Sales $ 659,000 Direct labor cost $ 88,000 Raw material purchases $139,000 Selling expenses $ 108,000 Administrative expenses $ 42,000 Manufacturing overhead applied to work in process $223,000 Actual manufacturing overhead costs $201,000 Inventories Beginning Ending Raw materials $ 8,400 $ 10, 500 Work in process $ 5,500 $ 20,800 Finished goods $ 77,000 $ 25,700 Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare an income statement.

Sales $ 659,000 Direct labor cost $ 88,000 Raw material purchases $139,000 Selling expenses $ 108,000 Administrative expenses $ 42,000 Manufacturing overhead applied to work in process $223,000 Actual manufacturing overhead costs $201,000 Inventories Beginning Ending Raw materials $ 8,400 $ 10, 500 Work in process $ 5,500 $ 20,800 Finished goods $ 77,000 $ 25,700 Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare an income statement.

Name: Sales $ 659,000 Direct labor cost $ 88,000 Raw material purchases $ 1
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Description: Sales $ 659,000 Direct labor cost $ 88,000 Raw material purchases $ 139,000 Selling expenses $ 108,000 Administrativeexpenses $ 42,000 Manufacturing overhead applied to work in process $ 223,000 Actual manufacturing overhead costs$201,000 Inventorie

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
Baxter Company has two processing departments: Assembly and Finishing. A predetermined overhead rate of 10 per DLH is used to assign overhead to production. The company experienced the following operating activity for April: a. Materials issued to Assembly, 24,000 b. Direct labor cost: Assembly, 500 hours at 9.20 per hour; Finishing, 400 hours at 8 per hour c. Overhead applied to production d. Goods transferred to Finishing, 32,500 e. Goods transferred to finished goods warehouse, 20,500 f. Actual overhead incurred, 10,000 Required: 1. Prepare the required journal entries for the preceding transactions. 2. Assuming Assembly and Finishing have no beginning work-in-process inventories, determine the cost of each departments ending work-in-process inventories.
A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?
A production department within a company received materials of $10,000 and conversion costs of $10,000 from the prior department. It added material of $27,200 and conversion costs of $53,000. The equivalent units are 20,000 for material and 18,000 for conversion. What is the unit cost for materials and conversion?
Purchases of raw materials $ 32,000 Indirect materials used in production $ 4,840 Direct labor $ 59,200 Manufacturing overhead applied to work in process $ 87,600 Underapplied overhead $ 4,190 Inventories Beginning Ending Raw materials $ 10,400 $ 18,700 Work in process $ 54,600 $ 69,400 Finished goods $ 33,800 $ 43,700 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Do not give answer in image
ssume the following information: Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 394,500 686,100 Total cost $ 301,600 $ 409,500 $ 711,100 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department?
Assume the following information from a schedule of cost of goods manufactured: Beginning work in process inventory $ 30,000Direct materials used in production $ 50,000Direct labor $ 60,000Total manufacturing costs to account for $ 207,000Ending work in process inventory $ 72,000 What is the manufacturing overhead applied to work in process?
In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct materials $111,600 $30,000 $17,200 Direct labor 8,000 13,600 11,600 Applied overhead 8,400 60,400 11,200 Transferred-in cost: From Molding 128,000 From Grinding 232,000 Total cost $128,000 $232,000 $272,000 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. 2. CONCEPTUAL CONNECTION: Explain how the journal entries differ from a job-order cost system. CHART OF ACCOUNTS Davis Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 130 Raw Materials 142 Work in Process-Grinding 143 Work in Process-Molding 144 Work in Process-Finishing 150 Overhead Control 160 Finished Goods 180 Accumulated Depreciation LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Utilities Payable 240 Lease Payable 250 Other Payables EQUITY 310 Common Stock 320 Retained…
Suzanne Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categories-direct materials and direct manufacturing labor-and one indirect-cost pool, manufacturing overhead costs. View the manufacturing overhead costs information for 2020. Begin by calculating the budgeted indirect cost rate. Identify the formula and then calculate the rate. (Assume the cost allocation base is direct labor hours.) Budgeted indirect cost rate 28 Budgeted manufacturing overhead costs $ 784,000 $ Actual indirect costs incurred 1,134,000 The manufacturing overhead allocated during the year is $ Identify the formula and calculate the underallocated or overallocated manufacturing overhead. (Use parentheses or a minus sign to report overhead overallocated.) Underallocated (overallocated) indirect costs 378,000 Account Work-in-process control Finished goods control Cost of goods sold Total Account Balance (Before Proration) $ $ $ $ Budgeted labor hours…
Activity Cost Activity Base Procurement $370,000 Number of purchase orders Scheduling 250,000 Number of production orders Materials handling Product development 730,000 500,000 Number of moves Number of engineering changes Production 1,500,000 Machine hours Number of Number of Number Number of Number Purchase Production of Engineering Machine of Orders Orders Moves Changes Hours Units Disk drives 4,000 300 1,400 10 2,000 2,000 Tape drives 4,000 150 800 10 8,000 4,000 Wire drives 12,000 800 4,000 25 10,000 2,500 The activity rate for the scheduling activity cost pool is a.$29.41 per production order b.$200.00 per production order c.$20.00 per production order d.$10.42 per production order
Here is selected data for Betty Boo Corporation: Cost of raw material purchased $77,900 Cost of requisitioned direct materials $43,600 Cost of requisitioned indirect materials $3900 Direct labor $80,100 Manufacturing overhead incurred $100,400 Cost of goods completed $233,900 Cost of goods sold $142,500 Beginning raw materials inventory $17,400 Beginning work in process inventory $32,500 Beginning finished goods inventory $35,200 Manufacturing overhead allocation rate (based on direct labor) 130% The journal entry to transfer completed goods to the finished goods inventory account would include a Question 38 options: debit to Finished Goods Inventory account for $238,100. debit to Finished Goods account for $233,900. debit to Work-in-Process Inventory account for $233,900. credit to Work-in-Process Inventory account for $238,100.