Current information for the Healey Company follows: Beginning raw materials inventory Raw material purchases Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead $ 17,200 62,000 18,600 24,400 30,000 44,000 32,000 All raw materials used were direct materials. Healey Company's cost of goods manufactured for the year is:

Current information for the Healey Company follows: Beginning raw materials inventory Raw material purchases Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead $ 17,200 62,000 18,600 24,400 30,000 44,000 32,000 All raw materials used were direct materials. Healey Company's cost of goods manufactured for the year is:

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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Current information for the Healey Company follows: Beginning raw materials inventory $ 15,700 Raw material purchases 65,000 Ending raw materials inventory 17,100 Beginning work in process inventory 22,900 Ending work in process inventory 28,500 Direct labor 45,300 Total factory overhead 30,500 All raw materials used were direct materials. Healey Company's total manufacturing costs for the year are:
The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Реpper Company $ 16,450 Company $ 12,000 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment 14,500 7,250 27,000 19,000 17,650 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 43,000 10,860 1,500 52,000 46,000 290,010 15,700 19,450 Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses 22,000 5,300 9,000 21,000 9,450 Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales 4,780 33,000 50,000 195,030 20,000 13,200 Cash Accounts receivable, net 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the table to calculate the cost of goods sold for both…
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Beginning and ending inventory balances were as follows: Beginning $ 218,000 $ 261,000 ? $ 155,000 $ 374,000 $ 360,000 Raw materials Work in process Finished goods Ending $ 59,000 $ 39,000 ? $ 24,000 $ 39,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $39,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods…
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