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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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
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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?
The selected amounts that follow were taken from Kandace Corporation's accounting records: Raw material used Direct labor Total manufacturing costs Work in process inventory (1/1) $27,000 $35,000 $104,000 $19,000 Cost of goods manufactured $100,000 Cost of goods available for sale $175,000 Finished goods inventory (12/31) $60,000 Sales revenue $300,000 Selling and administrative expenses $125,000 Income tax expense $18,000 Required: Compute the following: a. Manufacturing overhead. b. Work-in-process inventory, 12/31. c. Finished-goods inventory, 1/1. d. Cost of goods sold.
Question 38?
The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
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.
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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
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