What is the raw materials inventory as of June 30, 2020?What is the total cost of goods manufactured during the month?What is the total cost of goods available for sale? 1. JYD Manufacturing Company showed the following information as of June 1, 2020;Raw materials inventoryP320,000Work in process inventoryFinished goods inventory400,000350,000During the month of June, the following were incurredMaterials purchasedP170,000Materials used200,000Direct labor400.000Factory Overhead210,000After reviewing the quantities on hand, ending inventories were:Work in process inventoryFinished goods inventory280,000430,000

1. (i) JYD Manufacturing Company Calculation of raw materials inventory as of June 30, 2020…

Answered: What is the raw materials inventory as…

What is the raw materials inventory as of June 30, 2020? What is the total cost of goods manufactured during the month? What is the total cost of goods available for sale?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 7EB: A company started the month with 4,519 units in work in process inventory. It started 15,295 units...

See similar textbooks

Related questions

Q: How do i find the average daily cost of goods sold usin a 365 day year?

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: Consider the following information about March raw material inventory: Inventory turnover = 5.0,…

A: Purchases= Cost of goods sold + Ending inventory - Beginning inventory Cost of goods sold =…

Q: Selected information from the accounting records of Dalton manufacturing company is as follows: Net…

A: "Since you have asked multiple questions, we will solve first question for you. To get any specific…

Q: Required: Determine the Ending inventory and Cost of Sales for the month of December, using the FIFO…

A: FIFO Costing Method:— FIFO stands for First in First Out. In this method of costing, it is assumed…

Q: What is the inventory on April 30?

A: Step 1 Inventory accounting is the accounting that deals with valuing and accounting for changes in…

Q: During 2021, a company sells 470 units of inventory for $94 each. The company has the following…

A: Average cost per unit = Cost of goods available for sales / Total units available for sale = $41,053…

Q: Trinidad's cost of goods sold for the year ended December 31, 2019 is

A: The costs incurred by the business which are directly linked to the production constitute has the…

Q: Manufacturing overhead Actual OMR 80,000 Indirect materials OMR 0 Compute the adjusted…

A: COGS = Beginning Inventory + Purchases During the Period – Ending Inventory = 20,000+100,000-30,000…

Q: The records of Rami co. show the following data in June 30, 2020, During the month inventory on hand…

A: The cost of goods sold is the total cost that is contributes in the selling of the product.

Q: Brambie Corp. has 240000 of ending finished goods inventory as of December 31, 2019. If beginning…

A: Cost of goods manufactured is the total cost incurred to produce the products and transfer them into…

Q: THE FOLLOWING INFORMATION APPLIES TO THE NEXT QUESTION. Finished goods inventory, January 1, 2011…

Q: What is Cost of Goods Sold for NUBD Co.’s first year?

A: Variable manufacturing cost = Total Variable cost - Total Variable period cost Variable…

Q: Muscat Company has OMR 20,000 of ending finished goods inventory as of December 31, 2019. If…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: Which of the following Is the correct formula for calculating days' sales in raw materials Inventory…

A: The ratio analysis helps to analyse the financial statements of the business.

Q: The records of Earthly Goods provided the following Information for the year ended December 31,…

A: The closing inventory represents the value of inventory that remains at the end of accounting…

Q: Study the information given below and calculate the value of closing inventory as at 31 March 2022…

A: Inventory valuation is a very important and crucial part that is to be played by the management. The…

Q: The following are information related to April 2020 transaction of Magnolia company, manufacturer of…

A: Work-in process: This is the cost of units which were semi-finished in a particular period. Further…

Q: Compute the June 30 inventory and the June cost of goods sold using the LIFO (last in first out )…

A: Solution:- Computation of the June 30 inventory and the June cost of goods sold using the LIFO (last…

Q: Music, Inc. had the following beginning and ending values in its three inventory accounts:…

Q: What amount should be reported as inventory on December 31, 2021?

A: P3,000,000 (Option D) should be reported as inventory on December 31, 2021.

Q: During 2021, a company sells 460 units of inventory for $87 each. The company has the following…

A: To use the weighted average model, one divides the cost of the goods that are available for sale by…

Q: On May 1, 2022, Heineken Company had beginning inventory consisting of 300 units with a unit cost of…

A: Lets understand the basics. For calculating average cost per unit, we will need to use below…

Q: Cost of goods manufactured equals $95000 for 2019. Finished goods inventory is $3000 at the…

A: Cost sheet is a method of allocating total cost into different categories such as direct material…

Q: Use the following income to answer all questions in this section: Music, Inc. had the following…

A: Cost of goods manufactured = Beginning WIP + Total manufacturing costs - Ending WIP Cost of goods…

Q: .Based on the data above. What is the cost of goods sold on January 1,2020? 2.Based on the data…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: Cost of goods manufactured equals $90000 for 2019. Finished goods inventory is $2000 at the…

Q: Calculate the cost of steel processed and sold during the quarter under each of the following…

Q: (a) Calculate the cost of goods sold and ending inventory for the month using specific…

A: Methods of Valuation of Inventory 1. Weighted Average Cost: Under this method, an average cost of…

Q: Determine the following: 7. Sales for the year ended December 31, 2020 8. Total manufacturing cost…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: The total manufacturing cost for Golden Company for the year 2020 was P5,700,000. If the Beginning…

A: Cost of goods manufactured means total costs incurred for manufacturing and production of goods. It…

Q: ABC Merchandising Corporation has beginning inventory at the start of 2018 of $ 679,000, during the…

A: Cost of goods sold = Beginning inventory + Goods purchased - Ending inventory

Q: The finished goods inventory is being carried at the average unit production cost for the year. The…

A: The schedule of cost of goods manufactured states all the manufacturing costs such as direct…

Q: During 2021, a company sells 260 units of inventory for $90 each. The company has the following…

A: FIFO method of inventory computation makes the management assume that the goods which have been sold…

Q: Sarasota Corp. uses a periodic inventory system. Its records show the following for the month of…

A: Weighted Average Cost = Total cost of goods available for sale / Total no. of units available for…

Q: What is the value of the inventory on August 20 if the last in first out method of evaluation is…

A: Last in First Out (LIFO) is one of the method of valuation of inventory. Under this method, Closing…

Q: Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first…

A: Cost Sales value Beginning 64500 123000 Purchases 315000 483000 Total 379500 606000…

Q: What is the Economic Order Quantity? What is the maximum inventory they will have on hand at any…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: For the year ended December 31, 2020, Pail reported Cost of Goods Sold of $14000 on its general…

A: The consolidated income statement is prepared to record the revenue and expenses of both subsidiary…

Q: What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income…

A: Cost of goods sold: The cost of goods sold is the cost value of the goods sold during the accounting…

Q: Diaz Fresh discloses the following annual data. For Year Ended December 31 2020 2021 Sales…

A: As per the Accounting Standards the Inventories are valued at the lower of cost or market value i.e.…

Q: Using the following information under FIFO method, determine the cost of materials used and the cost…

A: Introduction: FIFO Method: FIFO stands for First in First out. Which means First received inventory…

Q: The following are information related to April 2020 transaction of Magnolia company, manufacturer of…

A: Finished goods: These are the units which were completed by the manufacturing process and were ready…

Q: The following are information related to April 2020 transaction of Magnolia company, manufacturer of…

A: Purchase of Raw Material=Opening Raw Material Inventory×50%=1,000,000×50%=500,000

Q: Prepare a perpetual inventory record for All Things Auto, using the first in, first out (FIFO)…

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

Q: On December 31, 2019, the inventory of Powhattan Company amounts to $800,000. During 2020, the…

Q: Jan Cahilig Traders started operating in 2020. For the year ended 2020, the sales, purchases, and…

A: The cost of goods sold can be calculated by adding up purchases and deducting ending inventory from…

Q: Hawkeye Auto Parts uses the average cost retail method to estimate inventories. Data for the first…

A: Cost Sales value Beginning 72000 117000 Purchases 802000 1317000 Total 874000 1434000…

Q: What is the adjusted balance of inventory on December 31, 2021?

A: Goods are excluded from the inventory when the liability over a good is transferred to other person.…

Q: How much is the total inventory value at December 31, 2019?

A: Calculation of ending inventory:: Product H::25*1000 units=25,000..... Product O::36*2000…

Question

What is the raw materials inventory as of June 30, 2020?

What is the total cost of goods manufactured during the month?

What is the total cost of goods available for sale?

1. JYD Manufacturing Company showed the following information as of June 1, 2020;
Raw materials inventory
P320,000
Work in process inventory
Finished goods inventory
400,000
350,000
During the month of June, the following were incurred
Materials purchased
P170,000
Materials used
200,000
Direct labor
400.000
Factory Overhead
210,000
After reviewing the quantities on hand, ending inventories were:
Work in process inventory
Finished goods inventory
280,000
430,000

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
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.
The journal entry to record the $500 of work in process ending inventory that consists of $300 of direct materials, $50 of manufacturing overhead, and $150 od direct labor is which of the following?
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
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?
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.
A company started a new product, and in the first month started 100,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with conversion costs. There were 100,000 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?
Entries for process cost system Pori Ormond Carpel Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpel hacking is added al the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories: Finished Goods 62,000 Work in ProcessSpinning Department 35,000 Work in ProcessTufting Department 28,500 Materials 17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: a Materials purchased on account 500,000 b Materials requisitioned for use FiberSpinning Department 275,000 Carpet backingTufting Department 110,000 Indirect materialsSpinning Department 46,000 Indirect materialsTufting Department 39,500 c. Labor used Direct laborSpinning Department 185,000 Direct laborTufting Department 98,000 Indirect laborSpanning Department 18,500 Indirect laborTufting Department 9,000 d Depreciation charged on fixed assets: Spinning Department 12,500 Tufting Department 8,500 e. Expired prepaid factory insurance: Spinning Department 2,000 Tufting Department 1,000 f. Applied factory overhead Spinning Department 80,000 Tufting Department 55,000 g Production costs transferred from Spinning Department to Tufting Department 547,000 h Production costs transferred from Tufting Department to Finished Goods 807,200 i. Cost of goods sold during the period 795,200 Instructions 1. Journalize the entries to record the operations, identifying each entry by letter. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts.
A company has 100 units in ending work in process that are 40% complete after transferring out 750 Units. If the cost per unit is $5 for materials and $2.50 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?
A company started the month with 8,329 units in work in process inventory. It started 23,142 unit and had an ending inventory of 9,321. The units were 100% complete to materials and 67% complete with conversion. How many units were transferred out during the period?
A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?