Sales $4,000 Selling expenses Manufacturing overhead Direct labor 300 475 420 Administrative expenses Purchases of direct materials Finished goods inventory, beginning Finished goods inventory, ending Direct materials inventory, beginning Direct materials inventory, ending Work in process inventory, beginning Work in process inventory, ending 280 250 200 325 75 150 150 120
Q: Beginning direct materials $20,900…
A: Direct Material used = Opening Raw Material + Purchases During the year - Closing Raw Material…
Q: Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory…
A: Solution... Cost of goods manufactured Beginning work in process inventory 17,000…
Q: 1-Jul 31-Jul Raw materials inventory $5,000 Work in process inventory ? $4,000 Finished goods…
A: Cost sheet is a method of allocating total cost into different categories such as direct material…
Q: Question 1 Finished goods inventory, beginning Finished goods inventory, ending Depreciation,…
A: Cost of goods sold = Beginning finished goods inventory + Cost of goods goods manufactured - ending…
Q: Fill in the missing data for Company E: Direct materials used 6,000 Direct labor cost (A) Overhead…
A: Total manufacturing cost comprises of Direct materials , direct labor and Overheads. As per…
Q: Several items are omitted from the income statement and cost of goods manufactured statement data…
A: Cost of goods manufactured: Cost of goods manufactured refers to the costs incurred for…
Q: $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22,200 Sales Raw materials inventory, beginning…
A: Given the following information: Sales: $1,115,000 Raw materials inventory, beginning: $36,000 Work…
Q: 26,300,000 Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account…
A: Cost of goods sold is the valuation of goods sold at cost price(purchase price). This is computed in…
Q: Beginning direct materials Beginning finished goods Beginning work in process Selling &…
A: Total production cost or total manufacturing cost can be defined as the cost used in the production…
Q: Materials P 1,400,000 Advance for materials ordered 200,000 Goods in process 650,000 Unexpired…
A: Inventories are the resources of the entity which can be available in finished or intermediate form…
Q: Partially completed T-accounts and additional information for Pine Ridge Corporation for the month…
A: Inventories are those assets which are held by a company in order to earn profits through selling…
Q: Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory…
A: Solution Cost of good manufactured is the calculation of a company's Total costs of production…
Q: The following information is available for the HAPPY Corporation for 20X3: 1. Materials inventory…
A: Given, Ending finished goods inventory = $65,000 Materials inventory decreased = $4,000 Beginning…
Q: If the beginning finished goods -9 inventory 90 000 ID, ending finished goods inventory 65 000 ID ,…
A: The Numerical has covered the Concept of Cost of Goods Sold. The Cost of Goods sold refers the…
Q: Direct materials purchased 230,000 Work-in-process inventory, 08/01/x2 Direct materials inventory,…
A: Direct material used=Total Manufacturing cost-Conversion cost=830,000-650,000=180,000
Q: Sales $1,980 Selling expenses 280 Manufacturing overhead 460 Direct labor 400 Administrative…
A:
Q: Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in…
A: Cost of goods available for sale means that cost of goods which include the opening stock and cost…
Q: Beginning Work in Process: Ending Work in Process: Beginning Finished Goods Inventory: Ending…
A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…
Q: On Off Company Company Materials inventory, December 1 $82,740 $110,870 Materials inventory,…
A: Income statement of any entity shows its profitability position.
Q: Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect…
A: Solution: Event Account titles Debit Credit 1 Work In Process (150000-34500) 115500…
Q: FINANCIAL ACCOUNTING AND REPORTING The following information is available for Nics Company.…
A: The Numerical has covered the concept of Cost of Goods Manufactured. The Cost of Goods Manufactured…
Q: If the beginning finished goods -9 inventory 90 000 ID, ending finished goods inventory 65 000 ID ,…
A: As per the policy, we are supposed to solve one question at a time, Kindly repost the further…
Q: Cost of Goods Manufactured, Cost of Goods Sold Hayward Company,a manufacturing firm, has supplied…
A: The calculation of direct material used has been made as follows: Direct material used=Material…
Q: I. E1-7 Sales $86,625 Materials inventory (January 1) $28,875 Work in process inventory (January…
A: Cost of goods manufactured means the cost incurred for manufacturing the finished product. Cost of…
Q: Direct materials purchased 230,000 Work-in-process inventory, 08/01/x2 Direct materials inventory,…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: 1. Answer the following questions by analysing the T-accounts given below Materials Inventory Work…
A: Total manufacturing cost is the accumulated total expenses incurred in the process of manufacturing…
Q: Sales 559,000 5,500 Sales returns Inventories, January 1: Raw materials Work in process Finished…
A:
Q: The following information is available for Robstown Corporation for 20Y8:Please see the…
A:
Q: Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory…
A: Cost of goods manufactured: The cost of goods manufactured is the cost incurred by the company in…
Q: The following information is available for the HAPPY Corporation for 20X3: Materials inventory…
A: COGS = COGM + Opening Finished Goods Inventory - Closing Finished Goods Inventory COGM = Total…
Q: The accounting records of EVAN Manufacturing Inc., include the following information: December 31…
A: This answer has been solved using 2 possible alternatives with different assumptions. The answer…
Q: The following information is available for Tomlin Company. April 1 April 30 Raw…
A: The cost of goods manufactured is the manufacturing costs associated with the products that moved…
Q: Details Case A Beginning inventory, raw material Purchases of raw material 10000 Ending inventory,…
A: Direct material used is calculated as total materials available and further deducting ending…
Q: Determine the missing amounts in each of the following independent cases. Net income, case A:…
A:
Q: Goods in process inventory, 1/1 25,000 Goods in process inventory, 12/31 21,920 Indirect labor 4,600…
A: Answer:- Income statement meaning:- An income statement is a financial statement of the company…
Q: Computing cost of goods manufactured Use the following inventory data for Caddy Golf Company to…
A: Cost of goods manufactured: The cost of goods manufactured is the total costs incurred for the…
Q: Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods…
A: The income statement is prepared to estimate the net income or loss incurred during the period.
Q: (a) Indicate the missing amount for each letter. Case 1 Direct materials used $9,700 24 Direct labor…
A: Total Manufacturing Cost = Direct Material + Direct Labour + Factory Overheads Cost of Goods…
Q: Bal. 1/1 Bal. 12/31 Bal. 1/1 Direct material Direct labor Manufacturing overhead Bal. 12/31…
A: A T-account is also known as the ledger account. It is a set of financial records that follows the…
Q: Raw Material (direct and indirect) Inventory $25,300 Work in Process Inventory 9,000 Finished Goods…
A: The journal entries are prepared to keep the record of day to day transactions of the business. For…
Q: Beginning work in process inventory $1,080,000 Beginning raw materials inventory Ending work in…
A: Cost of Goods Manufactured: The cost of goods manufactured is the statement that shows the total…
Q: Computing cost of goods manufactured Consider the following partially completed schedules of cost of…
A: a.
Q: Sales 46,500,000 Raw materials inventory, beginning Raw materials inventory, ending 3,500,000…
A: Calculation of COGS : total cost ( in thousands of $) Direct material consumed:
Q: Direct materials: $2,200 Factory overhead: $490 Direct labor: $900 Beginning work in process: none…
A: Cost of goods manufactured: It is the total cost of production for the company during a particular…
Q: Work-in-Process Inventory-Packaging Balance, May 1 4,000 Transfer out to Transfer in from 1,000 COGS…
A: Cost accounting is the accounting of the transaction related to the manufacturing of the product. It…
Q: Selected information from the Blake Corporation accounting records for June follows. Materials…
A: Costing:- It is a process of estimating the cost and associated revenue of the product. It involves…
Q: Work-in-Process Inventory—Cutting Balance, May 1 0 (a) Transfer out to Direct Materials…
A: In the given question, we have been given several types of manufacturing-related accounts and there…
Q: Inventories: Beginning Ending Raw materials 46,000 34,000 Work in process 31,000 29,000…
A:
Q: 1. Answer the following questions by analysing the T-accounts given below Materials Inventory Work…
A: The General records all the financial transactions of the Company which would affect two accounts.
Q: Balances: Beginning Ending Direct materials…
A: Cost of Goods Manufactured: Cost of goods manufactured is a term used in managerial accounting that…
Step by step
Solved in 3 steps with 1 images
- Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000Entries 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.4.The following were taken from accounting records of Bella Company in December 2020.Prime cost, P301,000Gross profit rate on sales, 20%Cost of goods available for sale, P460,000Direct materials purchased, P170,000Work in process, December 1, 2020, P34,000Direct Materials, December 1, 2020, P16,000Finished goods, December 1, 2020, P30,000Factory overhead, 40% of conversion cost.Sales, P500,000Direct labor, P180,000Compute for December 31, 2020: (1) Direct materials inventory; (2) Work in process inventory; (3) Finished goodsinventory: A.(1) P6,000 ; (2) P25,400 ; (3) P30,000B. (1) P49,000 ; (2) P25,000 ; (3) P30,000C. (1) P65,000 ; (2) P25,400 ; (3) P60,000D. (1) P65,000 ; (2) P25,000 ; (3) P60,000
- 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:Ethel Company provided the following information asof May 31, 2020SalesP900,000Finished goods inventory, May 31300,000Work in process inventory,May 31 350,000Raw materials inventory, May 31280,000Finished goods inventory, May 1200,000Work in process inventory,May310,000Raw materials inventory, May250,000Direct labor150,000Factory overhead110,000The average historical gross profit is 30% of salesWhat is the total manufacturing cost? How much was the total raw materials used? How much was the total raw materials purchased?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)
- Inventory 1/10/2021 31/12/2021 Raw Materials $72,000 $65,000 Work in Progress $138,875 $129,125 Finished Goods $149,500 $141,700 Other information: Sales Revenue $1,694,950 Factory Labour 239,700 Raw Materials Purchased 235,000 Office Cleaner’s Wages 4,500 Factory Supplies Used 23,500 Depreciation: Factory Plant & Equipment 32,000 Total Utilities 118,750 Plant Supervisor’s Salary 180,000 Design Costs ( Logo) 4,300 Packaging Material Cost 35,000 Total Insurance 60,000 Delivery Vehicle Drivers’ Wages…Inventory 1/10/2021 31/12/2021 Raw Materials $72,000 $65,000 Work in Progress $138,875 $129,125 Finished Goods $149,500 $141,700 Other information: Sales Revenue $1,694,950 Factory Labour 239,700 Raw Materials Purchased 235,000 Office Cleaner’s Wages 4,500 Factory Supplies Used 23,500 Depreciation: Factory Plant & Equipment 32,000 Total Utilities 118,750 Plant Supervisor’s Salary 180,000 Design Costs ( Logo) 4,300 Packaging Material Cost 35,000 Total Insurance 60,000 Delivery Vehicle Drivers’ Wages…Inventory 1/10/2021 31/12/2021 Raw Materials $72,000 $65,000 Work in Progress $138,875 $129,125 Finished Goods $149,500 $141,700 Other information: Sales Revenue $1,694,950 Factory Labour 239,700 Raw Materials Purchased 235,000 Office Cleaner’s Wages 4,500 Factory Supplies Used 23,500 Depreciation: Factory Plant & Equipment 32,000 Total Utilities 118,750 Plant Supervisor’s Salary 180,000 Design Costs ( Logo) 4,300 Packaging Material Cost 35,000 Total Insurance 60,000 Delivery Vehicle Drivers’ Wages…
- Inventory 1/10/2021 31/12/2021 Raw Materials $72,000 $65,000 Work in Progress $138,875 $129,125 Finished Goods $149,500 $141,700 Other information: Sales Revenue $1,694,950 Factory Labour 239,700 Raw Materials Purchased 235,000 Office Cleaner’s Wages 4,500 Factory Supplies Used 23,500 Depreciation: Factory Plant & Equipment 32,000 Total Utilities 118,750 Plant Supervisor’s Salary 180,000 Design Costs ( Logo) 4,300 Packaging Material Cost 35,000 Total Insurance 60,000 Delivery Vehicle Drivers’ Wages…LBC’s beginning work-in-process inventory is P 376,000, ending work-in-process inventory is P 440,000, cost of goods manufactured is P 1.700,000, and direct materials used are P 324,000. What are the conversion costs? A) 1,960,000 B) 1,440,000 C)1.312,000 D) 1.376,000Raw Material inventory $657 $277 Work-in-Process inventory $4473 $1444 Finished Goods inventory $5429 $1481 Direct materials: $128 Direct labor: $193 Actual Manufacturing overhead costs: $1039 Applied Manufacturing overhead costs: $1933 Compute the ADJUSTED Cost of Good Sold Please give explanation for answer, thank you!