Direct materials:Beginning inventoryPurchasesEnding inventoryDirect manufacturing laborManufacturing overheadBeginning work-in-process inventoryEnding work-in-process inventoryBeginning finished goods inventoryEnding finished goods inventoryP 40,000123,20020,80032,00024,0008,0001,60048,00032,000Required:A. What is the cost of direct materials used during 2022?B. What is cost of goods manufactured for 2022?C. What is cost of goods sold for 2022?D. What amount of prime costs was added to production during 2022?E. What amount of conversion costs was added to production during 2022?

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Direct materials: Beginning inventory Purchases Ending inventory Direct manufacturing labor Manufacturing overhead Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory P 40,000 123,200 20,800 32,000 24,000 8,000 1,600 Required: A. What is the cost of direct materials used during 2022? B. What is cost of goods manufactured for 2022? C. What is cost of goods sold for 2022? 48,000 32,000

Direct materials: Beginning inventory Purchases Ending inventory Direct manufacturing labor Manufacturing overhead Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory P 40,000 123,200 20,800 32,000 24,000 8,000 1,600 Required: A. What is the cost of direct materials used during 2022? B. What is cost of goods manufactured for 2022? C. What is cost of goods sold for 2022? 48,000 32,000

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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PRACTICE EXERCISE 2: Use a separated sheet of paper for your answer. Prepare for the Projected Cost of Goods Manufactured Schedule of SARS Company for 2020 given the following: Direct Materials: Direct Labor: Manufacturing Overhead: Beginning WIP* Inventory Ending WIP Inventory *WIF is Work in Process P100,000 P50,000 P60,000 P10,000 P30,000
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Question: In the finishing department, what is the cost assigned to December 31, 2020, work-in-process inventory? a.6,668,130 b. 6,276,330 c. 6,401,800 d. 9,235,100
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Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 26,500 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 27,000 28,400 22,100 79,000 30,500 16,500 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 Plant insurance 7,900 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 11,800 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.
Requirement 1. Calculate direct materials inventory on August 31, 2022. Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Direct materials available for production Direct materials inventory, August 31, 2022 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Fixed manufacturing overhead costs
Question 3 Ashale Botwe Ltd has the following cost and expense data for the year ending December 31, 2022. Direct materials (GHC) Work in process (GH¢) Finished goods (GH¢) Insurance factory Property taxes on factory building Materials purchases Sales Indirect materials Delivery expenses Sales commissions Indirect labour 1/1/22 Factory machinery rent Factory utilities Direct labour 30,000 80,000 110,000 Other items of revenue and cost during the year are as follows: (GHC) 31/12/22 20,000 50,000 120,000 Direct materials used b) Total manufacturing cost c) Statement of cost of goods manufactured d) Prime cost e) Conversion cost f) Cost of goods available for sale g) Cost of goods sold h) Gross profit i) Period cost j) Net income 14,000 6,000 205,000 1,500,000 15,000 100,000 150,000 90,000 40,000 ARI 65,000 350,000 24,000 35,000 300,000 Depreciation, factory building Factory manager's salary Administrative expenses For the year 2022, you are required to compute the following: