Practice Questions - Midterm Review for short answer SOLUTIONS

An analysis of the accounts of Flint Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventory Beginning Ending Raw materials $11,000 $16,180 Work in process 5,900 8,450 Finished goods 11,000 10,200 Costs incurred: raw materials purchases $64,100, direct labor $54,700, manufacturing overhead $25,040. The specific overhead costs were: indirect labor $6,300, factory insurance $5,100, machinery depreciation $5,100, machinery repairs $2,390, factory utilities $4,380, and miscellaneous factory costs $1,770. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. SUPI

Practice: The following data are taken from the accounting records of Gregory Mfg. Co.:          2019       2018 Ending inventories:     Materials $ 100,000 $80,000 Work in Process $64,000 $56,000 Finished Goods $140,000 $170,000 Manufacturing goods:     Direct materials used $657,000   Direct labor costs charged to production $270,000   Manufacturing Overhead $378,000     Show All Calculations:   Outline a schedule of cost of goods manufactured for 2019 in good form   The company generally prices products adding 20% to the cost of goods sold. Determine the total revenue the company would have generated in 2019.

The following data were taken from the records of Best Company: 08/31/2021 09/30/2021 Inventories: Raw materials Work in process Finished goods P ? 80,000 60,000 P50,000 95,000 78,000 Raw materials purchases, P46,000. Factory overhead, 75% of direct labor cost, P63,000. Selling and administrative expenses, 12.5% of sales, P25,000. Net income for September, 2021, P25.000. What is the cost of raw materials inventory on August 31, 2021? P30,000 P40,000 P46,000 P50,000

Current Attempt in Progress         An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory   Beginning   Ending Raw materials   $9,110   $14,750 Work in process   6,800   8,470 Finished goods   9,350   6,700 Costs incurred: raw materials purchases $55,260, direct labor $48,920, manufacturing overhead $23,050. The specific overhead costs were: indirect labor $6,340, factory insurance $4,510, machinery depreciation $4,900, machinery repairs $1,930, factory utilities $3,610, and miscellaneous factory costs $1,760. Assume that all raw materials used were direct materials.(a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.

What is the dollar amount of Total Cost of Work In Process for the year ended December 31, 2020? Raw Material Information: Beginning Inventory $0 Ending Inventory 2,000 Purchases during the year 60,000 Work in Process Information: Beginning Inventory Ending Inventory 4,000 Direct Labor during the year 80,000 Manufacturing Overhead during the year 500,000

An analysis of the accounts of Marin Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventory Raw materials Work in process Finished goods Beginning Ending $9,800 $14,380 7,550 9.000 (a) 5,300 9,800 Costs incurred: raw materials purchases $57,500, direct labor $49,300, manufacturing overhead $22,160. The specific overhead costs were: indirect labor $5,700, factory insurance $4,500, machinery depreciation $4,500, machinery repairs $2,090, factory utilities $3,780, and miscellaneous factory costs $1,590. (Assume that all raw materials used were direct materials.) Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. MARIN COMPANY Cost of Goods Manufactured Schedule UIL JUI

Need help with this general accounting question

An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.

Information from the records of the Abel Corporation for July 2018 was as follows: Sales $1,230,000 Selling and administrative expenses 210,000 Direct materials used 264,000 Direct labor 300,000 Factory overhead * 405,000 *variable overhead is $205,000, fixed overhead is $200,000   Inventories   July 1, 2018 July 31, 2018 Direct materials $36,000   $42,000   Work in process 75,000 84,000 Finished goods 69,000 57,000 The prime costs are a.$300,000 b.$564,000 c.$264,000 d.$210,000

Information from the records of the Abel Corporation for July 2018 was as follows: Sales $1,230,000 Selling and administrative expenses 210,000 Direct materials used 264,000 Direct labor 300,000 Factory overhead * 405,000 *variable overhead is $205,000, fixed overhead is $200,000   Inventories   July 1, 2018 July 31, 2018 Direct materials $36,000   $42,000   Work in process 75,000 84,000 Finished goods 69,000 57,000 The conversion cost is a.$960,000 b.$1,179,000 c.$705,000 d.$564,000

Information from the records of the Abel Corporation for July 2018 was as follows: Sales $1,230,000 Selling and administrative expenses 210,000 Direct materials used 264,000 Direct labor 300,000 Factory overhead * 405,000 *variable overhead is $205,000, fixed overhead is $200,000   Inventories   July 1, 2018 July 31, 2018 Direct materials $36,000   $42,000   Work in process 75,000 84,000 Finished goods 69,000 57,000 The variable product costs are a.$769,000 b.$969,000 c.$764,000 d.$1,179,000

Empire Glass Work provides the following data relating to operations for the month ended 31 August 2020 (in £): Materials, Aug. 1   20,000 Work in process,  Aug.1  7,000 Finished Goods, Aug. 1  18,000 Materials purchases        164,000 Direct Materials used  134,000 Indirect Materials used 46,000 Direct Labor cost 62,000 Indirect labor cost 26,000 Selling and Administrative expenses 280,000 Utility expenses, factory 7,000 Property taxes, factory 2,000 Insurance expenses, factory 1,600 Depreciation expenses, factory 40,000 Sales revenue 700,000 Sales return and allowances 4,000 Sales discount 3,000 Materials, Aug 31 4,300 Work in process,  Aug. 31 5,600 Finished Goods, Aug.  31 8,000   ASKED: Make a COGM Statement and Income Statement!

I want to correct answer general accounting question

need help this questions financial accounting

Reyes Company has the following data on July 31, 2021: Factory Overhead 100,000 Decrease in Inventories Raw Materials 5,000 Work in Process 10,000 Increase in Inventories Finished Goods 7,000 The manufacturing overhead represents 60% of direct labor cost. 50% of the total manufacturing cost is allocated to Direct Materials. Compute for the following: 1. Materials Purchases 2. Conversion Cost 3. Cost of Goods Sold

Financial accounting question

Need correct answer general Accounting

Solution with steps

An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Raw materials Work in process Finished goods Ending $9,880 $15,510 Beginning 5,790 9,760 9,050 6,530 Costs incurred: raw materials purchases $57,720, direct labor $51,130, manufacturing overhead $23,970. The specific overhead costs were: indirect labor $7,090, factory insurance $4,160, machinery depreciation $4,900, machinery repairs $2,450, factory utilities. $3,570, and miscellaneous factory costs $1,800. Assume that all raw materials used were direct materials. ROBERTS COMPANY Cost of Goods Manufactured Schedule ROBERTS COMPANY (Partial) Balance Sheet