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Dartmouth Company reported the following inventory balances as of October 31, 2015:
Raw materials P 80,000
Work in process 110,000
Finished goods 190,000
The following transactions occurred during the month of November:
1. Purchased P 25,000 of raw materials on account.
2. Issued P 18,000 of raw materials to production, of which P 15,000 were direct to the product.
3. Factory payroll of P 34,000 was accrued and distributed as follows: P 30,000 for direct labor and P 4,000 for supervisors (ignore payroll taxes and deductions).
4.
5. Prepaid insurance of P1,000 on factory equipment expired in November.
6. Straight-line
7. Selling and administrative expenses were P 40,000 (P30,000 was paid in cash and P 10,000 was accrued.)
8. Factory
9. Goods manufactured were transferred to finished goods inventory. Ending inventories were: work in process, P 60,000 and finished goods, P 175,000.
10. Sales of P 217,600 was made on account.
Required:
a.
a. Statement of the cost of goods manufactured
b. Income statement
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- SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:arrow_forwardCrane Company reports the following inventory data for the month of June: Direct materials Work in process Finished goods 1. 2. 3. 4. 5. June 1 $81 190 260 June 30 $120 250 260 Direct materials purchases were $200. Direct costs of production were $240. Variable costs of production were $300. Indirect costs of production were $200. Selling and administrative costs were $240.arrow_forwardAt the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory 2,000 During the year, the following transactions took place: Direct materials placed in production: Direct labor incurred: FG Inventory 8,000 Select one: Oa. debit of $67,000 $80,000 $190,000 Manufacturing overhead incurred $300,000 Manufacturing overhead allocated to production: $295,000 Cost of Jobs Completed $500,000 Selling Price of Jobs Sold $750,000 Cost of Jobs Sold $440,000 After these transactions have been recorded, the balance in the Work in process account is a: O b. credit of $63,000 O c. debit of $72,000 O d. debit of $70,000* Manufacturing O/H 0arrow_forward
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