Problem#5 Oitawa Manufacturing uses a normal cost system and had the followingdata available for 2022:Direct materials purchased on accountDirect materials usedDirect labor cost incurredFactory overhead incurredCost of goods completedCost of goods soldBeginning direct materials inventoryBeginning WIP inventoryP 74,00041,00065,00073,000146,000128,00013,00032,00029,000Beginning finished goods inventoryOverhead application rate, as a percent of direct-labor costs 125 percentA. The ending balance of work-in-process inventory is:B. How much is the over or underapplied overhead?C. How much is the adjusted Cost of Goods Sold assuming that over orunderapplication is disposed in COGS?

Overapplied OH :— Overapplied overhead occurs when expenses incurred are actually less than what a…

Problem#5 Oitawa Manufacturing uses a normal cost system and had the following data available for 2022: Direct materials purchased on account Direct materials used Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold P 74,000 41,000 65,000 73,000 146,000 128,000 Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs 125 percent A. The ending balance of work-in-process inventory is: B. How much is the over or underapplied overhead? C. How much is the adjusted Cost of Goods Sold assuming that over or underapplication is disposed in COGS? 13,000 32,000 29,000

Problem#5 Oitawa Manufacturing uses a normal cost system and had the following data available for 2022: Direct materials purchased on account Direct materials used Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold P 74,000 41,000 65,000 73,000 146,000 128,000 Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs 125 percent A. The ending balance of work-in-process inventory is: B. How much is the over or underapplied overhead? C. How much is the adjusted Cost of Goods Sold assuming that over or underapplication is disposed in COGS? 13,000 32,000 29,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...

See similar textbooks

Similar questions

Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.
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
0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
Problem #3 Allocating Costs to Work in Process and Preparation of the Statement of Cost of Goods Manufactured Pido Corporation's general ledger included the following items related to its manufacturing activities for 2019. The accounts have been adjusted, but have not yet been closed: P 84,600 99,360 311,400 450,000 194,220 109,440 30,060 84,600 19,260 16,020 34,920 82,800 PNRA Materials Inventory Work in Process Inventory DM Purchases-Raw Materials N Direct Labor Indirect Labor Factory Utilities Repairs and Maintenance-Factory Equipment Rent Expense-Factory Building MProperty Taxes-Factory Site Factory Insurance Expense Factory Supplies Expense M Depreciation Expense-Factory Equipment Amortization of Patents 13,680 In addition, the ending inventory of raw materials is known to be P91,080. The ending inventory of Work in Process is not known, but it is known that the corporation makes a single product and 4,500 units of goods were in process on Dec. 31, 2019. Each unit contained an…
PAS. LO 4.5 Complete the information in the cost computations shown here: Raw Materials Work in Pracess nventory $ 342 S 92 Beginning imventory Purchases Materials avalable for use Ending inentory Beginning inventory Materials used in production Drect labor 1,533 1,535 Overhead applied Manufacturing costs incurred Ending inventory 321 22441 Materials used in production Cost of Geods Marufactured Finished Goods Inventory Beginning inventory Coot of Goeds Mandactured Goods Available for Sale Ending inventory Cost of Goods Sold $25,002 21.788 ANSWER Raw Materials Beginning inventory Purchases Material available for use Ending inventey Materials used in production Work in Process Iaventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cast of goods manufactured Finished Goods Iaventory Beginning inventory Cast of goods manufactured Goods available for sale Ending inventory Cost of goods sold
Cullumber Company reported the following amounts for May: Raw materials purchased Beginning raw materials inventory Ending raw materials inventory Direct labor incurred Indirect materials requisitioned and used Actual manufacturing overhead costs Beginning work-in-process inventory Ending work-in-process inventory $257000 $257000. $256800. ◆ $259900. O $261100. 12300 8200 54000 4300 40000 15400 12300 How much is the cost of direct materials used in production?
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?
Case 13-31 (Algo) Cost of goods manufactured, cost of goods sold, and income statement LO 13-4, 13-5, 13-7 Determine each of the following missing amounts: Note: Input all amounts as positive values Beginning raw materials inventory Purchases of raw materials during the year Raw materials available for use Ending raw materials inventory Cost of raw materials used Direct labor costs incurred Variable manufacturing overhead applied Fixed manufacturing overhead applied Total manufacturing costs incurred Beginning work in process Ending work in process Cost of goods manufactured Sales Beginning finished goods inventory Cost of goods manufactured Cost of goods available for sale Ending finished goods inventory Cost of goods sold Gross profit Selling, general, and administrative expenses Income from operations wwwwwwwwwwww $ Firm A 11,900 8,400 63,000 91,000 70,000 259,000 10,500 17,500 21,000 35,000 98,000 47,600 $ $ Firm B 115,200 142,800 121,200 40,800 72,000 8,400 13,200 319,200 492,000…
Current Attempt in Progress The following information is available for Marin Company. Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue (a) January 1, 2022 $17,600 eTextbook and Media 11,400 22,700 2022 $126,000 184,800 151,200 764,400 December 31, 2022 $25,200 14,500 17,640 Compute cost of goods manufactured. (Assume that all raw materials used were direct materials.) MARIN COMPANY Cost of Goods Manufactured Schedule QUO Attempte:0 of 3 used Submit Answer
ning services - SQU Libraries - SQU Portal Attendand XYZ Company developed the following data for the current year: Ending work in process inventory OMR250,000 ; Direct materials used OMR96,000; Manufacturing Overhead applied OMR144,000 ; Cost of goods manufactured OMR350,000 ; Direct labor cost OMR240,000. Company's beginning work in process inventory is Select one: O a. OMR380,000 O b. OMR145,000 O c. OMR120,000 Q d. None of the answers given e. OMR580.000 YZCompany uses normal costing. Following are
Required: Supply the missing information on the following schedule of cost of goods manufactured VIVAUVIT Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2014 Raw materials Beginning inventory Plus: Purchases Raw materials available for 119,900 $ 148,400 use Minus: Ending raw materials inventory Cost of direct raw materials $ 122,300 used Direct labor Manufacturing overhead Total manufacturing costs Plus: Beginning work in process inventory Total work in process Minus: Ending work in process inventory 22,500 308,000 47,400 Cost of goods manufactured 306,900
eBook Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost Purchases of direct materials Freight-In on materials Factory supplies used Factory utilities Commissions paid Factory supervision and indirect labor Advertising Materials handling Work-in-process inventory, January 1 Work-in-process inventory, December 31 Show Me How Direct materials inventory, January 1 Direct materials inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 $496,580 376,390 7,250 17,000 52,520 78,219 162,270 145,910 17,790 203,540 118,070 39,640 32,610 62,980 63,460