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- Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance of $300. If the cost of materials used during the month was $900, what were the purchases made during the month?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.At May 31, 2020, the account of Vaugh Company show the following. 1. May 1 Inventories-finished goods $14,300, work in process $15,100 and raw materials $8,900. 2. May 31 inventories-finished goods $9,600, work in process $16,100, and raw materials $7,600. 3. Debit posting to work in process were direct materials $62,800, direct labor $53,100, and manufacturing overhead applied $42,300. (Assume that overhead applied was equal to overhead incurred) 4. Sales revenue totaled $216,200 Prepare a condensed cost of goods manufactured schedule.
- At May 31, 2022, the accounts of Sandhill Company show the following. 1. May 1 inventories-finished goods $15,080, work in process $17,560, and raw materials $9,760. May 31 inventories-finished goods $11,400, work in process $19,120, and raw materials $8,480. Debit postings to work in process were direct materials $74,920, direct labor $60,000, and manufacturing overhead applied $48,000. (Assume that overhead applied was equal to overhead incurred.) Sales revenue totaled $258,000. 2. 3. 4.At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1 inventories—finished goods $ 14,800, work in process $ 17,600, and raw materials $ 8,600. 2. May 31 inventories—finished goods $ 9,600, work in process $ 17,000, and raw materials $ 8,000. 3. Increases to work in process were direct materials $ 64,300, direct labor $ 51,400, and manufacturing overhead applied $ 42,100. 4. Sales revenue totaled $ 217,000. (a) Prepare a condensed cost of goods manufactured schedule for May 2020. SHEFFIELD COMPANYCost of Goods Manufactured Schedulechoose the accounting periodchoose the accounting period select an opening section nameselect an opening section name $ enter a dollar amountenter a dollar amount select an account titleselect an account title $ enter a dollar amountenter a dollar amount select an account titleselect an account title enter a dollar amountenter a dollar amount…At May 31, 2022, the accounts of Cullumber Company show the following May 1 inventories-finished goods $16,080, work in process $18,720, and raw materials $10,400 May 31 inventories-finished goods $12.160, work in process $20,400, and raw materials $9,040 1 2 3. 4 Debit postings to work in process were direct materials $79,920, direct labor $64,000, and manufacturing overhead applied $51,200. (Assume that overhead applied was equal to overhead incurred) Sales revenue totaled $275,200. Prepare a condensed cost of goods manufactured schedule for May 2022 CULLUMBER COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2022 4 Sales Reverse eTextbook and Media $ 0 • -13 1
- From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2019. Account Balances Finished Goods Inventory, December 31 $42,000 Factory Supervisory Salaries 12,000 Income Tax Expense 18,000 Raw Materials Inventory, December 1 12,000 Work In Process Inventory, December 31 15,000 Sales Salaries Expense 14,000 Factory Depreciation Expense 8,000 Finished Goods Inventory, December 1 35,000 Raw Materials Purchases 105,000 Work In Process Inventory, December 1 25,000 Factory Utilities Expense 6,000 Direct Labor 70,000 Raw Materials Inventory, December 31 19,000 Sales Returns and Allowances 5,000 Indirect Labor 21,000(b) AC). At May 31, 2022, the accounts of Ivanhoe Company show the following. May 1 inventories-finished goods $10,830, work in process $12,630, and raw materials $7,040. May 31 inventories-finished goods $8,170, work in process $13,680, and raw materials $6,100. Debit postings to work in process were direct materials $53,670, direct labor $43,000, and manufacturing overhead applied $34,400. (Assume that overhead applied was equal to overhead incurred.) Sales revenue totaled $184,900. 1. 2. 3. (a) Prepare a condensed cost of goods manufactured schedule for May 2022. 3:0 eTextbook and Media List of Accounts eTextbook and Media Prepare an income statement for May 2022 through gross profit. List of Accounts IVANHOE COMPANY Cost of Goods Manufactured Schedule eTextbook and Media $ List of Accounts Prepare the balance she section of the manufacturing inventories at May 31, 2022. IVANHOECOMPANY (Partial) Balance sheet IVANHOE COMPANY (Partial) Income StatementAn analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Raw materials Work in process Finished goods Ending $9,880 $15,510 Beginning 5,790 9,760 9,050 6,530 Costs incurred: raw materials purchases $57,720, direct labor $51,130, manufacturing overhead $23,970. The specific overhead costs were: indirect labor $7,090, factory insurance $4,160, machinery depreciation $4,900, machinery repairs $2,450, factory utilities. $3,570, and miscellaneous factory costs $1,800. Assume that all raw materials used were direct materials. ROBERTS COMPANY Cost of Goods Manufactured Schedule ROBERTS COMPANY (Partial) Balance Sheet
- A manufacturing company shows the following amounts in the cost of goods sold statement and the statement of comprehensive income for the year 2019 January 1. 2019. P 100,000 December 31. 2019 P 150,000 87,000 Materinis Work in process Finished goods Materials used 80,000 Cost of goods sold Cost of goods manufactured Total manufacturing costs 590,000 750,000 800,000 790,000 Required: 1. Work in process, January 1, 2019 2. Finished goods, December 31, 2019 3. Amount of materials purchased in 2019An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.The following information is available for the Turner Manufacturing company for 2020. E (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales Data table Accounts receivable, January 1, 2020 $ 160,000 Accounts payable, January 1, 2020 Accounts receivable, January 1, 2020 160,000 Raw materials, January 1, 2020 12,000 Accounts payable, January 1, 2020 104,000 Work in process, January 1, 2020 20,000 Raw materials, January 1, 2020 12,000 Finished goods, January 1, 2020 70,000 Work in process, January 1, 2020 20,000 Accounts receivable, December 31, 2020 90,000 Finished goods, January 1, 2020 70,000 Accounts payable, December 31, 2020 240,000 Accounts receivable, December 31, 2020 90,000 Raw materials, December 31, 2020 ? Accounts payable, December 31, 2020 240,000 Work in process, December 31, 2020 57,000 Raw materials, December 31, 2020 72,000 Finished goods, December 31, 2020 54,000 Work in process, December 31, 2020…