The following data were taken from the records of Joey Company for the mon of July : Ассoиnts July 1 July 31 Inventories: P50,000 95,000 78,000 Raw materials P80,000 60,000 Work in process Finished goods Raw materials purchases Factory overhead, 75% of DL costs Operating expenses, 12.5% of sales Net income for July rewollo P46,000 63,000 25,000 sy of budid 25,000 oovo arbnom bstids 4. The raw materials inventory on July 1 is

The following data were taken from the records of Joey Company for the mon of July : Ассoиnts July 1 July 31 Inventories: P50,000 95,000 78,000 Raw materials P80,000 60,000 Work in process Finished goods Raw materials purchases Factory overhead, 75% of DL costs Operating expenses, 12.5% of sales Net income for July rewollo P46,000 63,000 25,000 sy of budid 25,000 oovo arbnom bstids 4. The raw materials inventory on July 1 is

Name: The following data were taken from the records of Joey Company for th
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Description: The following data were taken from the records of Joey Company for the monthof July :July 1July 31АcсountsInventories:Raw materialsP50,00095,00078,000?P80,00060,000Work inprocessFinished goodsRaw materials purchasesFactory overhead, 75% of DL costsO

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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Question: The accounting records of Dolphin Company revealed the following information: Total manufacturing costs $780,000 Work-in-process inventory, Jan. 1 81,000 Work-in-process inventory, Dec. 31 103,000 Finished goods inventory, Jan. 1 171,000 148,000 Finished goods inventory, Dec. 31 What is Dolphin's cost of goods sold?
answer letter k to o.
COGS?
Selected account balances and transactions of Titan Foundry, Inc. follow: Beginning Bal May 1 Ending Bal May 31 $ 6,000 $ 5,500 900 Raw materials Factory supplies Work in process Finished goods 800 6,500 13,200 3,500 12,000 May transactions: a. Purchased raw materials and factory supplies on account at costs of $45,000 and $10,000, respectively. (One inventory account is maintained.) b. Incurred wages during the month of $65,000 ($15,000 was for indirect labor.) c. Incurred factory overhead costs in the amount of $42,000 on account. d. Made adjusting entries to record $10,000 of factory overhead for items such as depreciation (credit Various Credits). Factory overhead was closed to Work in Process. Completed jobs were transferred to Finished Goods, and the cost of jobs sold was charged to Cost of Goods Sold. Required: Prepare Statement of Cost of Goods Manufactured and Cost of Goods Sold
Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 Raw materials $29,500 $38,000 Finished Goods $79,000 $74,000 Work in Process $17,500 $17,116 During May, $62,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 380 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,450 of direct materials cost. The Corporation incurred $43,200 of actual manufacturing overhead cost during the month and applied $42,000 in manufacturing overhead cost. The amount of direct labor cost in the May 30 Work in Process inventory was: Multiple Choice $4,296 $5,370 $4,990 $9,666
SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:
The following information was collected from Balatas Hercules' accounting records for the year that ends on December 31, 20XX: Jan/1/20XX 31/Dec/20XX Inventory of raw materials $98000 $84000 Inventory of products-in-process $56000 $97000 Finished product inventory $42000 $105000 Direct labor: $370000 Income taxes: $301700 Indirect labor: $235140 Sales commissions: $250000 Purchases of raw materials: $842350 Factory Utilities: $152000 Advertising expenses: $68000 Factory depreciation: $521400 Factory equipment maintenance: $70120 Balatas Hercules uses a normal costing system. In the current period, Overhead costs were applied to products at a rate of $3 for each $ loaded with direct labor. The data are presented for the purpose of calculating the following information: a) Statement of cost of production and sales for 20XX. b) Difference between the Real Overhead Costs and the applied Overhead Costs, determining if there is an under or overapplication
The following data refers to the most recent fiscal year for Sterritt Company. Amounts are in thousands of dollars. ($000) $ 4,800 5,250 3,170 225 233 585 510 334 700 7,050 71 Cost of goods manufactured for the year Cost of goods sold Direct labor Direct materials inventory, July 1 Direct materials inventory, June 30 Direct material purchases Finished goods inventory, July 1 Finished goods inventory, June 30 Manufacturing overhead Sales revenue Work-in-process inventory, June 30 Required: Find the following amounts. Note: Enter your answers in thousands. a. Direct materials used for the year b. Gross margin for the year c. Total manufacturing costs for the year d. Work-in-process inventory, July 1
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 24,500 Work-in-process inventory 32,800 29,100 Finished goods inventory 5,800 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement.
Give true calculation
National Co. has the following data for the month of February Inventories: February 1 February 28 Rawmaterial Work in process Finished goods P28,000 9,000 27,000 P15,000 6,000 36,000 Additional information for February: Rawmaterial purchased Direct labor payroll Direct labor rate perhour Overhead rate per dired labor hour P45,000 30,000 7.50 10.00
Cost per FIFO EUP In October, Pedraza Corp.'s production was 96,480 equivalent units for direct material, 87,840 equivalent units for direct labor, and 75,600 equivalent units for overhead. During October, direct material, conversion, and overhead costs incurred were as follows: Direct material $285,638 Conversion Overhead 303,437 153,360 Beginning WIP Inventory costs for October were $47,218 for direct material, $35,107 for direct labor, and $37,152 for overhead. The company had 12,960 EUP for direct material in October's beginning WIP Inventory, 14,400 EUP for direct labor, and 12,672 EUP for overhead. What was the October FIFO cost per EUP for direct material, direct labor, and overhead? Note: Round your answers to two decimal places. DM cost per EU S DL cost per EUS OH cost per EU S