Which one of the following does not appear on the balance sheet of a manufacturing company? *
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- Indicate the missing amount for each letter. Case 1 2 Direct materials used $9,790 $ (g) Direct labor 6,000 9,000 Manufacturing overhead 8,780 4,530 Total manufacturing costs (a) 16,330 Beginning work in process inventory 1,660 (h) Ending work in process inventory (b) 3,980 Sales revenue 25,890 (i) Sales discounts 2,990 1,790 Cost of goods manufactured 17,270 23,050 Beginning finished goods inventory (c) 4,050 Goods available for sale 22,180 (j) Cost of goods sold (d) (k) Ending finished goods inventory 4,020 2,810 Gross profit (e) 7,800 Operating expenses 3,170 (l) Net income (f) 5,240 Prepare a condensed cost of goods manufactured schedule for Case 1. CASE 1Cost of Goods Manufactured Schedule Cost of Goods ManufacturedDirect LaborDirect…ParticularsAmountDirect materialR12Direct laborR50Variable manufacturing overheadR6.50Fixed manufacturing overhead (R81,000/2,550 units)R31.76Unit product cost for the month under absorption costingR100.26 Prepare an income statement for the month using the Marginal costing methodQuestion 3A product is manufactured by passing materials through two processes. Production costs for2021 January are as follows:Process A Process BDirect materials 4 000 kg @ $3.00 per kg 1 500 kg @ $2.50 per kgDirect labour $2 000 $1 500Overheads 100% of direct labour cost 125% of direct labour costThere is no beginning or ending work in progress inventory.Normal losses:Process A 10%Process B 5%Scrapped values:Process A $1.75 per kgProcess B $2.50 per kgOutput for 2021 January was:Process A 3 500 kgProcess B 5 050 kgA. Prepare Process A and Process B accounts. B. Prepare abnormal loss/gain accounts. C. Explain the term, equivalent units.
- 48.The following quarterly cost data have been accumulated for Jeokha Mfg. Inc. Raw materials – beginning inventory (Jan. 1, 2020) 10,000 units @P6.00 Purchases 8,500 units @P7.00 11,000 units @P7.50 Transferred 21,500 units of raw materials to work in process: Work in process – beginning inventory (Jan. 1, 2020) 5,600 units @P13.50 Direct labor P250,000 Manufacturing over head P325,000 Work in process – ending inventory (Mar. 31, 2020) 4,200 units @P13.75 If Jeokha uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended Mar. 31 2020Choos the correct letter of answer: Beginning work in process was P125,000. Manufacturing costs incurred for the month were P835,000. There were P200,000 of partially finished goods remaining in work in process inventory at the end of the month. What was the cost of goods manufactured during the month?A. P1,160,000B. P 910,000C. P 760,000D. Cannot be determined. Beginning finished goods inventory wasP130,000. The cost of goods manufacturedfor the month was P760,000. And the endingfinished goods inventory was P150,000.What was the cost of goods sold for themonth?A. P 20,000.B. P740,000.C. P780,000.D. P760,000.I. E1-7 Sales $86,625Materials inventory (January 1) $28,875Work in process inventory (January 1) $27,720Finished goods inventory (January 1) $36,960Materials purchased $24,255Direct labor cost $20,790 Factory overhead (including $1,000 of indirect materials used and $3,000 of indirect labor cost) $13,860 Selling and administrative expenses $11,550Inventories at January 31:Materials $25,410Work in process $23,100Finished goods $34,650a. Prepare the Statement of cost of goods manufactured. b. Prepare Cost of goods sold. II. E1-9 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc. INVENTORIES ENDING BEGINNING Finished goods $82,294 $120,698 Work in process $87,780 $76,808 Direct materials…
- T2-7 Assign costs to completed units and ending Work in Process Inventory (LO 4) Monk, Inc. reported the following results for the month of November. Units Materials Conversion Work in Process Beginning inventory ? $ 5,900 $15,000 Added to production ? 47,300 65,000 Completed and transferred out ? ? ? Ending inventory 40,000 60% complete 40% complete Cost per equivalent unit $0.40 $0.64 Questions a.How many units were completed and transferred out of Work in Process Inventory? b.What cost should be assigned to the units transferred out of Work in Process Inventory? c.What cost should be assigned to the ending Work in Process Inventory?Inventories: March 1 March 31Raw material P18,000 P15,000Work in process 9,000 6,000Finished goods 27,000 36,000Additional information for March:Raw material purchased P42,000Direct labor payroll 30,000Direct labor rate per hour 7.50Overhead rate per direct labor hour 10.00 Required a. prime cost incurred b.conversion cost incurred c. Cost of Goods ManufacturedDurian Company has the following data on April 30, 2008: April manufacturing overhead P30, 101.80 A decrease in ending inventories: Materials P2, 430. 00 Goods in process P590. 00 Increase in ending inventory Finished Goods P1, 320.40 The manufacturing overhead amounts to 50% of the direct labor, and the direct labor and manufacturing overhead combined equal 50% of the total cost of manufacturing. All materials are purchased FOB shipping point What is the cost of goods manufactured? P180, 610. 80 P182, 300. 00 P181, 200. 80 P183, 200. 80
- the prime cost 70 700 ID , manufacturing overhead 12 000 ID , beginning work inproces inventory 4 000 ID ,ending work inproces inventory 6 000 ID ,the cost of goods manufactured areReyes Company: January 1: RM P270,000; WIP P0; FG P45,000 (100 units); March 31: RM P169,000; WIP P0; FG P? (600 units). During the first quarter, direct materials used were P2,295,000; direct labor P2,500,000; factory overhead P1,250,000; sales were 12,500 units at P600 per unit. Medollar uses FIFO method of costing inventories. What is the amount of total purchases for quarter ending March 31? a.P2,000,000 b.P2,194,000 c.P2,396,000 d.None of the aboveInventory 1/10/2021 31/12/2021 Raw Materials $72,000 $65,000 Work in Progress $138,875 $129,125 Finished Goods $149,500 $141,700 Other information: Sales Revenue $1,694,950 Factory Labour 239,700 Raw Materials Purchased 235,000 Office Cleaner’s Wages 4,500 Factory Supplies Used 23,500 Depreciation: Factory Plant & Equipment 32,000 Total Utilities 118,750 Plant Supervisor’s Salary 180,000 Design Costs ( Logo) 4,300 Packaging Material Cost 35,000 Total Insurance 60,000 Delivery Vehicle Drivers’ Wages…