FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Please do not give solution in image formatarrow_forwardCost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $2,100 $18,500 (e) Total manufacturing costs incurred during August 14,700 (c) 108,800 Total manufacturing costs (a) $216,500 $118,100 Work in process inventory, August 31 3,200 45,500 (f) Cost of goods manufactured (ь) (d) $99,200 a. b. $ C. d. e. f.arrow_forwardAccounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…arrow_forward
- Needed helparrow_forwardRaw materials Beginning inventory $344 Purchases 1,533 Materials available for use Ending inventory 322 Materials used in production $ Work in process inventory Beginning inventory $934 Materials used in production Direct labor 1,536 Overhead applied Manufacturing costs incurred $22,457 Ending inventory 936 Cost of goods manufactured $ Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale $25,016 Ending inventory Cost of goods sold $21,801arrow_forwardOFF COMPANY STEP BY STEP PLEASEarrow_forward
- Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identi Work in process inventory, August 1 $19,660 $41,650 (e) Total manufacturing costs incurred during August 332,750 (c) 1,075,000 Total manufacturing costs (a) $515,770 $1,240,000 Work in process inventory, August 31 23,500 54,000 (f) Cost of goods manufactured (b) (d) $1,068,000 a. $ EA b. $ C. d. $ e. f. $ $ 69arrow_forwardNeed help with this questionarrow_forwardCost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $2,200 $18,900 (e) Total manufacturing costs incurred during August 15,200 (c) 111,200 Total manufacturing costs (a) $221,100 $120,700 Work in process inventory, August 31 3,300 46,400 (f) Cost of goods manufactured (b) (d) $101,400 a. b. c. d. e. f.arrow_forward
- Give typing answer with explanation and conclusion nvex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material $6 Labor 4 Overhead 3 $13 Beginning inventory at these costs on July 1 was 6,100 units. From July 1 to December 1, Convex produced 17,000 units. These units had a material cost of $10 per unit. The costs for labor and overhead were the same. Convex uses FIFO inventory accounting. a. Assuming that Convex sold 19,000 units during the last six months of the year at $20 each, what would gross profit be? b. What is the value of ending inventory?arrow_forwardA-5arrow_forwardCost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $3,100 $25,700 (e) Total manufacturing costs incurred during August 21,400 (c) 150,900 Total manufacturing costs (a) $300,700 $163,800 Work in process inventory, August 31 4,700 63,100 (f) Cost of goods manufactured (b) (d) $137,600 a. b. C. d. e. f.arrow_forward
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