FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Note: Assume all raw materials were used as direct materials. Beginning of Year Inventories Raw materials inventory Work in process inventory Finished goods inventory. Activity during current year Raw materials purchased Direct labor Factory overhead End of Year $ 6,000 12,000 8,000 $ 7,000 9,000 5,000 $ 123,000 94,000 39,000 Factory overhead of $39,000 consists of Indirect labor of $20,000, Depreciation expense-Factory of $15,000, and Factory utilities of $4,000. a. Compute total manufacturing costs. b. Prepare a schedule of cost of goods manufactured. Complete this question by entering your answers in the tabs below. Required A Required B Compute total manufacturing costs. Total manufacturing costs $ 0arrow_forwardReguired information [The following information applies to the questions clisplayed below.] Warnerwoods Company uses a perlodic Inventory system. It entered Into the following purchases and sales transactions for March. Units Acquired at Cost 178 units e $6e per unit 470 units e $65 per unit Date Activities Units Sold at Retail Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase 490 units e $95 per unit 260 units e $7e per unit 340 units e $72 per unit Mar. 25 Purchase Mar. 29 Sales 300 units e $1e5 per unit Totals 1,240 units 790 units For specific Identification, the March 9 sale consisted of 90 units from beginning Inventory and 400 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 190 units from the March 25 purchase. 3. Compute the cost assigned to ending Inventory using (a) FIFO. (b) LIFO. (C) weighted average, and (d) specific Identification. (Round your average cost per unit to 2 decimal places.) a)…arrow_forwardTrying to figure out how to calculate manufacturer compute cost of goods manufactured and cost of goodssoldarrow_forward
- The plant manager's salary * Product Cost Period Costarrow_forward9. The entry to record a transfer of direct materials for use in production would include a debit to which account? O finished goods inventory O materials inventory O work-in-process inventory O cost of goods manufacturedarrow_forwardWhich one of the following appear on the balance sheet of a manufacturing company? * Finished goods inventory and Cost of Goods Manufactured Raw materials inventory and Cost of Goods Sold Finished Goods Inventory and Work in Process Inventory None of the abovearrow_forward
- The object of the manufacturing account it ? reached to cost of goods sold. prime cost. cost of raw material purchased. cost of goods manufactured no onearrow_forwardDuring the accounting period, Work in Process Inventory will be debited for Sales Salaries Work sent to Completed Goods DirectLabor Costsarrow_forward18. Director's remuneration and expenses is part of ________ a. Distribution overhead b. Production overhead c. Selling overhead d. Administration overheadarrow_forward
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