The "flow" of manufacturing costs through the ledger of Able Mfg. Co. during April is summarized in the following T accounts. Certain amounts have been omitted and are represented by question marks. The total manufacturing costs charge to production during April were: Material Inventory Work in Process Debit Credit Debit Credit Beg Bal 32000 Beg Bal 3,000 35000 33000? 72,000 End Bal? End Bal 5,000 Direct Labor Finished Goods Debit Credit Debit Credit Beg Bal 0 Beg Bal 47,000 13,000? 72,000 ? End Bal 1,000 End Bal 39,000 Manufact OH COGS Debit Credit Debit Credit 27,000 27,000? Group of answer choices $74,000 $72,000 $76, 000 Some other amount

The "flow" of manufacturing costs through the ledger of Able Mfg. Co. during April is summarized in the following T accounts. Certain amounts have been omitted and are represented by question marks. The total manufacturing costs charge to production during April were: Material Inventory Work in Process Debit Credit Debit Credit Beg Bal 32000 Beg Bal 3,000 35000 33000? 72,000 End Bal? End Bal 5,000 Direct Labor Finished Goods Debit Credit Debit Credit Beg Bal 0 Beg Bal 47,000 13,000? 72,000 ? End Bal 1,000 End Bal 39,000 Manufact OH COGS Debit Credit Debit Credit 27,000 27,000? Group of answer choices $74,000 $72,000 $76, 000 Some other amount

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 8P: OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending...

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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?
Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Using the data in P5-9, draft the journal entries to record: 1. The cost of goods received from Rolling during the month. 2. The production costs incurred in Converting during the month. 3. The cost of goods completed and transferred to finished goods during the month.
Statement of cost of goods manufactured; income statement; balance sheet The adjusted trial balance for Rochester Electronics, Inc. on November 30, the end of its first month of operation, is as follows: The general ledger reveals the following additional data: a. There were no beginning inventories. b. Materials purchases during the period were 33,000. c. Direct labor cost was 18,500. d. Factory overhead costs were as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of November. 2. Prepare an income statement for the month of November. (Hint: Check to be sure that your figure for Cost of Goods Sold equals the amount given in the trial balance.) 3. Prepare a balance sheet as of November 30. (Hint: Do not forget Retained Earnings.)
Leen Production Co. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of May: a. Compute the total production cost of each job. b. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. c. Compute the selling price per unit for each job, assuming a mark-on percentage of 40%. d. Prepare the journal entries to record the sale of Job 1065.
Monterrey Products Co. uses the process cost system. A record of the factory operations for the month of October follows: Required: Prepare a cost of production summary, assuming that the production losses are considered to be normal.
Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: a. Prepare a cost of goods manufactured statement for March. b. Determine the cost of goods sold for March.
Selected information from the lowa Instruments accounting records for April follows: . . . Materials Inventory Debit BB (4/1) 25,800 209,800 Debit Credit 174,800 Cost of Goods Sold Credit 4,300 Work-in-Process Inventory Credit Debit Labor 92,400 EB (4/30) 91,800 Manufacturing Overhead Control Debit Credit 78,300 78,300 Finished Goods Inventory Debit Credit Additional information for April follows: The labor wage rate was $30 per hour. During the month, sales revenue was $320,400, and selling and administrative costs were $77,000. This company has no indirect materials or supplies. The company applies manufacturing overhead on the basis of direct labor-hours. • Customer returns are discarded and not resold. BB (4/1) P 87,800 284, 200 272,800 Applied Manufacturing Overhead Debit Credit 78,860 4,300 83,160 Required: a. What was the cost of direct materials purchased in April? b. What was the over- or underapplied manufacturing overhead for April? c. What was the manufacturing overhead…
The following information pertains to Thornton Manufacturing Company for March Year 3. Assume actual overhead equaled applied overhead. March 1 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues Required A Required B Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. $ 124,100 118,300 76,300 Complete this question by entering your answers in the tabs below. $ 85,400 145,700 80,500 Raw materials available for use $ 118,500 100,800 61, 600 356,000 Prepare a schedule of cost of goods manufactured and sold. Direct raw materials used THORNTON MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For March Year 3 Total manufacturing costs 0 0 0
The following Information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. April 1 Inventory balances Raw materials Work in process Finished goods April 30 Inventory balances Raw materials Work in process Finished goods During April Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues Required A Required B Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. Complete this question by entering your answers in the tabs below. Raw materials available for use Direct raw materials used Prepare a schedule of cost of goods manufactured and sold. FLAXMAN MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For April Total manufacturing costs $123,400 119,700 77,300 Total work in process inventory $ 86,600 145,600 81,900 Cost of goods manufactured Cost of goods available for sale $118,600 101,200…
Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
The following balances appear on the accounts of Greusel Fabrication: March 11 (Beginning) $ 45,000 March 31 (Ending) $50,000 75,200 71,000 51,500 47,200 Direct materials used during the month amount to $534,000 and the cost of goods sold for the month was $1,526,000. Required: Prepare a cost of goods sold statement. Direct materials inventory Work-in-process inventory Finished goods inventory Manufacturing costs Direct materials Materials available GREUSEL FABRICATION Cost of Goods Sold Statement For the Month Ended March 31
PSMO Company currently uses normal costing method in accumulating the cost of production. The following data were provided for the current year Raw Materials: Inventory, Jan. 1 Issuance to production Purchases on account Factory Labor: Total Factory payroll Factory overhead: Plant depreciation Utilities Repair and Maintenance Indirect Materials Indirect Labor Other overhead costs Work in process: Jan. 1 Dec. 31 How much is the cost of goods manufactured? P 6,940,000 P 3,370,000 P 7,010,000 P 186,000 P600,000 3,600,000 4,350,000 2,700,000 200,000 145,000 145,000 230,000 600,000 105,000 720,000 650,000