The following information was taken from Cristine Company's accounting records for thecurrent year:Decrease in raw materials inventoryP500,000Increase in goods in process inventory800,000Decrease in finished goods inventory1,000,000Direct materials purchased20,000,000Direct labor payroll5,000,000Factory overhead4,000,000Freight out1,500,000Freight in2,300,000The cost of goods sold is

The following information was taken from Cristine Company's accounting records for the current year: Decrease in raw materials inventory P500,000 Increase in goods in process inventory Decrease in finished goods inventory 800,000 1,000,000 Direct materials purchased 20,000,000 Direct labor payroll 5,000,000 Factory overhead 4,000,000 Freight out 1,500,000 Freight in 2,300,000 The cost of goods sold is

The following information was taken from Cristine Company's accounting records for the current year: Decrease in raw materials inventory P500,000 Increase in goods in process inventory Decrease in finished goods inventory 800,000 1,000,000 Direct materials purchased 20,000,000 Direct labor payroll 5,000,000 Factory overhead 4,000,000 Freight out 1,500,000 Freight in 2,300,000 The cost of goods sold is

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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Raw materials inventory Work in process inventory Finished goods inventory. Purchases of direct materials Direct labor.. Indirect labor. Beginning of Year End of Year $ 23,000 $25,000 $ 35,000 $31,000 $ 20,000 $ 22,000 $ 74,000 $ 86,000 $ 42,000 Insurance on plant Depreciation-plant building and equipment Repairs and maintenance-plant Marketing expenses General and administrative expenses End of Year $ 11,500 $ 13,400 $ 3,700 $ 77,000 $ 28,500
GIGRIC314 company provided the following data for the end of the year (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses $211,000 $257,000 $ 20,000 $153,000 Manufacturing overhead applied to work in process $365,000 $342,000 Actual manufacturing overhead cost GIGRIC314's inventory balances at the beginning and end of the year were as follows: ID#18929) Beginning End of of Year Year Raw materials Work in process Finished goods $ 60,000 $ 25,000 $ 38,000 $ 33,000 $ 44,000 For the year, the cost of goods available for sale was $718,000 and the net operating income as reported in its income statement income was $44,000. The GIGRIC314 company's underapplied or overapplied overhead was closed to Cost of Goods Sold. Q.) How much was the GIGRIC314 company's sales revenue for the year? Multinle Choice Next > < Prev 21 of 25 MacBook Air %24
Sun Inc. has provided the following information: $ 60,000 55,000 Beginning Work-in-Process Inventory Beginning Raw Materials Inventory Purchases and Freight In of Raw Materials Ending Raw Materials Inventory 315,000 80,000 Direct Labor 70,000 Depreciation-Plant and Equipment Plant Utilities, Insurance, and Property Taxes 25,000 15,500 Ending Work-in-Process Inventory Selling and distribution overhead 23,000 40,000 Calculate the cost of goods manufactured. a) $412,500 b) $437,500 c) $477,500 d) $422,000
Brooks Corp. has the following information: Beginning Inventory (1/1) $20,000 $15,000 $30,000 Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows: Direct materials purchases Direct labor Manufacturing overhead actual Manufacturing overhead applied Compute the cost of goods manufactured. O $235,000 O $245,000 O $242,000 Ending Inventory (12/31) $30,000 $18,000 $20,000 $255,000 $100,000 $75,000 $90,000 $80,000
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Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?
Question 38?
The following information were taken from the accounting records of BLUE Corporation for the year ended December 31, 2021: Decrease in finished goods inventory - 700,250; Increase in raw materials inventory - 368,000; Freight out - 520,000; Factory overhead - 6,000,000; Direct labor - 4,000,000: Raw materials purchased - 8,600,000; Freight in - 842,100. There was no work in process inventory at the beginning or at the end of the year WHAT IS THE COST OF GOODS SOLD
The following information was taken from H Company's accounting records for the year December 31, 2008: Increase in raw materials inventory P 15,000 Decrease in finished goods inventory 35.000 Raw materials purchased O 430.000 Direct labor cost 200.000 Factory overhead control 260.000 Freight-in 45.000 There was no work in process inventory at the beginning or end of the year. H's 2008 cost of goods sold is if FOH is applied at 140% of labor costs:
1. The following information was taken from H Company's accounting records for the year December 31, 2008: Increase in raw materials inventory P 15,000 Decrease in finished goods inventory 35,000 Raw materials purchased 430,000 Direct labor cost 200,000 Factory overhead control 260,000 Freight-in 45,000 There was no work in process inventory at the beginning or end of the year. H's 2008 cost of goods sold is if FOH is applied at 140% of labor costs:
Data are as follows: Beginning inventory balances for Work in Process and Finished Goods inventory are P 67,000 and P 54,000, respectively. Ending balances of raw materials, Work in Process and Finished goods inventory are as follows: P 39,000, P 59,000 and P 48,000, respectively. Raw materials purchases is P 45,000. Factory overhead totaled P 7,500 (this is 75% of total Direct labor cost). Total expenses of the company totaled P 11,500 which is 11.5% of total sales. Net income is 31,000 Provide the solution on how to compute the prime cost. P36,000 must be the final answer.
X Company reported the following year-end information: Beginning Raw Materials Inventory $60,000 Ending Raw Materials Inventory 90,000 Beginning Work in Process Inventory 113,000 Ending Work in Process Inventory 180,000 Raw Materials purchased 200,000 Direct Labor 210,000 Manufacturing Overhead 490,000 Selling and Administrative Expenses 157,000 Refer to the above, what was the cost of raw materials used? * $260,000 $170,000 $140,000 None of the above