Old Tyme Soda produces one flavor of a popular local soft drink. It had no work-in-process on October 31 in its only inventory account. During November, Old Tyme started 10,000 barrels. Work-in-process on November 30 is 1,200 barrels. The production supervisor estimates that the ending work-in- process inventory is 30% complete. An examination of Old Tyme's accounting records shows direct material costs of $18,072 and conversion costs of $20,400 for November. All production is sold as it is produced. Required: A. Compute the cost of goods sold for November. B. What is the value of work-in-process inventory on November 30?

Twisted Pretzel, Inc. had beginning Work-in-Process Inventory (WIP) of $10,000 and makes only one product.  It incurred the following costs during the year: Factory production worker wages $ 40,000 Direct materials 20,000 Allocated factory rent 60,000 Allocated factory utilities 70,000 Sales commissions 100,000 At the end of the year WIP totaled $ 4,000.  Calculate the total costs of goods manufactured and transferred to Finished Goods Inventory.

Joplin Corporation produces syrups that it sells to candy makers. On November 1, it had no work-in-process inventory. It started production of 43,500 gallons of syrup in November and completed production of 41,000 gallons. The costs of the resources used by Joplin in November consist of the following:    Materials $ 57,200 Conversion costs (labor and overhead)   53,300   Required: The production supervisor estimates that the ending work-in-process is 60 percent complete on November 30. Compute the cost of syrup completed and the cost of the syrup in work-in-process ending inventory as of November 30.

The production supervisor estimates that the ending work-in-process is 16 percent complete. Compute the cost of paint transferred to finished goods and the amount in work-in-process inventory as of July 31.

Bremen Fitness Products produces a sports drink. On October 1, it had no work-in-process inventory. It started production of 9,000 cases of the drink in October and shipped 7,800 cases to retailers. (Bremen holds no finished goods inventory.) The costs of the resources used by Bremen in October consist of the following. Materials $ 87,523 Conversion costs (labor and overhead) 134,975 Required: The production supervisor estimates that the ending work in process is 55 percent complete on October 31. Compute the cost of cases shipped and the amount in work-in-process ending inventory as of October 31. (Do not round intermediate calculations.)

Cedargrove Cider processes and bottles apple cider for sale through retail and big box grocery outlets. It had no work in process on May 31 in its only inventory account. The company started 20,200 cases during June. On June 30, work in process is 5,100 cases. The production supervisor estimates that the ending work-in-process inventory is 60 percent complete. Cost records at Cedargrove recorded June production costs of $94,850 in materials cost and $118,500 in conversion costs. All production is sold as it is produced. Required: Compute cost of goods sold for June. What is the value of work-in-process inventory on June 30? The president tells the controller that the company has already met its income target for the quarter, which ends on June 30, but whether the target can be met next quarter is in doubt. The president asks the controller to change the production manager’s estimate about the ending work-in-process inventory to increase the probability the company can meet the…

Luebke Incorporated has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $52,000 and at the end of the month was $30,000. The cost of goods manufactured for the month was $212,000. The actual manufacturing overhead cost incurred was $55,000 and the manufacturing overhead cost applied to Work in Process was $58,000. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. The adjusted cost of goods sold that would appear on the income statement for November is: Multiple Choice $190,000 $234,000 $231,000 $212,000

Bremen Fitness Products produces a sports drink. On October 1, it had no work-in-process inventory. It started production of 13,800 cases of the drink in October and shipped 10,200 cases to retailers. (Bremen holds no finished goods inventory.) The costs of the resources used by Bremen in October consist of the following. Materials Conversion costs (labor and overhead) $ 87,523 247,427 Required: The production supervisor estimates that the ending work in process is 55 percent complete on October 31. Compute the cost of cases shipped and the amount in work-in-process ending inventory as of October 31. Note: Do not round intermediate calculations. Cost of cases shipped Work-in-process ending inventory

Goodrow Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $19,000 and an ending balance of $14,000. During the year, the company purchased $56,000 of direct materials. Direct labor for the year totaled $125,000, while manufacturing overhead amounted to $152,000. The Work in Process Inventory account had a beginning balance of $22,000 and an ending balance of $18,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) Start by calculating the direct materials used during the year. Goodrow Industries Calculation of Direct Materials Used For Current Year Plus: Less: Direct materials used

Luebke Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $55,000 and at the end of the month was $30,300. The cost of goods manufactured for the month was $213,500. The actual manufacturing overhead cost incurred was $55,900 and the manufacturing overhead cost applied to Work in Process was $59,200. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. The adjusted cost of goods sold that would appear on the income statement for November is: