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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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![The following data refer to the month of May for Bonita Components. Fill in the blanks.
Direct materials inventory, May 1
Direct materials inventory, May 31
Work-in-process inventory, May 1
Work-in-process inventory, May 31
Finished goods inventory, May 1
Finished goods inventory. May 31
Purchases of direct materials
Cost of goods manufactured during the month
Total manufacturing costs
Cost of goods sold
Gross margin
Direct labor
Direct materials used
Manufacturing overhead
Sales revenue
3,900
4,000
5,200
2,800
500
25,000
87,000
89,300
22,000
20,500
108,000](https://content.bartleby.com/qna-images/question/9e14e833-b473-4144-adde-e217b311654e/e27be79e-0b35-4d0b-ac44-c176e90330d0/uf48e7_thumbnail.png)
Transcribed Image Text:The following data refer to the month of May for Bonita Components. Fill in the blanks.
Direct materials inventory, May 1
Direct materials inventory, May 31
Work-in-process inventory, May 1
Work-in-process inventory, May 31
Finished goods inventory, May 1
Finished goods inventory. May 31
Purchases of direct materials
Cost of goods manufactured during the month
Total manufacturing costs
Cost of goods sold
Gross margin
Direct labor
Direct materials used
Manufacturing overhead
Sales revenue
3,900
4,000
5,200
2,800
500
25,000
87,000
89,300
22,000
20,500
108,000
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- Zoe Corporation has the following information for the month of March. Cost of direct materials used in production $15,231 Direct labor 28,865 Factory overhead 38,485 Work in process inventory, March 1 23,820 Work in process inventory, March 31 20,127 Finished goods inventory, March 1 21,652 Finished goods inventory, March 31 27,344 a. Determine the cost of goods manufactured.$fill in the blank 1 b. Determine the cost of goods sold.$fill in the blank 2arrow_forwardAn analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.arrow_forwardZoe Corporation has the following information for the month of March: Cost of direct materials used in production $16,307 Direct labor 24,952 Factory overhead 31,690 Work in process inventory, March 1 15,426 Work in process inventory, March 31 19,882 Finished goods inventory, March 1 23,292 Finished goods inventory, March 31 28,467 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold. %24 %24arrow_forward
- Kris GmbH has provided the following information regarding their inventories: Total Manufacturing Costs: $781,227 Work-in-Process inventory, Jan 1: $52,821 Work-in-Process inventory, Dec 31: $70,682 Finished Goods inventory, Jan 1: $176,432 Finished Goods inventory, Dec 31: $146,452 What is Cost of Goods Sold for the year?arrow_forwardZoe Corporation has the following information for the month of March. Cost of materials used in production $15,122 Direct labor 28,511 Factory overhead 39,743 Work in process inventory, March 1 23,504 Work in process inventory, March 31 21,362 Finished goods inventory, March 1 21,380 Finished goods inventory, March 31 22,037 a. Determine the cost of goods manufactured.$fill in the blank 1 b. Determine the cost of goods sold.$fill in the blank 2arrow_forwardThe accountant at Roland Industries provides you with the following information for the first quarter: Direct labor costs $ 232,000 Direct materials inventory, January 1 23,700 Direct materials inventory, March 31 20,100 Direct materials purchased during the quarter 301,500 Finished goods inventory, January 1 64,000 Finished goods inventory, March 31 83,400 Manufacturing overhead for the quarter 323,000 Work-in-process inventory, January 1 14,700 Work-in-process inventory, March 31 11,900 Required: a. Compute the following. Total prime cost Total conversion cost Total manufaturing costs Cost of goods manufatured Cost of goods soldarrow_forward
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