0002EX 18-14 Cost of goods manufactured for a manufacturing companyOBJ. 4howleThe following information is available for Ethtridge Manufacturing Company for the monthending July 31:Cost of direct materials used in production$1,150,000Direct labor966,000Work in process inventory, July 1316,400Work in process inventory, July 31Total factory overhead355,500490,500C00Determine Ethtridge's cost of goods manufactured for the month ended July 31.008,

Cost of goods manufactured: The cost of goods manufactured is the total costs incurred for the…

Answered: 0002 EX 18-14 Cost of goods…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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EX 18-14 Cost of goods manufactured for a manufacturing company OBJ. 4 The following information is available for Ethtridge Manufacturing Company for the month ending July 31: Cost of direct materials used in production $1,150,000 Direct labor 966,000 Work in process inventory, July 1 316,400 000.0 Work in process inventory, July 31 355,500 Total factory overhead 490,500 Determine Ethtridge's cost of goods manufactured for the month ended July 31.
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On ff Company Company Materials inventory, December 1 $81,110 $109,500 Materials inventory, December 31 (a) 123,730 Materials purchased 206,020 (a) Cost of direct materials used in production 217,370 (b) Direct labor 305,780 246,380 Factory overhead 94,900 122,640 Total manufacturing costs incurred in December (b) 708,470 Total manufacturing costs 773,780 773,780 Work in process inventory, December 1 155,730 263,900 Work in process inventory, December 31 131,400 (c) Cost of goods manufactured (c) 701,900 Finished goods inventory, December 1 137,080 122,640 Finished goods inventory, December 31 143,560 (d) Sales 1,195,560 1,095,000 Cost of goods sold (d) 708,470 Gross profit (e) (e) Operating expenses 155,730 (f) Net income (f) 243,090
Question 1 Zulfiqar Inc. has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work in Process Finished Goods Cost of Goods Sold Total Direct materials 4,020 12,810 22,890 39,720 Direct labor 4,760 17,080 30,520 52,360 Manufacturing overhead applied 3,220 7,130 12,650 23,000 Total 12,000 37,020 66,060 115,080 Manufacturing overhead for the month was underapplied by Rs. 4,000. The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. Calculate amount of work in process inventory at the end of September after allocation of any underapplied or overapplied manufacturing…
Question 15 Direct labor and indirect labor are recorded, respectively, to: O Factory Overhead and Goods in Process. O Goods in Process and Finished Goods. O Finished Goods and Goods in Process. O Goods in Process and Factory Overhead. O Cost of Goods Sold and Finished Goods. Question 16 Which of the following journal entries correctly records the current month's activit where $88,000 of direct material and $38,000 of indirect materials were used in th production process?
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Question 7 ABC Corporation reported the following data for the month of January: Inventories: Beginning Ending Raw materials 46,000 34,000 Work in process 31,000 29,000 Finished goods 27,000 55,000 Additional information: Raw materials purchases 79,000 Direct labor cost 93,000 Manufacturing overhead cost incurred 54,000 Indirect materials included in manufacturing overhead cost incurred 8,000 Manufacturing overhead cost applied to Work in Process 57,000 Calculate cost of goods sold during the month of January?
Exercise 16.6 (Algo) Flow of Costs through Manufacturing Accounts (LO16-3, LO16-4, LO16-5) Lind Manufacturing had the following account balances as of January 1: $ 8,700 76,500 Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Manufacturing Overhead 53,000 During the month of January, all of the following occurred: 1. Direct labor costs were $48,000 for 1,800 hours worked. 2. Direct materials costing $29,000 and indirect materials costing $4,500 were purchased. 3. Sales commissions of $15.500 were earned by the sales force. 4. Direct materials of $21,000 were used in production. 5. Miscellaneous selling and administrative costs of $6,300 were incurred. 6. Factory supervisors earned salaries of $10,807. 7. Indirect labor costs for the month were $3,000. 8. Monthly depreciation on factory equipment was $4,500. 9. Monthly utilities expenses of $7,268 were incurred in the factory. 10. Completed units with manufacturing costs of $69,000 were transferred to…
QS 19-17 (Algo) Preparing a schedule of cost of goods manufactured LO P3 Shen Company reports the costs incurred below for the month ended May 31 The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of directmaterials co is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month. 4 was completed and Job 5 Direct materials used Direct labor used Job 4 $ 2,400 3,000 SHEN COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31 Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Job 5 $ 1,900 290 Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured $ $ 4,300 3,200 7,590 0 7,590 7,590
H6
Exercise 16.6 (Algo) Flow of Costs through Manufacturing Accounts (LO16-3, LO16-4, LO16-5) Lind Manufacturing had the following account balances as of January 1. Direct Materials Inventory S 8,700 Work in Process Inventory 76,500 Finished Goods Inventory 53,000 Manufacturing Overhead During the month of January, all of the following occurred. Direct labor costs were $42,000 for 1,800 hours worked. Direct materials costing $30,000 and indirect materials costing $3,900 were purchased. Sales commissions of $17,000 were earned by the sales force. Direct materials of $22,000 were used in production. Miscellaneous selling and administrative costs of S6,300 were incurred. Factory supervisors earned salaries of S11,482. Other Indirect labor costs for the month were $3,000. Monthly depreciation on factory equipment was $4,500. Monthly utilities expenses of $5,621 were incurred in the factory. Completed units with manufacturing costs of S69.000 were transferred to finished goods. Monthly…
Inventories: Raw material April 1 $20,000 April 30 $17,000 8,000 Work in process Finished goods 12,000 30,000 39,000 Additional information for April: Raw material purchased Direct labor payroll Direct labor rate per hour Overhead rate per direct labor hour $45,000 $36,000 $ 8.00 $ 10.00 1. The prime cost incurred was? 2. The conversion incurred was? 3. The cost of goods sold was?

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