Provide solution for this question Dolan Manufacturing Company's accounting records reflect the following inventories:Dec. 31, 2011 Dec. 31, 2010Raw materials inventory$310,000$260,000Work in process inventory $300,000$160,000During 2011, $400,000 of raw materials were purchased, direct labor costs amounted to $500,000, andmanufacturing overhead incurred was $480,000.Dolan Manufacturing Company's total cost of goods manufactured in 2011, calculate total cost of goodsmanufactured?

Step 1: Calculate Direct Materials Used:• Beginning Raw Materials Inventory + Raw Materials…

Answered: Dolan Manufacturing Company's…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PA: During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of...

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Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
Orinder Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 275,800, direct labor cost was 153,000, and overhead cost was 267,300. There were 25,000 units produced. Unit manufacturing cost (rounded to the nearest cent) is a. 28.40 b. 27.98 c. 34.95 d. 27.55
Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
The following data were taken from the records of a Company: Raw Materials Inventory, 09/30/2011 - $50,000 Work in Progress, 08/31/2011 - $80,000 Work in Progress, 09/30/2011 - $95,000 Finished Goods, 08/31/2011 - $60,000 Finished Goods, 09/30/2011 - $78,000 Raw materials purchases, $46,000 Factory overhead, 75% of direct labor cost, $63,000 Selling and administrative expenses, 12.5% of sales, $25,000 Net income for September 2011, $25,000 What is the cost of raw materials inventory on August 31, 2011?
Reed Production has provided the following information for the year 2015: Direct Labor $153,000 Beginning Work-in-Process Inventory 62,500 Direct Materials Used 271,000 Ending Work-in-Process Inventory 53,850 Manufacturing Overhead 135,500 During the year, Reed produced 71,020 units of product. Calculate the unit product cost. A) $8.00 B) $10.00 C) $9.52 D) $7.88
Following are certain operating data for Durango Manufacturing Company for January 2016 Materials Inventory Work in Process Inventory Finished Goods Inventory Beginning inventory $171,000 $72,000 $225,000 Ending inventory 99,000 121,500 144,000 Total sales were $5,400,000, on which the company earned a 40% gross profit. Durango uses a predetermined manufacturing overhead rate of 120% of direct labor costs. Manufacturing overhead applied was $1,080,000. Exclusive of indirect material used, total manufacturing overhead incurred was $729,000 it was over-applied by $67,500. Required Compute the following items. (Set up T accounts for Materials Inventory, Work in Process Inventory, Finished Goods Inventory, and Manufacturing Overhead; fill in the known amounts; and then use the normal relationships among the various accounts to compute the unknown amounts.) Cost of goods sold. Cost of goods manufactured. Direct labor incurred Direct material…
Latourneau Company had the following account balances as of August 1, 2010: Raw Material (direct and indirect) Inventory $25,300 Work in Process Inventory 10,000 Finished Goods Inventory 20,000 During August, the company incurred the following factory costs: 1. Purchased $174,000 of raw material on account. 2. Issued $190,000 of raw material to production, of which $134,000 was for direct materials. 3. Accrued $98,000 in factory payroll costs; $62,000 was for direct labor and the rest was for supervisors’ salaries. 4. Accrued $8,000 of utility costs; of this amount, $1,600 was fixed. 5. Accrued $5,000 of property taxes on the factory. 6. Recorded the expiration of $2,600 of prepaid insurance on factory equipment. 7. Recorded $50,000 of straight-line depreciation on factory equipment. 8. Applied actual overhead to Work in Process Inventory. 9. Transferred goods costing $330,000 to Finished Goods Inventory. 10. Recorded total sales of $750,000; of these,…
The following information relates to Ridley Company for 2017: Direct materials used $28,000 Direct manufacturing labor 17,000 Total manufacturing costs incurred 59,000 Ending finished goods inventory 4,000 Beginning finished goods inventory 9,000 Ending work-in-process inventory 3,000 Beginning work-in-process inventory 5,000 What is cost of goods sold for 2017?
Rojo Inc.’s production (during October 2010) was: • 53,600 equivalent units for direct material; • 48,800 equivalent units for direct labor; and • 42,000 equivalent units for overhead. In October, the direct material, conversion, and overhead costs incurred are: • Direct material $158,688 • Conversion 189,648 • Overhead 85,200 Beginning WIP Inventory costs for October were: • $26,232 for direct material, • $39,024 for direct labor, and • $20,640 for overhead. a. What was the October weighted average cost per equivalent unit for direct material, direct labor, and overhead? b. How much did Rojo Inc. spend on direct labor in October?

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