Work in Process 20,000 Oct. 31 Goods finished 96,700 201,000 Oct. 1 Balance 31 Direct materials 31 Direct labor 31 Factory overhead Finished Goods Oct. 1 Balance 52,000 31 Goods finished 360,000
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- Recording issuing of materials Materials issued for the current month are as follows a. Determine the amount of materials transferred lo Work in Process and Factory Overhead for the current month. b.Illustrate (he effect on the accounts and financial statements of the materials transferred in (a).: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. 40,600Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: The materials purchased during June are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.Determine the total purchase of materials in June. b.Determine the amounts of materials transferred to Work in Process and Factory Overhead during June. c.Determine the June 30 balances that would be shown in the materials ledger accounts.
- Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.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?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
- A schedule of cost of goods manufactured shows:a. Materials used, P600,000b. Direct labor, 1,600,000c. Overhead costs, P 1,280,000d. Work in process, ending inventory, P280,000Compute for (1) the rate of factory overhead to direct labor cost, and (2) the direct materialsincluded in the work in process inventory, assuming that the direct labor in the work in processis P100,000. a. (1) 80% ; (2) P80,000b. (1) 125% ; (2) P60,000c. (1) 80% ; (2) P100,000d. (1) 125% ; (2) P100,000The following T-accounts represent September activity. Required: Compute the missing amounts indicated by the letters (a) through (i). Materials Inventory BB (9/1) 8,500 (a) 4,500 (b) EB (9/30) 8,900 Work-In-Process Inventory BB (9/1) 23,300 178,600 (e) 121,000 100,100 EB (9/30) 17,200 Finished Goods Inventory BB (9/1) 14,500 (e) (f) EB (9/30) (g) Cost of Goods Sold 395,900 Applied Overhead Control (d) Manufacturing Overhead Control 121,000 4,500 36,200 38,300 3,300 Wages Payable 124,300 162,000 (c) 36,200 119,500 EB (9/30) Accumulated Depreciation—Plant & Equipment 200,900 BB (9/1) (h)…Latta Company provided the following T-accounts for this year. Manufacturing OverheadDebit Credit(a) 488,448 (b) 407,040Balance 81,408 Work in ProcessDebit CreditBalance 9,960 (c) 758,000302,000 91,000 (b) 407,040 Balance 52,000 Finished GoodsDebit CreditBalance 38,000 (d) 664,000(c) 758,000 Balance 132,000 Cost of Goods SoldDebit Credit(d) 664,000 The overhead applied to production is distributed among Work in Process, Finished Goods, and Cost of Goods Sold at the end of the year as follows: Work in Process, ending $ 24,960Finished Goods, ending 63,360Cost of Goods Sold 318,720Overhead applied $ 407,040For example, of the $52,000 ending balance in work in process, $24,960 was applied overhead. Required:Identify reasons for entries (a) through (d).Assume underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry.Assume underapplied or overapplied overhead is closed proportionally to Work in…
- selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 254,580 Aug. 31 Goods finished 178,220 31 Direct materials X 31 Direct labor 35,400 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 96,830 Aug. 1 Balance 14,490 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $217,140, what was the amount debited to Work in Process for direct materials in Augus?Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 7,100 Apr. 30 Goods finished X 30 Direct materials 63,000 30 Direct labor 192,400 30 Factory overhead 57,720 Finished Goods Apr. 1 Balance 12,700 30 Goods finished 303,900 What was the balance of Work in Process as of April 30? a.$12,700 b.$16,320 c.$57,720 d.$303,900Selected information from the Iowa Instruments accounting records for April follows: Materials Inventory Debit Credit BB (4/1) 26,800 210,800 175,800 Work-in-Process Inventory Debit Credit Labor 95,400 EB (4/30) 92,800 Finished Goods Inventory Debit Credit BB (4/1) 88,800 288,200 273,800 Cost of Goods Sold Debit Credit 5,300 Manufacturing Overhead Control Debit Credit 79,300 79,300 Applied Manufacturing Overhead Debit Credit 89,040 83,740 5,300 Additional information for April follows: The labor wage rate was $30 per hour. During the month, sales revenue was $320,900, and selling and administrative costs were $82,000. This company has no indirect materials or supplies. The company applies manufacturing overhead on the basis of direct labor-hours. Customer returns are discarded and not resold. Required: What was…
