he icon to viwork in pro28003123130More infoAdditional data:1. Actual manufacturing overhead for January amounted to $66,100.2. Total direct labor cost for January was $64,000.3. The predetermined manufacturing overhead rate is based on direct labor cost.The budget for the year called for $248,000 of direct labor cost and $322,400 ofmanufacturing overhead costs.4. The only job unfinished on January 31 was Job No. 151, for which total directlabor charges were $5,600 (1,600 direct labor hours) and total direct materialcharges were $14,400.5. Cost of direct materials placed in production during January totaled $124,000.There were no indirect material requisitions during January.6. January 31 balance in raw materials inventory was $35,400.7. Finished goods inventory balance on January 31 was $35,200.PrintDone- X The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company:KWork in process inventory$0Raw materials inventoryFinished goods inventory$28,800$40,200(Click the icon to view additional data.)What is the work in process inventory balance on January 31?OA. $27,280OB. $98,031OC. $69,231OD. $7280CO

The work in process comprises the cost of goods that are not finished yet. The overhead is applied…

Work in process inventory Raw materials inventory Finished goods inventory beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: $0 OA $27,280 B. $98,031 OC. $69,231 D. $7280 $28,800 $40,200 (Click the icon to view additional data.) What is the work in process inventory balance on January 31?

Work in process inventory Raw materials inventory Finished goods inventory beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: $0 OA $27,280 B. $98,031 OC. $69,231 D. $7280 $28,800 $40,200 (Click the icon to view additional data.) What is the work in process inventory balance on January 31?

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 beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory Beginning Inventory $ 6,000 43,500 63,300 20,100 The following additional information describes the company's production activities for May. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales View transaction list Journal entry worksheet < $ 256,000 Requirement General General Journal Ledger Raw Materials Prepare journal entries for the month of May's transactions. Note: Enter debits before credits. Dato May 31 Record entry $ 25,000 21,750 0 Trial Balance $ 15,600 62,400 (150% of direct…
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.
The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: Purchases of direct materials. Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) Balances in inventory Materials Work in Process Finished Goods Multiple Choice The cost of finished goods manufactured in August is: $147,000. $92,000. $57,000. August 31 August 1 $ 25,000 $ 47,000 $ 43,000 Some other amount. $ 65,000 $ 60,000 $ 60,000 $ 50,000 $ 25,000 $ 35,000
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e. What was the Work-in-Process f. What was the Work-in-Process Inventory on November 1? Inventory on November 30?
16. Work in Process inventory, Feb. 28 1. 20 Summarized data for jobs worked on during 20. Cost of Goods Sold for February O a. P1.500 О а. Рб,500 COSTS INCURRED O b. P19,900 O b. P7,500 JOBS January February March O. P7,500 O. P20,000 A P5,000 O d. P15,300 O d. P7.000 В 3,000 2,500 17. Finished Goods inventory, Feb. 28 D 1,500 4,000 3,500 O a. P7,500 F 5,800 6,500 о b. Р3,000 G 9,600 3,800 O. P7,000 4,500 4,200 O d. P5,500 3,000 7,000 18. Finished Goods inventory, March 31 O a. P7,000 Jobs Completed Jobs Sold January А В A, C O b. P7,500 February DE B О с. Р5,500 March GH J GH O d. P3,000 Work in Process inventory, Jan. 31 19. Cost of Goods Sold for January O a. P15,300 O a. P7.000 O b. P7,500 O b. P7,500 O. P1,500 O. P20,000 O d. P19,900 O d. P10,500
Answer the following questions by analysing the T-accounts given below.
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Selected information regarding a company's most recent quarter follows (all data in thousands). Beginning work in process inventory Cost of goods manufactured Direct materials used Direct labor Ending work in process inventory What was manufacturing overhead for the quarter? OA. $180 B. $500 C. $150 D. $780 $280 $650 $220 $120 $150
Answer the following questions by analysing the T-accounts given below.
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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.…