Materials P 1,400,000 Advance for materials ordered 200,000 Goods in process 650,000 Unexpired insurance on inventories 60,000 Advertising catalogs and shipping boxes 150,000 Finished goods in factory 2,000,000 Finished goods in company-owned retails store, including 50% profit on cost 750,000 Finished goods in hands on consignees including 40% profit on sales 400,000 Finished goods in transit to customers, shipped FOB destination, at cost 250,000 Finished goods out on approval, at cost 100,000 Unsalable finished goods, at cost 50,000 Office supplies 40,000 Materials in transit shipped FOB shipping point, excluding freight of P30,000 330,000 Goods held on consignment, at sales price, cost P150,000 200,000 37.How much is the correct amount of inventories?

Materials P 1,400,000 Advance for materials ordered 200,000 Goods in process 650,000 Unexpired insurance on inventories 60,000 Advertising catalogs and shipping boxes 150,000 Finished goods in factory 2,000,000 Finished goods in company-owned retails store, including 50% profit on cost 750,000 Finished goods in hands on consignees including 40% profit on sales 400,000 Finished goods in transit to customers, shipped FOB destination, at cost 250,000 Finished goods out on approval, at cost 100,000 Unsalable finished goods, at cost 50,000 Office supplies 40,000 Materials in transit shipped FOB shipping point, excluding freight of P30,000 330,000 Goods held on consignment, at sales price, cost P150,000 200,000 37.How much is the correct amount of inventories?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...

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Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.
Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Administrative expenses P 20,000 40,000 27,000 110,000 Utilities, factory Maintenance, factory Supplies, factory Insurance, factory 8,000 40,000 11,000 4,000 Purchases of raw materials 125,000 Raw materials inventory, beginning Raw materials inventory, ending 9,000 6,000 Indirect Labor 15,000 Direct Labor 70,000 Work in process inventory, beginning Work in process inventory, ending 17,000 30,000 Sales 500,000 Selling expenses 80,000 a. Determine the cost of goods manufactured. HINT: Take note of your answer here because you need it in the succeeding number.
Beginning Work in Process: Ending Work in Process: Beginning Finished Goods Inventory: Ending Finished Goods Inventory: Beginning Raw Materials Inventory Ending Raw Materials Inventory Raw Material Purchases Indirect Materials Used: Direct Labor: Indirect Labor: Administrative and Selling Expenses: Other Manufacturing Overhead: Required: Complete a Schedule of Cost of Goods Manufactured for the Smithfield Company. $50,000 $55,000 $190,000 $140,000 $210,000 $190,000 $205,000 $45,000 $320,000 $70,000 $205,000 $135,000
Balances: Beginning Ending Direct materials 13,5007 300 Work in process inventory 0 3,400 Finished goods inventory 0 5,100 Other information: Direct materials purchase 36,000 Plant expenses 19,000 Sales salaries 6,200 Delivery of items sold 1,100 Net sales revenue 108,500 Customer hotline costs 4,800 Direct labor 24,000 Create a Schedule of Cost of Good Manufactured. Create an Income Statement.
Raw materials purchased $254,000 Beginning raw materials inventory 12,000 Ending raw materials inventory 7,900 Direct labor incurred 51,000 Indirect materials requisitioned and used 4,000 Actual manufacturing overhead costs 36,800 Beginning work-in-process inventory 15,100 Ending work-in-process inventory 12,000 How much is the cost of direct materials used in production? Please show which amounts were added/subtracted to get the correct answer.
Godo Garcon Company Pepper Company Finished goods inventory, beginning $ 12,500 $ 19,600 Work in process inventory, beginning 16,100 20,700 Raw materials inventory, beginning 9,700 11,850 Rental cost on factory equipment 34,250 24,700 Direct labor 22,200 40,200 Finished goods inventory, ending 19,250 13,400 Work in process inventory, ending 22,000 19,000 Raw materials inventory, ending 8,000 8,000 Factory utilities 13,650 17,500 General and administrative expenses 24,000 49,500 Indirect labor 11,850 12,960 Repairs—Factory equipment 4,700 2,000 Raw materials purchases 36,500 54,500 Selling expenses 58,000 58,900 Sales 281,700 393,430 Cash 27,000 23,200 Accounts receivable, net 16,000 24,450 Exercise 18-7 (Algo) Computing cost of goods manufactured and cost of good
Problem 10-2 (IAA) Natal Company provided the following information: 1,400,000 200,000 650,000 60,000 150,000 2,000,000 Materials Advance for materials ordered Goods in process Unexpired insurance on inventories Advertising catalogs and shipping cartons Finished goods in factory Finished goods in company-owned retail store, including 50% profit on cost Finished goods in hands of consignees including 40% profit on sales · Finished goods in transit to customers, shipped FOB destination at cost Finished goods out on approval, at cost Unsalable finished goods, at cost Office supplies Materials in transit shipped FOB shipping point, excluding freight of P30,000 Goods held on consignment, at sales price, cost P150,000 * 750,000 400,000 250,000 100,000 50,000 40,000 330,000 200,000 Required: Compute the correct amount of inventory.
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Sales $1,230,000 Selling and administrative expenses 210,000 Direct materials used 264,000 Direct labor 300,000 Factory overhead * 405,000 *variable overhead is $205,000, fixed overhead is $200,000 Inventories July 1, 2018 July 31, 2018 Direct materials $36,000 $42,000 Work in process 75,000 84,000 Finished goods 69,000 57,000 The conversion cost is a.$960,000 b.$1,179,000 c.$705,000 d.$564,000
Inventories: Beginning Ending Raw materials 46,000 34,000 Work in process 31,000 29,000 Finished goods 27,000 55,000 Additional information: Raw materials purchases 79,000 Direct labor cost 93,000 Manufacturing overhead cost incurred 54,000 Indirect materials included in manufacturing overhead cost incurred 8,000 Manufacturing overhead cost applied to Work in Process 57,000 Calculate Gross Profit if, mark up is 30%
Beginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =
Statement Of Cost of Goods Manufactured Instructions The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $44,250 $31,700 Work in process 63,900 80,000 Finished goods 101,200 99,800 December 31 Advertising expense $ 400,000 Depreciation expense-office equipment 30,000 Depreciation expense-factory equipment 80,000 Direct labor 1,100,000 Heat, light, and power-factory 53,300 Indirect labor 115,000 Materials purchased 556,600 Office salaries expense 318,000 Property taxes-factory 40,000 Property taxes-office building 25,000 Rent expense-factory 27,000 Sales 3,850,000 Pre Check My Work 5 more Check My Work uses remaining. Email Instructor Save and Exit Subm