Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 55,000 ? $ 30,000 Ending $ 33,000 $ 23,000 ? $ 265,000 ? $ 160,000 $ 370,000 $ 356,000 The total manufacturing costs added to production for the year were $690,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $40,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):   Selling expenses $ 212,000 Purchases of raw materials $ 270,000 Direct labor ? Administrative expenses $ 152,000 Manufacturing overhead applied to work in process $ 376,000 Actual manufacturing overhead cost $ 358,000   Inventory balances at the beginning and end of the year were as follows:     Beginning Ending Raw materials $ 51,000 $ 32,000 Work in process ? $ 32,000 Finished goods $ 31,000 ?   The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $39,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.   Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.

Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $310,000 $276,600 Work in process 215,200 238,400 Finished goods 162,800 190,100     January 31 Direct labor $565,000 Materials purchased during January 604,800 Factory overhead incurred during January:     Indirect labor 60,440   Machinery depreciation 35,000   Heat, light, and power 13,600   Supplies 8,540   Property taxes 8,860   Miscellaneous costs 16,400     Required: A. Prepare a cost of goods manufactured statement for January. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading. B. Determine the cost of goods sold for January.

Cost Flow Relationships The following information is available for the first year of operations of Idgie Inc., a manufacturer of fabricating equipment: Sales $1,261,700 340,700 Gross profit Indirect labor 113,600 Indirect materials 46,700 Other factory overhead 21,400 Materials purchased 643,500 1,392,900 46,700 Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost

Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows: Beginning work in process, 12,000 units, 60% completed   $62,400 From Department A, 55,000 units started this period     Direct materials added   115,500 Direct labor incurred   384,916 Factory overhead incurred   138,000   During March, all direct materials were transferred from Department A, the units in process at March 1 were completed, and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Inventories are costed by the first-in, first-out method. Prepare a cost of production report for March. If required, round your cost per equivalent unit amounts to four decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter "0" as answer. Stevens Company Cost of Production Report--Department B For the Month Ended March 31 Unit Information Units…

Information from the records of Conundrum Company for September was as follows: Sales $307,500 Selling and administrative expenses 52,500 Direct materials used 66,000 Direct labor 75,000 Variable factory overhead 50,000 Factory overhead 51,250   Inventories   Sept. 1 Sept 30 Direct materials $ 8,000 $10,500 Work in process 18,750 21,000 Finished goods 17,250 14,250 Conundrum Company produced 20,000 units.What is the total product cost per unit (rounded to the nearest cent)? a.$12.24 b.$14.74 c.$12.11 d.$12.18

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

Subject - Acounting

Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows: Beginning work in process, 12,000 units, 60% completed $ 62,400 From Department A, 55,000 units started this period   Direct materials added 115,500 Direct labor incurred 384,915 Factory overhead incurred 138,000   During March, all direct materials were transferred from Department A, the units in process at March 1 were completed, and of the 55,000 units entering the department, all were completed except 6,000 units which were 70% completed. Inventories are costed by the first-in, first-out method.   Required:   Prepare a cost of production report for March. Round cost per equivalent unit to four decimal places and the other answers to the nearest dollar. If your answer is zero, enter “0”.   Prepare a cost of production report for March. Round cost per equivalent unit to four decimal places and the other answers to the nearest dollar.…

Wasson Company reported the following year-end information: Beginning work in process inventory Beginning raw materials. inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead $ 35,000 18,000 38,000 15,000 560,000 210,000 120,000 What is Wasson's total cost of work in process for the year?