Inventories December 31 January 1 $ 44,250 Materials $31,700 Work in process Finished goods 80,000 63,900 101,200 99,800 $ 400,000 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment 30,000 80,000 Direct labor 1,100,000 Heat, light, and power-factory 53,300 Indirect labor 115,000 Materials purchased Office salaries expense 556,600 $ 318,000 Property taxes-factory Property taxes-office building Rent expense-factory 40,000 25,000 27,000 Sales 3,850,000 Sales salaries expense Supplies-factory Miscellaneous costs-factory 200,000 9,500 11,400

Inventories December 31 January 1 $ 44,250 Materials $31,700 Work in process Finished goods 80,000 63,900 101,200 99,800 $ 400,000 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment 30,000 80,000 Direct labor 1,100,000 Heat, light, and power-factory 53,300 Indirect labor 115,000 Materials purchased Office salaries expense 556,600 $ 318,000 Property taxes-factory Property taxes-office building Rent expense-factory 40,000 25,000 27,000 Sales 3,850,000 Sales salaries expense Supplies-factory Miscellaneous costs-factory 200,000 9,500 11,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Want to see the full answer?

Check out a sample Q&A here

See Solution

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Monaco manufacturing corp has the following account balances per ledger for the period ending December 31, 2019 Representation exp P10,000.00 Plant Supervision P126,750.00 Delivery expense P15,000.00 Purchase return P3,580.00 Depreciation -- Purchases P350,800.00 P62,800.00 Factory Building Raw Materials Depreciation office P25,000.00 Inventory, Dec. 31, P100,400.00 equipt 2019 Raw Materials Depreciation-Factory P9,460.00 Inventory, Jan 1, P101,640.00 / Equipment 2019 Repairs and Direct Labor P42,500.00 Maintenance - P76,480.00 factory equipt Salaries of office P29,220.00 P60,000.00 Factory Insurance and admin staff P46,200.00 Sales P1,100,000.00 Factory Utilities Finished Goods Sales return and P24,910.00 P5,000.00 Inventory, Jan. 1, allowances 2019 Selling and Administrative Indirect Labor P8,100.00 P26,490.00 Expenses
npt=13483808&cmid%3D701919&page%3D1 services SQU Libraries SQU Portal Attendance English ial Accounting || fall20 urses / ACCT2121_yasserg_fall20 / Midterm Exam One_FALL2020 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: a. OMR580.000 b. None of the answers given Oc.OMR145,000 d OMR120,000 e. OMR380.000 Alis a student at the Unver
al. 1. 202U 2020 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2020, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods sold is:
Assess google-Bing com orms/d/e/TEAlpQLSe0Fn/ O5m foo CSEAKMUW F-TarKOTstRVX4bz MRQkg Use the following to answe he three questions below X Company reported the following year-end information: Beginning Raw Mate s Inventory S60.000 Ending Raw Materials inventory 90,000 Beginning Work in Process Inventory 113.000 Ending Work in Process Inventory 180,000 Raw Materials purchased 200,000 Direct Labor 210,000 Manufacturing Overhead 490,000 Selling and Administrative Expenses 157.000 Refer to the above, what was the cost of raw materials used?* $260,000 $170,000 $140,000 O None of the above
Analyze T-accounts given below: Raw material inventory Balance $15 Purchased $245 Used Balance $30 Work-in-progress inventory $30 Cost of goods $245 manufactured S310 Balance Direct material $540 Direct labor Manufacturing overhead $130 Balance $40 Amount of indirect material used is: a. $230 b. $110 c. $120 d. $340
Question 9 of 17 Cullumber Company reported the following amounts for 2022: Manufacturing overhead costs applied Beginning work in process inventory Ending work in process inventory Cost of materials used in production $ (b) Calculate total manufacturing costs. Total manufacturing costs $ tA $108,800 +A 6,656 5.760 9,728 10,240 (a) Calculate the cost of materials used in production. 25,600 38,400 7,808 8,064
quiz/attempt.php?attempt3D161993&cmid%3D90414 E1 Ray Items Cost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR 14,000 Raw materials, 12/31/2019 20,000 Property taxes, factory building 6,000 Raw materials purchase during 2019 205,000 Sales revenue 1,500,000 Indirect materials 15,000 Delivery expenses 100,000 Work in process, 1/1/2019 80,000 Sales commissions 150,000 Work in process, 12/31/2019 50,000 Indirect labor 90,000 Finished goods, 1/1/2019 110,000 Factory machinery rent 40,000 Finished goods, 12/31/2019 120,000 Factory utilities 65,000 Direct labor 350,000 Depreciation, factory building 24,000 Factory manager's salary 35,000 Administrative expenses 300,000 Manufacturing overhead is: Select one:
Raw Material inventory $657 $277 Work-in-Process inventory $4473 $1444 Finished Goods inventory $5429 $1481 Direct materials: $128 Direct labor: $193 Actual Manufacturing overhead costs: $1039 Applied Manufacturing overhead costs: $1933 Compute the ADJUSTED Cost of Good Sold Please give explanation for answer, thank you!
P MN *0* 44 Required information Exercise 8-37, 8-38, 8-39, 8-40 (Algo) (LO 8-2, 3, 5) [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $861,960 on October 1. Of this amount, $351,920 was the cost of direct materials and $510,040 was the cost of conversion. The 54,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 114,000 units were transferred out and 36,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,721,900 for direct materials and $3,478,200 for conversion. Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3) Compute the costs of goods transferred out and the ending inventory using…
a b. C d. e. f 9. h 1. k Raw Materials Inventory 50,000 29,500 11,800 8,700 Work in Process Inventory 29,500 88,500 132,750 49,750 40,000 201,000 Finished Goods Inventory 201,000 161,000 Factory Wages Payable 137,500 0 Factory Overhead 11,800 49,000 74,950 3,000 Required: Enter a valid formula to compute the amount for each of the following. Direct materials used Indirect materials used Direct labor used Indirect labor used Cost of goods manufactured Cost of goods sold (before closing over-or underapplied overhead) Actual overhead incurred Overhead applied The amount of over-or underapplied overhead Use dropdown button to indicate whether overhead is over- or underapplied. Cost of goods sold (after closing over-or underapplied overhead) 88,500 49,000 132,750
P10-5 Perth Amboy Corporation manufactures white board in a two-department processes. The Assembly Department uses weighted average costing and the stage of completion of overhead is unrelated to labor. The Finishing Department uses FIFO costing. Materials are added to the final units from Assembly and overhead is applied on the basis of direct labor. The cost accountant gathered the following data for the two departments during the month of October 2015: Assembly Department Units Beginning WIP inventory (100% complete for direct materials, 30% complete for direct labor and 40% complete for overhead) Units started in October 1,200 7,000 1,000 Ending WIP inventory (100% complete for direct materials, 60% complete for direct labor and 70% complete for overhead) OH Total DL P12,700 P10,300 80,000 P92,700 P80,300 P279,500 DM Costs Beginning WIP inventory Current period Total costs P34,500 P11,500 95,000 P106,500 70,000 245,000 Finishing Department Units 2,000 Beginning WIP inventory (100%…
TNT all l O O D: 60 )| 7:47 TM FORMATI...0ef454f5 EXERCISES 1. The following information is for the Furbee Manufacturing Company for November. Inventories Raw Material Beginning P19,750 Ending P15, 400 Work in Process 35,350 32, 200 Finished Goods 21,300 27,900 Direct Labor (22,000 DLH @ P14) Raw Material Purchases P155,000 Insurance-Office 11,600 Office Supplies Expense 475 Insurance-Factory Depr. Office Equipment 18,100 Repair/Maintenance- Factory Prepare a statement of Cost of Goods Manufactured and a statement of Cost of Goods Sold in 2,750 Indirect Labor 1,050 1,825 Factory Supplies Used Other Expenses: Depr.-Factory Equipment 3,900 7,800 good form. 2. The following information was taken from the records of the Slidell Corporation for the month of July. (There were no inventories of work in process or finished goods on July 1.) Units 8,000 Cost Sales during month Manufacturing costs for month: P? Direct material 32,000 Direct labor 20,000 Overhead costs applied Overhead costs…