Please use excel to create a Schedule of Cost of Goods Manufactured below using the following date; Beginning raw materials inventory Beginning work-in-process inventory Beginning finished goods inventory Raw Materials Purchased Wages Paid Applied Manufacturing Overhead Ending raw materials inventory Ending work-in-process inventory Ending finished goods inventory 40,000 70,000 250,000 285,000 155,000 450,000 50,000 100,000 225,000

Please use excel to create a Schedule of Cost of Goods Manufactured below using the following date; Beginning raw materials inventory Beginning work-in-process inventory Beginning finished goods inventory Raw Materials Purchased Wages Paid Applied Manufacturing Overhead Ending raw materials inventory Ending work-in-process inventory Ending finished goods inventory 40,000 70,000 250,000 285,000 155,000 450,000 50,000 100,000 225,000

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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Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $ 96,000 223,500 Ending Inventory $ 116,350 60,500 243,300 200,100 150,500 44,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 115,000 26,250 $ 24,600 98,400 $ 68,400 58,600 65,000 (150% of direct materials used) (120% of direct labor used) $ 976,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Verify the ending balance in raw materials inventory. Materials used should be indicated…
A process manufacturer's first production department reports the following. Beginning work in process inventory Units started this period Conversion Costs added this period. Direct materials Conversion Total costs to account for Units 80,000 406,000 384,000 102,000 Completed and transferred out Ending work in process inventory The first production department reports the cost information below. Beginning work in process inventory Direct materials $184,444 1,327,279 885,242 Cost per equivalent unit of production: FIFO method Direct Materials Conversion Percent Complete 65% 46,359 $ 230,803 Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) 858 2,212,521 $ 2,443,324 Percent Complete 35% Compute the department's costs per equivalent unit of production for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. 358 Direct Materials Conversion
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work process for conversion. Given that materials are added at the beginning of the process. Beginning Quarter WIP Transferred Conversion (%) 134,350 133,550 25 522 132,593 132,515 24 337 133,245 133,432 20 487 134,845 134,032 23 What are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent. Quarter 1 Quarter 2 Quarter 3 Quarter 4 1 2 3 4 - Started Out Units for material costs Units for conversion costs
Prepare the T-Accounts for Raw Materials Inventory, Work in process Inventory, and Finished Goods Inventory. Show where did the values came from.
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Use the included information about Raw Materials Inventory (RM), Work in Process Inventory (WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the total conversion costs added. 1 2 3 4 5 6 7 1 00 RM B Bal T1 T2 T3 T4 E Bal 8 9 FG 10 B Bal 11 T1 12 T2 13 T3 14 T4 15 E Bal 2 Debits 4300 29 050 Debits 4800 45 592 3 Credits 28 000 Credits 33 500 4 5 WIP B Bal DM DL FOH CGM E Bal IS Rev CGS V Op Exp F Op Exp NIBT 6 Debits 8920 28 000 17 430 11 130 Debits 33 500 5130 7960 7 Credits 45 592 Credits 66 200
A company’s Work in Process Inventory T-account follows.
Direct materials: Beginning inventory Purchases Ending inventory Direct manufacturing labor Manufacturing overhead Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory P 40,000 123,200 20,800 32,000 24,000 8,000 1,600 48,000 32,000 Required: A. What is the cost of direct materials used during 2022? B. What is cost of goods manufactured for 2022? C. What is cost of goods sold for 2022? D. What amount of prime costs was added to production during 2022? E. What amount of conversion costs was added to production during 2022?
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Cullumber Company's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory O $1280000. O $750000. O $840000. O $1230000. Dec. 31, 2022 $390000 Save for Later 300000 190000 Dec. 31, 2021 $340000 160000 During 2022, $890000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. (Assume that all raw materials used were direct materials.) The total raw materials available for use during 2022 for Cullumber Company is 150000 Attempts: 0 of 1 used Submit Answer