3. Describe and illustrate financial statements for a Problem #2 of 3 1 2 3 Ralph's Cafe has the following information for June. Cost ofmaterials placed in production Direct labor Factory overhead Work in process inventory, June 1 Work in process inventory, June 30Finished goods inventory, June 1 Finished goods inventory, June 30 What is the cost of goods sold? a. $78,700 b. $83,400 c. $78,400 d.$79,000 $45,000 20,000 14,000 2.900 3,500 5,000 4,700Problem #2 of 33. Describe and illustrate financial statements for a2S3CRalph's Cafe has the following information for June.Cost of materials placed in productionDirect laborFactory overheadWork in process inventory, June 1Work in process inventory, June 30Finished goods inventory, June 1Finished goods inventory, June 30What is the cost of goods sold?a. $78,700b. $83,400c. $78,400d. $79,000$45,00020,00014,0002,9003,5005,0004.700

Cost of goods sold (COGS) is the expense incurred by a business to produce or purchase the products…

Ralph's Cafe has the following information for June. Cost of materials placed in production Direct labor Factory overhead Work in process inventory, June 1 Work in process inventory, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 What is the cost of goods sold? a. $78,700 b. $83,400 Oc. $78,400 Od. $79,000 $45,000 20,000 14,000 2,900 3,500 5,000 4,700 k

Ralph's Cafe has the following information for June. Cost of materials placed in production Direct labor Factory overhead Work in process inventory, June 1 Work in process inventory, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 What is the cost of goods sold? a. $78,700 b. $83,400 Oc. $78,400 Od. $79,000 $45,000 20,000 14,000 2,900 3,500 5,000 4,700 k

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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Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, June 1 Work in process inventory, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 a. For June, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Woodfall Company Statement of Cost of Goods Manufactured Costs Type Work in process inventory, June 1 Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in June Total manufacturing costs Work in process inventory, June 30 Cost of goods manufactured ✓ $260,000 340,000 182,300 70,200 74,000 33,300 44,100 ✓ Amount $ Amount 260,000 X
Job cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,400 February Not sold AA4 4,840 January February AA5 3,230 February March ААЗ 3,408 $2,321 April Not sold Total $7,440 $8,038 $2,321 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work in Finished Process Goods COGS January $ February $ March
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1. Answer the following questions by analysing the T-accounts given below, www Materials Inventory Work in Process Inventory $ 18,000 360,000 Ending balance $ 14,000 Beg. balance Beg. balance $ 20,000 230,000 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $225,000 $ 98,000 $230,000 Ending balance $ 5,000 Beg. balance Ending balance $110,000 Manufacturing Overhead Cost of Goods Sold $400,000 $400,000 a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead…
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