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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Work-in-Process Inventory—Cutting
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Balance, May 1
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0
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(a)
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Transfer out to
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Direct Materials
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49,000
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Direct Labor
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9,000
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Manufacturing
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33,000
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Balance, May 31
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6,000
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Work-in-Process Inventory—Finishing
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Balance, May 1
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17,000
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80,000
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Transfer out to
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Transfer in from
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(b)
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Direct Materials
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26,000
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Direct Labor
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(c)
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Manufacturing Overhead
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16,000
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Balance, May 31
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67,000
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Work-in-Process Inventory—Packaging
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Balance, May 1
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6,000
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(d)
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Transfer out to
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Transfer in from
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(e)
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Direct Materials
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6,000
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Direct Labor
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13,000
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Manufacturing Overhead
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14,000
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Balance, May 31
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19,000
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Finished Goods Inventory
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Balance, May 1
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0
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(f)
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Transfer out to
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Transfer in from
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(g)
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Balance, May 31
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12,000
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Cost of Goods Sold
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Balance, May 1
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0
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Transfer in from
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(h)
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Balance, May 31
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(i)
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Expert Solution
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This question has been solved!
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Step 1 Introduction
VIEW Step 2 a. Computation of Transferred out to work in process inventory Finishing
VIEW Step 3 b. Computation of Direct labor used in work in process inventory Finishing
VIEW Step 4 c. Computation of transfer out to finished goods Inventory
VIEW Step 5 d. Computation of Inventory transfer out cost of goods sold
VIEW Step 6 e. Computation of closing balance of cost of goods sold
VIEW Step 7 Answer
VIEW Step by stepSolved in 7 steps
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- Instructions Labels and Amount Descriptions Starting Question Instructions Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May. Rainier Company Yakima Company 2 Materials inventory, May 1 $281,120.00 $176,500.00 3 Materials inventory, May 31 (a) 177,500.00 4 Materials purchased 713,200.00 340,300.00 5 Cost of direct materials used in production 751,600.00 (a) 6 Direct labor 1,058,600.00 (b) 7 Factory overhead 328,000.00 179,200.00 8 Total manufacturing costs incurred during May (b) 1,034,000.00 9 Total manufacturing costs 2,678,800.00 1,477,500.00 10 Work in process inventory, May 1 540,600.00 443,500.00 11 Work in process inventory, May 31 451,000.00 (c) 12 Cost of goods manufactured (c) 1,028,000.00 13 Finished goods inventory, May 1 476,000.00 200,500.00 14 Finished goods inventory, May 31 495,600.00 (d) 15 Sales 4143 000.00. 1670.000.00. Previous neck My Work 5 more Check My Work uses…arrow_forwardMaterials Inventory Debit Ending Balance 38,200 Credit Work-in-Process Inventory Debit Beginning Credit Finished Goods Inventory Balance 22,100 Debit Credit (9/30) (9/1) Direct Labor Ending Balance 67,700 118,000 (9/30) Cost of Goods Sold Manufacturing Overhead Applied Debit Credit Debit Credit Manufacturing Overhead Control Debit Credit 129,570 Wages Payable Sales Revenue Debit Credit Debit Credit 479,500 Additional Data Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $76,500 were purchased during the month, and the balance in the Materials Inventory account increased by $5,700 • Overhead is applied at the rate of 210 percent of direct materials cost. The balance in the Finished Goods Inventory account decreased by $19,700 during the month before any proration of under- or overapplied overhead. • Total credits to the Wages Payable account amounted to $135,300 for direct and indirect labor. . Factory…arrow_forward5 a. Determine the number of units in progress inventory at December 31. _______ units b. Determine the equivalent units of production for direct materials and conversion costs in December. If an amount is zero, enter in "0".arrow_forward
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