FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Provide correct solution for this questionarrow_forwardWhat is the amount of raw materials used?arrow_forwardProduct and period costs; CGM; CGS) On August 1, 2010, Siemens Corporation had the following account balances: Raw Material Inventory (both direct and indirect) $ 72,000 Work in Process Inventory 108,000 Finished Goods Inventory 24,000 During August, the following transactions took place. 1. Raw material was purchased on account, $570,000. 2. Direct material ($121,200) and indirect material ($15,000) were issued to production. 3. Factory payroll consisted of $180,000 for direct labor employees and $42,000 for indirect labor employees. 4. Office salaries totaled $144,600 for the month. 5. Utilities of $40,200 were accrued; 70 percent of the utilities cost is for the factory. 6. Depreciation of $60,000 was recorded on plant assets; 80 percent of the depreciation is related to factory machinery and equipment. 7. Rent of $66,000 was paid on the building. The factory occupies 60 percent of the building. 8. At the end of August, the Work in Process Inventory balance was $49,800. 9. At the…arrow_forward
- For each of the following independent cases (1 to 4), compute the missing values. (Enter all amounts as positive values.) Case 1 Case 2 Case 3 Case 4 Beginning raw material $7,000 $16,000 $55,000 Raw materials purchases Indirect materials issued Ending raw materials 63,000 24,500 33,312 1,400 2,000 1,200 1,000 2,800 4,500 46,750 Direct materials used 27,000 26,976 Direct labor 40,600 61,625 Manufacturing overhead applied 72,800 80,700 24,864 270,865 Total current manufacturing costs 151,200 74,320 Beginning work in process 57,400 65,200 51,260 Ending work in process 33,000 118,050 Cost of goods manufactured 194,600 159,600 71,380 412,950 Beginning finished goods 100,800 41,520 Ending finished goods 112,000 60.200 198,600 Cost of goods sold 142,000 90,700 419,700arrow_forwardThe Bradley Corporation produces a product with the following costs as of July 1, 20X1: Material Labor Overhead $ 4 per unit 2 per unit 2 per unit Beginning inventory at these costs on July 1 was 3,150 units. From July 1 to December 1, 20X1, Bradley Corporation produced 12,300 units. These units had a material cost of $4, labor of $6, and overhead of $3 per unit. Bradley uses LIFO inventory accounting. a. Assuming that Bradley Corporation sold 13,600 units during the last six months of the year at $18 each, what is its gross profit? Answer is complete but not entirely correct. Gross profit $ 74,800x b. What is the value of ending inventory? Answer is complete but not entirely correct. Ending inventory S 12,800 xarrow_forwardCompute for the Economic order quantity, assuming the no of units of materials required annually 20,000 cost of placing the order P29.00, Annual Carrying cost of inventory P 5.4arrow_forward
- don't give answer in image formatarrow_forwardRequired: If the December 1 balance in the Direct Materials Inventory account was $20,000, the December 31 balance was $22,000, and $130,000 of direct materials were issued to production during December, what was the amount of direct materials purchased during the month? Purchased amount of direct materialarrow_forwardGurtner Corporation has provided the following data concerning last month’s operations. Cost of goods manufactured $170,000 Underapplied overhead $ 4,000 Beginning Ending Finished goods inventory $33,000 $40,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold? Multiple Choice A. $170,000 B. $167,000 C. $203,000 D. $163,000arrow_forward
- pls help asaparrow_forwardAssume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?arrow_forwardFortune Company had beginning raw materials inventory of $9,900. During the period, the company purchased $55,500 of raw materials on account. If the ending balance in raw materials was $6,900, the amount of raw materials transferred to work in process is: Multiple Choice $52,500. $58,500. $55,500. $62,400.arrow_forward
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