Inventory at 15t Inventory at 31sDec 2020 Jan 2020 35,000 OMR 20,000 OMR Raw Materials Inventory 18,000 OMR 15,000 OMR Work in Process Inventory 20,000 OMR 30,000 OMR Finished Goods Inventory Additional information for the year is as follows 100,000 OMR Raw materials purchases 75,000 OMR Direct labor 85,000 OMR Manufacturing overhead applied 80,000 OMR Manufacturing overhead Actual OMR Indirect materials Compute the adjusted cost of goods sold OMR 252,00O OMR 247.00o OMR 257,000 OMR 258,000 None of the given answeris correct

Inventory at 15t Inventory at 31sDec 2020 Jan 2020 35,000 OMR 20,000 OMR Raw Materials Inventory 18,000 OMR 15,000 OMR Work in Process Inventory 20,000 OMR 30,000 OMR Finished Goods Inventory Additional information for the year is as follows 100,000 OMR Raw materials purchases 75,000 OMR Direct labor 85,000 OMR Manufacturing overhead applied 80,000 OMR Manufacturing overhead Actual OMR Indirect materials Compute the adjusted cost of goods sold OMR 252,00O OMR 247.00o OMR 257,000 OMR 258,000 None of the given answeris correct

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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Equivalent Units and Product cost Report-Weighted Average Method The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019: Beginning inventory (700 units, 40% complete) Direct materials $20,335 Conversion costs 55,594 Current period Direct materials (5,000 units) 245,000 Direct labor 417,200 Manufacturing overhead applied 264,600 Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out.
Sheffield Corp!'s accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2021 O $1420000 O $1408000 O $1309000 O $1315000 $200000 276000 270000 Dec. 31, 2022 $101000 294000 258000 During 2022, Sheffield purchased $910000 of raw materials, incurred direct labor costs of $175000, and incurred manufacturing overhead totaling $224000. How much is total manufacturing costs incurred during 2022 for Sheffield?
The information relating to process1 of a two-stage production process is as fallows for August 2019. Opening inventory 500 units (degree of completion 60%) Cost to date RO 2,800. Costs incurred in August 2019 Direct materials (2,500 units introduced) RO 13,200. Direct labor RO 6,600 Production overhead RO 6,600 Closing inventory 300 units (Degree of completion 80%) There was no loss in the process. Prepare Process Account for the month of august. Prepare (a) Statement of Equivalent Production Equivalent Units Material Output Items Input Units Units Labgur P. Overheads Qty Qty Qty b) Statement of Cost Equivalent Units Element of Cost Cost Cost per unit Material abou Overheads c.) statement of valuation Material Labour Overheads Total Einished Goods Closing WIP
accounts
Make a system for recording the cost of raw materials using the complete Periodic method.
A elearn.squ.eu Comp Time left 0:25:14 XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec Jan 2020 2020 Raw Materials Inventory OMR 20,000 OMR 35,000 Work in Process Inventory OMR OMR 15,000 18,000 Finished Goods OMR 30,000 OMR Inventory 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 85,000 Manufacturing overhead Actual OMR 80,000 Indirect materials OMR
Zelbra Company adopts absorption costing and has the following balances (before year-end adjustments) as at the year ended December 31, 2021.Direct Raw Materials $120,000 DrWIP Inventory 250,000 DrFinished Goods Inventory 176,000 DrCost of Goods Sold 245,000 DrAdditional information is as follows:Cost of direct raw materials purchased during 2021 $198,000Cost of direct raw materials requisitionedduring 2021 176,000Cost of goods manufactured during 2021 372,000For the year 2021, Zelbra Company budgets manufacturing overhead costs to be $251,000 and direct labour hours to be 15,000: these estimates are based on the Company operating at normal capacity. In 2021 actual manufacuring overhead costs $298,500 and the actual direct labour hours were 16,500. Direct labour hours are charged at the rate of $10 per hour. Direct labour hours is used for allocating manufacuting overhead costs. Assume there are no price or efficiency variables for direct labour and direct materials. All…
E4-5A Equivalent Units and Product Cost Report--Weighted Average Method The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019; Beginning inventory (700 units, 40% complete) Direct materials $ 2,905 Conversion costs $ 7,942 Current period Direct materials (5,000 units) 35,000 Direct labor 59,600 Manufacturing overhead applied 37,800 Joyner used the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following:…
Inventory at 31st Dec 2020 Time left 1:- ut of Jan 2020 Raw Materials Inventory OMR 20,000 OMR 35,000 Work in Process Inventory OMR 15,000 OMR 18,000 Finished Goods Inventory OMR 30,000 OMR 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 80,000 Manufacturing overhead Actual OMR 85,000 Indirect materials OMR Compute the adjusted cost of goods sold.
Beginning Raw Materials Inventory: 45,000 Ending Raw Materials Inventory: 65,000 Raw Materials Used: 90,000 What would be the materials purchased for the period? You can use your BASE Accounts if that helps.
provide working notes Elite Home Decor manufactures customized household furnishings. The company uses a perpetual inventory system and has a highly labor-intensive production process, so it assigns manufacturing overhead based on direct labor costs. Elite expects to incur $2,205,000 of manufacturing overhead costs and estimated direct labor costs of $3,150,000 during 2020. At the end of December 2019, Elite reported work in process inventory (Job 551) of $93,000 The following events occurred during January - March 2020. Purchased materials on account, $392,000 Incurred manufacturing wages of $400,000 Requisitioned direct materials and used direct labor in manufacturing 4. Issued indirect materials to production, $30,000 5.Charged indirect manufacturing wages to production, $60,000 6.Depreciation of production machinery, $85,000 7. Other manufacturing overhead costs incurred on units 551 to 554 amounted to $49,000 8.Allocated overheads to jobs at the predetermined rate 9.…