1) Messinger Manufacturing Company had the following account balances for the quarter endingMarch 31, unless otherwise noted:Work-In-process Inventory (January 1)Work-in-process inventory (March 31)Finished goods inventory (January 1)Finished goods inventory (March 31)Direct materials usedIndirect materials usedDirect manufacturing labourIndirect manufacturing labourProperty taxes on manufacturing plant buildingSalespersons' company vehicle costsAmortization of manufacturing equipmentAmortization of office equipmentMiscellaneous plant overheadPlant utilitiesGeneral office expensesMarketing distribution costs$140,400171,000540,000510,000378,00084,000480,000186,00028,80012,000264,000123,600135,00092,400305,40030,000Required:a. Prepare a cost of goods manufactured schedule for the quartor.b. Prepare a cost of goods sold schedule for the quarter.2) Berhannan's Cellular sells phones for $100. The unit variable cost per phone is $50 plus aselling commission of 10%. Fixed manufacturing costs total $1,250 per month, while fixed sellingand administrative costs total $2,500.

Raw materials: It is the basic input required to manufacture the finished products. The raw…

Answered: 1) Messinger Manufacturing Company had…

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 balances in the perpetual inventory accounts of Anditon Manufacturing Corporation at the beginning and end of the current year are as follows: Inventory accounts: Materials Work in Process Finished Goods Inventory Account: Materials Inventory Direct Labor The total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activities are as follows: Manufacturing Overhead Work in Process Inventory Finished Goods Inventory End of Year $ 126,000 109,000 325,000 Beginning of Year $ 222,000 75,000 238,000 Required A Required B Debit Entries $ 2,410,000 1,189,000 893,600 ? ? Credit Entries Required: a. Using these data, compute direct materials purchased, direct materials used, payments of direct labor payrolls, direct labor cost assigned to production, total manufacturing costs charged to the work in process inventory account during the year, the cost of finished goods manufactured, cost of goods sold, the total amount to be classified as…
The following information was collected from Balatas Hercules' accounting records for the year that ends on December 31, 20XX: Jan/1/20XX 31/Dec/20XX Inventory of raw materials $98000 $84000 Inventory of products-in-process $56000 $97000 Finished product inventory $42000 $105000 Direct labor: $370000 Income taxes: $301700 Indirect labor: $235140 Sales commissions: $250000 Purchases of raw materials: $842350 Factory Utilities: $152000 Advertising expenses: $68000 Factory depreciation: $521400 Factory equipment maintenance: $70120 Balatas Hercules uses a normal costing system. In the current period, Overhead costs were applied to products at a rate of $3 for each $ loaded with direct labor. The data are presented for the purpose of calculating the following information: a) Statement of cost of production and sales for 20XX. b) Difference between the Real Overhead Costs and the applied Overhead Costs, determining if there is an under or overapplication
please answer ques no. 8,9
The following data were taken from the records of Waterway Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $48,100 Factory Insurance $5,600 Raw Materials Inventory 6/30/20 46,200 Factory Machinery Depreciation 18,600 Finished Goods Inventory 7/1/19 99,600 Factory Utilities 29,200 Finished Goods Inventory 6/30/20 21,600 Office Utilities Expense 8,850 Work in Process Inventory 7/1/19 27,700 Sales Revenue 561,400 Work in Process Inventory 6/30/20 25,300 Sales Discounts 4,900 Direct Labor 144,150 Plant Manager’s Salary 64,400 Indirect Labor 24,960 Factory Property Taxes 9,910 Accounts Receivable 29,900 Factory Repairs 2,100 Raw Materials Purchases 99,200 Cash 40,700 Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
The following data were taken from the records of Blossom Manufacturing Company for the fiscal year ended December 31, 2022: Raw Materials Inventory (1/1/22) Raw Materials Inventory (12/31/22) Finished Goods Inventory (1/1/22) Finished Goods Inventory (12/31/22) Work in Process Inventory (1/1/22) Work in Process Inventory (12/31/22) Direct Labour Indirect Labour Accounts Receivable Factory Insurance $47,950 Factory Machinery Depreciation Factory Utilities Office Utilities Sales Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash 44,350 85,700 77,600 9,850 6,550 145,100 18,200 27,250 7,600 $7,820 13,220 9,000 465,880 2,050 40,500 7,020 940 62,800 28,300
A company's Work in Process Inventory had a balance of $20,000 at the beginning of the year and $5,000 at the end of the year. During the year, it used $30,000 of direct materials, and it incurred direct labor and manufacturing overhead costs of $200,000 and $300,000, respectively. Based on this information, the company's cost of finished goods manufactured was?
Custom Hot Rods, Inc. provided you the January 31, 2021 account balances listed below: Finished Goods Inventory, January 1st Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, January 1st Work In Process Inventory, January 1st Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, January 31st Raw Materials Purchases Work In Process Inventory, January 31st Factory Utilities Expense Direct Labor Raw Materials Inventory, January 31st Sales Returns and Allowances Indirect Labor Account Balances $41,365 14,855 6,440 16,375 14,605 24,224 8,400 65,615 163,520 24,390 16,763 117,915 32,510 21,850 39,140 Instructions Using a proper heading and format, prepare a Schedule of Cost of Goods Manufactured for Custom Hot Rods, Inc. for the month ended January 31, 2021.
Accounting At the end of 2019, Alonzo Company’s manufacturing inventory and expense accounts held the following costs. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Direct Materials P120,000 P190,000 P350,000 Direct Labor P100,000 P250,000 P580,000 Factory Overhead P60,000 P300,000 P480,000 Alonzo’s accountant applied overhead during the year using a budgeted rate of P8.40 per hour. At year end, they computed the actual rate of P10.00 per machine hour. The beginning balances of both work in process inventory and finished goods inventory were zero. Over/underapplied overhead are to be allocated to appropriate inventories how much is the Adjusted Finished Goods inventory?
A company’s Factory Overhead account shows total debits of $624,000 and total credits of $646,000 at the end of the year. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold.
From the account balances listed below, prepare a schedule of cost of goods manufactured for Crane Manufacturing Company for the month ended December 31, 2022. (Assume all raw materials used were direct materials.) Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and Allowances Indirect Labor Account Balances $52,920 15,120 22,680 15,120 18,900 17,640 10,080 44,100 132,300 31,500 7,560 88,200 23,940 6,300 26,460
Following are the account balances for the DC Company in 2018: Ending of 2018 27,000 Beginning of 2018 Direct materials inventory 26,500 28,400 Work-in-process inventory Finished-goods inventory 30,500 22,100 79,000 16,500 Purchases of direct materials 24,500 Direct manufacturing labor Indirect manufacturing labor 18,600 7,900 11,800 Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 3,500 87,900 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.

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