Get Answer A company had the following accountinginformation for the month:Beginning finished goodsEnding finished goodsBeginning work-in-process$0$0$7,000$12,000Current month's manufacturingcostsWhat is the firm's cost of goods manufacturedfor the month if the company has ending:a. $7,000b. $10,000c. $12,000d. $14,000

To determine the firm's cost of goods manufactured (COGM) for the month, we can use the following…

Answered: A company had the following accounting…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 11EA: A company has the following transactions during the week. Purchase of $1,000 raw materials inventory...

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A company has the following transactions during the week. Purchase of $3,000 raw materials inventory Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour What is the cost assigned to Job 7 at the end of the week?
A company has the following transactions during the week. Purchase of $1,000 raw materials inventory Assignment of $500 of raw materials inventory to Job 5 Payroll for 20 hours with $1,000 assigned to Job 5 Factory utility bills of $750 Overhead applied at the rate of $10 per hour What is the cost assigned to Job 5 at the end of the week?
Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
K Rios Corporation reports costs for the year as follows: Direct Materials Used Wages to Line Workers Office Rent Indirect Materials Used How much is the total product costs for the year? A. $605,000 OB. $1,155,000 OC. $550,000 OD. $1,199,500 $430,000 120,000 44,500 605,000
XYZ Company has the following balances for the current month: Direct materials used OMR 24,000 Direct labor OMR 36,800 Sales salaries OMR 19,200 Indirect labor OMR 4,800 Production manager's salary OMR 9,600 Marketing costs OMR 14,400 OMR 6,400 Factory lease What is total manufacturing cost? a. OMR 96,000 O b. OMR 81,600 С. OMR 86,400 O d. None of the given answer. e. OMR 89,600
Regirock Incorporated a manufacturer of gravel and sand, has provided the following data for the month of March. The balance in the Work in Process inventory account was $55,000 at the beginning of the month and $37,000 at the end of the month. During the month, Regirock incurred direct materials cost of $145,400 and a direct labor cost of $78,700. The actual manufacturing overhead cost incurred was $18,000. The applied manufacturing overhead cost was 75% of direct labor cost. The Work-in-Process for the period was P
PREPARE AN INCOME STATEMENT MARIE SWIFT Company reported the given information for the month of October: Inventories: Beginning Ending P36,000 Raw materials P29,000 Work in process P19,000 Finished goods P55,000 P21,000 P53,000 Additional information: Raw materials purchases Direct labor cost Manufacturing overhead cost P64,000 Selling expense Administrative expense Net Sales units produced P75,000 P45,000 P16,000 P44,000 P500,000 20,000 Determine the values of the following: a. operating profit b. manufacturing cost c. cost of goods manufactured d. period cost e. operating expense f. cost of goods sold g. cost of product that is transferred to finished goods h. raw materials used i. gross profit j. total inventory cost reflected in the statement of financial position k. raw materials available for use I. manufacturing cost per unit m. conversion cost n. cost of goods placed in process o. prime cost
The following are ABC co's production cost for the month of October: Direct Materials P100,000 Direct Labor 90,000 Factory Overhead 4,000 1. The total manufacturing cost? 2. The prime cost? 3. The conversion cost? 4. The cost than can traced to specific product in production process?
demic Calendar 1y MBS Libray Englishot -> If Manufacturing Overhead has a debit balance at the end of the period, then a. overhead has been overapplied b. the overhead assigned to Work in Process Inventory is more than the overhead incurred c. overhead has been underapplied d. managemnent must take corrective action The following is Alli Corp's contribution format income statement for last month: $800,000 Sales
SV f: Job 222 started on June 1 and finished on July 15. Total cost on July 1 was $12,400, and the costs added in July were $188,500. The entry for the sale at a price of $310,000 would be: O A. Finished goods inv. OB. Sales Revenue C. Work in process inventory OD. Accounts receivable C C ar sti Ccour Cost of goods sold Accounts receivable Cost of goods sold Sales Revenue 200,900 310,000 200,900 310,000 200,900 310,000 200,900 310,000 ased
1. The following account balances and other information for Daiso Company pertain December operations: Accounts Balances December 31 P120,000 December 1 P140,000 100,000 20,000 Finished goods Work in process Direct Materials Accounts Payable Accrued Payroll Accumulated dep.-factory equipment 50,000 30,000 40,000 80,000 20,000 160,000 Other information: a. Direct materials purchased on account during December, P100,000. b. Daiso Company apples factory overhead at predetemined rate of P6 per direct labor hour. C. During December, direct labor employees worked 25,000 hours at a rate of P8 per direct labor hour. d. Jobs 12001, 12002 and 12003 were still in process at the end of December. A total of P 5,000 direct materials has been charged to these three jobs. To date, 5,000 direct labor hours have been worked on these jobs. e. The accrued payroll account is used for factory employees only. Assuming no payrol deductions, paymentto factory employees during the month totaled P 280,000. f.…
QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statement

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