Use the following data to calculate the cost of goods sold for the period:Beginning Raw Materials InventoryEnding Raw Materials InventoryBeginning Work in Process InventoryEnding Work in Process InventoryBeginning Finished Goods InventoryEnding Finished Goods InventoryCost of Goods Manufactured for the periodMultiple ChoiceO$258,900.O$242,900$290,900.$250,900.$246,900.$ 30,90070,90040,90046,90072,90068,900246,900

Answered: Use the following data to calculate the…

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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Use the included information about Raw Materials Inventory (RM), Work in Process Inventory (WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the total conversion costs added. 1 2 3 4 5 6 7 1 00 RM B Bal T1 T2 T3 T4 E Bal 8 9 FG 10 B Bal 11 T1 12 T2 13 T3 14 T4 15 E Bal 2 Debits 4300 29 050 Debits 4800 45 592 3 Credits 28 000 Credits 33 500 4 5 WIP B Bal DM DL FOH CGM E Bal IS Rev CGS V Op Exp F Op Exp NIBT 6 Debits 8920 28 000 17 430 11 130 Debits 33 500 5130 7960 7 Credits 45 592 Credits 66 200
Direct materials: Beginning inventory Purchases Ending inventory Direct manufacturing labor Manufacturing overhead Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory P 40,000 123,200 20,800 32,000 24,000 8,000 1,600 48,000 32,000 Required: A. What is the cost of direct materials used during 2022? B. What is cost of goods manufactured for 2022? C. What is cost of goods sold for 2022? D. What amount of prime costs was added to production during 2022? E. What amount of conversion costs was added to production during 2022?
What is the measurement of the work in process inventory? Cake Company uses the lower of cost or net realizable value method to value inventory. Data regarding the items in work in process inventory are presented below. Historical cost Selling price Estimated cost to complete Replacement cost Chocolate 240,000 360,000 48.000 208.000 25% Normal profit margin as a % of selling price What is the measurement of the work in process inventory? Strawberry 188.000 250.000 50,000 168.000 Mocha 300,000 360,000 68.000 318.000 10%
Required: Supply the missing information on the following schedule of cost of goods manufactured VIVAUVIT Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2014 Raw materials Beginning inventory Plus: Purchases Raw materials available for 119,900 $ 148,400 use Minus: Ending raw materials inventory Cost of direct raw materials $ 122,300 used Direct labor Manufacturing overhead Total manufacturing costs Plus: Beginning work in process inventory Total work in process Minus: Ending work in process inventory 22,500 308,000 47,400 Cost of goods manufactured 306,900
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Bonita Industries reported the following year-end information: beginning work in process inventory, $72000; cost of goods manufactured, S670000; beginning finished goods inventory, $42000: ending work in process inventory, S62000; and ending finished goods inventory, $32000. How much is Bonita's cost of goods sold for the year? A. S660000 B. $680000 C. $690000 D. $670000
Cullumber Company reported the following amounts for May: Raw materials purchased Beginning raw materials inventory Ending raw materials inventory Direct labor incurred Indirect materials requisitioned and used Actual manufacturing overhead costs Beginning work-in-process inventory Ending work-in-process inventory $257000 $257000. $256800. ◆ $259900. O $261100. 12300 8200 54000 4300 40000 15400 12300 How much is the cost of direct materials used in production?
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Complete the chart using the LIFO and FIFO costing methods, assuming a period of increasing costs: Highest Amount Lowest Amount Cost of Merchandise Sold Gross Profit Net Income Ending Merchandise Inventory
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