The following information pertains to the January 2, year 2 transaction replacing a print machine for Forgotten Caverns Enterprises, Inc. (Click the icon to view the information.) What is the net total of relevant costs on January 2, year 2? A. $160,100 B. $24,100 OC. $7,100 D. $143,100
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- An examination of Buckhorn Fabricators records reveals the following transactions: a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the weighted average method, was 10,000 gal @ .52 per gal. b. Production returned to the storeroom materials that cost 775. c. Materials valued at 770 were charged to Factory Overhead (Repairs and Maintenance), but should have been charged to Work in Process. d. Defective material, purchased on account, was returned to the vendor. The material returned cost 234. e. Goods sold to a customer, on account, for 5,000 (cost 2,500) were returned because of a misunderstanding of the quantity ordered. The customer stated that the goods returned were in excess of the quantity needed. f. Materials requisitioned totaled 22,300, of which 2,100 represented supplies used. g. Materials purchased on account totaled 25,500. Freight on the materials purchased was 185. h. Direct materials returned to the storeroom amounted to 950. i. Scrap materials sent to the storeroom were valued at an estimated selling price of 685 and treated as a reduction in the cost of all jobs worked on during the period. j. Spoiled work sent to the storeroom valued at a sales price of 60 had production costs of 200 already charged to it. The cost of the spoilage is to be charged to the specific job worked on during the period. k. The scrap materials in (i) were sold for 685 cash. Required: Record the entries for each transaction.Please solve this MCQs The following events took place at a manufacturing company for the current year:(1) Purchased $95,000 in direct materials.(2) Incurred labor costs as follows: (a) direct, $56,000 and (b) indirect, $13,600.(3) Other manufacturing overhead was $107,000, excluding indirect labor.(4) Transferred 80% of the materials to the manufacturing assembly line.(5) Completed 65% of the Work-in-Process during the year.(6) Sold 85% of the completed goods.(7) There were no beginning inventories.What is the company's Cost of Goods Sold? $139,561.50. $252,600.00. $164,190.00. $214,710.50.During March of the current year, Rolly Company purchased P3,500,000 raw materials. During the month, Reyes incurred P2,040,000 direct labor cost and applied 80% of direct labor cost. During the same month, there were changes in inventories as follows: Increase in raw materials P100,000; Decrease in work in process P150,000 and decrease in finished goods 75,000. If the goods available for sale is P7,500,000, what is the amount of finished goods at March 1? a.P203,000 b.P278,000 c.P 0 d.P 75,000
- During September of the current year, Reyes Company purchased P3,500,000 raw materials. During the month, Reyes incurred P2,040,000 direct labor cost and applied 80% of direct labor cost. During the same month, there were changes in inventories as follows: Increase in raw materials P100,000; Decrease in work in process P150,000 and decrease in finished goods P75,000. What is the amount of cost of goods sold? a.P7,147,000 b.P7,297,000 c.P6,922,000 d.P7,422,000Journalize the following transactions for Malone Custom Furniture Manufacturing (omit explanations): a. Incurred and paid advertising expenses, $3,500. b. Incurred manufacturing wages of $30,000, 60% of which was direct labor and 40% of which was indirect labor. Wages will be paid at a later date. c. Purchased raw materials on account, $27,000. d. Used in production: direct materials, $12,000; indirect materials, $5,500 e. Recorded manufacturing overhead: depreciation on plant, $14,000; plant insurance (previously paid), $1,800; plant property tax, $4,500 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 150% of direct labor costs. g. Completed production on jobs with costs of $55,000. h. Sold inventory on account, $64,000; cost of goods sold, $35,000. The company uses the perpetual inventory system. i. Adjusted for overallocated or underallocated overhead.All applicable Mini-Exercises are available with McGraw-Hill’s Connect™Accounting. Total manufacturing costs Acme, Inc., incurs the following costs during May: accounting Mini-Exercise 13.1LO 3, 4 Sales expense. . . . . . . . . . . . . . . . $11,500Direct labor . . . . . . . . . . . . . . . . . . 26,000Factory supplies . . . . . . . . . . . . . . 2,500Advertising . . . . . . . . . . . . . . . . . . 2,800Raw material used . . . . . . . . . . . . 18,000Administrative expense . . . . . . . $ 21,500Plant depreciation . . . . . . . . . . . 6,200Indirect labor. . . . . . . . . . . . . . . 8,000Utilities . . . . . . . . . . . . . . . . . . . . 10,000 **75% of this amount relates to the factory.Required:Calculate Acme’s total manufacturing costs for May.
- The following information is derived from the cost sheet of Al Hood Manufacturing & Trading LLC: Manufacturing overhead RO 5,000 Selling & Distribution overhead RO 2,000 Direct material RO 10,000 Direct expenses RO 4,000 Administration overheads RO 1,000 Direct labor RO 3,000 Use the above information and answer 29, 30 and 31 MCQs Calculate the amount of conversion cost that is incurred for Al Hood Manufacturing & Trading LLC. a. RO 22,000 b. RO 25,000 c. RO 8,000 d. RO 23,000The following data were taken from the cost records: Depreciation, factory 7000 Indirect labor 11000 Utilities, factory 5000 Insurance factory 1500 Lubricants for machines 1000 Direct Labor 21000 Purchases of raw materials 16000 Depreciation, Office furniture 700 Inventories at the beginning and end of the year were as follows: 1-Jan 31-Dec Raw materials 1500 2500 Work in process 3000 1000 Finished goods 4000 6000 Sales recorded during the year amounted Rs. 7,7000. Required: a. Prepare a Statement of Cost of Goods Manufactured for the year. b. Prepare a statement of Cost of Goods Sold for the year and calculate Gross profit.At the end of the reporting period, SKL Corp. shows the following account for machinery it had assembled for its own use during the period: Account: MACHINERY (Job Order #7339344) Item Debit Credit Cost of dismantling old machine P14,480 Cash proceeds from sale of old machine P12,000 Raw materials used in construction of new machine 76,000 Labor on construction of new machine 49,000 Cost of installation 11,200 Materials spoiled in machine trial runs 2,400 Profit on construction 24,000 Purchase of machine tools 13,000 An analysis of the details in the account disclosed the following: Cash discounts received on the payments for materials used in construction totaled P3,000, and these were reported in the purchase discounts account. The factory overhead account shows a balance of P292,000 for the current period; this balance exceeds normal overhead on regular plant activities by…
- The related data of Megan Company: Ending Beginning Raw materials P78,500 P69,200 Work in process 500,200 355,500 Finished goods 285,700 312,700 The Cost of goods manufactured is P1,317,200. The entity purchased P500,000 raw materials during the year, of which 20% is an indirect material. How much are the direct materials used?Burnham Industries incurs the following costs for the month: Direct materials $2,200 Direct labor 3,100 Factory depreciation expense 3,300 Factory utilities expense 850 CEO's salary 4,000 A. What is the prime cost? $fill in the blank 1 B. What is the conversion cost? $fill in the blank 2The cost accountant of Faizan Manufacturing Co. has prepared the following summary: Inventories at 1st September 2003 Rs. Rs. Raw material………………………….. 40,000 Work in process…………………….. 12,000 Fuel……………………………….. 2,000 Factory Repair Parts………………… 2,800 Finished goods………………………. 14,000 70,800 Raw Material Purchased……………… 58,000 Fuel Purchases…………………………. 5,200 Direct labour………………………………….. 83,100 Misc. Factory overhead……………………….. 2,300 Repairs to factory……………………………….. 4,200 Depreciation of plant……………………………….. 2,700 Superintendence…………………………………….…
