Sales 46,500,000 Raw materials inventory, beginning Raw materials inventory, ending 3,500,000 2,000,000 Purchases of raw materials 9,500,000 Direct labor 7,500,000 Manufacturing overhead Administrative expenses 10,500,000 4,500,000 Selling expenses 6,000,000 Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending 4,000,000 3,500,000 4,500,000 7,000,000

Sales 46,500,000 Raw materials inventory, beginning Raw materials inventory, ending 3,500,000 2,000,000 Purchases of raw materials 9,500,000 Direct labor 7,500,000 Manufacturing overhead Administrative expenses 10,500,000 4,500,000 Selling expenses 6,000,000 Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending 4,000,000 3,500,000 4,500,000 7,000,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 12PA: The following data summarize the operations during the year. Prepare a journal entry for each...

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During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
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)?
Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
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