Rainier CompanyYakima Company12 Materials inventory, May 1$100,000.00$48,200.003 Materials inventory, May 31(a)50,000.004 Materials purchased950,000.00710,000.005 Cost of direct materials used in production938,500.00(a)6 Direct labor2,860,000.00(b)7 Factory overhead1,800,000.00446,000.008 Total manufacturing costs incurred in May(b)2,484,200.009 Total manufacturing costs5,998,500.002,660,600.0010 Work in process inventory, May 1400,000.00176,400.0011 Work in process inventory, May 31382,000.00(c)12 Cost of goods manufactured(c)2,491,500.0013 Finished goods inventory, May 1615,000.00190,000.0014 Finished goods inventory, May 31596,500.00(d)

Manufacturing costs: These include all the expenses or costs that are incurred in the process of…

Answered: Rainier Company Yakima Company 1 2…

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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Data pertaining to Lakers Co.’s manufacturing operations: INVENTORIES April 1, 20X1 April 30, 20X1 Raw Materials ₱18,000 ₱15,000 Work-in-Process ₱09,000 ₱06,000 Finished Goods ₱27,000 ₱36,000 Additional Information: Direct materials purchased ₱42,000 Direct labor payroll ₱30,000 Direct labor rate per hour ₱ 07.50 Factory overhead rate per direct labor hours ₱ 10.00 What is the cost of goods manufactured for April? Show solution Group of answer choices ₱150,000 ₱118,000 ₱109,000 ₱115,000
Data pertaining to Lakers Co.’s manufacturing operations: INVENTORIES April 1, 20X1 April 30, 20X1 Raw Materials ₱18,000 ₱15,000 Work-in-Process ₱09,000 ₱06,000 Finished Goods ₱27,000 ₱36,000 Additional Information: Direct materials purchased ₱42,000 Direct labor payroll ₱30,000 Direct labor rate per hour ₱ 07.50 Factory overhead rate per direct labor hours ₱ 10.00 What is the cost of goods sold for April? Group of answer choices ₱115,000 ₱109,000 ₱118,000 ₱106,000
On ff Company Company Materials inventory, December 1 $81,110 $109,500 Materials inventory, December 31 (a) 123,730 Materials purchased 206,020 (a) Cost of direct materials used in production 217,370 (b) Direct labor 305,780 246,380 Factory overhead 94,900 122,640 Total manufacturing costs incurred in December (b) 708,470 Total manufacturing costs 773,780 773,780 Work in process inventory, December 1 155,730 263,900 Work in process inventory, December 31 131,400 (c) Cost of goods manufactured (c) 701,900 Finished goods inventory, December 1 137,080 122,640 Finished goods inventory, December 31 143,560 (d) Sales 1,195,560 1,095,000 Cost of goods sold (d) 708,470 Gross profit (e) (e) Operating expenses 155,730 (f) Net income (f) 243,090
On Off Company Company Materials inventory, December 1 $82,740 $110,870 Materials inventory, December 31 (a) 125,280 Materials purchased 210,160 (a) Cost of direct materials used in production 221,740 (b) Direct labor 311,930 249,460 Factory overhead 96,810 124,170 Total manufacturing costs incurred in December (b) 717,330 Total manufacturing costs 789,340 789,340 Work in process inventory, December 1 158,860 267,200 Work in process inventory, December 31 134,040 (c) Cost of goods manufactured (c) 710,680 Finished goods inventory, December 1 139,830 124,170 Finished goods inventory, December 31 146,450 (d) Sales 1,219,590 1,108,700 Cost of goods sold (d) 717,330 Gross profit (e) (e) Operating expenses 158,860 (f) Net income (f) 246,130
Manufacturing Overhead Distribution Worksheet The following are selected operating data for the production and service departments of Bluestone Compa Departments Service Production Overhead costs (identified by department) $50.000 $1.032.000 $65,168 $2478.000 4.000 Indirect material S96.800 S164A00 Indirect labor $194400 $2.000 24.000 Square feet of building floor space used Assessed value of equipment used 9.600 14.400 $252.000 5420.000 264000 $.00 $126 000 176.000 Cubic yards of factory space used 400.600 102.400 Machine hours $40.000 s00.000 Direct labor O is allocated on the basis of square feet of floor space. Personal property taxes of $72,000 are allocated on the sbution worksheet for Bluestone Company similar to the one prepared for Exhibit 3-1s when appropriate Under the Allocation Basis column, select the basis used to calculate each alocation
272 Escudero Manufacturing Co. has provided you with the following information 100,000 175,000 P 135,000 Raw materials purchased Beginning raw materials inventory Ending raw materials inventory Factory overhead (including P85,000 of indirect labor and P 20,000 of indirect materials) Total manufacturing cost 227,500 960,000 13. Direct labor cost for the year amounted to a P 677,500 b. P 382,500 C.. P 642,500 d. P 692,500
Bristol Company's beginning balance in Work-in-Process Inventory was $13,000, and the ending balance was $16,500. The company used $130,000 in direct materials, incurred $78,000 in direct labor, and allocated $70,200 in manufacturing overhead. Calculate cost of goods manufactured. A. $291,200 B. $248,700 C. $307,700 D. $274,700
Beginning work in process inventory $1,080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory Raw materials purchased 480,000 960,000 Direct labor 900,000 Manufacturing overhead Laflin Company's cost of goods manufactured for the year 720,000 is
Statement of cost of goods manufactured and income statement for a manufacturing companyThe following information is available for Robstown Corporation for 20Y8:Inventories January 1 December 31Materials $ 44,250 $ 31,700Work in process 63,900 80,000Finished goods 101,200 99,800Advertising expense $ 400,000Depreciation expense—office equipment 30,000Depreciation expense—factory equipment 80,000Direct labor 1,100,000Heat, light, and power—factory 53,300Indirect labor 115,000Materials purchased 556,600Office salaries expense 318,000Property taxes—factory 40,000Property taxes—office building 25,000Rent expense—factory 27,000Sales 3,850,000Sales salaries expense 200,000Supplies—factory 9,500Miscellaneous costs—factory 11,400 Instructions1. Prepare the 20Y8 statement of cost of goods manufactured.2. Prepare the 20Y8 income statement.
Statement Of Cost of Goods Manufactured Instructions The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $44,250 $31,700 Work in process 63,900 80,000 Finished goods 101,200 99,800 December 31 Advertising expense $ 400,000 Depreciation expense-office equipment 30,000 Depreciation expense-factory equipment 80,000 Direct labor 1,100,000 Heat, light, and power-factory 53,300 Indirect labor 115,000 Materials purchased 556,600 Office salaries expense 318,000 Property taxes-factory 40,000 Property taxes-office building 25,000 Rent expense-factory 27,000 Sales 3,850,000 Pre Check My Work 5 more Check My Work uses remaining. Email Instructor Save and Exit Subm
Company Dept. A Dept B. Estimated manufacturing overhead $500,000 $338,000 S162,000 Estimated direct labor cost Actual manufacturing overhead Actual direct labor cost $250,000 $130,000 $120,000 $720,000 S400,000 $320,000 $300,000 $160,000 $140,000 Based on this information, the predetermined overhead rate per direct labor dollar for Dept. Bis $
Direct Materials Direct Labor Manufacturing overhead Total Manufacturing costs Work-in-process 1/1 Work-in-process 12/31 Cost of goods manufactured Sales Finished Goods 1/1 Cost of Goods Available Finished Goods 12/31 Cost of Goods Sold Gross Profit Operating Expenses Net Operating Income Case 1 $36,000 $12,000 $78,000 $12,000 $66,000 $180,000 $42,000 $78,000 $54,000 Case 2 $5,000 $6,000 $21,000 $2,000 $33,000 $50,000 $9,000 $7,000 $10,000 a Calculate the unknown amounts for both Case 1 and 2 b For Case 1, compute the total prime costs for the year. c For Case 1, compute the total conversion costs for the year. d For Case 1, compute the average price per unit if the company sold 15,000 uni e For Case 1, compute the operating income per unit if the company sold 15,000 units f For Case 1, compute the POHR assuming Manufacturing overhead is applied based on DL cost g For Case 1, review beginning and ending work in process. As an auditor or manager what one question might you possibly…

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