Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.(a)Indicate the missing amount for each letter.Case2Direct materials used$9,700%24Direct labor5,1008,100Manufacturing overhead8,4004,100Total manufacturing costs(a)16,100Beginning workin process inventory1,100(h)Ending work in process inventory(b)3,100Sales revenue25,000(1)Sales discounts2,6001,500Cost of goods manufactured17,10022,100Beginning finished goods inventory(c)3,400 Sales discounts2,6001,500Cost of goods manufactured17,10022,100Beginning finished goods inventory(c)3,400Goods available for sale22,100(6)Cost of goods sold(d)(k)Ending finished goods inventory3,5002,600Gross profit7,100Operating expenses2,800Net income5,100

An income statement shows the company's financial performance during the year. When a company take…

Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (a) Indicate the missing amount for each letter. Case 2 Direct materials used $9,700 Direct labor 5,100 8,100 Manufacturing overhead 8,400 4,100 Total manufacturing costs (a) 16,100 Beginning work in process inventory 1,100 (h) Ending workin process inventory (b) 3,100 Sales revenue 25,000 Sales discounts 2,600 1,500 Cost of goods manufactured 17,100 22,100 Beginning finished goods inventory 3,400

Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (a) Indicate the missing amount for each letter. Case 2 Direct materials used $9,700 Direct labor 5,100 8,100 Manufacturing overhead 8,400 4,100 Total manufacturing costs (a) 16,100 Beginning work in process inventory 1,100 (h) Ending workin process inventory (b) 3,100 Sales revenue 25,000 Sales discounts 2,600 1,500 Cost of goods manufactured 17,100 22,100 Beginning finished goods inventory 3,400

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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Durian Company has the following data on April 30, 2008: April manufacturing overhead P30, 101.80 A decrease in ending inventories: Materials P2, 430. 00 Goods in process P590. 00 Increase in ending inventory Finished Goods P1, 320.40 The manufacturing overhead amounts to 50% of the direct labor, and the direct labor and manufacturing overhead combined equal 50% of the total cost of manufacturing. All materials are purchased FOB shipping point What is the cost of goods manufactured? P180, 610. 80 P182, 300. 00 P181, 200. 80 P183, 200. 80
Product Cost Flows Complete the following T-accounts: Materials Inventory 1,120 Answer Answer 18,120 250 Wages Payable 9,000 1,050 Finished Goods Inventory 1,500 Answer Answer 1,200 Manufactured Overhead 175 Answer Answer 18,000 4,500 0 Work in Process Inventory 3,500 Answer Answer 9,000 Answer 500 Cost of Goods Sold Answer Save AnswersNext
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Following figures have been extracted from the Cost Records of a manufacturing unit : $ Store: Work-in-progress: Opening Balance 1,60,000 Direct Wages Applied Overheads Applied Opening Balance 30,000 60,000 Purchases 60,000 Transfers from Work-in-Progress Issues to Work-in-Progress Issues to Repairs and Maintenance Deficiencies found in Stock Taking 80,000 1,60,000 2,40,000 Closing Balance 40,000 20,000 6,000 Finished products: Entire output is sold at a profit of 10% on actual cost from Work-in-progress. Direct wages incurred $ 70,000; Overheads incurred $ 2,50,000. Items not included in Cost Records: Income from investments $ 10,000; Loss on sale of capital assets $ 20,000. Draw up Stores Control Account, Work-in-progress Control Account, Costing Profit and Loss Account, Profit and Loss Account and Reconciliation Statement.
ssume estimated overhead cost is $4,500,000, estimated direct labor costs is $3,000,000. Overhead is based on direct labor cost. If Job 265 incurs direct material costs of $963, direct labor of $1,750, and is sold for $7,200. **Use the following format for the journal entries: Dr. Raw Materials Inventory 500 Cr. Accounts Payable 500**** 1. What is the overhead rate? % 2. What is the journal entry to apply overhead to Job 5265? 3. What is total cost of Job? $ 4. What is gross profit? $ 5. At the end of the period it was determined that actual overhead incurred was $4,468,000. What is the adjusting entry to record the over/under applied OH?
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Book problem. Incomplete manufacturing costs, expenses and selling data for two different cases are shown below: Required: 1. Indicate the missing amount for each letter 2. Prepare a schedule of cost of goods manufactured 3. Prepare a schedule of cost of goods sold 4. Prepare an income statement (Optional) Case 1 Case 2 Raw materials used 9,600 g) Direct labor cost 5,000 8,000 Total Factory overhead 8,000 4,000 Total Manufacturing costs a) 16,000 Beginning work in process inventory 1,000 h) Ending work in process inventory b) 3,000 Sales revenue 24,500 i) Sales…
Question 1. Case 2. Book problem. Incomplete manufacturing costs, expenses and selling data for two different cases are shown below: Required: 1. Indicate the missing amount for each letter 2. Prepare a schedule of cost of goods manufactured 3. Prepare a schedule of cost of goods sold 4. Prepare an income statement (Optional) Case 1 Case 2 Raw materials used 9,600 g) Direct labor cost 5,000 8,000 Total Factory overhead 8,000 4,000 Total Manufacturing costs a) 16,000 Beginning work in process inventory 1,000 h) Ending work in process inventory b) 3,000 Sales revenue 24,500 i)…