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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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 accounts are from last year's books of Sharp Manufacturing: Raw Materials Work In Process Debit Credit Debit Credit Balance (a) 0 (b) 174,000 16,000 158,000 Balance e (f) 526,000 (b) 134,000 (c) 172,000 (e) 220,000 0 Finished Goods Manufacturing Overhead Debit Credit Debit Credit Balance (f) e (g) 526,000 46,000 480,000 (b) (c) 24,000 (e) 220,000 28,000 (d) 160,000 8,000 Cost of Goods Sold Debit Credit (g) 480,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of direct materials used for the year? Multiple Choice $174,000 $134,000 $158,000 $172,000 M
From the following information taken from the books of a manufacturing concern, compute the operating cycle in days: Period covered 365 days Average period of credit allowed by suppliers 16 days (Rs. in ‘000) Average debtors outstanding 480 Raw material consumption 4,400 Total production cost 10,000 Total cost of goods sold 10,500 Sales for the year 16,000 Value of average stock maintained: Raw Material 320 Work-in-progress 350 Finished goods 260
Prepare Statements for a Manufacturing CompanyThe following balances are from the accounts of Hill Components:January 1 (Beginning) December 31 (Ending)Direct materials inventory ............... $48,100 $44,200Work-in-process inventory .............. 67,730 71,500Finished goods inventory ................ 15,600 18,200Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.RequiredFind the following by completing a cost of goods sold statement:a. Cost of direct materials purchased during the year.b. Cost of goods manufactured during the year.c. Total manufacturing costs incurred during the year.
Record the following journal entries for Brown Company: A (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) 6. Purchased raw materials on account, $8,000. Date Accounts Debit Credit 7. Used $4,000 in direct materials and 600 in indirect materials in production. Date Accounts Debit Credit 7. 000 bich 700/ Iabor 6.
View Policies Current Attempt in Progress The following T-accounts record the operations of Bonita Co.: Beginning Balance Ending Balance Beginning Balance Direct Material Direct Labor Overhead Ending Balance Beginning Balance COGM Ending Balance Direct Materials 29,000 17,000 ? Work in Process 37,000 165,000 28,000 44,000 ? Finished Goods 15,000 Direct materials purchased ? ? Costs of goods manufactured 244,000 (a) Calculate the amount of direct materials purchased during the period. 644,000 COGS $ ? (b) Calculate the cost of goods manufactured during the period. LA $
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were ROBLEMS selected from their chart of accounts: Code Account Name Cash Accounts receivable C Raw materials inventory Work in process inventory Finished goods inventory Accounts payable Direct labor Factory overhead Cost of goods sold Sales K Operating expense Credit for each transaction: Debit 1 Raw materials were purchased on account 2 Direct materials were requisitioned for Job 1225 3 Issued a check to vendor for repair services on factory equipment 4 Factory labor for the month was paid as incurred. 5 Direct and indirect labor used were recognized 6 Raw materials previously purchased on account were paid 7 The productilon department requisitioned indirect materials for use in the factory. 8 Overhead was applied to production based on a predetermined overhead rate of P60 per labor hour 9 Completed goods were transferred to warehouse 10 Goods costing P100,000 were sold for P135,000 on account.
Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 68,000 37,000 23,500 0 9,000 3,000 Credit These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: BERGO BAY COMPANY List of Account Balances December 31 $ 10,800 13,800 30,000 93,000 175,900 113,000 25,000 45,000 $ 323,500 $ 323,500 $ 4,700 direct materials to Job 402 $ 7,300 direct materials to Job 404 Debit $ 1,500 indirect materials $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 3.…