As of December 31, 2022, Bonita Industries had $3000 of raw materials inventory. At the beginning of 2022, there was $1700 of materials on hand. During the year, the company purchased $365000 of materials; however, it paid for only $313000. How much inventory was requisitioned for use on jobs during 2022? O $355900 O $363700 O $366300 O $353300

As of December 31, 2022, Bonita Industries had $3000 of raw materials inventory. At the beginning of 2022, there was $1700 of materials on hand. During the year, the company purchased $365000 of materials; however, it paid for only $313000. How much inventory was requisitioned for use on jobs during 2022? O $355900 O $363700 O $366300 O $353300

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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Zapora Bhd manufactured smart watches. In November 2021, Zapora produced 2,200 watches with the following costs: Direct Materials $32,000 Direct Labour $13,000 Manufacturing Overheads $27,000 Additional information: There is no opening or closing stock of work-in-progress (WIP) during the month of November. Calculate the Prime Costs for November 2021. Select one: a.$45,000 b. $40,000 c. $72,000 d. $32,000
According to the information given in the table below, which of the following is Cost of Production? Raw materials consumed 184000 Wages 56000 Factory overhead 37 % of prime cost Interest expense 9500 Taxes 3300 Select one: a. 339300 b. 341500 c. 336000 d. 328800
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Moira Company has just finished its first year of operations. At year end, MOH allocated (or applied) was $435,000 and MOH control was $425,000. The firms decides to prorate the under or overapplied overhead based on the ending balances in the appropriate accounts. Ending balances are:Materials inventory              $20,000WIP inventory                       40,000FG inventory                         80,000COGS                                680,000 After closing out the overhead accounts using the proration method, what is the balance in the FG inventory account?
Zapora Bhd manufactured smart watches. In November 2021, Zapora produced 2,200 watches with the following costs: Direct Materials   $32,000 Direct Labour $13,000 Manufacturing Overheads $27,000 Additional information: There is no opening or closing stock of work-in-progress (WIP) during the month of November. Calculate Total Product Costs for 2,200 watches produced in November 2021 Select one: a. $45,000 b. $72,000 c. $32,000 d. $40,000
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