The accounting records of EVAN Manufacturing Inc., include the following information: December 31 Work in Process Inventory Finished Goods Inventory Direct Materials Used Direct Labor P50,000 300,000 875,000 450,000 312,500 January 1 P125,000 350,000 Selling Expenses

The accounting records of EVAN Manufacturing Inc., include the following information: December 31 Work in Process Inventory Finished Goods Inventory Direct Materials Used Direct Labor P50,000 300,000 875,000 450,000 312,500 January 1 P125,000 350,000 Selling Expenses

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...

See similar textbooks

Related questions

Q: The following selected ledger accounts of Cameron Company are for February (the second month of its…

A: Hello, I am only answering first 3 sub parts of the question as per the policy and if you want other…

Q: Lind Manufacturing had the following account balances as of January 1. Direct Materials Inventory…

A: The total cost is the sum of the fixed cost and the variable cost. Fixed costs are those that do not…

Q: 1. Tinder Company provided the following information for the last calendar year: Beginning…

A: Cost of goods manufactured = Beginning work in process + Direct material used + Direct labor cost +…

Q: Danica Corp. provided the following inventory balances and cost month of June. Junel June 3 Direct…

A: The cost of goods sold include the costs of goods that are sold during the period.

Q: The following data were taken from the records of Best Company: 08/31/2021 09/30/2021 Inventories:…

A: The cost of goods sold is calculated as difference between cost of goods available for sale and…

Q: The following balances are from the accounts of Tappan Parts. January 1 (Beginning) 962,000…

A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…

Q: Laflin company reported the following year-end Information: Beginning work in process inventory…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: The books and records of a Manufacturing Co. present the following data for the month of February:…

A: An income statement is a report that a business prepares at a specific time period to estimate the…

Q: What is the predetermined overhead rate based on direct labor cost? What is the total cost…

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: The T-accounts below provide selected data about Company J’s financial results for the year: Raw…

A: The overhead is said to be overapplied when applied overhead is more than the actual overhead…

Q: The following information is taken from the records of DW Company for last year: P 8,000 3,000…

A: Work in process inventory means balance of that inventory which is not completely manufactured or…

Q: Superior Company provided the following data for the year ended December 31 (all raw materials are…

A: Cost of goos sold (COGS) refers to the carrying value of goods sold during a particular period of…

Q: Tyare Corporation had the following inventory balances at the beginning and end of May: May 1…

A: Direct labor cost: salaries or wages paid to the employees in the process of manufacturing the…

Q: Tyare Corporation had the following inventory balances at the beginning and end May: May 1 $31,500…

A: Given, Overhead applied = $43,200 Predetermined overhead rate = $12 per direct labor hour

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: The accounts of Melissa Manufacturing showed the following balances at the beginning of December:…

A: Work in process is the inventory which is in the progress. In other words, the inventory which is…

Q: On April 1, Peter Senen Company had the following balances in the inventory accounts:…

A: Processing cost of the jobs will be calculated by adding the direct costs and applied overhead to…

Q: Name: Class Schedule: he following data were taken from the records of Alda Manufacturing Company:…

Q: Consider the following data Work in process inventory December 31 7000 Work in process inventory…

A: Material Used=Raw Material January 1+Purchase of Raw material-Raw material December…

Q: At the beginning of the year, Conway Manufacturing had the following account balances:…

A: Ending WIP = Beginning WIP + Direct materials + Direct labor + Manufacturing overhead allocated -…

Q: The following information is taken from the records of DW Company for last year: P 8,000 3,000…

A: Total manufacturing costs = direct material + direct labor + Manufacturing overhead =…

Q: Miscellaneous factory overhead Accounts payable, November 1

A: Overheads are defined as the expenses incurred by the manufacturing business entity for the…

Q: Lafln company reported the following year-end Information: Beginning work in process inventory…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: The accounts of Delphinia Dreams, Inc. showed the following balances at the beginning of October:…

A: The question is related to Process Costing. In the given question there will no change in the ending…

Q: The following account balances were taken from the general ledger accounts of the Ellery…

A: Direct labor cost = Applied factory overhead / 80% = P320,000/80% = P400,000 Raw material purchased…

Q: The following data were taken from the records of Quezon Company: Inventories September 30 P50,000…

Q: The following cost and inventory data are taken from the accounting records of Mason Company for the…

A: Formula: Cost of Goods sold = Beginning finished goods inventory + cost of goods manufactured -…

Q: 1. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: The following were the inventory balances on 1/1/17: Raw Materials Work In Process Finished Goods |…

A: The schedule of cost of goods sold presents the cost of all the products which have been sold by the…

Q: Tyare Corporation had the following inventory balances at the beginning and end of May: May 1…

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: n June 1, Westbrook Productions had beginning balances as shown in the T−accounts below. Raw…

A: Manufacturing overhead includes the indirect costs incurred in the production process. It includes…

Q: The accounting records of Roland Manufacturing Company include the following information: Dec. 31…

A: The total amount debited to work in process inventory includes the material used in production,…

Q: SurfsUp Specialty Products has the following inventory account balances and related manufacturing…

A: Direct labor incurred = Total manufacturing costs - Manufacturing overhead incurred - Raw materials…

Q: Aloha Company reported the following year-end information: Beginning work in process inventory…

A: Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory -…

Q: a) Prepare the schedule of cost of goods manufactured for Nani’s fashion. (3 marks) b) Prepare the…

Q: Consider the following information for June: Work-in- Raw Process Finished Material (WIP) Goods…

A: Please see the next step for the solution

Q: Factory overhead is applied at 75% of direct labor cost. How much is the total cost of purchases for…

A: The Cost Sheet is prepared on the basis of different components of Cost i.e., Prime Cost, Factory…

Q: The following data (in thousands of dollars) has been taken from the accounting records of Lanyard…

A: Cost of goods sold is the cost that is incurred by the company while selling the goods or products…

Q: The T-accounts below provide selected data about Company J’s financial results for the year: Raw…

Q: Company had the following inventory balances at the beginning and end of November: November 1…

A: Labor cost: Labor cost is the amount of cost paid to the human workforce who are engaged in…

Q: Dalton Productions had beginning balances as shown in the T−accounts below. Raw Materials…

A: Manufacturing overhead includes all the indirect expenses such as factory overhead cost and indirect…

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: The accounts of Melissa Manufacturing showed the following balances at the beginning of December:…

A: The work-in-process inventory contains those products which are not yet completed and in the process…

Q: Use the information below to answer the following two questions: Herbal Company provides the…

A: Total manufacturing cost is a sum of direct material, direct labor, and manufacturing overhead…

Question

100%

The accounting records of EVAN Manufacturing Inc., include the following
information:
December 31
Work in Process Inventory
Finished Goods Inventory
Direct Materials Used
Direct Labor
P50,000
300,000
875,000
450,000
312,500
January 1
P125,000
350,000
Selling Expenses

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

Step 2: Part a

Step 3: Part b

Step 4: Part c

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 11 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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 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.
Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs accumulated at the end of the period are as follows: Assume the beginning raw materials inventory was 62,800, the beginning finished goods inventory was 118,400, and there was no beginning work-in-process inventory. Required: Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process, and Finished Goods.
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)?
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.
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.
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?
The following inventory data relate to Edwards, Inc.: Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods sold. d. Gross profit.
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.
Reese Manufacturing Company manufactures and sells a limited line of products made to customer order. The company uses a perpetual inventory system and keeps its accounts on a calendar year basis. A 6-column spreadsheet is presented on page 1100. Additional information needed to prepare the income statement and schedule of cost of goods manufactured is as follows: REQUIRED 1. Prepare an income statement and schedule of cost of goods manufactured for the year ended December 31,20--. 2. Prepare a statement of retained earnings for the year ended December 31,20--. 3. Prepare a balance sheet as of December 31, 20--. 4. Prepare the adjusting, closing, and reversing entries.
Inventory costing methods The following transactions affecting materials occurred in February: Required: Record the transactions in materials ledger accounts similar to Figure 2-10. (The On Order columns should be omitted.) Use the following inventory methods, assuming the use of a perpetual inventory system. Carry unit prices to four decimal places. 1. FIFO 2. LIFO 3. Weighted average
Sterlings records show the work in process Inventory had a beginning balance of $4000 and an ending balance of $3,000. How much direct labor was incurred if the records also show :