Carla Vista Corporation incurred the following costs while manufacturing its product:Materials used in productAdvertising expenseDepreciation on plantProperty taxes on plantProperty taxes on warehouseDelivery expenseLabour costs of assembly-line workersSales commissionsFactory supplies usedSalaries paid to sales clerks(a)Your answer is incorrect.Calculate the cost of goods manufactured.$121,20061,600Cost of goods manufactured $7,710Work in process inventory was $10,900 at January 1 and $14,800 at December 31. Finished goods inventory was $60,500 at January1 and $50,800 at December 31.111,00026,000$45,05019.20022,00035,10050,400

The term "cost of goods produced" (COGM) in managerial accounting refers to a schedule or statement…

Carla Vista Corporation incurred the following costs while manufacturing its product: Materials used in product Depreciation on plant Property taxes on warehouse Labour costs of assembly-line workers Factory supplies used (a) Your answer is incorrect. Calculate the cost of goods manufactured. $121,200 Cost of goods manufactured $ 61,600 7,710 111,000. 26,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,050 19,200 Work in process inventory was $10,900 at January 1 and $14,800 at December 31. Finished goods inventory was $60,500 at January 1 and $50.800 at December 31. 22,000 35,100 50,400

Carla Vista Corporation incurred the following costs while manufacturing its product: Materials used in product Depreciation on plant Property taxes on warehouse Labour costs of assembly-line workers Factory supplies used (a) Your answer is incorrect. Calculate the cost of goods manufactured. $121,200 Cost of goods manufactured $ 61,600 7,710 111,000. 26,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,050 19,200 Work in process inventory was $10,900 at January 1 and $14,800 at December 31. Finished goods inventory was $60,500 at January 1 and $50.800 at December 31. 22,000 35,100 50,400

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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Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
Flounder Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) Compute cost of goods manufactured. $108,000 Cost of goods manufactured $ 54,000 6,750 99,000 20,900 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $40,500 12,700 18,800 Work in process inventory was $10,850 at January 1 and $13,900 at December 31. Finished goods inventory was $54,000 at January 1 and $41,000 at December 31. 31,500 45,000
Cullumber Corporation incurred the following costs while manufacturing its product: Materials used in product Depreciation on plant Property taxes on warehouse Labour costs of assembly-line workers Factory supplies used Calculate the cost of goods manufactured. Cost of goods manufactured $120,100 $ 65,000 8,430 110,000 25,500 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,250 19,300 21,700 Work in process inventory was $10,600 at January 1 and $14,600 at December 31. Finished goods inventory was $60,600 at January 1 and $51,300 at December 31. 35,300 50,100
What was Albay's cost of goods sold? Albay Company incurred the following costs and expense during the current year: Raw material purchases Direct labor cost Indirect labor cost – factory Factory repairs and maintenance Taxes on factory building Depreciation – factory building Taxes on sales room and general offices Depreciation – sales equipment Advertising Sales salaries Office salaries Utilities (50% applicable to factory, 30% to salesroom and 20% to office) 4,000,000 1,500,000 800,000 200,000 100,000 300,000 150,000 50,000 400,000 500,000 700,000 1,000,000 Beginning 200,000 500,000 400,000 Ending 450,000 350,000 700,000 Raw Materials Work in process Finished goods
Current Attempt in Progress Bramble Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) Your answer is incorrect. Compute cost of goods manufactured. Cost of goods manufactured LA $100,800 $ 50,400 6,300 92,400 19,400 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks Work in process inventory was $10,100 at January 1 and $13,000 at December 31. Finished goods inventory w 1 and $38,300 at December 31. $37,800 11,800 17,600 29,400 42,000
Ryan Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used Instructions $100,000 60,000 7,500 110,000 13,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,000 14,000 21,000 35,000 50,000 (a) Identify each of the above costs as direct materials, direct labor, manufacturing overhead, or period costs. (b) Explain the basic difference in accounting for product costs and period costs.
The related data of Mireia Company: Cost of goods sold P1,687,800 Estimated overhead cost 2,000,000 Estimated direct labor hours 100,000 Actual overhead cost 1,789,300 Actual direct labor hours 87,100 Factory overhead is based on direct labor hours. How much is the adjusted cost of goods sold?
Use the following information to compute the unadjusted cost of goods sold for the period: Beginning raw materials $7,500 Ending raw materials 4,500 Direct labor 13,250 Raw materials purchased 7,400 Depreciation on factory equipment Factory repairs and maintenance Production supervisor's salary Beginning finished goods inventory Ending finished goods inventory Beginning goods in process inventory Ending goods in process inventory 6,250 3,350 2,500 10,500 8,700 6,700 6,100
The following costs were incurred by a manufacturing company Materials used in product Depreciation on plant Property taxes on plant Labour costs of assembly-line workers Factory supplies used Advertising expense Factory insurance Factory supervisor's salary (a) $120.000 6.230 840 Calculate cost of goods manufactured 150,700 3,350 4.550 21.900 50,000 Work in process inventory was $5.200 at January 1 and $6,600 at December 31. Finished goods inventory was $30.000 at January 2 and $30,500 at December 31 11.
Current Attempt in Progress Determine the missing manufacturing cost data for Blossom Company as presented below. (Assume all raw materials used were direct materials.) Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Work in process inventory. 1/1/22 Total cost of work-in- process Work in process inventory, 12/31/22 Cost of goods manufactured Case A (a) $58,140 47.430 199.530 (b) 225.930 (c) 183.930 Case B $76,930 77,520 83,210 (d) 16,830 (e) 9,180 (f) Case C $132,600 104,040 (g) 289,330 (h) 333,540 81,600 (1)
Freeman Furnishings has summarized its data as shown: Depreciation of factory building $77,500 Factory real estate taxes $15,000 Factory utility expenses Indirect materials $85,000 $32,000 $25,000 $84,000 Indirect labor Direct labor cost Direct labor hours incurred Estimated direct labor hours Raw material purchased Raw material, beginning Inventory Raw material, ending Inventory Work in process, beginning Inventory Work in process, ending Inventory Estimated overhead Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours. x 21,500 22,000 $370,000 $40,000 $29,000 $52,000 $67,000 $247,500
How do i compute cost of goods manufactured for this one? Please explain me step by step as i am getting confused on the finished good inventory here. Materials used in product $123,900 Advertising expense $49,200 Depreciation on plant 65,100 Property taxes on plant 15,000 Property taxes on store 7,290 Delivery expense 24,600 Labor costs of assembly-line workers 119,700 Sales commissions 43,100 Factory supplies used 31,700 Salaries paid to sales clerks 54,100 Work in process inventory was $12,000 at January 1 and $16,600 at December 31. Finished goods inventory was $68,500 at January 1 and $47,900 at December 31.