150Cost Accounting151Problem 9Miracle Company provides you with the following informationChapter 5 Job Order CostingProblem 11The following T-accounts have incomplete postings; however, the amounts showntherein are correct:Inventories:January 1January 31MaterialsWork in processFinished goodsJanuary. transactions:P ?80,000 .60,000P 50,00095,000.78,000Work in process1,00015,000Direct materialsBeg. bal.25,.000Beg. bal. 10,00030,0002,000Purchases of materials, P 46,000Factory overhead (75% of direct labor cost) P 63,000Selling and adm, Expenses (12.5% of sales, P 25,000Factory overhead control, P 62,800Net income for January, P 25,200Indirect materials used, P 1,000Cost of goods soldFinished goods2,500Beg. bal.18,000Requirements:1. Materials inventory, January 12. Cost of goods manufactured.3. Cost of goods sold (normal) for the month of January of the current year´Factory overhead control4,200Accounts payable2,000Beg. bal. 25,000Problem 10Factory overhead appliedThe following were taken from the books of Nona Company.January 1P 268,000March 31P 167,000Raw materialsWork in processFinished goodsAdditional information:a. The debit of P15,000 to work in process represents direct materials issuedfor the month.43,000(100 units) (300 units)P1,847,7002,125,8001,026,500(12,300 units at P535.000)Direct materials usedDirect laborFactory.overheadSalesb: Factory overhead is applied at a rate of P0.50 per direct labor hour.Work ticket for the month totaled 10,000 direct labor hours. Factoryworkers receive P1.00 per hour.The company uses the.FIF0 method of costing inventories.Required: Compute for the followingRequirements:1. The number of units manufactured2. The cost of goods manufactured per unit3. The cost of goods sold1. Direct materials inventory, end2. Direct labor charged to production3. Defective materials returned to suppliers4, Work in process inventory, end5, Finished goods inventory, end·6. Cost of goods sold2021.12.02 02:35 2021.12.02 02:34148.Cost AccountingChapter 5 Job Order Costing149ProblemStar Wars Corporation, obtains the following information from its records for themonth of August:Problem 7The following inventory data relate to Abner Corporation.InventoriesJobs completed and soldJob 110P 15,00040,00025,0005,00020%Beginning90,00080,00095,000EndingP 110,00070,00090,000Finished goods.Work in processDirect materialsP.Job 220P 25,00050,00030,0004,00025%Job 330P 20,00030,00020,00010,00030%Direct materials costDirect labor costFactory overheadUnits manufacturedGP rate (based on sales)Required:1. Prepare in summary form, the journal entries that would have been madeduring the month to record the above.2. Prepare the schedules showing the gross profit or loss for August.Revenues and costs for the periodSalesCost of goods available for saleTotal manufacturing costsFactory overheadDirect materials used900,000775,000675,000175,000205,000-Required: Compute the following for the year:1. Direct materials purchased2. Direct labor costs incurreda. For the business as a whole.b. For each job completed and sold.3. Cost of goods sold4. Gross profitProblem 8Problem 6The following account balances were taken from the general ledger accounts.of theEllery Corporation.Assume the following relates to the Candy Corporation for the month of JulyJob No. 101Job No.102Job.No. 103January 1P 60,00085,000120,000December 31P.80,000110,00090,000330,000In process, July 1MaterialsLaborP 40,00060,00075,000P 30,00040,00050,000MaterialsWork in ProcessFinished GoodsFactory Overhead ControlApplied Factory Overhead(applied at a rate of 80% of DLCost of Goods SoldRequirements:1. Journal entries to record the transactions that were entered in the aboveaccounts for the year 2019.2. Cost of Goods Sold Statement for the year 2019.3.. Entry to close the Factory Overhead Control account and Applied FactoryOverhead to Cost of Goods Sold.OverheadCost added in July55,00080,00080,00095,00092,000115,000MaterialsLabor320,000850,000Actual overhead incurred in July amounted to P 375,000. Job No. 101 and 102were completed and transferred to finished goods warehouse in July. Overhead isapplied using a predetermined overhead rate. Job 101 was sold for P 550,000.Requirements: Compute for the following -1. Work in process, July 12. Overhead assigned to production in July assuming same factory OH rate3. Cost of goods manufactured4. Cost of goods sold (actual)5. Finished goods inventory, July 31

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150 Cost Accounting Problem 9 Miracle Company provides you with the following information January 1 lanuary 31 Inventories: Materials Work in process Finished goods January transactions: P ? 80,000 60,000 P 50,000 95,000 78,000 Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm, Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Requirements: 1. Materials inventory, January 1 2. Cost of goods manufactured 3. Cost of goods sold (normal) for the month of January of the current year Problem 10

150 Cost Accounting Problem 9 Miracle Company provides you with the following information January 1 lanuary 31 Inventories: Materials Work in process Finished goods January transactions: P ? 80,000 60,000 P 50,000 95,000 78,000 Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm, Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Requirements: 1. Materials inventory, January 1 2. Cost of goods manufactured 3. Cost of goods sold (normal) for the month of January of the current year Problem 10

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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ob cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,000 February Not sold AA4 4,837 January February AA5 3,260 February March AA3 3,411 $2,320 April Not sold Total $7,437 $7,671 $2,320 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work inProcess FinishedGoods COGS January $fill in the blank 1 $fill in the blank 2 February fill in the blank 3 fill in the blank 4 $fill in the blank 5 March fill in the blank 6 fill in the blank 7 fill in the blank 8
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31 Current information for the Healey Company follows: Beginning raw materials inventory Raw material purchases Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead $ 17,200 62,000 18,600 24,400 30,000 44,000 32,000 All raw materials used were direct materials. Healey Company's cost of goods manufactured for the year is:
%24 %24 %24 3. 3oration haS the following Information for the month of March. Cost of materials used in production $19,369 Direct labor 26,541 Factory overhead 37,168 Work in process inventory, March 1 22,586 Work in process inventory, March 31 19,023 Finished goods inventory, March 1 23,026 Finished goods inventory, March 31 27,299 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold. earch al 43°F 2) 114
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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
Problem number 2 The information below has been taken from the cost records of H Company for the past year: Direct materials used Rs.1,250 Total manufacturing costs 6,050 Manufacturing overhead 2,800 Selling expenses 1,000 Prime Cost 270% of Purchases Direct materials inventory, January 1 130 Direct materials inventory, December 31 Work in process, January 1 80 250 Work in process, December 31 400 |Finished goods, January 1 300 Finished goods, December 31 200 Required: Compute the cost of Raw Material purchased. Compute the cost of direct labor for the year. Compute the Cost of Goods Manufactured for the year. Compute the Cost of Goods Sold for the year. а. b. с. d.
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…
Direct Materials Direct Labour Manufacturing Overhead Total cost to account for $385,000 139,750 86,000 $610,750 The units still in process are 100% complete with respect to direct materials and 35% complete with respect to conversion costs. The cost of the December 31 Work in Process Inventory would be: a. $436,500 O b. $174,250 O c. $218,125 Od. $610,750
estions | bartleby G How many units must be in... My Home CengageNOWv2| Online te.. eВook During March, the following costs were charged to the manufacturing department: $13,520 for materials; $14,700 for labor; and $14,100 for manufacturing overhead. The records show that 31,400 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,800 equivalent units of materíal and 32,360 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory? When required, round cost per unit to two decimal places and the final answers to the nearest dollar. Cost of inventory transferred $ %24 Balance in work in process