ab.Cd.e.f9.h1.kRaw Materials Inventory50,00029,50011,8008,700Work in Process Inventory29,50088,500132,75049,75040,000201,000Finished Goods Inventory201,000161,000Factory Wages Payable137,5000Factory Overhead11,80049,00074,9503,000Required: Enter a valid formula to compute the amount for each of the following.Direct materials usedIndirect materials usedDirect labor usedIndirect labor usedCost of goods manufacturedCost of goods sold (before closing over-or underapplied overhead)Actual overhead incurredOverhead appliedThe amount of over-or underapplied overheadUse dropdown button to indicate whether overhead is over- or underapplied.Cost of goods sold (after closing over-or underapplied overhead)88,50049,000132,750

Since you have posted a question with multiple sub parts, we will provide the solution only to the…

1 7. Raw Materials Inventory 50,000 8,700 Work in Process Inventory 29,500 88,500 132,750 49,750 29,500 11,800 40,000 Finished Goods Inventory 201,000 201,000 Direct labor used Indirect labor used 161,000 Required: Enter a valid formula to compute the Direct materials used Indirect materials used Cost of goods manufactured Cost of goods sold (before closing over-or une Actual overhead incurred Overhead applied The amount of over-or underapplied overheac Use dropdown button to indicate whether over Cost of goods sold (after closing over-or unde

1 7. Raw Materials Inventory 50,000 8,700 Work in Process Inventory 29,500 88,500 132,750 49,750 29,500 11,800 40,000 Finished Goods Inventory 201,000 201,000 Direct labor used Indirect labor used 161,000 Required: Enter a valid formula to compute the Direct materials used Indirect materials used Cost of goods manufactured Cost of goods sold (before closing over-or une Actual overhead incurred Overhead applied The amount of over-or underapplied overheac Use dropdown button to indicate whether over Cost of goods sold (after closing over-or unde

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 2.7C

See similar textbooks

Similar questions

Q4. Which one of the following cost of a computer manufacturer will not be included in the manufacturing overheads? Answer: A. Salary of marketing manager B. Salary of plant supervisor C. Property taxes on plant building
Work in process inventory, 08/31/x2? Finished goods inventory, 08/31/x2?
ttempt%3D1347310&cmid%3D701917 ming services SQU Libraries SQU Portal Attendance English (en Which of the following is correct with resnect to closing out underapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? Select one: a. The balance in the Work-in-Process account after allocation will be higher if the underapplied overhead is closed out by allocating it to all appropriate accounts. b. The balance in the Work-in-Process account after allocation will be the same under either method. C. None of given ANSWER is correct. d. Operating income will be higher if all of the underapplied overhead is closed out to Cost of Goods Sold. X e. Cost of Goods Sold will be higher if the underapplied. overhead is closed out by allocatinog it to the inventory accounts as well as to Cost of Goods Sold. The corect
I - When direct materials are issued, the WIP Inventory account is debited. II - When indirect materials are purchased, the raw materials inventory account is debited. * A. T, F B. F, T C. T, T D. F, F
Use the included information about Raw Materials Inventory (RM), Work in Process Inventory (WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the total conversion costs added. 1 2 3 4 5 6 7 1 00 RM B Bal T1 T2 T3 T4 E Bal 8 9 FG 10 B Bal 11 T1 12 T2 13 T3 14 T4 15 E Bal 2 Debits 4300 29 050 Debits 4800 45 592 3 Credits 28 000 Credits 33 500 4 5 WIP B Bal DM DL FOH CGM E Bal IS Rev CGS V Op Exp F Op Exp NIBT 6 Debits 8920 28 000 17 430 11 130 Debits 33 500 5130 7960 7 Credits 45 592 Credits 66 200
2.Determine the ending balance of raw materials inventory using FIFO-Periodic *
12. Which of the following entry rightly record for transferring goods from WIP to finished stock? a. A. Dr. Work in Process Inventory A/c Cr. Costing Profit and Loss A/c b. A. Dr. Work in Process Inventory A/c Cr. Finished Goods Inventory A/c c. A. Dr. Costing Profit and Loss A/c Cr. Work in Process Inventory A/c d. A. Dr. Finished Goods Inventory A/c Cr. Work in Process Inventory A/c
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: Question Content Area a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 220 $5 $1,100 24 150 $7 May 4 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank 100 250 fill in the blank May 10 fill in the blank fill in the blank fill in the blank 30 100 9 May 21 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank 113 150 fill in the blank May 27 fill in the blank fill in the blank fill in the blank Question Content Area b.…
Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,400 in raw materials were purchased for cash. b. $73,000 in raw materials were used in production. Of this amount, $65,100 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,700 were incurred and paid. Of this amount, $134,700 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,800 were incurred and paid. e. Manufacturing overhead of $126,700 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the…
Yates Manufacturing Company incurs the following manufacturing costs and expenses during the month of May. 1. Assembly line wages 2. Raw materials used directly in product 3. Depreciation on office equipment 4. Property taxes on factory building 5. Rent on factory building 6. Sales commissions 7. Depreciation on factory equipment 8. Factory utilities 9. Wages for factory maintenance workers 10. Advertising 11. Indirect materials used in production 12. Factory manager's salary Complete the following matrix by placing an X markunder the appropriate headings. Cost Direct Direct Manufacturing Period Item Materials Labor Overhead Costs 1. 2.
Analyze the following T-accounts (Click the icon to view the T-accounts.) Determine the missing amounts. (Assume that material costs are recorded before labor costs) Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory Bal. 1,000 Bal. 6,000 Bal 7,000 38,000 31,000 (a) (b) 38,000 (c) 7,000 12,900 Bal 9,500 Bal 7.900 Bal 18,000 Accumulated Depreciation Accounts Payable Wages Payable 8,600 (e) 15,000 31.000
d. What was the cost of products completed during Febuary? e. What was the balance of the Work-in-Process Inventory account at the end of Fabuary? f. What was the operating profit for Febuary? Any over- or underapplied overhead is written off to Cost of Goods Sold? Please provide an explanation it would be of great help with my learning. Thank you <3