The following accounts are from last year's books of Sharp Manufacturing: Raw Materials Work In Process Debit Balance (a) Credit Debit (b) 158,000 174,000 Balance (b) 16,000 (c) (e) Credit e (f) 526,000 134,000 172,000 220,000 e Finished Goods Manufacturing Overhead Debit Credit Debit Credit Balance (f) e (g) 526,000 46,000 480,000 (b) (c) 24,000 (e) 220,000 28,000 (d) 160,000 8,000 Cost of Goods Sold Debit Credit (g) 480,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of direct materials used for the year? Multiple Choice $174,000 $134,000 $158,000 $172,000

The following accounts are from last year's books of Sharp Manufacturing: Raw Materials Work In Process Debit Balance (a) Credit Debit (b) 158,000 174,000 Balance (b) 16,000 (c) (e) Credit e (f) 526,000 134,000 172,000 220,000 e Finished Goods Manufacturing Overhead Debit Credit Debit Credit Balance (f) e (g) 526,000 46,000 480,000 (b) (c) 24,000 (e) 220,000 28,000 (d) 160,000 8,000 Cost of Goods Sold Debit Credit (g) 480,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of direct materials used for the year? Multiple Choice $174,000 $134,000 $158,000 $172,000

Name: The following accounts are from last year's books of Sharp Manufactur
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Description: The following accounts are from last year's books of Sharp Manufacturing:Raw MaterialsWork In ProcessDebitCreditDebitCreditBalance(a)0 (b)174,00016,000158,000 Balancee (f)526,000(b)134,000(c)172,000(e)220,0000Finished GoodsManufacturing OverheadDebi

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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At the beginning of the year, Barrington Manufacturing had the following account balances: Work-in-Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 The following additional details are provided for the year: Direct materials placed in production $80,000 Direct labor incurred 190,000 Manufacturing overhead incurred 300,000 Manufacturing overhead allocated to production 295,000 Cost of jobs completed 500,000 Write the journal entries and calculate the ending balances (you may use T accounts) for Work-in-Process Inventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjusted).
B. Followings are the account records for Yan Min Factory Sdn Bhd for the year ended 31 December 2021. RMInventory 1 Jan 2021: Raw materials 125,400 Work In Process 131,100 Finished Goods 123,260Purchases of direct raw materials 191,535Purchases of indirect raw materials 58,000Direct labour 184,208Salaries expenses – Administration office 133,419Rent expenses 15,200Utilities expenses – Administration office 14,420Depreciation expenses – Machine (Factory) 10,200Depreciation expenses – Machine (Office) 5,200Sales revenue 818,622Fossil fuel expenses - Factory 8,120 Additional information:1. 3/4 of the rent expenses is for factory while the remaining balance is allocated to administration office. 2. Inventories as at 31 Disember 2021 is as follows:Raw materials : RM120,800Work in process : RM124,600Finished goods : RM128,840REQUIRED:1. Prepare Statement of Goods Manufactured for Yan Min Factory Sdn Bhd…
The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Реpper Company $ 16,450 Company $ 12,000 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment 14,500 7,250 27,000 19,000 17,650 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 43,000 10,860 1,500 52,000 46,000 290,010 15,700 19,450 Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses 22,000 5,300 9,000 21,000 9,450 Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales 4,780 33,000 50,000 195,030 20,000 13,200 Cash Accounts receivable, net 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the table to calculate the cost of goods sold for both…
Selected T-accounts of Moore Company are given below for the just completed year: Balance 1/1 Debits Balance 12/31 Debits Debit Debits Debit Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Debits Debit Debit Debit Balance 1/1 Debits Balance 12/31 Debit Raw Materials 15,000 Credits 120,000 25,000 Manufacturing Overhead 230,000 Credits Work in Process 20,000 Credits 90,000 150,000 240,000 ? Factory Wages Payable 185,000 Balance 1/1 Credits Finished Goods 40,000 Credits ? Credit 60,000 Cost of Goods Sold Credit Balance 12/31 Credit Credit Credit Credit ? ? 470,000 9,000 180,000 4,000 ? Required: 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost is indirect labor?
Davis Manufacturing Company had the following data: January 1 December 31 Accounts receivable $27,000 $33,000 Materials inventory 22,500 6,000 Work in process inventory 70,200 48,000 Finished goods inventory 3,000 15,000 Collections on account were $625,000. Cost of goods sold was 68% of sales. Direct materials purchased amounted to $90,000. Factory overhead was 300% of the cost of direct labor. a. Compute sales revenue (all sales were on account). b. Compute cost of goods sold. c. Compute cost of goods manufactured. d. Compute direct materials used. $ e. Compute direct labor incurred. $ f. Compute factory overhead incurred.
. Iron Sheets Company had the following information for the month of June 2021. Sales Purchases Sales and administrative expenses V Factory overhead V Direct labor Shs. 257,000 92.000 79,000 37,000 25.000 Work in process, June 1 22,000 Work in process, June 30 Raw Material inventory, June 1 Raw Material inventory, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 18.500 6.000 8,000 21,000 25,000 Prepare the following: A manufacturing account An income statement for the month ended June 30, 2021 The inventory section of the statement of financial statement.
Charlie Corporation provided the following account balances for the year ended December 31:Selling expenses, P215,000Purchases of raw materials, P260,000Administrative expenses, P160,000Direct labor, P?Manufacturing overhead, P240,000Inventory balances at the beginning of the year were as follows:Raw materials, P50,000Work in process, P33,000Finished goods, P30,000The total manufacturing costs for the year were P675,000, where overhead is applied at 120% of direct labor cost; cost of goods available for sale totaled P720,000; cost of goods sold amount to P665,000.How much are the ending balances of raw materials, work in process, and finished goods inventory? RM Inventory, end – P75,000 ; WIP inventory, end – P15,000 ; FG inventory end – P25,000 RM Inventory, end – P75,000 ; WIP inventory, end – P18,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end – P15,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end –…
answer letter f to j.
1. The following account balances and other information for Daiso Company pertain December operations: Accounts Balances December 31 P120,000 December 1 P140,000 100,000 20,000 Finished goods Work in process Direct Materials Accounts Payable Accrued Payroll Accumulated dep.-factory equipment 50,000 30,000 40,000 80,000 20,000 160,000 Other information: a. Direct materials purchased on account during December, P100,000. b. Daiso Company apples factory overhead at predetemined rate of P6 per direct labor hour. C. During December, direct labor employees worked 25,000 hours at a rate of P8 per direct labor hour. d. Jobs 12001, 12002 and 12003 were still in process at the end of December. A total of P 5,000 direct materials has been charged to these three jobs. To date, 5,000 direct labor hours have been worked on these jobs. e. The accrued payroll account is used for factory employees only. Assuming no payrol deductions, paymentto factory employees during the month totaled P 280,000. f.…
! Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. $ 2,850,000 118,000 153,000 199,000 543,000 652,000 98,000 78,000 156,000 250,000 400,000 142,000 Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,472,000. Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods…
The WIP account given below relates to the activities of Jones Ltd for the month of April: WIP Inventory A/C Debit side : April1 Bal $15,000, Direct Material Used 123,000, Direct Labour Incurred ??, Manufacturing Overhead Applied ??, Credit Side: Finished Goods ??, Additional data: Manufacturing Labour Costs incurred..$163,500 (75% represents direct labour), Manufacturing Overhead Rate....120% of direct labour cost, Actual Manufacturing Overhead Costs for April...$165,150 Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a mark-up of 50% on cost. After these transactions have been recorded, the balance in Cost of Goods sold account (after adjusting ffor the MOH variace )is: a. 288,000 b. 306,000 c. 270,000 d. 432,000