Incomplete manufacturing cost data for Horizon Company for 2020 are presented as follows for four different situations. (a) Indicate the missing amount for each letter. Direct Materials Used Direct Labor Used Manufacturing Overhead Total Manufacturing Costs Work in Process 1/1 Work in Process 12/31 Cost of Goods Manufactured (1) $117,000 $140,000 $87,000 $ (a) $33,000 $ (b) $360,000 (2) (c) 200,000 132,000 450,000 (d) 40,000 470,000 (3) 80,000 100,000 (e) 265,000 60,000

Incomplete manufacturing cost data for Horizon Company for 2020 are presented as follows for four different situations. (a) Indicate the missing amount for each letter. Direct Materials Used Direct Labor Used Manufacturing Overhead Total Manufacturing Costs Work in Process 1/1 Work in Process 12/31 Cost of Goods Manufactured (1) $117,000 $140,000 $87,000 $ (a) $33,000 $ (b) $360,000 (2) (c) 200,000 132,000 450,000 (d) 40,000 470,000 (3) 80,000 100,000 (e) 265,000 60,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

(a) Indicate the missing amount for each letter.

	Direct Materials Used		Direct Labor Used		Manufacturing Overhead	Total Manufacturing Costs		Work in Process 1/1		Work in Process 12/31	Cost of Goods Manufactured
(1)	$117,000			$140,000		$87,000			$	(a)	$33,000		$	(b)	$360,000
(2)		(c)		200,000		132,000			450,000			(d)	40,000		470,000
(3)	80,000			100,000			(e)		265,000		60,000		80,000			(f)
(4)	70,000				(g)	75,000			288

Definition Definition Total cost of procuring or producing a product or the cost that an individual or business owner undertakes for the manufacturing of goods.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Answer & Explanation

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plz
Presented below are incomplete 2022 manufacturing cost data for Sunland Corporation. Determine the missing amounts. Direct Total Work in Materials Direct Manufacturing Manufacturing Process Used Labor Overhead Costs (1/1) $35,720 $75,200 $45,120 $112,800 (b) $140,060 $49,820 $84,600 $274,480 2$ (c) $49,820 $109,040 $113,740 $272,600 $378,820
Incomplete manufacturing cost data for Shamrock Company for 2022 are presented as follows for these four independent situations. (a) Determine the missing amount for each letter. Direct Materials Used (1) (2) བྱེ་སེ་ཅི¢ $105,100 (3) 72,000 (4) 63,000 1 Direct Labor Manufacturing Overhead Manu C $126,000 $78,100 $ (c) 180,000 118,600 81,000 (g) 67,500 (e)
Practice: The following data are taken from the accounting records of Gregory Mfg. Co.: 2019 2018 Ending inventories: Materials $ 100,000 $80,000 Work in Process $64,000 $56,000 Finished Goods $140,000 $170,000 Manufacturing goods: Direct materials used $657,000 Direct labor costs charged to production $270,000 Manufacturing Overhead $378,000 Show All Calculations: Outline a schedule of cost of goods manufactured for 2019 in good form The company generally prices products adding 20% to the cost of goods sold. Determine the total revenue the company would have generated in 2019.
Muscat Company has the following data for the year ended 2020, compute the cost of goods manufactured: Direct materials used OMR 120,000 Beginning work in process OMR 20,000 200,000 Ending work in process 10,000 Direct labor Manufacturing overhead 180,000 Beginning finished goods 25,000 Operating expenses 175,000 Ending finished goods 15,000 Select one: a. None of the answers are correct b. OMR 510,000 c. OMR 500,000 O d. OMR 520,000 O e. OMR 490,000 Clear my choice
Muscat Company has the following data for the year ended 2020, compute the cost of goods manufactured: Direct materials used OMR 120,000 Beginning work in process OMR 20,000 Direct labor 200,000 Ending work in process 10,000 Manufacturing overhead 180,000 Beginning finished goods 25,000 Operating expenses 175,000 Ending finished goods 15,000 Select one: O a. OMR 500,000 O b. None of the answers are correct O c. OMR 510,000 O d. OMR 520,000 Oe. OMR 490,000
Muscat Company has the following data for the year ended 2020, compute the cost of goods manufactured: Direct materials used OMR 120,000 Beginning work in process OMR 20,000 Direct labor 200,000 Ending work in process 10,000 Manufacturing overhead 180,000 Beginning finished goods 25,000 Operating expenses 175,000 Ending finished goods 15,000 Select one: O a. OMR 490,000 O b. OMR 520,000 Oc. None of the answers are correct O d. OMR 500,000 Oe. OMR 510,000
The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021 March 31, 2021 Direct Materials P36,000 P30,000 Work in process 18,000 12,000 Finished Goods 54,000 72,000 Additional information for the month of March 2021: Direct materials purchased P84,000 Direct manufacturing labor payroll 60,000 Direct manufacturing labor rate per hour 7.50 Factory overhead rate per direct labor hour 10.00
Muscat Company has the following data for the year ended 2020, compute the cost of goods manufactured: Direct materials used OMR 120,000 Beginning work in process OMR 20,000 Direct labor 200,000 Ending work in process 10,000 Manufacturing overhead 180,000 Beginning finished goods 25,000 Operating expenses 175,000 Ending finished goods 15,000 Select one: a. None of the answers are correct b. OMR 510,000 O c. OMR 500,000 O d. OMR 520,000 e. OMR 490,000
Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 Using the absorption costing method. INFORMATIONThe following information was extracted from the accounting records of Cambridge Manufacturers for the year ended 31 March 2021: Inventory on 01 April 2020 1 000 unitsProduction for the year 30 000 unitsSales for the year (at R240 per unit) 25 000 unitsCosts:Direct materials cost per unit R60Direct labour cost per unit R36Variable manufacturing overheads cost per unit R24Variable selling and administrative costs per unit sold R12Fixed manufacturing overhead cost R696 000Fixed selling and administrative cost R303 200 Additional information¦ The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrativecosts per unit for the same period amounted to R10.¦ The first-in-first out method of inventory…
Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021using the absorption costing method. INFORMATIONThe following information was extracted from the accounting records of Cambridge Manufacturers for the year ended31 March 2021:Inventory on 01 April 2020 1 000 unitsProduction for the year 30 000 unitsSales for the year (at R240 per unit) 25 000 unitsCosts:Direct materials cost per unit R60Direct labour cost per unit R36Variable manufacturing overheads cost per unit R24Variable selling and administrative costs per unit sold R12Fixed manufacturing overhead cost R696 000Fixed selling and administrative cost R303 200 Additional information¦ The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrativecosts per unit for the same period amounted to R10.¦ The first-in-first out method of inventory valuation…
Presented below are incomplete 2019 manufacturing cost data for ABC Inc. Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs (a) $48,000 $72,000 ? $194,000 (b) $95,000 ? $80,000 $305,000 (c) ? $80,000 $120,000 $260,000 Instructions: Determine the missing amounts.