Cost of Goods Sold In September, Lauren Ashley Company purchased materials costing $150,000 and incurred direct labor cost of $140,000. Overhead totaled $400,000 for the month. Information on inventories was as follows:   September 1   September 30 Materials $120,000   $130,000 Work in process 80,000   90,000 Finished goods 70,000   65,000 Required: What was the cost of goods sold for September?$

Q: overhead based on direct labour hours. The business expects to incur $2,400,000 of manufacturing…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: overhead based on direct labour hours. The business expects to incur $2,400,000 of manufacturing…

A: The question is based on the concept of Cost Accounting.

Q: On December 1, Mogro Corporation had $26,000 of raw materials on hand. During the month, the…

A: Date Accounts Debit Credit   Inventory $60,000                Cash/Accounts Payable   $60,000

Q: Beginning work in process was $125,000. Manufacturing costs added to production for the month were…

A: Cost of goods manufactured: Cost of goods manufactured can be defined as the production cost…

Q: During May Company had following expenditures: indirect material used: $25,000 indirect labor:…

A: The overhead is applied on the basis of predetermined overhead rate.

Q: On December 1, Mogro Corporation had $26,000 of raw materials on hand. During the month, the…

A: Date Accounts Debit Credit   Inventory $60,000              Cash/Accounts payable   $60,000

Q: Required: Prepare the relevant journal entries, without narrations, for (a) to (e). Prepare an…

A: Income statement: The financial statement that records the income and expenses of the company is…

Q: Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows:…

A: working note : Cost of Goods Sold= Cost of Goods Manuf + Begin(Finished Good) - End(Finished Good)…

Q: Compute the amount of raw materials used during August if Rs.700,000 of raw materials were purchased…

A: Raw material used  = Beginning Raw material + Purchases of raw material - Ending Raw material

Q: Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are…

A: Working:   Job 306 Job 307 Job 308 Total Balances on March 31         Direct materials…

Q: Compute the amount of raw materials used during August if Rs.700,000 of raw materials were purchased…

A: Raw Materials used: Raw materials used are determined by the addition of the beginning inventory and…

Q: During the month of May, Bennett Manufacturing Company purchases $43,000 of raw materials. The…

A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…

Q: ZED Inc. incurred costs of $50,000 for direct materials (raw) purchased. Direct labor was $60,000…

A: Calculation the cost of goods manufactured: Formulas: Materials Used: =Raw materials purchased +…

Q: Marcelino Co.'s March 31 inventory of raw materials is $89,000. Raw materials purchases in April are…

A: It is the first step to record the financial transactions in the books of accounts that has dual…

Q: The following costs were incurred in January: Direct materials = PhP1,650,000 Direct labor =…

A: Conversion costs only include direct labor cost and manufacturing overhead

Q: In July, Econo Company purchased materials costing $18,400 and incurred direct labor costs of…

A: The cost of goods manufactured is calculated as factory cost plus changes in work in process…

Q: Uie the following information for Exercises 2-45 and 2-46: In September, Lauren Ashky Company…

A: Cost of Goods Sold means the direct cost incurred for producing the units sold. It includes Direct…

Q: Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are…

A: Job 306 Job 307 Job 308 Total In March:         Direct Material 27000 40000   67000 Direct…

Q: The work-in-process of the Parrott Corporation increased $11,500 from the beginning to the end of…

A: Cost of goods manufactured means the cost which is incurred to manufactured the finished goods…

Q: Compute the amount of raw materials used during August if Rs. 75,000 of raw materials were purchased…

A: Given information: Opening raw materials cost is 5,000 Closing raw materials cost is 3,000 Purchases…

Q: Cost data for Sandusky Manufacturing Company for the month ended January 31 are as foll January 1…

A: a. Prepare a cost of goods manufactured statement for January.

Q: Compute the amount of raw materials purchased during August if Rs.400,000 of raw materials consumed…

A: Raw materials are the resources of the entity which are used to manufacture goods, these resources…

Q: The following costs were incurred in January: Direct materials = PhP1,950,000 Direct Labor =…

A: Prime costs are one of the important type of costs used in cost accounting analysis. Prime costs…

Q: Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky…

A: The statement of cost of goods manufactured is prepared to find the cost of goods produced during…

Q: Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The…

A: 1)

Q: During the month of May, ABC Corporation, a manufacturing company, purchased raw materials costing…

A: As per the inventory equation,  Opening stock +Additions during the month=Cost of goods used in…

Q: Cornelius Company produces women’s clothing. During the year, the company incurred the following…

A: The cost of goods manufactured includes total production costs such as direct material consumed,…

Q: A Company incurred costs of $50,000 for direct materials (raw) purchased. Direct labor was $60,000…

A: Manufacturing cost incurred in total: = Materials used for production + Direct labor used + Factory…

Q: PREPARE AN INCOME STATEMENT MARIE SWIFT Company reported the given information for the month of…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: Karmon Audio, Inc. manufactures speakers. During March, Karmon’s transactions and accounts included…

A: Solution: Particulars Amount ($) Cost of direct materials used in production 81,900 Direct…

Q: Ending June 30 records for June 30 for ABC Company Revenue 1,600,000 150,000 55,000 Raw Materials…

A: Cost of Goods Sold (COGS): Cost of goods sold is the direct costs incurred by the business for the…

Q: Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are…

A: It is the first step of recording any transaction in the books of accounts. The transaction will…

Q: During May Company had following expenditures: indirect material used: $25,000 indirect labor:…

A:

Q: Mina Manufacturing Company purchases of materials during March totaled P110,000. While direct labor…

A: The financial statement that records all the expenses and receipts of an organization during a…

Q: Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased…

A: 1. Calculate the amount of cost of direct materials in September.

Q: Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance…

A:

Q: Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are…

A: Job Costing is the method of costing which applies to any specific project or specific order from…

Q: In July, Econo Company purchased materials costing $18,400 and incurred direct labor costs of…

A: The direct material used can be calculated as raw material purchase plus changes in inventory of raw…

Q: Prepare a schedule of cost of goods manufactured.       MARCELINO COMPANY Schedule of Cost of…

A: Cost of Goods Manufactured It is the production costs of the goods that were completed during an…

Q: Bryant Company incurred costs of $50,000 for direct materials (raw) purchased. Direct labor was…

A: Cost of goods manufactured(COGS) can be computed as, =Manufacturing cost in total + Beginning WIP -…

Q: In September, Lauren Ashley Company purchased materials costing $240,000 and incurred direct labor…

A: We need to prepare the cost sheet to calculate the cost of goods sold.

Q: The following costs were incurred in March: Direct materials = Php1,950,000 Direct labor =…

A: Prime costs include direct material costs and direct labor costs

Q: Lind Manufacturing had the following account balances as of January 1. $ 8,700 76,500 53,000 Direct…

A: Answer -  Part 1 -  Particulars Amount     Direct Material Inventory Opening 8700 DM…

Q: The following costs were incurred in July: Direct materials $35,000 Direct labor $13,000 *...…

A: Prime cost includes direct expenses related to the Manufacturing of goods. Major components of Prime…

Q: Johnson Textiles Company employs Just in Time operating sy During the month of July Direct material…

A: Cost of goods sold: It is the cost incurred by a business that is directly related to the production…

Q: Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased…

A: The question is based on the concept of Cost Accounting.

Q: Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone…

A: The cost of goods sold is referred to the total direct cost which is incurred in order to prepare…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.