FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Inventory Valuation
Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…
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**Inventory Analysis and Overhead Cost Management: A Tableau Dashboard** As consultants, we have been engaged to assist a company in tracking and reporting costs. This Tableau Dashboard demonstrates key metrics relevant to our analysis. ### Chart: Inventories The bar chart displays inventory levels for Raw Materials, Work in Process, and Finished Goods on November 30 and December 31. Each category has two bars representing the inventory value at these two dates. - **Raw Materials:** - November 30: Approximately $10,000 - December 31: Approximately $12,000 - **Work in Process:** - November 30: Approximately $15,000 - December 31: Approximately $18,000 - **Finished Goods:** - November 30: Approximately $8,000 - December 31: Approximately $10,000 ### Factory Overhead for December A donut chart outlines the total factory overhead costs for December, amounting to $42,000. It breaks down these costs into: - **Indirect Materials** (smaller section) - **Indirect Labor** (medium section) - **Other Overhead Costs** (largest section) ### Sales, Materials, and Payroll for December The diagram shows overlapping circles representing financial allocations: - **Sales** is the largest circle, indicating a significant proportion of expenditures. - **Raw Materials Purchases** and **Factory Payroll** are smaller circles and intersect with each other and the Sales circle, indicating relationships between these financial components. ### Predetermined Overhead Rate The rate is calculated based on direct labor cost, which is expressed as 70%. ### Questions for Analysis 1. Determine if Finished Goods inventory increased or decreased from November 30 to December 31, and calculate the difference. 2. Assess the change in Raw Materials inventory over the same period. 3. Compute the cost of direct materials used. To answer these questions, enter data in the provided tabs for detailed analysis of inventory changes and material costs.
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Transcribed Image Text:**Inventory Analysis and Overhead Cost Management: A Tableau Dashboard** As consultants, we have been engaged to assist a company in tracking and reporting costs. This Tableau Dashboard demonstrates key metrics relevant to our analysis. ### Chart: Inventories The bar chart displays inventory levels for Raw Materials, Work in Process, and Finished Goods on November 30 and December 31. Each category has two bars representing the inventory value at these two dates. - **Raw Materials:** - November 30: Approximately $10,000 - December 31: Approximately $12,000 - **Work in Process:** - November 30: Approximately $15,000 - December 31: Approximately $18,000 - **Finished Goods:** - November 30: Approximately $8,000 - December 31: Approximately $10,000 ### Factory Overhead for December A donut chart outlines the total factory overhead costs for December, amounting to $42,000. It breaks down these costs into: - **Indirect Materials** (smaller section) - **Indirect Labor** (medium section) - **Other Overhead Costs** (largest section) ### Sales, Materials, and Payroll for December The diagram shows overlapping circles representing financial allocations: - **Sales** is the largest circle, indicating a significant proportion of expenditures. - **Raw Materials Purchases** and **Factory Payroll** are smaller circles and intersect with each other and the Sales circle, indicating relationships between these financial components. ### Predetermined Overhead Rate The rate is calculated based on direct labor cost, which is expressed as 70%. ### Questions for Analysis 1. Determine if Finished Goods inventory increased or decreased from November 30 to December 31, and calculate the difference. 2. Assess the change in Raw Materials inventory over the same period. 3. Compute the cost of direct materials used. To answer these questions, enter data in the provided tabs for detailed analysis of inventory changes and material costs.
# Inventory and Cost Analysis As consultants, we are hired to help the company track and report costs. The following Tableau Dashboard is provided to assist us in our analysis. ## Inventories The bar chart represents the inventories over two dates: November 30 and December 31. It includes three categories: - **Raw Materials** - November 30: Approximately $9,000 - December 31: Approximately $12,000 - **Work in Process** - November 30: Approximately $15,000 - December 31: Approximately $21,000 - **Finished Goods** - November 30: Approximately $6,000 - December 31: Approximately $9,000 ## Factory Overhead for December This pie chart breaks down the total overhead of $42,000 into categories: - **Indirect Materials** - **Indirect Labor** - **Other Overhead Costs** The chart provides a visual representation of these components without specific numerical values. ## Sales, Materials, and Payroll for December This diagram uses circular areas to show proportional relationships among: - **Sales** (Largest area) - **Factory Payroll** - **Raw Materials Purchases** ## Predetermined Overhead Rate - Predetermined overhead rate based on direct labor cost: **70%** ### Questions for Analysis 1. Did the finished goods inventory increase or decrease, and by what amount, from November 30 to December 31? 2. Did raw materials inventory increase or decrease, and by what amount, from November 30 to December 31? 3. Compute the cost of direct materials used. **Complete the questions by entering your answers in the tabs below.** - Compute the cost of direct materials used: - [Input box for cost of direct materials used]
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Transcribed Image Text:# Inventory and Cost Analysis As consultants, we are hired to help the company track and report costs. The following Tableau Dashboard is provided to assist us in our analysis. ## Inventories The bar chart represents the inventories over two dates: November 30 and December 31. It includes three categories: - **Raw Materials** - November 30: Approximately $9,000 - December 31: Approximately $12,000 - **Work in Process** - November 30: Approximately $15,000 - December 31: Approximately $21,000 - **Finished Goods** - November 30: Approximately $6,000 - December 31: Approximately $9,000 ## Factory Overhead for December This pie chart breaks down the total overhead of $42,000 into categories: - **Indirect Materials** - **Indirect Labor** - **Other Overhead Costs** The chart provides a visual representation of these components without specific numerical values. ## Sales, Materials, and Payroll for December This diagram uses circular areas to show proportional relationships among: - **Sales** (Largest area) - **Factory Payroll** - **Raw Materials Purchases** ## Predetermined Overhead Rate - Predetermined overhead rate based on direct labor cost: **70%** ### Questions for Analysis 1. Did the finished goods inventory increase or decrease, and by what amount, from November 30 to December 31? 2. Did raw materials inventory increase or decrease, and by what amount, from November 30 to December 31? 3. Compute the cost of direct materials used. **Complete the questions by entering your answers in the tabs below.** - Compute the cost of direct materials used: - [Input box for cost of direct materials used]
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