The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year:Raw MaterialsDebitBeginning Balance4,850Credit8,7005,050Work in ProcessDebitCreditBeginning Balance3,95022,0506,0508,3508,150Finished GoodsDebitCreditBeginning Balance2,05022,05020,250Manufacturing OverheadDebit2,650Credit8,1503,3503,050Wages & Salaries PayableDebitCredit20,250Beginning Balance2,35011,700Cost of Goods SoldDebitCredit20,250The direct materials cost was:Multiple Choice$5,050$6,050$8,700O$3,950

The Direct Material cost is $6,050Explanation:The direct material cost can be derived from the "work…

Answered: The following partially completed…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter16: Job Order Costing

Section: Chapter Questions

Problem 2E: The following information is available for the first year of operations of Creston Inc., a...

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The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit Credit Beginning Balance 4,650 8,300 4,850 Work in Process Debit Credit Beginning Balance 3,750 21,850 5,850 8,150 7,950 Finished Goods Debit Credit Beginning Balance 1,850 20,050 21,850 Manufacturing Overhead Debit Credit 2,450 7,950 3,150 2,850 Wages & Salaries Payable Debit Credit 20,050 Beginning Balance 2,150 11,300 Cost of Goods Sold Debit Credit Beginning Balance 20,050 The Cost of Goods Manufactured was: Multiple Choice $41,900 $20,050 $8,000 $21,850
The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Debit Beginning Balance Debit Beginning Balance Debit The direct materials cost was: Raw Materials 4,600 4,800 Finished Goods 1,800 21,800 Wages & Salaries Payable Credit Credit Credit 20,000 Beginning Balance 8,200 Beginning Balance 20,000 Debit 2,100 11, 200 Debit Debit Work in Process 3,700 5,800 8,100 7,900 Manufacturing Overhead 2,400 3,100 2,800 Cost of Goods Sold 20,000 Credit Credit Credit 21,800 7,900
The following data were taken from the records of JunCompany for the current period:Sales P5,590,000Sales returns 55,000Inventories, January 1:Raw materials 131,000Work in process 238,350Finished goods 442,000Inventories, December 31:Raw materials 145,500Work in process 175,720Finished goods 412,000Direct labor 1,050,300Purchases 2,051,500Purchase returns 17,150Purchase discounts 12,550Freight in…
The following information has been obtained from the records of XYZ coroporation for the period from January 1 to June 30 2020 . Jan. 1-2020 June-30-2020 1. Cost of raw materials 30,000 25,000 2. Cost of work-in- progress 12,000 15,000 3. Cost of stock of finished goods 60,000 55,000 4.Transactions during six months are: 5. Purches of raw materials 4,50,000 6. Wages paid 2,30,000 7. Factory overheads 92,000 8. Factory overheads 30,000 9. Selling & Distribution overheads 20,000 10. Sales 9,00, 000 Prepare 1. Cost Sheet showing (a) Materials consumed ;(b) Prime cost ; (c) Factory cost incurred and factory cost... and 2. Income Statement intraditional form the six months showing gross profit and net profit
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 –…
The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit Credit Beginning Balance 5,500 10,000 5,700 Work in Process Debit Credit Beginning Balance 4,600 22,700 6,700 9,000 8,800 Finished Goods Debit Credit Beginning Balance 2,700 20,900 22,700 Manufacturing Overhead Debit Credit 3,300 8,800 4,000 3,700 Wages & Salaries Payable Debit Credit 20,900 Beginning Balance 3,000 13,000 Cost of Goods Sold Debit Credit 20,900 The direct materials cost was:
The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending - raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: - purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000 Required: Prepare a statement of cost of goods manufactured.
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Recording issuing of materials Materials issued for the current month are as follows a. Determine the amount of materials transferred lo Work in Process and Factory Overhead for the current month. b.Illustrate (he effect on the accounts and financial statements of the materials transferred in (a).:
The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
The following data summarize the operations during the year. Prepare a journal entry for each transaction. A. Purchase of raw materials on account: $1,500 B. Raw materials used by Job 1: $400 C. Raw materials used as indirect materials: $50 D. Direct labor for Job 1: $200 E. Indirect labor Incurred for Job 1: $30 F. Factory utilities Incurred on account: $500 G. Adjusting entry for factory depreciation: $200 H. Manufacturing overhead applied as percent of direct labor: 100% I. Job 1 is transferred to finished goods J. Job 1 is sold: $1,000 K. Manufacturing overhead is under applied: $100
Selected information from Hernandez Corporation shows the following: Prepare journal entries to record the following: raw material purchased direct labor incurred depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2

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