Answer. SODUROSSEBravo Wire Enterprises is a manufacturer of electrical conductors. The following incomplete subsidiary ledger is for wire cable during July:a. Complete the materials issuances and balances for the wire cable subsidiary ledger. Assume a first-in, first-out cost flow.ReceivedReceivingIssuedMaterialsReportNumberReceivedReceivedQuantity Unit PriceRequisitionNumberIssuedIssuedBalanceBalanceBalanceQuantityAmountDateQuantityAmountJuly 1125$750309200$7.00July 57401240July 10422400$8.00July 207639b. Determine the balance of wire cable at the end of July.325July 26c. Determine the total amount of materials transferred to Work in Process for July.100BalanceUnit Price$ 6.00000000

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Answered: SODUROSSE Bravo Wire Enterprises is a…

Managerial Accounting

15th Edition

ISBN:9781337912020

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

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

Chapter4: Activity-based Costing

Section: Chapter Questions

Problem 19E

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Similar questions

Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement The following data from the just completed year are taken from the accounting records of Mason Company: Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.
Statement of cost of goods manufactured for a manufacturing companyCost data for Disksan Manufacturing Company for the month endedJanuary 31 are as attached: a. Prepare a cost of goods manufactured statement for January.b. Determine the cost of goods sold for January.
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials isuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 260 $8 $2,080 25 $10 260 V 2,080 V 180 May 4 180 V 10 V 1,800 103 290 May 10 10 V 31 120 12 May 21 10 V 12 V 116 170 May 27 12 Feedback V Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. b. Determine the materials inventory balance at the end of May. Feedback V Check My Work b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.
Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of Kenton Company 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 that the company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare an income statement.
Answer the following questions by analysing the T-accounts given below. 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 assigned to production
Accounting records for The Ralston Company show the following for the most recent fiscal year. Units produced and sold Total revenues and costs Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead Variable marketing and administrative costs Fixed marketing and administrative costs Required: a. Prepare a gross margin Income statement. b. Prepare a contribution margin Income statement. Required A Required B Complete this question by entering your answers in the tabs below. Prepare a gross margin income statement. Gross Margin Income Statement 59,500
c) Having carried out the allocation and apportionment process of its operations, the management accountant of Flowers Ltd is left with the reapportionments to carry out. The data below represent the current state of the overhead distribution summary and the additional detail that is needed to answer the question that follows. Flower Ltd overhead distribution summary Production department T M Amount in Amount in Kes Kes 25,000 20,000 Total b/d Reapportionment percentages A (%) B (%) Required Production department M T 30 20 20 25 F Amount in Kes 30,000 F 25 30 i. The repeated distribution method ii. Algebraic method Service department A Amount in Kes 10,000 Service department A - B Amount in Kes 20,000 25 B 25 a) Reapportion the service department overheads into the production departments on the basis of each of the following:
The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
The following data are taken from the general ledger and other records of Coral Park Production Co. on January 31, the end of the first month of operations in the current fiscal year: a. Prepare a statement of cost of goods manufactured. b. Prepare the cost of goods sold section of the income statement.
Boriales Company provided the following transactions relating to its raw materials inventory during the month of September Sept Particulars Quantity Unit Cost (P) Total (P) Beginning Balance Received from Supplier Issued for production Received from supplier Issued for production Received from production Returned.to supplier (from those received on Sept 21") Issued for production Returned to storeroom (from those issued on Sept 18) Issued to production Received from supplier 300 12 3. 200 13 9. 150 16 300 14 18 350 21 300 15 22 30 23 400 24 20 26 50 28 200 16 Requirement 1. Determine the value of ending inventory and materials used under First In First Out (FIFO Method) 2. Determine the value of ending inventory and materials used under Moving Average Method *use the following heading in an Stock Ledger Card for FIFO Method and Moving Average Method Received Issued Balance Date PR Qty Unit Amount MR Qty Unit Amount Qty Unit Amount No. Cost No Cost cost
Sandar Company is highly automated and uses computers to control manufacturing operations. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of computer-hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year: Computer-hours Fixed manufacturing overhead cost Variable manufacturing overhead per computer-hour 90,000 $1,278,000 $5.30 During the year, a severe economic recession resulted in cutting back production and a buildup of inventory in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year ended 31 December 2019: Computer-hours 85,000 Purchase of raw materials $7,890,000 Direct labor cost $1,722,000 Manufacturing overhead costs: Insurance, factory ... $ 88,000 Depreciation of equipment 170,000 Indirect material . Indirect labor . 12,000 327,000 Property taxes 85,000 Maintenance. 630,000 Rent, building…
a. Show labor and overhead cost flows through T-accounts. b. Prepare an income statement for the company for August.

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