Consider the following information: direct materials used totaled$124,700; direct labor amounted to $412,000; overhead wascomputed to be $789,600; Work in Process Inventory on March 1,2014, was $482,500; and Work in Process Inventory on March 31,2014, was $597,100. What was the cost of goods manufactured?a. $1,211,700b. $729,200c. $1,440,900The cost of goods sold for Frye Manufacturing in the year was$373,000. The January 1 Finished Goods Inventory balance was$30,200, and the December 31 Finished Goods Inventory balancewas $24,000.Calculate the cost of goods manufactured during the year.A. $397,000B. $54,200C. $366,800D. $6,200

Answer 1: COGM=Total Manufacturing Costs+Beginning Work in Process Inventory−Ending Work in Process…

Answered: Consider the following information:…

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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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).
Davie Company used estimated direct labor hours of 180,000 and estimated manufacturing overhead costs of $990,000 in establishing its 2012 predetermined manufacturing overhead rate. Actual results showed: Actual manufacturing overhead Allocated manufacturing overhead What was the number of direct labor hours worked during 2012? $950,000 $962,500 O a. $186,000 O b. $180,000 O c. $175,000 O d. $192,000
he following information is obtained from the company’s records for 2014:a. Total manufacturing costs, P8,000,000b. Cost of finished goods manufactured, P7,920,000c. Manufacturing overhead applied, P3,600,000d. Manufacturing overhead was applied to production at a rate of 200% of direct laborcostse. The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the peso amount of work in process inventory on December 31, 2014?a. P400,000b. P800,000c. P500,000d. P320,000
Assume 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?
Consider the following information: direct materials used totaled $124,700; direct labor amounted to $412,000; overhead was computed to be $789,600; Work in Process Inventory on March 1, 2014, was $482,500; and Work in Process Inventory on March 31, 2014, was $597,100. What was the cost of goods manufactured? a. $1,211,700 b. $729,200 c. $1,440,900
Q1a): Distinguish between managerial and financial accounting as to (i) primary users of reports, (ii) types and frequency of reports, and (iii) purpose of reports.Q1b): ABC has beginning work in process $62,000, direct materials used $420,000, direct labor $220,000, total manufacturing overhead 50% of prime cost, and ending work in process is 10,000 more than beginning . What is the cost of goods manufactured?
Use the following data to determine the cost of goods manufactured: Beginning finished goods inventory $ 12,500 Direct labor used 32,300 Beginning work in process inventory 8,900 General and administrative expenses 15,200 Direct materials used 42,200 Ending work in process inventory 10,700 Indirect labor 8,000 Ending finished goods inventory 11,200 Indirect materials 15,200 Depreciation—factory equipment 9,200
Prepare the 2017 schedule of cost of goods manufactured for Barton Company using the following information. Direct materials Direct labor Factory overhead costs Work in process, Dec. 31, 2016 Work in process, Dec. 31, 2017 Direct materials Direct labor Factory overhead costs Barton Company Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Total manufacturing costs Total cost of work in process $ 190,000 66,000 Cost of goods manufactured 30,800 160,600 146,500 $ 190,000 66,000 30,800 286,800 286,800 $ 286,800
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Fostoria Corporation began the current period with $21,975 of raw materials, purchased $97,950 of raw materials during the period, and ended the period with $30,205 of raw materials. Indirect materials used and indirect labor totaled $16,950 and $25,320, respectively. The total amount of raw materials put into production during the current period was: a. $97,950 b. $89,720 c. S106,670 d. 119,925
Chetter:7 :212: Consider the following information: direct materials used totaled $124,700; direct labor amounted to $412,000; overhead was computed to be $789,600; Work in Process Inventory on March 1, 2014, was $482,500; and Work in Process Inventory on March 31, 2014, was $597,100. What was the cost of goods manufactured? a. $1,211,700 b. $729,200 c. $1,440,900

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