FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- AAAarrow_forwardKansas manufacturing company uses a job-order costing system and started the month of October with a zero balance in its work in process and finished goods inventory accounts. During October, Kansas worked on three jobs and incurred the following direct costs on those jobs: Job B18 Job B19 Job C11 Direct materials $13,000 $25,000 $16,000 Direct labor $8,000 $10,000 $5,000 Kansas applies manufacturing overhead at a rate of 200% of direct labor cost. During October, Kansas completed Jobs B18 and B19 and sold Job B19. What is Kansas' work in process inventory balance at the end of October? $31,000 $30,500 $33,000 $43,000 None of the above. Please show your workarrow_forwardHow much is total cost of goods manufactured?arrow_forward
- Shen Company reports the costs incurred below for the month ended May 31. The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of direct materials costs. Job 4 was completed and Job 5 is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month. Direct materials used Direct labor used Job 4 $ 1,500 2,100 Job 5 $1,000 200 SHEN COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31 Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured $ $ 2,500 2,300 4,800 4,800 4,800arrow_forwardLouisiana Metals uses a job costing system. The company applies manufacturing overhead using a predetermined rate based on direct labor cost. The following debits (credits) appeared in the Work-in-Process Inventory for June. June 1 For the month For the month For the month For the month Balance Direct labor Direct materials Manufacturing overhead To finished goods Beginning inventory ??? $ 33,000 43, 200 19,800 (78,700) Job LM-12, the only job still in production at the end of June, has been charged $13,200 in direct materials cost and $12,400 in direct labor cost. Required: What was the beginning balance in Work-in-Process Inventory?arrow_forwardGadubhaiarrow_forward
- Custom Cabinets Inc. (CCI) uses a job-order costing system. During February and March, only 3 jobs were worked on. Job 1602 was completed on March 15th. The other two jobs were still in process at March 31st, CCI's year-end. Here is a summary of the data from the job cost sheets for the 3 jobs: Job 1602 Job 1603 Job 1604 February costs incurred: Direct materials $ 16,000 $ 9,000 $ - Direct labour 13,500 7,300 - Manufacturing overhead 21,600 11,680 - March costs incurred: Direct materials - 8,400 21,000 Direct Labour 4,000 5,800 10,300 Manufacturing overhead ? ? ? Manufacturing overhead is applied to jobs on the basis of direct labor cost. Balances in the inventory accounts at the end of…arrow_forwardA manufacturer began operations on April 1 and reports the information below. All jobs are sold for 20% above cost. Manufacturing costs Job number 1 2 3 4 5 April $ 880 730 May $ 2,200 1,280 1,920 2,710 In process Job Status at May 31 Completed and sold during May Completed but not sold 555 480 3,680 Completed and sold during May In process 1. Compute the May 31 balance in (a) Work in Process Inventory and (b) Finished Goods Inventory. 2. Compute gross profit for May.arrow_forward
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