Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct - labor costs The ending balance of direct materials inventory is $148,000 84,000 134,000 147,000 290,000 249,000 31,000 67,000 50,000 150 percent

Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct - labor costs The ending balance of direct materials inventory is $148,000 84,000 134,000 147,000 290,000 249,000 31,000 67,000 50,000 150 percent

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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Note: Assume all raw materials were used as direct materials. Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor Factory overhead Required A Required B Compute total manufacturing costs. QS 14-17 (Algo) Schedule of cost of goods manufactured LO P2 Factory overhead of $44100 consists of Indirect labor of $21,700, Depreciation expense-Factory of $16,700, and Factory utilities of $5,700. a. Compute total manufacturing costs. b. Prepare a schedule of cost of goods manufactured. Raw materials inventory Beginning of Year Direct materials used $ 7.700 15,400 11,900 $ 126,900 95,700 44,100 Complete this question by entering your answers in the tabs below. Total manufacturing costs End of Year $ $ 10,900 10,700 7,200
Question The following information is provided by Zander Corporation: WIP inventory, January 1 Units started Units completed and transferred out WIP Inventory, December 31 Direct materials Direct labor Manufacturing Overhead 12,800 3,182 11,682 O units 4,300 12,800 8,500 4,300 The units in ending WIP inventory were 74% complete for materials and 45% complete for conversion costs. What are the total equivalent units for direct materials? $28,200 $18,000 $7,500
Subject -acounting
Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
Direct materials used in production Direct labor Total actual manufacturing overhead costs Over-applied Manufacturing overhead Beginning Work in Process inventory Cost of Goods Manufactured Decrease in Finished Goods Inventory Compute the Cost of Work put into process. P 500,000 400,000 300,000 24,000 120,000 1,400,000 100,000
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 48,000 32,000 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? D. What amount of prime costs was added to production during 2022? E. What amount of conversion costs was added to production during 2022?
Question 3: Process Costing Cannondale Bicycle Company manufactures various lines of bicycles. Because of the high volume of each type of product, the company employs a process cost system to determine unit costs. Bicycle parts are manufactured in the Moulding Department and transferred to the Assembly Department where they are assembled. After assembly, the bicycles are sent to the Packing Department. Cost and production figures for the Assembly Department are presented below for the month of June: Production Data (in unit) 70,000 Beginning WIP Inventory (70% complete as to material; 40% complete as to conversion) Started in June Completed and transferred out Ending WIP Inventory (75% complete as to material; 25% complete as to conversion) 460,000 450,000 80,000 Cost Data (in dollar) Material Conversion $36,550 $391,850 $13,500 Beginning WIP Inventory Current period $287,300 Required: (a) Determine the cost per equivalent unit for the Assembly Department's direct materials and…
Raw materials acquired for cash Cost of direct materials used in production Costs to ship products to customers Direct labor cost incurred Total manufacturing overhead incurred Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending $83500 O $148700 O $149300 O $150900 O $150700 82900 2000 42000 26000 4500 4600 13000 15200 How much is cost of goods manufactured for March?
Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods sold (not considering over- or underapplied overhead) Sales Predetermined overhead rate based on direct materials used $ 39,000 13,400 Required 2 9,750 96,290 0 84,200 101,000 Finished Goods Inventory 90% 1. Complete the T-accounts for each of the three Inventory accounts using the data provided in the above table. 2. Compute overapplied or underapplied overhead. Complete this question by entering your answers in the tabs below. Costs incurred for the period Raw materials purchases Direct materials used Direct labor used. Factory overhead (actual) Required 1 Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. Raw Materials Inventory Indirect materials used Indirect labor used Other overhead costs Work in Process Inventory 0 $19,460 45,250 23,800 10,300 17,400 5,300
The following data is provided for Garcon Company and Pepper Company. Garcon Company Pepper Company Beginning finished goods inventory $ 14,200 $ 17,050 Beginning work in process inventory 16,000 20,100 Beginning raw materials inventory (direct materials) 9,500 13,350 Rental cost on factory equipment Direct labor 22,300 23250 32,250 33 300 22, 200 443400 20,900 37,400 Ending finished goods inventory 14,800 Ending work in process inventory 19,800 200 26, 200 5 800 5,800 Ending raw materials inventory Factory utilities 8,400 750 15,000 13,750 Factory supplies used (indirect materials) 10000 10,000 5,300 General and administrative expenses 25,500 46,000 Indirect labor 1,650 8,260 7,820 2,950 Repairs-Factory equipment Raw materials purchases Selling expenses 47,500 54,500 57,600 55,000 Sales 249,030 327,510 Cash 34,000 17,700 Factory equipment, net 277,500 148,825 Accounts receivable, net 16,600 22,450 Required: 1. Complete the table to find the cost of goods manufactured for both Garcon…
Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2,3) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 62,160 39,294 $ 101,454 $ 137,640 413,586 $ 551,226 Materials are added at the beginning of the process. The following quantities have been recorded: ⚫ Beginning inventory, 44,400 partially complete gallons, 25 percent complete with respect to conversion costs. ⚫ Units started in July, 88,800 gallons. ⚫ Units transferred out in July, 99,900 gallons. • Ending inventory, 33,300 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations. Cost of goods transferred out total Ending…