According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production238600Opening stock of WIP44400Opening stock of FG 39000Closing stock of WIP21000Closing stock of FG 1500 unitsTotal production units26200 Select one:a. 296000b. 299000c. 286000d. 303000 According to the information given in the table below, which of the following is Raw materials consumed? Opening Stock Raw Materials 27300Purchases231600Freight in 4500Purchase return raw Material 6500Wages123000Closing Stock Raw Materials19500

The manufacturing industries need to have a production process. All the costs relating to production…

Answered: Cost of Production 238600 Opening stock…

Cost of Production 238600 Opening stock of WIP 44400 Opening stock of FG 39000 Closing stock of WIP 21000 Closing stock of FG 1500 units Total production units 26200

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 17GI

See similar textbooks

Related questions

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: Cost of goods sold means total cost incurred on goods which are to be sold in the business. Cost of…

Q: LBC's beginning work-in-process inventory is P 376,000, ending work-in-process inventory is P…

A: Prime cost means the addition of direct material and direct labor. Conversion cost means the…

Q: If the cost of goods sold is $100,000 and the ending finished goods inventory is$30,000 higher than…

A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: Cost of goods sold is the cost which relates to the goods which has been sold during the year or…

Q: The following data of the industrial enterprise D S.A. for the accounting year 20X9 are given.…

A: For production and manufacturing of goods, various type of costs needs to be incurred. These can be…

Q: ABC Company produced 3,000 units and sold 2,500 units. Total fixed manufacturing overhead cost is…

A: Variable costing means that inventory is valued at variable manufacturing cost and fixed cost is…

Q: According to the information given in the table below, which of the following is Raw materials…

A: Given that, opening stock of raw materials = 14500 Purchases = 104300 Freight in = 1800 Purchases…

Q: Which of the following Is the correct formula for calculating days' sales in raw materials Inventory…

A: The ratio analysis helps to analyse the financial statements of the business.

Q: The following information relates to the only product made by Fabby Limited for the year ended 31…

A: Fixed manufacturing overhead per unit = total Fixed manufacturing overhead / no. of units produced…

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: Cost of Production per unit = 220,000 / 2,000 = 110…

Q: Swifty Corporation has beginning work in process inventory of $154000 and total manufacturing costs…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: SOLUTION- COST OF GOOD SOLD- IT IS THE COST OF ACQUIRING OR MANUFACTURING THE PRODUCTS THAT A…

Q: Concord Corporation has beginning work in process inventory of 148000 and total manufacturing costs…

A: Ending work in process inventory represents the cost of inventory that remains in the work in…

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: Solution:- calculation of Cost of Goods Sold as follows under;- Introduction:- The following formula…

Q: The following information relates to the only product made by Mario Traders for the year ended 31…

A: Lets understand the basics. There are two costing system are generally followed which are, (1)…

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: COGS is the cost of goods sold to the customer it does not consider the cost incurred on the product…

Q: Sheffield Corp. has beginning work in process inventory of $ 118000 and total manufacturing costs of…

A: Manufacturing costs are those costs which are involved in structuring or in simple words making the…

Q: A corporation has provided the following information about one of their products: Date…

A: Under average cost method, cost of goods sold is calculated on the basis of a weighted average cost.…

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: EUP of beginning units = beginning units x% Completed = 22500 x 40% = 9000

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: unit conversion cost using weighted average method = current period conversion cost / Equivalent…

Q: Gracia Company uses the lower of cost or net realizable value method to value inventory. Data…

A: Net realizable value (NRV) is the difference between the selling price and estimated cost to…

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: The cost of goods sold is the total cost incurred to produce goods during a particular year. It is…

Q: The following data relates to component L512: Ordering costs $100 per order Inventory holding…

A: Inventory: It is the goods that are held by a company at various stages like stock of raw materials,…

Q: For each of the following independent cases A-D, compute the missing values: (Enter all amounts as…

A: Cost of Goods Manufactured = Beginning work in process inventory + Total current manufacturing costs…

Q: All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods…

A: The question can be represented as follows

Q: Raw Material Consumed is 25000 OMR, Prime cost is 338000 OMR, Cost of Production is 471800 OMR, cost…

A: Cost of goods available for sale means the cost of opening finished goods and total cost of goods…

Q: According to the information given in the table below, which of the following is Raw materials…

A: Raw material consumed =Opening stock of raw material +Purchase+ Freight inward-Closing stock of raw…

Q: The following data of the industrial enterprise D S.A. for the accounting year 20X9 are given. Raw…

A: Complete Answer is given in writing. Assume Administrative Expenses related to production ,on the…

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: Cost of goods sold: It can be defined as the direct costs that are incurred by the company in the…

Q: and Z on Dec. 31, 20x1 is as follows: Information on Crythena Co.'s inventories of Products X, Y nd…

A: Only purchase costs and other direct costs are included in the value of inventory. No indirect…

Q: May Company has ending finished goods inventory of P40,000.00, beginning finished goods inventory…

A: Solution.. Cost of goods manufactured = P120,000 Beginning finished goods inventory = P55,000…

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Using FIFO method, the unit cost is = Current Cots/ Equivalent units = 204,125/248750 = P 0.82

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: Cost of goods produced = Opening WIP + cost of production- Closing WIP = 67000+156000 -15500 =…

Q: The following information is about a company's inventory costs. Total cost to place one order Total…

A: Economic Order Quantity This is the quantity of purchasing stock where the cost to placing order…

Q: What are the total costs to account for if a company’s beginning inventory had $231,432 in…

A: Total costs to account = Total Beginning inventory + Total added costs

Q: Stock production and sales data from a single product of Sweetsop are given in the following:…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: ta table Finished Goods Inventory: Beginning balance, in units 600 Units produced 2,400 (1,400)…

A: In Variable Costing, the only variable manufacturing cost is taken into consideration in the stock…

Q: The following information relates to the only product made by Mario Traders for the year ended 31…

A: Costing methods are those techniques which are used for reporting net income or loss and methods of…

Q: The following information pertains to NUBD Co. Beginning inventory Units produced Units sold Direct…

A: Ending units = 15,000 units - 10,000 units = 5,000 units

Q: Semi-products at the End of the period's Costs Direct Raw Materials and Supplies Expense 14.040 TL…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: The following information relates to the only product made by Mario Traders for the year ended 31…

A: Income statement as per absorption costing is the one that considers total or full cost relating to…

Q: The following data relates to component L512: Ordering costs $100 per order Inventory holding…

A: Economice orde quantity is the level at which company cost for carrying inventory and order cost is…

Q: Stock production and sales data from a single product of Sweetsop are given in the following:…

A: Solution Working note- Calculation of manufacturing cost per unit (Marginal cost). Direct…

Q: Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw…

A: Income statement The purpose of preparing the income statement to know the net income which are…

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: The details are provided by a manufacturing company. Required Cost of goods sold?

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: According to the information given in the table below, which of the following is Cost of Production?…

A: Purchases = 120000 Factory overhead = 60% of purchases = 60% of 120000 = 72000 Direct labour = 87000…

Question

According to the information given in the table below, which of the following is Cost of Goods Sold?

Cost of Production	238600
Opening stock of WIP	44400
Opening stock of FG	39000
Closing stock of WIP	21000
Closing stock of FG	1500 units
Total production units	26200

Select one:

a. 296000

b. 299000

c. 286000

d. 303000

According to the information given in the table below, which of the following is Raw materials consumed?

Opening Stock Raw Materials	27300
Purchases	231600
Freight in	4500
Purchase return raw Material	6500
Wages	123000
Closing Stock Raw Materials	19500

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Thebes Company had the following information: What is the markup based on cost of goods sold? a. 50.0% b. 100.0% c. 37.5% d. 62.5%
On the basis of the data shown below: Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value) МX62 80 $42 $40 05T4 155 20 23 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9. $ 6,925 x
Suppose that Ivanhoe Depot developed the following information about its inventories in applying the lower-of-cost-or-net- realizable-value (LCNRV) basis in valuing inventories: Product A B C Cost $119000 83000 166000 NRV $125000 79000 168000 After Ivanhoe Depot applies the LCNRV rule, the value of the inventory reported on the balance sheet will be $368000. O $364000. O $372000. O $376000.
On the basis of the following data: Product InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) Model A 42 $74 $90 Model B 45 181 202 Model C 29 166 171 Model D 12 130 112 Model E 24 159 158 Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory at the Lower of Cost or Market Product Total Cost Total Market Lower of Total Cost or Total Market A $ $ $ B C D E Total $ $ $
Goods placed in process during 20x1? Cost of goods manufactured during 20x1? Prime cost during 20x1? Conversion cost during 20x1? Goods available for sale during 20x1? Cost of goods sold during 20x1? Gross margin for 20x1? Net income for 20x1?
Based on the attached picture using the weighted average method determine: A) What are the costs per equivalent units? B) What is the value of the inventory transferred out? C) What is the value of the ending inventory ?
Splish Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 Transaction Beginning inventory Purchase Sale Purchase Sale Quantity 3,400 4,400 4,900 5,400 4,600 Price/Cost $19 28 47 36 51
On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) A13Y 144 $22 $27 TX24 274 11 7 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.
_I. A manufacturing company calculates cost of goods sold as follows: a Beginning FG inventory + cost of goods purchased - ending FG inventory. b. Ending FG inventory inventory. c. Beginning FG inventory inventory. d. Beginning FG inventory + cost of goods manufactured inventory. cost of goods manufactured + beginning FG - cost of goods manufactured - ending FG ending FG
The beginning inventory costs and the product costs of the current period are combined to determine the average cost of equivalent units of production under the ________. A. weighted- method B. conversion costs method C. first-in, first-out method D. equivalent units method
Pharoah Company developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories: Product Cost Market A $141000 $149000 В 99000 94000 C 198000 201000 After Pharoah Company applies the LCNRV rule, the value of the inventory reported on the balance sheet would be O $444000. O $449000. O $438000. O $433000.
ilrn/takeAssignment/takeAssignmentMain.do?invoker%-&takeAssignmentSessionLocator3&inprogress%3false ps Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Report Quantity Requisition Quantity Date Unit Price Amount Quantity Amount Number Number price May 1 250 $5 $1,250 21 180 $7 May 4 102 280 $4 May 10 27 120 May 21 115 170 May 27 b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Previous Next