and it is…
Q: (Fifo, Lifo, Average-Cost Inventory) Shania Twain Company was formed on December 1, 2016. The…
A: Prepare schedules to compute the ending inventory at March 31, 2017 under each of the given…
Q: Variable and absorption costing and breakeven points. Camino, a leading rm in the sports industry,…
A: Break Even Point: Break Even Point is defined as the level where there is no profit…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- LIFO costing Using last-in, first-out perpetual inventory costing and the information presented in E2-7, compute the cost of materials used and the cost of the July 31 inventory.Inventory costing methods The purchases and issues of rubber gaskets (Materials Ledger #11216) as shown in the records of Hillsdale Corp. for November follow: Required: 1. Complete a materials ledger account similar to Figure 2-10 (the On Order columns should be omitted) for each of the following inventory costing methods, using a perpetual inventory system: a. FIFO b. LIFO c. Weighted average (carrying unit prices to five decimal places) 2. For each method, prepare a schedule that shows the total cost of materials transferred to Work in Process and the cost of the ending inventory. 3. If prices continue to increase, would you favor adopting the FIFO or the LIFO method? Explain. 4. When prices continue to rise, what is the effect of FIFO versus LIFO on the inventory balance for materials reported in the balance sheet? Discuss.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)?
- Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw Materials Account) Beginning Raw Materials Inventory 2,373.75 Plus: Purchases of Direct Materials, Freight-in, Duties 26111.25 Materials Available for Use 28485 Less: Ending Raw Materials Inventory 18,041.32 <<<To balance sheet Direct Materials Used 10443.68 Calculation of Cost of Goods Manufactured (Analyze WIP Inventory) Beginning WIP Inventory 0 Plus Manufacturing Costs Incurred: 355,428.68 Direct Materials Used 10443.68 Direct Labor 135,000.00 Manufacturing Overhead 191,943.68 Total Manufacturing Costs to Account For 337,387.36 Less: Ending WIP Inventory 18,041.32 <<<To balance sheet Cost of Goods Manufactured 319346.04 Calculation of Cost of Goods Sold (Analyze Finished Goods Inventory)…
- (Inventoriable Goods and Costs—Perpetual) Colin Davis Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use.1. An invoice for $8,100, terms f.o.b. destination, was received and entered January 2, 2017. The receiving report shows that the materials were received December 28, 2016.2. Materials costing $28,000, shipped f.o.b. destination, were not entered by December 31, 2016, “because they were in a railroad car on the company’s siding on that date and had not been unloaded.”3. Materials costing $7,300 were returned to the supplier on December 29, 2016, and were shipped f.o.b. shipping point. The return was entered on that date, even though the materials are not expected to reach the supplier’s place of business until…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)Complete the information in the cost computations shown here: Raw materials Beginning inventory $341 Purchases 1,532 Materials available for use $ Ending inventory 323 Materials used in production $ Work in process inventory Beginning inventory $932 Materials used in production Direct labor 1,534 Overhead applied Manufacturing costs incurred $22,424 Ending inventory 934 Cost of goods manufactured Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale $24,986 Ending inventory Cost of goods sold $21,772
- Renka’s Heaters selected data for October 2017 are presented here (in millions):Direct materials inventory 10/1/2017 $ 105 Direct materials purchased $365 Direct materials used $385 Total manufacturing overhead costs $450 Variable manufacturing overhead costs$ 265 Total manufacturing costs incurred during October 2017 $1,610 Work-in-process inventory 10/1/2017 $230 Cost of goods manufactured $1,660 Finished-goods inventory 10/1/2017 $130 Cost of goods sold $1,770Calculate the following costs: 1. Direct materials inventory 10/31/2017 2. Fixed manufacturing overhead costs for October 2017 3. Direct manufacturing labor costs for October 2017 4. Work-in-process inventory 10/31/2017 5. Cost of finished goods available for sale in October 2017 6. Finished goods inventory 10/31/2017Inventory balances for the Jameson Company in October 2018 are as follows: October 1, 2018 October 31, 2018 Raw materials $ 20,000 $21,000 Work in process 48,000 37,200 Finished goods 108,000 90,000 During October, purchases of direct materials were $36,000. Direct labor and factory overhead costs were $60,000 and $84,000, respectively. What is the cost of materials used in production?The following balances have been taken from the general ledger for Royal Fan Manufacturing Company: Raw Materials Inventory (1-12-2014)Rs. 40,000Raw Material Purchases190,000Raw Materials Returns9,000Carriage Inwards15,000Direct Labor255,000Indirect Labor60,000Depreciation (Machinery)30,000Hear, Light and Power25,000Factory Rent and Taxes31,000Factory Repairs Expense19,000Foreman ‘s Salary25,000Raw Material (31-12-2014)58,000Work in Process (1-12-201463,000 The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014. Calculate amount of Cost of Goods Manufactured.