The accounting records of Hobart Industries show the following information for the most recent year ended December 31:December 31 January 1$ 40,00060,000250,000120,000145,000135,000Inventory of work in processInventory of finished goodsDirect materials usedDirect laborManufacturing overhead$ 18,00068,000Selling expensesA. Find the amount debited to the Work In Process Inventory account during the year.B. What is the cost of finished goods manufactured for the year?C. What is the cost of goods sold for the year?D. What are the total manufacturing costs for the year?

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Answered: Inventory of work in process Inventory…

Inventory of work in process Inventory of finished goods Direct materials used December 31 January 1 $40,000 60,000 250,000 $ 18,000 68,000

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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Exercise 5 - 10 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [L06]The following data from the just - completed year are taken from the accounting records of Eccles Company:Sales S 713, OOODirect labour cost 100, 000Raw material purchases 142, 000Selling expenses 110, 000Administrative expenses 53, 000Manufacturing overhead applied to work in process 220, 000Actual manufacturing overhead costs 240, 000 Inventory Beginning of Year End of YearRaw materials S 9, 000 S 11, 000Work in process 6, 000 21, 000Finished goods 71, 000 26, 000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.2. Prepare a schedule of cost of goods sold.
Discussion Question J & G Manufacturing makes a single product by way of three separate processes. Details of production for the month ending June 30 were as follows: Process Process 1 Process 2 Process 3 Input material: Material added 16,250 kg $390,000 $36,750 $92,200 $63,000 Direct Labour cost $57,300 $112,800 Manufacturing Overhead Normal losses Output Scrap value of losses $61,000 $97,080 8% 6% 6% 13,750 kg 13,250 kg 12,000 kg $16.00/kg $32.00/kg The nature of the process requires equipment to be cleaned at the end of each month; hence there is no opening or closing stock of product in process. Required: i) The process account for each process: and ii) The abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain.
Chapter 17 Homework Item Date August 1 Bal., 4,800 units, 3/5 completed 31 Direct materials, 86,400 units 31 Direct labor 31 Factory overhead 31 Goods finished, 87,600 units 31 Bal., ? units, 3/5 completed Debit Credit Debit Line Item Description Inventory in process, August 1 Started and completed in August Transferred to finished goods in August Inventory in process, August 31 Total 155,520 44,480 25,024 a. Determine the number of units in work in process inventory at August 31. units 223,728 6,912 162,432 206,912 231,936 8,208 8,208 b. Determine the equivalent units of production for direct materials and conversion costs in August. If an amount is z Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs For August Whole Units Credit Equivalent Units Equivalent Direct Materials Units Conversion
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ACCT 102 - Subparts d e f
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D Question 11 A company had a beginning work in process (WIP) inventory balance of $32.900. During the year, $55,100 of direct materials was placed into production Direct labor was $64,400, and Indirect labor was $19,900. Manufacturing overhead is allocated at 140% of direct labor costs. Actual manufacturing overhead was $86,500, and Cost of Goods Manufactured totaled $225,400. What is the ending work in process inventory balance? # $90.160 O $17.160. O $13.500 Ⓒ$187.4460
Sharp Enterprises Inventories: March 1 March 31 Raw Material $18,000 $15,000 Work in process 9,000 6,000 Finished Goods 27,000 36,000 Additional information for March: Raw material purchased $42,000 Direct labor payroll 30,000 Direct labor rate per hour 7.50 Overhead rate per direct labor hour 10.00 Refer to Sharp Enterprises. For March, conversion cost incurred was?