1. What amount should be reported as raw materials available for use for the current year? 2. What amount should be reported as gross purchases for the current year?
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Angela Company provided the following information for the current year:
Purchases of raw materials 4,600,000
Indirect labor 720,000
Ending raw materials 680,000
Beginning goods in process 1,520,000
Factory supervisor's salary 1,120,000
Direct labor 3,960,000
Beginning raw materials 800,000
Depreciation on factory building 640,000
Ending goods in process 2,000,000
1. What amount should be reported as raw materials available for use for the current year?
2. What amount should be reported as gross purchases for the current year?
3.
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- The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $78,750 $94,450 Work in process 108,600 96,800 Finished goods 113,750 109,100 December 31 Advertising expense $ 69,000 Depreciation expense-office equipment 22,750 Depreciation expense-factory equipment 14,860 Direct labor 184,350 Heat, light, and power-factory 5,950 Indirect labor 24,600 Materials purchased 122,200 Office salaries expense 77,750 Property taxes-factory 4,170 Property taxes-office building 13,200 Rent expense-factory 6,675 Sales 862,000 Sales salaries expense 138,500 Supplies-factory 5,000 Miscellaneous costs-factory 5,280 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* b. Prepare the 20Y8 income statement. *Refer to the Amount Descriptions list…Wasson Company reported the following year-end information: Beginning work in process inventory Beginning raw materials. inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead $ 35,000 18,000 38,000 15,000 560,000 210,000 120,000 What is Wasson's total cost of work in process for the year?Prepare income statements for both Garcon Company and Pepper Company. Prepare the current assets section of the balance sheet for each company. Garcon Company Pepper Company Finished goods inventory, beginning $ 14,300 $ 17,650 Work in process inventory, beginning 17, 100 23,700 Raw materials inventory, beginning 11,700 14,700 Rental cost on factory equipment 31, 250 23,650 Direct labor 24,200 44,600 Finished goods inventory, ending 19,400 14,800 Work in process inventory, ending 24, 400 20, 600 Raw materials inventory, ending 7, 600 9,000 Factory utilities 13,650 14,250 General and administrative expenses 25,000 56, 500 Indirect labor 12, 150 15,480 Repairs-Factory equipment 5, 900 3, 550 Raw materials purchases 39, 500 63, 500 Selling expenses 54,000 58, 600 Sales 287, 520 388,810 Cash 21,000 21, 200 Accounts receivable, net 14, 600 22,950 GARCON COMPANY Income Statement For Year Ended December 31 Sales $287, 520 Cost of goods sold: Finished goods inventory, beginning $14, 300 Cost…
- The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $ 13,000 $ 16,600 Work in process inventory, beginning 18,500 23,400 Raw materials inventory, beginning 11,600 9,750 Rental cost on factory equipment 32,000 26,350 Direct labor 22,000 44,600 Finished goods inventory, ending 20,900 15,500 Work in process inventory, ending 24,700 16,600 Raw materials inventory, ending 6,400 7,400 Factory utilities 10,050 13,000 General and administrative expenses 34,500 55,000 Indirect labor 13,900 14,480 Repairs—Factory equipment 7,100 1,950 Raw materials purchases 46,000 58,000 Selling expenses 52,000 59,500 Sales 290,490 380,970 Cash 21,000 16,200 Accounts receivable, net 13,600 21,450 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31.2. Complete the…The following data from the just completed year are taken from the accounting records of Mason Company: $ 659,000 $ 80,000 Sales: Direct labor cost Raw material purchases Selling expenses Administrative expenses. Manufacturing overhead applied to work in process Actual manufacturing overhead costs. Inventories Raw materials. Work in process Finished goods Beginning. Ending) $ 10,900 $ 8,800 $ 5,100 $ 20,600 $ 70,000 $ 25,200 $ 139,000 $ 102,000 $ 41,000 $ 227,000 $ 206,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below.Use the cost information below for Sundar Company to determine the total manufacturing costs added during the current year: Direct materials used $ 19,100 Direct labor used 24,600 Factory overhead 54,600 Beginning work in process inventory 10,800 Ending work in process inventory 11,400
- Hemlock Company developed the following data for the current year: Beginning work in process inventory $275,000 Direct materials used 160,000 Actual overhead 340,000 Overhead applied 225,000 Cost of goods manufactured 265,000 Total manufacturing costs 860,000 Hemlock Company's direct labor cost for the year is?Larned Corporation recorded the following transactions for the just completed month. Purchased $89,000 of raw materials on account. $87,000 in raw materials were used in production. Of this amount, $74, 000 was direct materials and the remainder was indirect materials. Paid employees $127,500 cash. Of this amount, $104, 400 was direct labor and the remainder was indirect labor. Depreciation of $191,000 was incurred on factory equipment. Required: Record the above transactions in journal entries.Larned Corporation recorded the following transactions for the just completed month. Purchased $73, 000 of raw materials on account. $71,000 in raw materials were used in production. Of this amount, $58,000 was direct materials and the remainder was indirect materials. Paid employees $130,000 cash. Of this amount, $102, 400 was direct labor and the remainder was indirect labor. Depreciation of $191,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
- The following cost data relate to the manufacturing activities of ABC Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials $ 16,900 Indirect labor 149,000 Property taxes, factory 9,900 Utilities, factory 89,000 Depreciation, factory 316,900 Insurance, factory 11,900 Total actual manufacturing overhead costs incurred $ 593,600 Other costs incurred: Purchases of raw materials (both direct and indirect) $ 419,000 Direct labor cost $ 79,000 Inventories: Raw materials, beginning $ 21,900 Raw materials, ending $ 31,900 Work in process, beginning $ 41,900 Work in process, ending $ 71,900 The company uses a predetermined overhead rate of $28 per machine-hour to apply overhead cost to jobs. A total of 21,600 machine-hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of…Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?Freeman Furnishings has summarized its data as shown: Depreciation of factory building $77,500 Factory real estate taxes $15,000 Factory utility expenses Indirect materials $85,000 $32,000 $25,000 $84,000 Indirect labor Direct labor cost Direct labor hours incurred Estimated direct labor hours Raw material purchased Raw material, beginning Inventory Raw material, ending Inventory Work in process, beginning Inventory Work in process, ending Inventory Estimated overhead Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours. x 21,500 22,000 $370,000 $40,000 $29,000 $52,000 $67,000 $247,500
