Product Cost FlowsComplete the following T-accounts: Materials Inventory 960 Answer Answer 18,120 250 Wages Payable 9,000 900 Finished Goods Inventory 1,500Answer Answer 1,200 Manufactured Overhead 150Answer Answer 18,000 4,500 0 Work in Process Inventory 3,000Answer Answer 9,000 Answer 500 Cost of Goods Sold Answer

The question is based on the concept of Cost Accounting.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Product Cost Flows Complete the following T-accounts: Materials Inventory 1,120 Answer Answer 18,120 250 Wages Payable 9,000 1,050 Finished Goods Inventory 1,500 Answer Answer 1,200 Manufactured Overhead 175 Answer Answer 18,000 4,500 0 Work in Process Inventory 3,500 Answer Answer 9,000 Answer 500 Cost of Goods Sold Answer Save AnswersNext
A manufacturing company reports the following Beginning $ 18,720 10,100 13,160 Ending $ 12,700 11,900 9,330 Inventories Raw materials Work in process Finished goods Activities for the period Raw materials purchases $ 8,800 14,820 9,900 11,740 42,800 Direct materials used Direct labor used Overhead applied Sales 1. Prepare a schedule of cost of goods manufact 2. Compute gross profit. Complete this question by entering your an Required 1 Required 2 Prepare a schedule of cost of goods manufactured Schedule of Cost of Goods Manufactured Direct materials used Direct lahor
Sales Revenue Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Cost of Goods Sold Gross Margin Direct Materials Used Selling and Administrative Expense Operating Income Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending Direct Labor Used Factory Overhead Total Manufacturing Cost Cost of Goods Manufactured Selling and administrative expenses are calculated to be: Multiple Choice $12.000. $4,000. $ 58,000 9,000 6,000 2 25,000 10,000 ? 14,000 ? 5,000 9,000 12,000 ? ?
Compute cost of goods sold using the following information. Finished goods inventory, beginning Work in process inventory, beginning Work in process inventory, ending Cost of goods manufactured Finished goods inventory, ending Cost of Goods Sold is Computed as: Cost of goods sold $ 374,000 86,500 77,100 932,800 334,000 Min
1. Answer the following questions by analysing the T-accounts given below, www Materials Inventory Work in Process Inventory $ 18,000 360,000 Ending balance $ 14,000 Beg. balance Beg. balance $ 20,000 230,000 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $225,000 $ 98,000 $230,000 Ending balance $ 5,000 Beg. balance Ending balance $110,000 Manufacturing Overhead Cost of Goods Sold $400,000 $400,000 a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead…
1. Answer the following guestions by analysing the T-accounts given below. Materials Inventory Work in Process Inventory Beg. balance $ 20,000 $ 18,000 360,000 Beg. balance 230,000 Ending balance $ 14,000 400,000 Ending balance $ 25,000 Finished Goods Inventory Direct Labor $225,000 $230,000 Beg. balance $ 98,000 Ending balance $ 5,000 Ending balance $110,000 Cost of Goods Sold Manufacturing Overhead $400,000 $400,000 a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor sts f) Total manufacturing costs charged to the Work in Process Inventory account during the current year
If the beginning finished goods -9 inventory 90 00O ID, ending finished goods inventory 65 000 ID, overhead expenses 18 000 ID ,cost of goods manufacturing 431 000 ID -: ,the cost of goods sold is
Beginning inventory, finished goods Cost of Goods Sold Direct material used in production Ending inventory, finished goods Beginning and ending work-in-process inventory P 100,000 450,000 130,000 80,000 Zero Overhead is estimated to be two times the amount of direct labor cost. Compute the amount of direct labor cost.
Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods sold (not considering over- or underapplied overhead) Sales Predetermined overhead rate based on direct materials used $ 39,000 13,400 Required 2 9,750 96,290 0 84,200 101,000 Finished Goods Inventory 90% 1. Complete the T-accounts for each of the three Inventory accounts using the data provided in the above table. 2. Compute overapplied or underapplied overhead. Complete this question by entering your answers in the tabs below. Costs incurred for the period Raw materials purchases Direct materials used Direct labor used. Factory overhead (actual) Required 1 Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. Raw Materials Inventory Indirect materials used Indirect labor used Other overhead costs Work in Process Inventory 0 $19,460 45,250 23,800 10,300 17,400 5,300
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 are
Materials Inventory Debit Ending Balance 38,200 Credit Work-in-Process Inventory Debit Beginning Credit Finished Goods Inventory Balance 22,100 Debit Credit (9/30) (9/1) Direct Labor Ending Balance 67,700 118,000 (9/30) Cost of Goods Sold Manufacturing Overhead Applied Debit Credit Debit Credit Manufacturing Overhead Control Debit Credit 129,570 Wages Payable Sales Revenue Debit Credit Debit Credit 479,500 Additional Data Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $76,500 were purchased during the month, and the balance in the Materials Inventory account increased by $5,700 • Overhead is applied at the rate of 210 percent of direct materials cost. The balance in the Finished Goods Inventory account decreased by $19,700 during the month before any proration of under- or overapplied overhead. • Total credits to the Wages Payable account amounted to $135,300 for direct and indirect labor. . Factory…
Sales Total manufacturing cost Administrative expenses Selling expenses Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Compute the net income for the year. 820,000 456,000 80,000 41,000 50,000 150,000 20,000 40,000

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