Question 9 of 17 Cullumber Company reported the following amounts for 2022: Raw materials purchased Beginning raw materials inventory Ending raw materials inventory Beginning finished goods inventory Ending finished goods inventory Direct labor used Manufacturing overhead costs applied Beginning work in process inventory Ending work in process inventory Cost of materials used in production $ (b) Calculate total manufacturing costs. $108,800 Total manufacturing costs $ 6,656 5,760 9,728 10,240 25,600 38,400 (a) Calculate the cost of materials used in production. 7,808 8,064

Question 9 of 17 Cullumber Company reported the following amounts for 2022: Raw materials purchased Beginning raw materials inventory Ending raw materials inventory Beginning finished goods inventory Ending finished goods inventory Direct labor used Manufacturing overhead costs applied Beginning work in process inventory Ending work in process inventory Cost of materials used in production $ (b) Calculate total manufacturing costs. $108,800 Total manufacturing costs $ 6,656 5,760 9,728 10,240 25,600 38,400 (a) Calculate the cost of materials used in production. 7,808 8,064

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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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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Edit question Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. Raw Materials Inventory $ 3,900 Manufacturing Overhead Applied $ 35,600 Work in Process Inventory $ 5,975 Manufacturing Overhead Incurred $ 29,400 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton Direct materials $ 700 $ 900 $ 1,000 Direct labor 300 500 700 Manufacturing overhead 375 625 875 $ 1,375 $ 2,025 $ 2,575 During June, raw materials purchased on account were $ 4,600, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $ 800 and miscellaneous costs of $ 400 incurred on account.A summary of materials…
Question 2: ABC Company has the following information for the period ended 31 December 2020. 「中 Direct material purchased Direct labor OMR 680000 OMR 200000 Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 29000 OMR 18500 15 % of the direct labor cost OMR 25000 OMR 7000 OMR 33300 OMR 8500 Direct Material OMR 45700 Work-in-process Finished goods OMR 50000 OMR 75000 returns of Purchase direct materials OMR 7400 Depreciation-administrative OMR 13800 Inventories, 31 December 2020: Material OMR 19000 Work-in process Finished goods OMR 32000 3000 Units Total Production Units 35000 units Salary - administrative OMR 5000 Commission – selling OMR 15800 Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.
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Q.1 Late Corporation is in the business of producing furniture, previously the company has had a policy of preparing costing statements annually. The following data was taken from the general ledger and other records of Jaric0 Manufacturing Co. at December 31 2023, the end of the second year of operations in the fiscal year: Revenue Inventories at January 1: Materials inventory Work in process inventory Finished goods inventory Inventories at January 31: Materials inventory Work in process inventory Finished goods inventory Materials purchased Labor Costs: Finishing workers' wages Supervisors' salaries Depreciation: Admin personnel salaries Factory Equipment Admin office Indirect materials used Factory utilities Employee Fringe Benefits Insurance (30% Admin & 70% Factory) Workers Compensation Insurance Overtime Premium Defective Work Lubricants Rent (40% Factory & 60 % Admin) Property Tax Spoilage Heating & Lighting (40% Admin and 60% Factory) Carriage Inwards Carriage Outwards Trade…
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Current Attempt in Progress Vaughn Inc's accounting records reflect the following inventories: Raw materials inventory Work in process Inventory Finished goods inventory Dec. 31, 2021 Dec. 31, 2022 $79000 $63000 O $1466000 O $1450000 $1387000 O $1434000 103000 100000 115000 92000 During 2022, Vaughn purchased $1450000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000. (Assume that all raw materials used were direct materials.) What was the cost of raw materials transferred to production during 2022 for Vaughn?
Question: 2014 Date Explanation Debit Dec. Direct materials cost $1,250,000 31 31 Direct labor cost 31 Overhead costs $ 300,000 $400,000 31 To finished goods Credit Balance $1,250,000 $1,800,000 $2,400,000 $2,350,000 $50,000 1) Determine the overhead rate used (based on the direct material cost). 2) Only one job remained in the goods in process inventory at December 31, 2014. Its direct materials cost is $30,000. How much direct labor cost and overhead cost are assigned to it?
31 Current information for the Healey Company follows: Beginning raw materials inventory Raw material purchases Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead $ 17,200 62,000 18,600 24,400 30,000 44,000 32,000 All raw materials used were direct materials. Healey Company's cost of goods manufactured for the year is: