1. How much is the raw materials used in production?2. How much is the total manufacturing cost?3. How much is the cost of goods manufactured?4. How much is the cost of good sold?5. How much is the gross income? San Miguel Beer Manufacturing business reported the following for its first year of operation:Purchases of raw materials540,000Transportation in25,000Raw material insurance5,000Raw materials, beginning inventory15,000Raw materials, ending inventory 10,000Direct Labor415,000Factory overhead210,000Work in process, beginning inventory120,000Work in process, ending inventory100,000Finished goods, beginning inventory60,000Finished goods, ending inventory50,000Sales1,275,000Freight out12,000Sales return25,000

Hi student Since there are multiple subparts, we will answer only first three subparts.

Answered: 1. How much is the raw materials used…

1. How much is the raw materials used in production? 2. How much is the total manufacturing cost? 3. How much is the cost of goods manufactured?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. How much is the raw materials used in production? 2. How much is the total manufacturing cost? 3. How much is the cost of goods manufactured? 4. How much is the cost of good sold? 5. How much is the gross income?

San Miguel Beer Manufacturing business reported the following for its first year of operation:
Purchases of raw materials
540,000
Transportation in
25,000
Raw material insurance
5,000
Raw materials, beginning inventory
15,000
Raw materials, ending inventory 10,000
Direct Labor
415,000
Factory overhead
210,000
Work in process, beginning inventory
120,000
Work in process, ending inventory
100,000
Finished goods, beginning inventory
60,000
Finished goods, ending inventory
50,000
Sales
1,275,000
Freight out
12,000
Sales return
25,000

Definition Definition Total cost of procuring or producing a product or the cost that an individual or business owner undertakes for the manufacturing of goods.

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