Sales Revenue $ 58,000 Finished Goods Inventory, Beginning 9,000 Finished Goods Inventory, Ending 6,000 Cost of Goods Sold ? Gross Margin 25,000 Direct Materials Used 10,000 Selling and Administrative Expense ? Operating Income 14,000 Work-in-Process Inventory, Beginning ? Work-in-Process Inventory, Ending 5,000 Direct Labor Used 9,000 Factory Overhead 12,000 Total Manufacturing Cost ? Cost of Goods Manufactured ?

Sales Revenue $ 58,000 Finished Goods Inventory, Beginning 9,000 Finished Goods Inventory, Ending 6,000 Cost of Goods Sold ? Gross Margin 25,000 Direct Materials Used 10,000 Selling and Administrative Expense ? Operating Income 14,000 Work-in-Process Inventory, Beginning ? Work-in-Process Inventory, Ending 5,000 Direct Labor Used 9,000 Factory Overhead 12,000 Total Manufacturing Cost ? Cost of Goods Manufactured ?

Name: The following information was taken from the accounting records of Ell
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Description: The following information was taken from the accounting records of Elliott Manufacturing Corporation. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue$ 58,000Finished Goods Inventory, Beginning9,000Finished Good

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 13P: Webster Company uses backflush costing to account for its manufacturing costs. The trigger points...

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Sales Revenue	$ 58,000
Finished Goods Inventory, Beginning	9,000
Finished Goods Inventory, Ending	6,000
Cost of Goods Sold	?
Gross Margin	25,000
Direct Materials Used	10,000
Selling and Administrative Expense	?
Operating Income	14,000
Work-in-Process Inventory, Beginning	?
Work-in-Process Inventory, Ending	5,000
Direct Labor Used	9,000
Factory Overhead	12,000
Total Manufacturing Cost	?
Cost of Goods Manufactured	?

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GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up computer data. Cost of Goods Sold $ 393,000 Work-in-Process Inventory, Beginning 33,250 Work-in-Process Inventory, Ending 43,900 Selling and Administrative Expense 55,850 Finished Goods Inventory, Ending 16,950 Finished Goods Inventory, Beginning? Direct Materials Purchased 185,300 Factory Overhead Applied 131,500 Operating Income 29, 150 Direct Materials Inventory, Beginning 21,900 Direct Materials Inventory, Ending 6,650 Cost of Goods Manufactured 353,000 Direct Labor 64,750 The Chief Financial Officer of GigaBite Company has asked you to recalculate the following accounts and report to him by week's end. What should be the amount of direct materials available for use? Multiple Choice $131,500. $200, 550. $207,200. $224,150. $208,900.
The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $58,000 Finished Goods Inventory, Beginning 9,000 Finished Goods Inventory, Ending 6,000 Cost of Goods Sold Gross Margin 25,000 Direct Materials Used 10,000 Selling and Administrative Expense Operating Income Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending 14,000 5,000 Direct Labor Used 9,000 Factory Overhead 12,000 Total Manufacturing Cost Cost of Goods Manufactured Work in process inventory, beginning, is calculated to be:
GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up computer data. Cost of Goods Sold $ 384,000 Work-in-Process Inventory, Beginning 31,000 Work-in-Process Inventory, Ending 41,200 Selling and Administrative Expense 51,800 Finished Goods Inventory, Ending 15,600 Finished Goods Inventory, Beginning ? Direct Materials Purchased 175,400 Factory Overhead Applied 118,000 Operating Income 24,200 Direct Materials Inventory, Beginning 19,200 Direct Materials Inventory, Ending 6,200 Cost of Goods Manufactured 344,000 Direct Labor 58,000 The Chief Financial Officer of GigaBite Company has asked you to recalculate the following accounts and report to him by week's end. What should be the amount of direct materials available for use?
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The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory Beg. Bal. 8,400 ? Transferred Out Purchases ? End. Bal. 6,800 Cost of Goods Sold 61,000 Work-in-Process Inventory Beg. Bal. 7,900 ? Transferred Out Materials 18,800 Labor 13,900 Overhead 8,400 End. Bal. ? Finished Goods Inventory Beg. Bal. ? ? Transferred Out Transferred in 39,900 End. Bal. 4,600 What is the value of the beginning Finished Goods Inventory? Multiple Choice $25,700. $13,700. $4,600. $0.
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Assume that in Case 1 the other items in the current assets section are as follows: cash $ 3,090, receivables (net) $ 10,110, raw materials $ 850, and prepaid expenses $ 300. Incomplete manufacturing costs, expenses, and selling data for two different cases are given below: (a) Your answer is correct. Indicate the missing amount for each letter. Direct Materials Used Direct Labour Manufacturing Overhead Total Manufacturing Costs Beginning Work in Process Inventory 1 Case 2 $6,600 $ 6630 3,180 8,550 6,120 3,000 15900 (a) 18,180 1,460 8200 (h)
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory 8,900 ? ? Beg. Bal. Purchases End. Bal. Work-in-Process Inventory 8,400 ? 19,800 14,400 8,900 Beg. Bal. Materials Labor Overhead End. Bal. Beg. Bal. 7,300 Cost of Goods Sold 66,000 Finished Goods Inventory ? Transferred in End. Bal. 40, 400 5,100 Transferred Out Transferred Out Transferred Out What is the value of the ending Work-in-Process inventory balance?
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Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.