On January​ 1, Biden,​ Inc.'s Work−in−Process Inventory account had a balance of $31,500. During the​ year, $58,200 of direct materials were placed into production. Manufacturing wages incurred amounted to $84,000​, of which $66,000 were for direct labor. Manufacturing overhead is allocated on the basis of​ 120% of direct labor cost. Actual manufacturing overhead was $90,500. Jobs costing $220,600 were completed during the year. What is the December 31 balance of Work−in−Process ​Inventory?   A. $234,900   B. $155,700   C. $31,500   D.

During the year, a company purchased raw materials of $77,319, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances:   Beginning   Ending   Raw materials inventory $17,433   $16,428   Work in process inventory 241,437   234,422   Finished goods inventory 312,844   342,386   Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production $fill in the blank 1 Cost of goods manufactured $fill in the blank 2 Cost of goods sold $fill in the blank 3

Wildhorse Company purchases $61,000 of raw materials on account, and it incurs $73,200 of factory labor costs. Supporting records show that (a) the Assembly Department used $29,280 of direct materials and $42,700 of direct labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. Journalize the assignment of overhead to the Assembly and Finishing Departments. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Mar. 31 Work in Process - Assembly Work in Process - Finishing Raw Materials Inventory Debit 29280 31720 6100 Credit 61000

Green Company's costs for the month of August are as follows: Direct materials used $27,000 Direct labour $34,000 Sales salaries $14,000 Indirect labour $10,000 Indirect materials $15,000 General corporate administrative costs $12,000 Property taxes on manufacturing facility $2,000 Rent on factory $17.000 The beginning work-in-process inventory is $16,000 and the ending work-in-process inventory is $9,000. What is the cost of goods manufactured for the month? a. $112,000 b. $105,000 C. $132,000 d. $138,000

Pikachu Company applies manufacturing overhead to production at 70% of direct labor cost. During the year ended 20xx, manufacturing overhead of $139,790 was applied to production; actual manufacturing overhead was $157,700. Ending Work in Process Inventory was $23,000 and ending Finished Goods Inventory was $30,910. Work in Process Inventory increased by 15% during the year and Finished Goods Inventory increased by 10% during the year. Unadjusted Cost of Goods Sold was $573,600. Complete the following schedule: Item Direct Materials Used in Production Direct Labor Manufacturing Overhead Applied Current Manufacturing Costs Beginning Work in Process Inventory Ending Work in Process Inventory Cost of Goods Manufactured Beginning Finished Goods Inventory Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Overhead Adjustment Adjusted Cost of Goods Sold Amount

Yamishi Production had the following inventories for the first quarter of 2022: MaterialsWork in process Finished goods Beginning $606,600 312,100 416,100 Ending $522,100 280,800 540,200 Purchases of materials during the quarter were $427,800. Total direct labor costs were incurred in the amount of $1,482,000. Actual overhead costs were incurred as follows: operating supplies used, $17,100; janitorial and maintenance, $87,300; employee benefits, $26,400; utilities, $162,000; depreciation of factory, $43,200; property taxes, $24,000; factory insurance, $29,000. Net sales for the quarter were $3,562,200. Selling and administrative expenses were $508,000. Income taxes should be computed at 40 percent. Calculate cost of goods manufactured. 6. Company produces small boats. Each boat uses 2 sheets of direct materials at $3 a sheet, it takes 2 hours to finish one boat and hourly rate is $5, factory utilities and supervision cost $6 per boat and variable cost amounts to $2 per direct labor…

Vinubhai

Baird Watches, Incorporated makes watches. Its assembly department started the accounting period with a beginning inventory balance of $25,500. During the accounting period, the department incurred $45,000 of transferred-in cost, $24,000 of materials cost, $68,000 of labor cost, and $40,450 of applied overhead cost. The department processed 6,150 total equivalent units of product during the accounting period. Required (Each requirement is independent of the other.) a. Assuming that 1,300 equivalent units of product were in the ending work in process inventory, determine the amount of cost transferred out of the Work in Process Inventory account of the assembly department to the Finished Goods Inventory account. What was the assembly department's cost of ending work in process inventory? b. Assuming that 5,600 units of product were transferred out of the assembly department's work in process inventory to finished goods inventory, determine the amount of the assembly department's cost of…

Domestic

During the year, a company purchased raw materials of $77,319, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Ending $17,433 $16,428 Raw materials inventory Work in process inventory 241,437 234,422 Finished goods inventory 312,844 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production Cost of goods manufactured Cost of goods sold Beginning $