Beginning work in process inventory $1,080,000 Beginning raw materials inventory Ending work in process inventory 300,000 900,000 Ending raw materials inventory Raw materials purchased 480,000 960,000 Direct labor 900,000 Manufacturing overhead 720,000

Beginning work in process inventory $1,080,000 Beginning raw materials inventory Ending work in process inventory 300,000 900,000 Ending raw materials inventory Raw materials purchased 480,000 960,000 Direct labor 900,000 Manufacturing overhead 720,000

Name: Beginning work in process inventory$1,080,000Beginning raw materials
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Description: Beginning work in process inventory$1,080,000Beginning raw materials inventory300,000Ending work in process inventory900,000Ending raw materials inventoryRaw materials purchased480,000960,000Direct labor900,000Manufacturing overheadLaflin Company's

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14PB: Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units....

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Entries for process cost system Pori Ormond Carpel Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpel hacking is added al the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories: Finished Goods 62,000 Work in ProcessSpinning Department 35,000 Work in ProcessTufting Department 28,500 Materials 17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: a Materials purchased on account 500,000 b Materials requisitioned for use FiberSpinning Department 275,000 Carpet backingTufting Department 110,000 Indirect materialsSpinning Department 46,000 Indirect materialsTufting Department 39,500 c. Labor used Direct laborSpinning Department 185,000 Direct laborTufting Department 98,000 Indirect laborSpanning Department 18,500 Indirect laborTufting Department 9,000 d Depreciation charged on fixed assets: Spinning Department 12,500 Tufting Department 8,500 e. Expired prepaid factory insurance: Spinning Department 2,000 Tufting Department 1,000 f. Applied factory overhead Spinning Department 80,000 Tufting Department 55,000 g Production costs transferred from Spinning Department to Tufting Department 547,000 h Production costs transferred from Tufting Department to Finished Goods 807,200 i. Cost of goods sold during the period 795,200 Instructions 1. Journalize the entries to record the operations, identifying each entry by letter. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts.
Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
Raw materials inventory, beginning$160Raw materials inventory, ending$280Work in process inventory, beginning $280Work in process inventory, ending $200Finished goods inventory, beginning$480 Finished goods inventory, ending$640Administrative expenses$600Direct labor $800Manufacturing overhead$ 920Purchases of raw materials$480Sales$3,960Selling expenses$560
Compute cost of goods manufactured and cost of goods sold from the followingamounts. Beginning of Year End of YearDirect materials inventory $22,000 $26,000Work in process inventory $38,000 $30,000Finished goods inventory $18,000 $23,000Purchases of direct materials $75,000Direct labour $82,000Manufacturing overhead $39,000
Laflln company reported the followlng year-end Informatlon: Beginning work in process inventory $1.080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory 480,000 Raw materials purchased 960,000 Direct labor 800,00O Manufacturing overhead 720,000 Laflln's Co. cost of goods manufactured for the year Is? a. $2300000 b. 2480000 c. 2120000 d. 2660000
Compute cost of goods manufactured and cost of goods sold from the following amounts. Beginning of Year End of YearDirect materials inventory $22,000 $26,000Work in process inventory $38,000 $30,000Finished goods inventory $18,000 $23,000Purchases of direct materials $75,000Direct labour $82,000Manufacturing overhead $39,000
ssume the following information: Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 394,500 686,100 Total cost $ 301,600 $ 409,500 $ 711,100 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department?
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…
Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs The ending balance of direct materials inventory is $148,000 84,000 134,000 147,000 290,000 249,000 31,000 67,000 50,000 150 percent
Assume the following information: Milling Department Beginning work in process inventory. Units started into production during March Units completed during the period and transferred to the next department Ending work in process inventory Percent Complete Units Materials Conversion 200 40% 30% 6,200 5,800 100% 100% 600 70% 60% Milling Department Cost of beginning work in process inventory Costs added during the period Total cost Materials $ 10,000 281,000 $ 291,000 Conversion $ 15,000 385,000 $ 400,000 Using the weighted-average method, the total cost of the ending work in process inventory with respect to materials is closest to: Multiple Choice $21,150. $20,150. $20,850.