The total manufacturing cost for Golden Company for the year 2020 was P5,700,000. If the Beginning work-in-process inventory was P600,000. Ending work-in-process inventory was P500,000, how much is the cost of goods manufactured for the year 2020? 1. P5,600,000 2. P 5,700,000 3. P 5,800,000 4. P6,300,000 O 1 O 2 3. O 4
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- 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)?Pietro expects to produce 50,000 units and sell 49,300 units. Beginning inventory of finished goods is 42,500, and ending inventory of finished goods is expected to be 34,000. Required: 1. Prepare a statement of cost of goods sold in good form. 2. What if the beginning inventory of finished goods decreased by 5,000? What would be the effect on the cost of goods sold?Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.
- Waterway Industries's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $ 90000 $ 74000 Work in process inventory 114000 126000 Finished goods inventory 100000 92000 During 2020, Waterway purchased $1650000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000.How much is total manufacturing costs incurred during 2020 for Waterway? $2072000 $2060000 $2064000 $2076000ABC Company has the following costs and expenses for the year December 31, 2020. Raw Materials, 1/1/2020 P40,000 Insurance, Factory P14,000 Raw Materials, 12/1/2020 P25,000 Property Taxes, Factory Building P6,000 Raw Materials Purchases P305,000 Sales Revenue P2,000,000 Work-in-Process, 1/1/2020 P60,000 Delivery Expenses P50,000 Work-in-Process, 12/1/2020 P40,000 Sales Commissions P100,000 Finished Goods, 1/1/2020 P120,000 Indirect Labor P55,000 Finished Goods, 12/31/2020 P110,000 Indirect Material P105,000 Direct Labor P400,000 Factory Machinery, Rent P25,000 Factory Manager’s Salary P25,000 Factory Utilities P55,000 Depreciation, Office Equipment P25,000 Administrative Expense P250,000 Requirement: Prepare a cost of goods manufactured schedule for ABC Company for 2020. Prepare cost of goods sold schedule for ABC Company for 2020. Prepare Income Statement for ABC Company.Capiz Company's 2020 manufacturing costs were as follows: Direct materials P70,000; Direct labor P50,000; Depreciation of manufacturing equipment P85,000; Depreciation of factory building P50,000; Janitor's wages for cleaning factory premises P15,000. How much of these costs should be inventoried using the throughput accounting? a.P 50,000 b.P 70,000 c.P120,000 d.P270,000
- Prime cost is 236000 OMR, and cost of production for the year is 355000 OMR Opening stock of work in progress is 4000, and closing stock of Work in progress is 5000 OMR, Opening stock of finished goods is 20000, and closing stock of finished goods is 13750 OMR, Cost of goods manufactured 358500 OMR Calculate cost of goods available for saleBubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…The following information is available for Integrity Corporation for 2020: 1) Materials inventory decreased P4,000 during 2020. 2) Materials inventory on December 31, 2020, was 50% of materials inventory on January 1, 2020. 3) Beginning work in process inventory was P140,000. 4) Ending finished goods inventory was P65,000. 5) Purchases of direct materials were P150,000. 6) Direct materials used were 2.5 times the cost of direct labor. 7) Total manufacturing costs incurred were P246,400, 80% of cost of goods manufactured and P150,000 less than cost of goods sold. What is the finished goods inventory on January 1, 2020? d. Compute factory overhead incurred. $fill in the blank 4 e. Compute materials inventory on January 1. $fill in the blank 5 f. Compute materials inventory on December 31. $fill in the blank 6 g. Compute direct materials used. $fill in the blank 7
- The following information is available for Integrity Corporation for 2020: 1) Materials inventory decreased P4,000 during 2020. 2) Materials inventory on December 31, 2020, was 50% of materials inventory on January 1, 2020. 3) Beginning work in process inventory was P140,000. 4) Ending finished goods inventory was P65,000. 5) Purchases of direct materials were P154,700. 6) Direct materials used were 2.5 times the cost of direct labor. 7) Total manufacturing costs incurred were P246,400, 80% of cost of goods manufactured and P156,000 less than cost of goods sold. d. Compute factory overhead incurred.$fill in the blank 4 e. Compute materials inventory on January 1.$fill in the blank 5 f. Compute materials inventory on December 31.$fill in the blank 6 g. Compute direct materials used.$fill in the blank 71. Cabundoc Manufacturing provides the following information for 2020. The ending work in process is? Ending Work in process = Opening raw materials inventory 70000 Closing raw materials inventory 60000 Opening work in process inventory 150000 Raw materials available for use 410000 Direct labor cost 300000 Factory overhead 337500 Cost of goods manufactured 836000 2. The following information was reported by AS Company for the month of September, 2019. Assuming that mark-up is 100% on the cost price, and the total operating expenses is 256000, the net income before tax is? Net income before tax = September 1 September 30 Direct materials 80000 100000 Work in process finished goods 50000 70000 Finished goods 120000 140000 Direct labor cost 240000 Factory overhead 216000 Cost of goods sold 766000 3. The total work in process is 330000. The beginning work in process is 30000…The following information is available for Integrity Corporation for 2020: 1) Materials inventory decreased P4,000 during 2020. 2) Materials inventory on December 31, 2020, was 50% of materials inventory on January 1, 2020. 3) Beginning work in process inventory was P145,000. 4) Ending finished goods inventory was P65,000. 5) Purchases of direct materials were P154,700. 6) Direct materials used were 2.5 times the cost of direct labor. 7) Total manufacturing costs incurred were P246,400, 80% of cost of goods manufactured and P156,000 less than cost of goods sold. What is the finished goods inventory on January 1, 2020?