Selected information regarding a company's most recent quarter follows (all data in thousands). Beginning work in process inventory Cost of goods manufactured Direct materials used Direct labor Ending work in process inventory What was manufacturing overhead for the quarter? O A $210 OB. $220 OC. $470 O D. $740 $270 $680 $210 $190 $210

Selected information regarding a company's most recent quarter follows (all data in thousands). Beginning work in process inventory Cost of goods manufactured Direct materials used Direct labor Ending work in process inventory What was manufacturing overhead for the quarter? O A $210 OB. $220 OC. $470 O D. $740 $270 $680 $210 $190 $210

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 15E: Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the...

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Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000
Use the following information for Exercises 2-47 through 2-49. Jasper Company provided the following information for last year: Last year, beginning and ending inventories of work in process and finished goods equaled zero. Exercise 2-49 Income Statement Refer to the information for Jasper Company on the previous page. Required: 1. Prepare an income statement for Jasper for last year. Calculate the percentage of sales for each line item on the income statement. (Note: Round percentages to the nearest tenth of a percent.) 2. CONCEPTUAL CONNECTION Briefly explain how a manager could use the income statement created for Requirement 1 to better control costs.
Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
View Policies Current Attempt in Progress The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending (a) Direct materials used in production eTextbook and Media $600,000 Save for Later 350,000 120,000 60,000 20,000 25,000 47,000 32,000 Compute the cost of direct materials moved into production during the period. 75,000 82,000 Attempts: 0 of 4 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
Selected information regarding a company's most recent quarter follows (all data in thousands). Beginning work in process inventory Cost of goods manufactured Direct materials used Direct labor Ending work in process inventory What was manufacturing overhead for the quarter? OA. $180 B. $500 C. $150 D. $780 $280 $650 $220 $120 $150
Selected information regarding a company's most recent quarter follows (all data in thousands). Direct labor $580 Beginning work in process inventory $320 Ending work in process inventory $340 Cost of goods manufactured $1560 Manufacturing overhead $870 What was the cost of direct materials used for the quarter? Question 30 options: $870 $530 $130 $1540
Please show working Part 1 of the question, see images Part 2 of the question, Assuming that the July 1 work in process inventory includes $256,410 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between June and July. If required, round your answers to two decimal places. Increase or Decrease Amount Change in direct materials cost per equivalent unit $ Change in conversion cost per equivalent unit $
Question 1 The following data (in thousands of dollars) have been taken from the accounting records of Larner Corporation for the year just completed: $ Sales Purchase of raw materials Direct labour Manufacturing overhead Administrative expenses Selling expenses Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work-in-process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending 860 150 110 210 130 180 40 80 20 80 80 150 Required: (a) Prepare a schedule of cost of goods manufactured in good form. (b) Compute the cost of goods sold. (c) Using data from your answers above as needed, prepare an income statement in good form.
16. Work in Process inventory, Feb. 28 1. 20 Summarized data for jobs worked on during 20. Cost of Goods Sold for February O a. P1.500 О а. Рб,500 COSTS INCURRED O b. P19,900 O b. P7,500 JOBS January February March O. P7,500 O. P20,000 A P5,000 O d. P15,300 O d. P7.000 В 3,000 2,500 17. Finished Goods inventory, Feb. 28 D 1,500 4,000 3,500 O a. P7,500 F 5,800 6,500 о b. Р3,000 G 9,600 3,800 O. P7,000 4,500 4,200 O d. P5,500 3,000 7,000 18. Finished Goods inventory, March 31 O a. P7,000 Jobs Completed Jobs Sold January А В A, C O b. P7,500 February DE B О с. Р5,500 March GH J GH O d. P3,000 Work in Process inventory, Jan. 31 19. Cost of Goods Sold for January O a. P15,300 O a. P7.000 O b. P7,500 O b. P7,500 O. P1,500 O. P20,000 O d. P19,900 O d. P10,500
Company X reported the following: Beginning work in process inventory Ending work in process inventory Cost of direct materials used during the period Cost of Goods Sold Total actual labor hours during year Predetermined Manufacturing Overhead Rate (based on labor hours) $300 Labor hour pay rate $700 Total estimated labor hours at beginning of year 10 $95 $95 23 $30 per labor hour $11 per labor hour What was the company's cost of goods manufactured?
Raw materials inventory, ending Purchases of raw materials Direct labor Manufacturing overhead Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $10 $110 $210 $220 $80 $20 $140 $150 Required: Answer the following questions (Show your computations) 1. Calculate the cost of the raw materials used in production during the year (in thousands of dollars) 2.Calculate the cost of goods manufactured (finished) for the year (in thousands of dollars) 3.Calculate the cost of goods sold for the year (in thousands of dollars)