The following data from the just completed year are taken from the accounting records of KentonCompany:SalesDirect labor costRaw material purchasesSelling expenseAdministrative expensesManufacturing overhead applied to work in process $Actual manufacturing overhead costsInventories:975,000165,000$229,000$48,750146,250180,000$175,050Ending17,50014,75011,000BeginningRaw materials$18,000 $Work in process$20,000 $Finished goods$9,000 $1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statement.%24

Name: The following data from the just completed year are taken from the ac
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Description: The following data from the just completed year are taken from the accounting records of KentonCompany:SalesDirect labor costRaw material purchasesSelling expenseAdministrative expensesManufacturing overhead applied to work in process $Actual manufa

Cost of goods manufactured : raw materials beginning+ purchases- raw materials ending+ direct labour…

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The following data from the just completed year are taken from the accounting records of Kenton Company: Sales Direct labor cost $ 975,000 165,000 229,000 48,750 146,250 180,000 175,050 Raw material purchases $ Selling expense Administrative expenses Manufacturing overhead applied to work in process $ $ $ Beginning $ $ Actual manufacturing overhead costs Inventories: Ending 18,000 $ 20,000 $ 9,000 $ 17,500 14,750 11,000 Raw materials Work in process Finished goods 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. %24

The following data from the just completed year are taken from the accounting records of Kenton Company: Sales Direct labor cost $ 975,000 165,000 229,000 48,750 146,250 180,000 175,050 Raw material purchases $ Selling expense Administrative expenses Manufacturing overhead applied to work in process $ $ $ Beginning $ $ Actual manufacturing overhead costs Inventories: Ending 18,000 $ 20,000 $ 9,000 $ 17,500 14,750 11,000 Raw materials Work in process Finished goods 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. %24

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 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.
The following data summarize the operations during the year. Prepare a journal entry for each transaction. A. Purchase of raw materials on account: $1,500 B. Raw materials used by Job 1: $400 C. Raw materials used as indirect materials: $50 D. Direct labor for Job 1: $200 E. Indirect labor Incurred for Job 1: $30 F. Factory utilities Incurred on account: $500 G. Adjusting entry for factory depreciation: $200 H. Manufacturing overhead applied as percent of direct labor: 100% I. Job 1 is transferred to finished goods J. Job 1 is sold: $1,000 K. Manufacturing overhead is under applied: $100
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On December 1, Carmel Valley Production Inc. had a work in process inventory of 1,200 units that were complete as to materials and 50% complete as to labor and overhead. December 1 costs follow: During December the following transactions occurred: a. Purchased materials costing 50,000 on account. b. Placed direct materials costing 49,000 into production. c. Incurred production wages totaling 50,500. d. Incurred overhead costs for December: e. Applied overhead to work in process at a predetermined rate of 125% of direct labor cost. f. Completed and transferred 10,000 units to finished goods. (Hint: You should first compute equivalent units and unit costs. The unit cost should include applied, not actual, factory overhead.) Carmel Valley uses the weighted average cost method. The ending inventory of work in process consisted of 1,000 units that were completed as to materials and 25% complete as to labor and overhead. Required: Prepare the journal entries to record the above December transactions.
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.
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