Baltimore Manufacturing had a Work in Process balance of $79,000 on January 1, 2018. The year- end balance of Work in Process was $87,000 and the Cost of Goods Manufactured was $560,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.
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- Baltimore Manufacturing had a Work in Process balance of $64,000 on January 1, 2018. The year-end balance of Work in Process was $51,000 and the Cost of Goods Manufactured was $500,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.Give me answerCan you please give answer
- what is tha final answer and computation for this?The following are information provided for Norman Company for the month of August 2019 (refer to the attached picture): Raw materials purchased during the period costs P40,800; overhead incurred and paid or accrued for the period was P21,750; and 23,600 direct labor hours were incurred at a rate of P13.75 per hour. 1. Prime cost *The following transactions pertains to Bahrain Company for 2021: a) Materials purchased on account, $62,500. b) Materials used in production as follows: direct materials, $33,600, indirect materials, $5,400. c) Manufacturing labor incurred $35,000. (90% for direct labor and 10% for indirect labor.) d) Other various manufacturing overhead costs incurred during the year is $18,900. e) Manufacturing overhead is allocated at a budgeted overhead rate 120% of direct labor cost. f) the actual manufacturing overhead cost incurred at the end of the year was $27,800. The company decided to prorate the under-or-overallocated overhead using ending unadjusted balances of WIP. F.G and COGS before proration method Ending unadjusted balances before proration were as follows: $ 40,000 80,000 680,000 Work-in-Process (WIP) Finished Goods (FG) Cost of Goods Sold (GOGS) Required: Prepare the necessary journal entries to record the above transactions from a to f Answer:
- Please solve this problemThe following information was obtained from the records of Martinez Corporation during 2018. 1. Manufacturing overhead was applied at a rate of 175 percent of direct labor dollars. 2. Beginning value of inventory follows: a. Beginning Work in Process Inventory, $32,000. b. Beginning Finished Goods Inventory, $15,000. 3. During the period, Work in Process Inventory decreased by 25 percent and Finished Goods Inventory increased by 30 percent. 4. Actual manufacturing overhead costs were $105,000. 5. Sales were $750,000. 6. Adjusted Cost of Goods Sold was $325,000. Required: Use the preceding information to find the missing values in the following table: Item Direct Materials Used Direct Labor Manufacturing Overhead Applied Current Manufacturing Costs Plus: Beginning Work in Process Inventory Less: Ending Work in Process Inventory Cost of Goods Manufactured Plus: Beginning Finished Goods Inventory Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Overhead Adjustment…At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1 inventories—finished goods $ 14,800, work in process $ 17,600, and raw materials $ 8,600. 2. May 31 inventories—finished goods $ 9,600, work in process $ 17,000, and raw materials $ 8,000. 3. Increases to work in process were direct materials $ 64,300, direct labor $ 51,400, and manufacturing overhead applied $ 42,100. 4. Sales revenue totaled $ 217,000. (a) Prepare a condensed cost of goods manufactured schedule for May 2020. SHEFFIELD COMPANYCost of Goods Manufactured Schedulechoose the accounting periodchoose the accounting period select an opening section nameselect an opening section name $ enter a dollar amountenter a dollar amount select an account titleselect an account title $ enter a dollar amountenter a dollar amount select an account titleselect an account title enter a dollar amountenter a dollar amount…
- Need help with this questionDuring FY 2018 Bay Manufacturing had total manufacturing costs are $442,000. Their cost of goods manufactured for the year was $475,000. The January 1, 2019 balance of the Work-in-Process Inventory is $51,000. Use this information to give an example of the dollar amount of the FY 2018 beginning Work-in-Process Inventory.Monty Manufacturing Company reported the following materials data for the month ending April 30, 2016: Materials purchased RM123,900 Materials inventory, April 1 39,100 Materials inventory, April 30 32,600. Determine the cost of direct materials used in production by Monty during the month ended April 30, 2016 and also discuss economic order quantity(EOQ).