Holdaway's cost of Goods sold is a. 257,000 b. 270,500 c. 261,000 d. 269,500 Inventory Estimation453During theRaw materials purchasedyear, the following costs and expenses were incurred:150,000Direct labor cost60,000Indirect factory laborTaxes and depreciation on factory building30,00010,000Taxes and depreciation on sales room and office7,500Sales salaries20,000Office salaries12,000Utilities (60% applicable to factory, 20% to sales room, and 20%to office)25,000Holdaway's cost of goods sold for the year isb. 260,500c. 261,000 d. 269,500a. 257,000(Adapted) 6. Holdaway Co., a manufacturer, had inventories at thebeginning and end of its current year as follows:Beginning11,000EndRaw materials15,000Work in processFinished goods20,00024,00012,5009,000

In order to determine the cost of goods sold, the beginning finished goods are required to be added…

Answered: During the year, the following costs…

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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Laflln company reported the followlng year-end Informatlon: Beginning work in process inventory $1.080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory 480,000 Raw materials purchased 960,000 Direct labor 800,00O Manufacturing overhead 720,000 Laflln's Co. cost of goods manufactured for the year Is? a. $2300000 b. 2480000 c. 2120000 d. 2660000
Kimbe Factory provided the following information for the last calender year, Beginning inventory direct materials......K50 700 Work in process.....K59 000 Ending inventories direct material.....K21 000 Work in process......K23 600 During the year, direct materials purchased amounted K150 000, direct labour cost was K200 000 and overhead cost was K324 700. There were 100 000 units produced Required: 1. Calculate the total cost of direct materials used in production. 2. Calcate the cost of goods manufactured. 3. Calculate the unit manufacturing cost. 4. Of the unit manufacturing cost calculated in rsquirement 3, assume K1.50 is direct materials and K3.24 is overhead. What is the Prime cost per unit? 5. What is the conversion cost per unit, using the information on 4?
3. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods inventory P320,000 400,000 350,000 During the month of June, the following were incurred Materials purchased P170,000 200,000 Materials used Direct labor 400.000
Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…
Edmiston Companny reported the folowing year end information: beginning work in process inventory, s80,000; cost of goods manufactured, $750,000; beginning finished goods inventory, $50,000; endng work in process inventory, $70,000; and ending finished goods inventory, $40,000. How much is Edmiston's cost of goods sold for the year? $740,000 $770,000 $760,000 $750,000
Ryder Manufacturing reported the following year end information: beginning work in process inventory $90,000; cost of goods manufactured $258,000; beginning finished goods inventory, $126,000; ending work in process inventory. $110,000; and ending finished goods inventory. $132,000. Ryders cost of goods sold for the year is: a. S252,000 b. $264,000 $238,000 d. S126,000
Muscat Company reported the following year-end information: Beginning work in process inventory OMR 1,080,000 Beginning raw materials inventory B00,000 Ending work in process inventory 800,000 Ending raw materials inventory 480 000 Raw materials purchased 960 000 Direct labor 1,000 000 Manufacturing overhead 720,000 Muscat Company's cost of goods manufactured for the year is: Select one: O a. OMR 2,220,000. O b. OMR 2780,000. O c. None of the answers are correct O d. OMR 2,680,000. Oe. OMR 2,400,000.
A company manufactured 1000 units of a product during the year and sold 850 units. Costs incurred during the current year are as follows: Direct materials and direct labour OMR 10000, other production overheads OMR 5000, and advertising OMR 3000. What amount should be reported as inventory in the company's year-end balance sheet? a. 15000. b. 3000. c. 2250. d. 1500.
O e. OMR99,000 Beginning raw materials inventory was OMR70,000. During the month, OMR175,000 of raw materials was purchased. A count at the end of the month revealed that OMR54,000 of RM was still present. The cost of indirect materials used during the month was OMR15,000. What is the cost of direct materials used? Select one: a. OMR191,000 b. OMR166,000 c. None of the answers given. O d. OMR134,000 В рage Next page m 1 Part 1 o1 dun hp
1. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventoryP320,000 Work in process inventory 400,000 Finished goods inventory 350,000 During the month of June, the following were incurred Materials purchasedP170,000 Materials used 200,000 Direct labor 400.000 Factory Overhead 210,000 After reviewing the quantities on hand, ending inventories were: Work in process inventory 280,000 Finished goods inventory 430,000 What is the raw materials inventory as of June 30, 2020? 2. .JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventoryP320,000 Work in process inventory 400,000 Finished goods inventory 350,000 During the month of June, the following were incurred Materials purchasedP170,000 Materials used 200,000 Direct labor 400.000 Factory Overhead 210,000 After reviewing the quantities on hand, ending…
Edmiston Company reported the following vear-end information: beginning work in process inventory, s80,000; cast of goods manufactured, $750,000; beginning finished goods inventory, $50,000, endng work in process inventory, $70,000; and ending finished goods inventory, 40,000. How much is Edmiston's cost of goods sold for the year? O 3740,000 O S770,000 • s760,000 O 750,000
Sunland Company reported the following year-end information: beginning work in process inventory, $200000: cost of goods manufactured, $866000; beginning finished goods inventory, $262000; ending work in process inventory, $240000; and ending finished goods inventory, $284000. Sunland Company's cost of goods sold for the year is $826000. $888000. S844000. $582000.

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