Sandhill Company's accounting records reflect the following inventories:Raw materials inventoryWork in process inventoryFinished goods inventoryDec. 31, 2022O $710000.O $1030000.$980000.O $620000.$2700004300000190000Dec. 31, 2021$220000160000During 2022, $760000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overheadincurred was $640000. (Assume that all raw materials used were direct materials.)150000The total raw materials available for use during 2022 for Sandhill Company is

Raw Material Inventory -The inventory of raw materials is the total cost of all component parts…

andhill Company's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2022 $270000 300000 190000 Dec. 31, 2021 $220000 160000 150000 During 2022, $760000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. (Assume that all raw materials used were direct materials.) The total raw materials available for use during 2022 for Sandhill Company is

andhill Company's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2022 $270000 300000 190000 Dec. 31, 2021 $220000 160000 150000 During 2022, $760000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. (Assume that all raw materials used were direct materials.) The total raw materials available for use during 2022 for Sandhill Company is

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PB: During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of...

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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.
Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs accumulated at the end of the period are as follows: Assume the beginning raw materials inventory was 62,800, the beginning finished goods inventory was 118,400, and there was no beginning work-in-process inventory. Required: Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process, and Finished Goods.
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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?
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Sheridan Company's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2022 O $2120000. O $1980000. O $2080000. O $2170000. $360000 300000 190000 Dec. 31, 2021 $310000 160000 150000 During 2022, $860000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. (Assume that all raw materials used were direct materials.) Sheridan Company's total manufacturing costs incurred in 2022 amounted to
Cullumber Company's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory O $1280000. O $750000. O $840000. O $1230000. Dec. 31, 2022 $390000 Save for Later 300000 190000 Dec. 31, 2021 $340000 160000 During 2022, $890000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. (Assume that all raw materials used were direct materials.) The total raw materials available for use during 2022 for Cullumber Company is 150000 Attempts: 0 of 1 used Submit Answer
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