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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Presented below are incomplete 2022 manufacturing cost data for Sunland Corporation. Determine the missing amounts. Direct Total Work in Materials Direct Manufacturing Manufacturing Process Used Labor Overhead Costs (1/1) $35,720 $75,200 $45,120 $112,800 (b) $140,060 $49,820 $84,600 $274,480 2$ (c) $49,820 $109,040 $113,740 $272,600 $378,820
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
Using $3,040, 000 as the cost of goods manufactured, compute the cost of goods sold using the following information. Raw materials inventory, January 1 $ 20,000 Raw materials inventory, December 31 40,000 Work in process, January 1 18, 000 Work in process, December 31 12,000 Finished goods, January 1 45,000 Finished goods, December 31 31,000 Raw materials purchases 1, 700,000 Direct labor 760, 000 Factory utilities 150, 000 Indirect labor 50,000 Factory depreciation 400,000 Operating expenses 420,000
The following cost data relate to ABC Products Company for the year ended June 30, 2005. Direct Materials Br. 55, 600 Direct Labor 72,400 Factory Overhead 36,500 Work in process inventory, July 1, 2004 38,200 Work in process inventory, June 30, 2005 34,800 Required: 1. Calculate the manufacturing costs for the year. 2. Calculate the cost of goods manufactured for the year ended June 30, 2005.
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).
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
Selected data for Lemon Grass Company for 2015 is provided below: Factory Utilities $ 1,500 Indirect Materials Used 37,500 Direct Materials Used 300,000 Property Taxes on Factory Building 6,900 Sales Commissions 85,000 Indirect Labor Incurred 25,000 Direct Labor Incurred 150,000 Depreciation on Factory Equipment 6,500 What is the total factory overhead? A) $450,000 B) $612,000 C) $77,400 D) $62,400
The following accounts of ABC Manufacturing Co. appeared in its balance sheets on December 31, 2013 and December 31, 2014: Materials inventory Work in process inventory Finished goods inventory 2013 P60,000 34,000 46,000 Materials used Cost of goods sold Direct labor Indirect labor The following amounts appeared in the company's statement of comprehensive income for 2014: P 600,000 1,840,000 410,000 140,000 2014 P90,000 35,000 36,000 REQUIREMENT: Compute for the: a) Amount of raw materials purchased b) Cost of goods manufactured
The following data refers to the most recent fiscal year for Sterritt Company. Amounts are in thousands of dollars. ($000) $ 4,800 5,250 3,170 225 233 585 510 334 700 7,050 71 Cost of goods manufactured for the year Cost of goods sold Direct labor Direct materials inventory, July 1 Direct materials inventory, June 30 Direct material purchases Finished goods inventory, July 1 Finished goods inventory, June 30 Manufacturing overhead Sales revenue Work-in-process inventory, June 30 Required: Find the following amounts. Note: Enter your answers in thousands. a. Direct materials used for the year b. Gross margin for the year c. Total manufacturing costs for the year d. Work-in-process inventory, July 1
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.
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
Preston Manufacturing uses a normal cost system and had the following actual data available for 2015:Ending direct materials inventory $10,000Beginning WIP inventory 64,000Beginning finished goods inventory 58,000Direct materials purchased on account $ 70,000Direct materials used or requisitioned 90,000Direct labor cost incurred 130,000Factory overhead incurred (actual) 190,000Overhead is applied at 150 percent (1.5) of direct-labor costCost of goods manufactured 405,000Cost of goods sold 460,000 1) The beginning balance of direct materials inventory must be? 2) The ending balance of work-in-process inventory (before closing the manufacturing overhead accounts) must be?

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