Inventories: As of January 1: Direct materials Work-in-process Finished goods As of December 31: Direct materials Work-in-process Finished goods Other amounts (for the year): Administrative costs Direct labor Direct material purchases Indirect plant labor Indirect plant supplies Machine depreciation Marketing costs Plant depreciation Plant supervision Plant utilities Property taxes on plant and equipment Sales revenue equired: $ 247 256 824 $ 254 249 843 3,540 5,546 6,674 3,558 852 5,951 1,184 1,435 1,156 833 481 40,234

Inventories: As of January 1: Direct materials Work-in-process Finished goods As of December 31: Direct materials Work-in-process Finished goods Other amounts (for the year): Administrative costs Direct labor Direct material purchases Indirect plant labor Indirect plant supplies Machine depreciation Marketing costs Plant depreciation Plant supervision Plant utilities Property taxes on plant and equipment Sales revenue equired: $ 247 256 824 $ 254 249 843 3,540 5,546 6,674 3,558 852 5,951 1,184 1,435 1,156 833 481 40,234

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Description: Inventories:As of January 1:Direct materialsWork-in-processFinished goodsAs of December 31:Direct materialsWork-in-processFinished goodsOther amounts (for the year):Administrative costsDirect laborDirect material purchasesIndirect plant laborIndirec

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 13PB: Selected information from Hernandez Corporation shows the following: Prepare journal entries to...

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Compute cost of goods manufactured and operating income (2-28) The following are the account balances relating to 2019 (in thousands) Property tax on plant building Marketing, distribution and customer service costs Finished goods inventory, January 1, 2019 Plaut utilities Work in process inventory, December 31, 2019 Deprection on Plant building General and administrative cost( nou- plant) Direct material used i Finished goods inventory, December 31, 2019 Deprection on Plant equipment Plant repairs and maintainance Work in process inventory, Januray 1. 2019 Direct manfacturing labour Indirect manufacturing labour $4,500 50.000 39,000 23,400 32,000 10,000 30,000 108.200 32.800 13,200 23.200 22,000 32.000 22.100
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View Policies Current Attempt in Progress The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending (a) Direct materials used in production eTextbook and Media $600,000 Save for Later 350,000 120,000 60,000 20,000 25,000 47,000 32,000 Compute the cost of direct materials moved into production during the period. 75,000 82,000 Attempts: 0 of 4 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
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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 Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity price Amount May 1 350 $8 $2,800 21 240 $10 May 4 107 400 May 10 27 160 12 May 21 120 230 May 27 b. Determine the materials inventory balance at the end of May. $4 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. 88 d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
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