Schedule of Cost of Goods Manufactured Beginning Work-in-Process Inventory 42,000 Direct Materials Used: Beginning Direct Materials %24 29,000 76,000 Purchases of Direct Materials Direct Materials Available for Use 105,000 (30,000) Ending Direct Materials 75,000 Direct Materials Used Direct Labor 89,000 44,000 Manufacturing Overhead 208,000 Total Manufacturing Costs Incurred during the Year 250,000 Total Manufacturing Costs to Account For (35,000) Ending Work-in-Process Inventory 24 215,000 Cost of Goods Manufactured Now compute cost of goods sold. Cost of Goods Sold Cost of Goods Manufactured Cost of Goods Available for Sale Cost of Goods Sold

Schedule of Cost of Goods Manufactured Beginning Work-in-Process Inventory 42,000 Direct Materials Used: Beginning Direct Materials %24 29,000 76,000 Purchases of Direct Materials Direct Materials Available for Use 105,000 (30,000) Ending Direct Materials 75,000 Direct Materials Used Direct Labor 89,000 44,000 Manufacturing Overhead 208,000 Total Manufacturing Costs Incurred during the Year 250,000 Total Manufacturing Costs to Account For (35,000) Ending Work-in-Process Inventory 24 215,000 Cost of Goods Manufactured Now compute cost of goods sold. Cost of Goods Sold Cost of Goods Manufactured Cost of Goods Available for Sale Cost of Goods Sold

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 10E: Costs per equivalent unit Georgia Products Inc. completed and transferred 89,000 particle board...

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
ssume the following information: Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 394,500 686,100 Total cost $ 301,600 $ 409,500 $ 711,100 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department?
Direct Materials Cost, Prime Cost, Conversion Cost, Cost of Goods Manufactured Ellerson Company provided the following information for the last calendar year: Beginning inventory: Direct materials $67,000 Work in process 29,400 Finished goods 43,200 Ending inventory: Direct materials $70,400 Work in process 40,000 Finished goods 42,100 During the year, direct materials purchases amounted to $275,000, direct labor cost was $189,000, and overhead cost was $520,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production.$fill in the blank 1 2. Calculate the cost of goods manufactured.$fill in the blank 2 Calculate the unit manufacturing cost. Round your answer to the nearest cent.$fill in the blank 3 per unit 3. Of the unit manufacturing cost calculated in Requirement 2, $2.60 is direct materials and $5.20 is overhead. Round your answers to the nearest cent. What is the prime…
Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs The ending balance of direct materials inventory is $148,000 84,000 134,000 147,000 290,000 249,000 31,000 67,000 50,000 150 percent
Compute cost of goods manufactured and cost of goods sold from the followingamounts. Beginning of Year End of YearDirect materials inventory $22,000 $26,000Work in process inventory $38,000 $30,000Finished goods inventory $18,000 $23,000Purchases of direct materials $75,000Direct labour $82,000Manufacturing overhead $39,000
Direct Materials Cost, Prime Cost, Conversion Cost, Cost of Goods Manufactured Ellerson Company provided the following information for the last calendar year: Beginning inventory: Work in process Finished goods Ending inventory: Direct materials Direct materials Required: Work in process Finished goods During the year, direct materials purchases amounted to $275,000, direct labor cost was $189,000, and overhead cost was $525,000. During the year, 100,000 units were completed. $ $67,000 29,400 43,200 $70,400 1. Calculate the total cost of direct materials used in production. $ 271,600 2. Calculate the cost of goods manufactured. $ 980,000 X 50,000 Calculate the unit manufacturing cost. Round your answer to the nearest cent. 9.8 X per unit $ 42,100 3. Of the unit manufacturing cost calculated in Requirement 2, $2.60 is direct materials and $5.20 is overhead. Round your answers to the nearest cent. Feedback What is the prime cost per unit? $ 4.6 X per unit Check My Work What is the…
Compute cost of goods manufactured and cost of goods sold from the following amounts. Beginning of Year End of YearDirect materials inventory $22,000 $26,000Work in process inventory $38,000 $30,000Finished goods inventory $18,000 $23,000Purchases of direct materials $75,000Direct labour $82,000Manufacturing overhead $39,000
Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of Kenton Company:Sales$ 975,000Direct labor cost $ Selling expense $ Manufacturing overhead applied to work in process $Inventories:Work in process $165,000 48,750 180,000Beginning 20,000 $Ending 14,750Raw material purchases$ 229,000Administrative expenses$ 146,250Actual manufacturing overhead costs$ 175,050Raw materials$ 18,000$ 17,500Finished goods$ 9,000$ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.3. Prepare an income statement.
Assume the following information: Materials $ 10,000 291,600 $301,600 Conversion $15,000 387,000 $ 402,000 Milling Department Total Cost of beginning work in process inventory Costs added during the period $ 25,000 678,600 $703,600 Total cost ts 00:13:14 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department? Multiple Choice $29,280 $59,280 $49.280
Cost of Production Report The debits to Work in Process-Roasting Department for Morning Brew Coffee Company for August, together with inform Work in process, August 1, 900 pounds, 30% completed $4,626* *Direct materials (900 X $4.60) $4,140 Conversion (900 X 30% X $1.80) 486 $4,626 Coffee beans added during August, 28,000 pounds 127,400 Conversion costs during August 53,333 Work in process, August 31, 1,400 pounds, 60% completed Goods finished during August, 27,500 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: 1. Direct materials and conversion equivalent units of production for August 2. Direct materials and conversion costs per equivalent unit for August 3. Cost of goods finished during August 4. Cost of work in process at August 31 If an amount is zero, enter in "0". For the cost per equivalent unit, round your answer to two decimal places. Morning Brew Coffee Company…
Manufacturing Overhead Distribution Worksheet The following are selected operating data for the production and service departments of Bluestone Compa Departments Service Production Overhead costs (identified by department) $50.000 $1.032.000 $65,168 $2478.000 4.000 Indirect material S96.800 S164A00 Indirect labor $194400 $2.000 24.000 Square feet of building floor space used Assessed value of equipment used 9.600 14.400 $252.000 5420.000 264000 $.00 $126 000 176.000 Cubic yards of factory space used 400.600 102.400 Machine hours $40.000 s00.000 Direct labor O is allocated on the basis of square feet of floor space. Personal property taxes of $72,000 are allocated on the sbution worksheet for Bluestone Company similar to the one prepared for Exhibit 3-1s when appropriate Under the Allocation Basis column, select the basis used to calculate each alocation