The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Debit Beginning Balance Debit Beginning Balance Debit Beginning Balance Debit Debit Debit Raw Materials 5,250 5,450 Work in Process 4,350 6,450 8,750 8,550 Finished Goods 2,450 22,450 Manu cturing Overhead 3,050 3,750 3,450 Cost of Goods Sold Credit 20,650 Credit Credit Wages & Salaries Payable Credit 20,650 Beginning Balance Credit Credit 9,500 22,450 20,650 8,550 2,750 12,500

The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Debit Beginning Balance Debit Beginning Balance Debit Beginning Balance Debit Debit Debit Raw Materials 5,250 5,450 Work in Process 4,350 6,450 8,750 8,550 Finished Goods 2,450 22,450 Manu cturing Overhead 3,050 3,750 3,450 Cost of Goods Sold Credit 20,650 Credit Credit Wages & Salaries Payable Credit 20,650 Beginning Balance Credit Credit 9,500 22,450 20,650 8,550 2,750 12,500

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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PREPARE AN INCOME STATEMENT MARIE SWIFT Company reported the given information for the month of October: Inventories: Beginning Ending P36,000 Raw materials P29,000 Work in process P19,000 Finished goods P55,000 P21,000 P53,000 Additional information: Raw materials purchases Direct labor cost Manufacturing overhead cost P64,000 Selling expense Administrative expense Net Sales units produced P75,000 P45,000 P16,000 P44,000 P500,000 20,000 Determine the values of the following: a. operating profit b. manufacturing cost c. cost of goods manufactured d. period cost e. operating expense f. cost of goods sold g. cost of product that is transferred to finished goods h. raw materials used i. gross profit j. total inventory cost reflected in the statement of financial position k. raw materials available for use I. manufacturing cost per unit m. conversion cost n. cost of goods placed in process o. prime cost
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(c) Calculate the total manufacturing overhead cost for the period. $ __________________ (d) Calculate the total manufacturing cost for the period. $ __________________
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead Debit Credit (a) 460,000 (b) 390,000 Balance 70,000 Work in Process Debit Credit Balance 15,000 (c) 710,000 260,000 85,000 (b) 390,000 Balance 40,000 Finished Goods Debit Credit Balance 50,000 (d) 640,000 (c) 710,000 Balance 120,000 Cost of Goods Sold Debit Credit (d) 640,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: Work in Process, ending $ 19,500 Finished Goods, ending 58,500 Cost of Goods Sold 312,000 Overhead applied $ 390,000 For example, of the $40,000 ending balance in work in process, $19,500 was overhead that had been…
Azzarelli, Corp makes picture frames and reports the following for the month of May: Description Amount Purchases of materials on account 53,330 Subcategory,Materials requisitions: Direct Materials 49,730 Indirect Materials 1,280 Subcategory,Labor costs incurred (not yet paid): Direct Materials 24,520 Indirect Materials 1,920 Journalize the entries at the end of the month to record the transactions relating to materials and labor.Journal Date Description Debit Credit May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31
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The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company $ 13,500 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 18,500 11,500. 29,500 20,200 19,250 23,200 7,700 10,200 34,500 11,950 4,820 43,500 64,000 278,670 21,000 14,800 Pepper Company $ 16,600 20,250 9,300 25,750 42,200 16,800 21,000 8,200 16,500 49,500 15,040 3,950 62,000 49,000 371,260 22,200 23,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.
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The entry to record a $24,000 transfer from the assembly department to the finishing department would include a: a) debit to work in process inventory-assembly b) credit to work in process inventory-assembly c) debit to finished goods inventory d) credit to materials inventory
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Cost Flow Relationships The following information is available for the first year of operations of Idgie Inc., a manufacturer of fabricating equipment: Sales $1,261,700 340,700 Gross profit Indirect labor 113,600 Indirect materials 46,700 Other factory overhead 21,400 Materials purchased 643,500 1,392,900 46,700 Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
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