
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Wasik Company had the following inventory balances at the beginning and end of August 2013:
August 1 August 31
Raw material inventory 58,000 84,000
Work in Process Inventory 372,000 436,000
Finished Goods Inventory 224,000 196,000
All raw material is direct to the production process. The following information is also available about August
Cost of raw material used 612,000
Direct labor cost 748,000
Manufacturing
a.) Calculate the cost of goods manufactured for August
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- Cost per FIFO EUP In October, Pedraza Corp.'s production was 96,480 equivalent units for direct material, 87,840 equivalent units for direct labor, and 75,600 equivalent units for overhead. During October, direct material, conversion, and overhead costs incurred were as follows: Direct material $285,638 Conversion Overhead 303,437 153,360 Beginning WIP Inventory costs for October were $47,218 for direct material, $35,107 for direct labor, and $37,152 for overhead. The company had 12,960 EUP for direct material in October's beginning WIP Inventory, 14,400 EUP for direct labor, and 12,672 EUP for overhead. What was the October FIFO cost per EUP for direct material, direct labor, and overhead? Note: Round your answers to two decimal places. DM cost per EU S DL cost per EUS OH cost per EU Sarrow_forwardKris GmbH has provided the following information regarding their inventories: Total Manufacturing Costs: $781,227 Work-in-Process inventory, Jan 1: $52,821 Work-in-Process inventory, Dec 31: $70,682 Finished Goods inventory, Jan 1: $176,432 Finished Goods inventory, Dec 31: $146,452 What is Cost of Goods Sold for the year?arrow_forwardThe accounts of JB Hi-FI Inc. showed the following balances at the beginning of March: Account Debit Raw Materials Inventory $40,000 Work-in-Process Inventory 34,000 Finished Goods Inventory 50,000 Manufacturing Overhead 23,000 During the month, direct materials amounting to $21,000 and indirect materials amounting to $5,000 were transferred to production. What is the ending balance in the Raw materials Inventory account following these two transactions? Group of answer choices $10,000 $14,000 $28,000 $61,000arrow_forward
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