g) The cost of finished goods manufacturedh) The year-end balance in the Work in Process Inventory accounti) The cost of goods soldj) The total amount of inventory listed in the hear-end balance sheetk) Manufacturing overhead assigned to production 1. Answer the following guestions by analysing the T-accounts given below.Materials InventoryWork in Process InventoryBeg. balance$ 20,000$ 18,000360,000Beg. balance230,000Ending balance $ 14,000400,000Ending balance $ 25,000Finished Goods InventoryDirect Labor$225,000$230,000Beg. balance$ 98,000Ending balance $ 5,000Ending balance $110,000Cost of Goods SoldManufacturing Overhead$400,000$400,000a) Purchases of direct materialb) The cost of direct material usedc) Why does direct labor account has a credit balance of $5000? Explaind) Direct labor costs assigned to productione) The overhead as a percentage of direct laborstsf) Total manufacturing costs charged to the Work in Process Inventory account during the currentyear

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Description: g) The cost of finished goods manufacturedh) The year-end balance in the Work in Process Inventory accounti) The cost of goods soldj) The total amount of inventory listed in the hear-end balance sheetk) Manufacturing overhead assigned to production

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1. Answer the following guestions by analysing the T-accounts given below, Work in Process Inventory Materials Inventory Beg. balance $ 20,000 $ 18,000 360,000 Beg. balance 230,000 Ending balance $ 14,000 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $225,000 $230,000 Beg. balance $ 98,000 Ending balance $ 5,000 Ending balance $110,000 Cost of Goods Sold Manufacturing Overhead $400,000 $400,000 |I

1. Answer the following guestions by analysing the T-accounts given below, Work in Process Inventory Materials Inventory Beg. balance $ 20,000 $ 18,000 360,000 Beg. balance 230,000 Ending balance $ 14,000 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $225,000 $230,000 Beg. balance $ 98,000 Ending balance $ 5,000 Ending balance $110,000 Cost of Goods Sold Manufacturing Overhead $400,000 $400,000 |I

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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4. Sterling’s records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. The records also showed the following data for the month: Materials used $1,500 Overhead applied 500 Cost of goods manufactured 7,500 Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine how much direct labor was incurred during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are…
Please answer the following subparts in regards to this same question: d. Direct labor usede. Indirect labor usedf. Other overhead costs paid in cash Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May inventories. Beginning Inventory Ending Inventory Raw materials inventory $ 81,000 $ 97,900 Work in process inventory—Cutting 193,500 135,500 Work in process inventory—Stitching 213,300 107,000 Finished goods inventory 50,100 38,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 100,000 Direct materials used—Cutting 25,500 Direct materials used—Stitching 0 Direct labor Direct labor—Cutting $ 23,100 Direct labor—Stitching 92,400 Factory Overhead (Actual costs)…
Using the following accounts and an overhead rate of 125% of direct labor cost, compute the amount of applied overheads. Goods in Process Inventory Particulars Amount Particulars Amount Beginning Balance Direct Material Direct Labor Overheads $ 25,700 $ 60,500 ? ? Finished Goods S 173,000 Ending Balance $ 14,450 Finished Goods Inventory Beginning Balance Goods in Process Inventory 8,600 S 173,000 a. Overheads applied are $48,222 b. Overheads applied are $45,000 c. Overheads applied are $56,250 d. Overheads applied are $101,250
Account Titles and Explanation Debit Credit Direct Materials Inventory 583000 Accounts Payable 58300 (To record purchase of direct materials) Manufacturing Overhead 132000 (10 recora appiiea manuracturing overnead) Supplies Inventory 13200 7. Finished Goods Inventory 2410000 (To record use of indirect materials in production) Work in Process Inventory 569000 Work in Process Inventory 241000 56900 (To record transfer of completed goods to Finished Goods Inventory) Direct Materials Inventory (To record use of direct materials in production) 8. Cost of Goods Sold 2398000 Work in Process Inventory 791000 Wages Payable 79100 Finished Goods Inventory 239800 (To record direct labor payroll) (To record cost of goods sold for the period) Manufacturing Overhead 690000 Accounts Payable 690001 (To record actual manufacturing overhead) Work in Process Inventory 1071000 Manufacturing Overhead 107100
Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $17,300 Direct labor 44,700 Factory overhead 28,800 Work in process inventory, May 1 72,100 Work in process inventory, May 31 76,400 Finished goods inventory, May 1 30,300 Finished goods inventory, May 31 34,600 Question Content Area a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank $- Select - $- Select - - Select - - Select - Total manufacturing costs incurred during May fill in the blank 22653a05d041061_9 Total manufacturing costs $fill in the blank 22653a05d041061_10 - Select - Cost of goods manufactured $fill in the blank 22653a05d041061_13 Question Content Area b. For May, using the data given, prepare a statement of Cost of Goods…
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1. Answer the following questions by analysing the T-accounts given below, www Materials Inventory Work in Process Inventory $ 18,000 360,000 Ending balance $ 14,000 Beg. balance Beg. balance $ 20,000 230,000 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $225,000 $ 98,000 $230,000 Ending balance $ 5,000 Beg. balance Ending balance $110,000 Manufacturing Overhead Cost of Goods Sold $400,000 $400,000 a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead…
How to find: * Cost of beginning work in process inventory completed this period. *Cost of units transferred to finished goods during the period. * Cost of ending work in process inventory. * Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. Work in Process—Assembly Department Bal., 6,000 units, 55% completed 18,540 To Finished Goods, 138,000 units ? Direct materials, 141,000 units @ $2.1 296,100 Direct labor 192,900 Factory overhead 75,000 Bal. ? units, 70% completed ?
Sterling's records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. The records also showed the following data for the month: Materials used Overhead applied Cost of goods manufactured $1,500 50 7,500 Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine how much direct labor was incurred during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any…
Sterling's records show the work in process inventory had a beginning balance of $5,000 and an ending balance of $4,000. How much direct labor was incurred if the records also show: Materials used $1,600 Overhead applied 400 Cost of goods manufactured 7,700 $fill in the blank 1
Requirement 1. Calculate direct materials inventory on August 31, 2022. Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Direct materials available for production Direct materials inventory, August 31, 2022 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Fixed manufacturing overhead costs
Work-in-Process Inventory—Cutting Balance, May 1 0 (a) Transfer out to Direct Materials 49,000 Direct Labor 9,000 Manufacturing Overhead 33,000 Balance, May 31 6,000 Work-in-Process Inventory—Finishing Balance, May 1 17,000 80,000 Transfer out to Transfer in from (b) Direct Materials 26,000 Direct Labor (c) Manufacturing Overhead 16,000 Balance, May 31 67,000 Work-in-Process Inventory—Packaging Balance, May 1 6,000 (d) Transfer out to Transfer in from (e) Direct Materials 6,000 Direct Labor 13,000 Manufacturing Overhead 14,000 Balance, May 31 19,000 Finished Goods Inventory Balance, May 1 0 (f) Transfer out to Transfer in from (g)…