FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- For each of the following independent cases (1 to 4), compute the missing values. (Enter all amounts as positive values.) Case 1 Case 2 Case 3 Case 4 Beginning raw material $7,000 $16,000 $55,000 Raw materials purchases Indirect materials issued Ending raw materials 63,000 24,500 33,312 1,400 2,000 1,200 1,000 2,800 4,500 46,750 Direct materials used 27,000 26,976 Direct labor 40,600 61,625 Manufacturing overhead applied 72,800 80,700 24,864 270,865 Total current manufacturing costs 151,200 74,320 Beginning work in process 57,400 65,200 51,260 Ending work in process 33,000 118,050 Cost of goods manufactured 194,600 159,600 71,380 412,950 Beginning finished goods 100,800 41,520 Ending finished goods 112,000 60.200 198,600 Cost of goods sold 142,000 90,700 419,700arrow_forwardRequired information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Note: Assume all raw materials were used as direct materials. Beginning of Year End of Year Inventories Raw materials inventory $ 6,300 $ 8,100 Work in process inventory 12, 600 9,300 Finished goods inventory 9, 100 5,800 Activity during current year Raw materials purchased $ 124,100 Direct labor 94,300 Factory overhead 39,900 QS 14-17 (Algo) Schedule of cost of goods manufactured LO P2 Factory overhead of $39,900 consists of Indirect labor of $20,300, Depreciation expense-Factory of $15,300, and Factory utilities of $4,300. Compute total manufacturing costs. Prepare a schedule of cost of goods manufactured.arrow_forwardUmbria, Inc. has compiled the following data: View the data. Compute the amount of direct materials used. I = Direct Materials Used Data Purchases of Direct Materials Freight In Property Taxes Ending Direct Materials Beginning Direct Materials Print Done O $ 6,600 800 1,400 1,600 4,400 Xarrow_forward
- Question 1 options: Answer the following two questions using the information below:Preston Manufacturing uses a normal cost system and had the following actual data available for 20X5:Ending direct materials inventory $10,000Beginning WIP inventory 64,000Beginning finished goods inventory 58,000Direct materials purchased on account $ 70,000Direct materials used or requisitioned 90,000Direct labor cost incurred 130,000Factory overhead incurred (actual) 190,000Overhead is applied at 150 percent (1.5) of direct-labor costCost of goods manufactured 405,000Cost of goods sold 460,000The beginning balance of direct materials inventory must be: (HINT: use T-Accounts to solve)(Include "$" and "," (commas) in your answers.The ending balance of work-in-process inventory (before closing the manufacturing overhead accounts) must be:…arrow_forwardplease answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)arrow_forwardDetermine the missing amount for each letter. Total ifacturing Costs 431600 (a) 567,000 333,900 363,800 Tauthook and Media Work in Process Jan. 1 $40,200 541800 (d) 75,600 EA $ Work in Process Dec. 31 (b) 50,400 100,800 Cost of Goods Manufactured $453,600 592,200 176400 (f) 56,700 283500 (h) 340,200arrow_forward
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