Question 3- Please fill in the blanks Problem 14-2A Classifying costs LO C2, C3The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of LeoneCompany.Advertising expenseDepreciation expense-Office equipmentDepreciation expense-Selling equipmentDepreciation expense-Factory equipmentFactory supervisionFactory supplies usedFactory utilitiesDirect labor28,7507,2508,60033,550102,6007,35033,000675,48056,8758,42563,000925,00022,00026,10076,800Indirect laborMiscellaneous production costsOffice salaries expenseRaw materials purchases*Rent expense-Office spaceRent expense-Selling spaceRent expense-Factory buildingMaintenance expense-Factory equipmentSalesSales salaries expense35,4004,462,500392,560*Assume that the raw materials inventory account is used only for direct materials. Indirect materials are recorded in a factory suppliesaccount. Required:Classify each of the costs as either a product or period cost. Then, classify each of the product costs as either direct materials, directlabor, or factory overhead and each of the period costs as either selling or general and administrative expenses. (Leave no cell blank.)Product Cost orCostsType of Product CostType of Period CostPeriod Cost1. Advertising expense2. Depreciation expense-Office equipment3. Depreciation expense-Selling equipment4. Depreciation expense-Factory equipment5. Factory supervision6. Factory supplies used7. Factory utilities8. Direct labor9. Indirect labor10. Miscellaneous production costs11. Office salaries expense12. Raw materials purchases13. Rent expense-Office space14. Rent expense-Selling space15, Rent expense-Factory building16. Maintenance expense-Factory equipment17. Sales18. Sales salaries expense

Product cost is included within the inventory valuation, that is simply opposite in the case of…

assify each of the costs as either a product or period cost. Then, classify each of the product costs as either direct material por, or factory overhead and each of the period costs as either selling or general and administrative expenses. (Leave no c Product Cost or Period Cost Costs Type of Product Cost Type of Period Cost Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Direct labor Indirect labor 0, Miscellaneous production costs 1. Office salaries expense 2 Raw materials purchases 3. Rent expenseOffice space 4 Rent expenseSelling space 5. Rent expense-Factory building 5, Maintenance expense-Factory equipment 7 Sales B. Sales salaries expense

assify each of the costs as either a product or period cost. Then, classify each of the product costs as either direct material por, or factory overhead and each of the period costs as either selling or general and administrative expenses. (Leave no c Product Cost or Period Cost Costs Type of Product Cost Type of Period Cost Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Direct labor Indirect labor 0, Miscellaneous production costs 1. Office salaries expense 2 Raw materials purchases 3. Rent expenseOffice space 4 Rent expenseSelling space 5. Rent expense-Factory building 5, Maintenance expense-Factory equipment 7 Sales B. Sales salaries expense

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 9 of 17 Cullumber Company reported the following amounts for 2022: Manufacturing overhead costs applied Beginning work in process inventory Ending work in process inventory Cost of materials used in production $ (b) Calculate total manufacturing costs. Total manufacturing costs $ tA $108,800 +A 6,656 5.760 9,728 10,240 (a) Calculate the cost of materials used in production. 25,600 38,400 7,808 8,064
M Thu Sep 8 t 14 of 15 AA Period Ce b Home | bartl... 23 my.post.edu... X 14 Unit 1-... 14 rint ezto.mheducation.com A Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense 5 Total direct manufacturing cost Total indirect manufacturing cost Okay C Required information [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: G what is the h. Average Cost per Unit $ 7.00 $4.50 $ 1.40 $ 4.00 $4.00 $ 2.10 $ 1.10 $ 0.55 14. If 12,000 units are produced, what are the total amounts of direct and indirect manufacturing costs incurred to support this level of production? (Do not round intermediate calculations.) @ 29% 4 + 88 Init 1-C... You a
Problem #3 Allocating Costs to Work in Process and Preparation of the Statement of Cost of Goods Manufactured Pido Corporation's general ledger included the following items related to its manufacturing activities for 2019. The accounts have been adjusted, but have not yet been closed: P 84,600 99,360 311,400 450,000 194,220 109,440 30,060 84,600 19,260 16,020 34,920 82,800 PNRA Materials Inventory Work in Process Inventory DM Purchases-Raw Materials N Direct Labor Indirect Labor Factory Utilities Repairs and Maintenance-Factory Equipment Rent Expense-Factory Building MProperty Taxes-Factory Site Factory Insurance Expense Factory Supplies Expense M Depreciation Expense-Factory Equipment Amortization of Patents 13,680 In addition, the ending inventory of raw materials is known to be P91,080. The ending inventory of Work in Process is not known, but it is known that the corporation makes a single product and 4,500 units of goods were in process on Dec. 31, 2019. Each unit contained an…
CCOUNTING Section3 Lecture (20201_020113 Courses / COST ACCOUNTING Section3 Lecture (20201 020113101 AAUP - JENIN)/ 23 February-1 Ma Time left 01740 The following infiormation pertains to a manufacturing company which uses weighted average method: Work in process, beginning direct materials $550,000 and conversion $450,000, Costs added in current period, direct materials $650,000 and conversion S750,000 cost per equivaient unit, direct materials $200 and conversion $300. Using weighted average method, the equlvalent units of materials is Oa 8000 units b.6000 units OC4500 units d.5333 units Oear my choice Next page Jump to chapter 15+15 powe point -
tab es lock esc QUESTION 8 Deja Brew Company reported the following for the most recently completed fiscal year: Raw Materials Purchased Direct Labor Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Calculate cost of goods sold for the year. ! Click Save and Submit to save and submit. Click Save All Answers to save all answers. 1 Q A @ 2 W S # M $63,500 58,200 31,600 31,500 3 E Manufacturing Overhead Cost of Goods Manufactured $ 4 R % 07 dº 5 MacBook Pro D F $109,600 180,800 95,900 391,200 T 6 G 7 Y * 00 O H 8 U
View Policies Current Attempt in Progress The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending (a) Direct materials used in production eTextbook and Media $600,000 Save for Later 350,000 120,000 60,000 20,000 25,000 47,000 32,000 Compute the cost of direct materials moved into production during the period. 75,000 82,000 Attempts: 0 of 4 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
104-Principles of Manageme Ay courses / BUSS 104-1-20202 / MAKEUP TEST SCHEDULED st (06-05-2021 from 11:00 to 12: Noon) Which one is a Historical Cost Select one: O a. All the Above O b. Rent Factory O c. office Rent O d. Office salary 104-05-21 035 Jump to..
Problem 6 The Protect Production Company presents the following selected general ledger accounts showing balances at October 1, 2017: Cash P 40,000 Finished Goods 592,000 Work in Process Raw materials Prepaid Insurance Accumulated Depreciation Accounts Payable 164,000 128,000 4,000 280,000 108,000 Balances at October 31, 2017 include: Accrued payroll Finished goods P 12,000 608,000 188,000 120,000 Work in Process Raw Materials A summary of transactions for the month of October follows: a. Cash sales b. Raw materials purchased on account c. Direct materials used P420,000 168,000 156,000 64,000 1,200 d. Direct Labor e. Factory insurance expired f. Depreciation for factory equipment g. Factory utility service on account h. Accounts payable paid Factory payroll paid 6,800 12,000 196,000 88,000 i. Required: 16. Indirect materials used. 17. Indirect labor 18. Total factory overhead 19. Cost of goods manufactured 20. Cost of goods sold.
PR 18-5A Statement of cost of goods manufactured for a manufacturing company. The following information is available for Lagakos Corporation for 2018: January 1 $50,100 December 31 $35,900 Inventories Materials Work in Process 72,400 90,600 Finished Goods 114,600 113,000 Advertising Expense $453,000 Depreciation Expense-Office Equip. 34,000 Depreciation Expense-Factory Equip. 90,500 Direct Labor 1,245,700 Heat, Light, and Power-Factory 60,400 Indirect Labor 130,200 Materials Purchased 630,300 Office Salaries Expense 360,100 Property Taxes-Factory 45,300 Property Taxes-Office Building Rent Expense-Factory 28,300 30,600 Sales 4,360,000 Sales Salaries Expense 226,500 Supplies-Factory 10,800 Miscellaneous Costs-Factory 12,900 Instructions 1. Prepare a Statement of the Cost of Goods Manufactured. Warren, C. S., Jonick, C. A., & Schneider, J. S. (2021). Accounting (28 ed.) Boston, MA: Cengage Learning.
QUESTION 4 P19.4A (Pg. 19-36) P19.4A (LO 3) The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet. $ 4,600 Factory Insurance Factory Machinery Raw Materials Inventory 7/1/19 48,000 Depreciation Factory Utilities Raw Materials 16,000 27,600 Inventory 6/30/20 39,600 Finished Goods Office Utilities Expense 8,650 Inventory 7/1/19 96,000 Sales Revenue 534,000 Finished Goods Sales Discounts 4,200 Inventory 6/30/20 Plant Manager's Salary 58,000 75,900 Factory Property Taxes Factory Repairs Work in Process 9,600 Inventory 7/1/19 19,800 1,400 Work in Process Raw Materials 96.400 Purchases Inventory 6/30/20 18,600 Cash 32,000 Direct Labor 139,250 Indirect Labor Accounts Receivable 24,460 27,000 Instructions •a. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) •b. Prepare an income…
Period Co 5 AA Chapter 1 Assignment 7 A ! Home | bartl.. 2 W # S Total product cost ezto.mheducation.com A Okay 23 my.post.edu... Direct materials. Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense 3 E $ D () Required information [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: $ 150,000 Saved 4 5 R T & LL V Question 1 -... Required: 1. For financial accounting purposes, what is the total amount of product costs incurred. to make 10,000 units? (Do not round intermediate calculations.) * 6 Y B G H 5 7 N G what is the h... Help U J Average Cost per Unit Save & Exit $7.00 $ 4.50 $ 1.40 $ 4.00 $ 4.00 $ 2.10 $ 1.10 $ 0.55 M You 8 1 K ! Init 1-C... Check my work I 9 O Submit L ? ct 0 P…
View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200