17)Corp uses a normal cost system and had the following data available for 2010:Direct materials purchased on account$ 148,00082,000Direct materials requisitionedDirect labor cost incurred130,000Factory overhead incurredCost of goods completedCost of goods soldUw much?Beginning direct materials inventoryBeginning WIP inventoryBeginning finished goods inventoryOverhead application rate, as a percent of direct-labor costsThe ending balance of work-in-process (WIP) inventory is18) The ending balance of finished goods (FG) inventory is-1- TL-162,500292,000256,00026,00064,00058,000125 percenttinnamalayan in

Name: 17)Corp uses a normal cost system and had the following data availabl
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Description: 17)Corp uses a normal cost system and had the following data available for 2010:Direct materials purchased on account$ 148,00082,000Direct materials requisitionedDirect labor cost incurred130,000Factory overhead incurredCost of goods completedCost o

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17) Corp uses a normal cost syste Direct materials purchased on Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inv Beginning WIP inventory Beginning finished goods inv Overhead application rate, a The ending balance of work-in-p

17) Corp uses a normal cost syste Direct materials purchased on Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inv Beginning WIP inventory Beginning finished goods inv Overhead application rate, a The ending balance of work-in-p

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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Determine the missing amount for each separate situation involving work in process cost flows. Total manufacturing costs Work in process inventory, beginning Work in process inventory, ending Cost of goods manufactured $ (1) 105,200 84,200 200,200 $ (2) 150,200 $ 22,200 $ 138,200 (3) 217,200 32,200 $ 237,200
1. The number of units in work in process inventory at the end of the period. 2. Equivalent units of production for direct materials and conversion 3. Costs per equivalent unit for direct materials and conversion. 4. Cost of the units started and completed during the period.
Assign indirect labor cost is recorded with a Select one: O a. debit to Labor Cost. O b. debit to Work in Process Inventory. O C. debit to job cost sheets. d. debit to Manufacturing Overhead.
Flow of Product Costs through Accounts Assuming a routine manufacturing activity, present Journal entries (account titles only) for each of the following transactions: a. Purchased materlal on account. Description Debit Credit Accounts payable b. Recorded wages payable (for Indirect labor) earned but not paid. Description Debit Credit Wages payable C. Requisitioned both direct material and indirect material. Description Debit Credit Work in process inventory Manufacturing overhead Materials inventory d. Assigned direct and Indirect labor costs. Description Debit Credit Work in process inventory Manufacturing overhead Wages payable e. Recorded factory depreciation and accrued factory property tax. Description Debit Credit Manufacturing overhead Accumulated depreciation-factory Property taxes payable f. Appled manufacturing overhead to production. Description Debit Credit Manufacturing overhead g. Completed work on products. Description Debit Credit Work in process inventory h. Sold…
In a job-order costing system, manufacturing overhead applied is recorded as a credit to: O a. None of the given answer is correct O b. Manufacturing Overhead. Work in Process inventory. O d. Finished Goods inventory. Fi е. Cost of Goods Sold.
a. Based on the above data, determine the different costs listed below. 1. Cost of beginning work in process inventory completed this period. $ 2. Cost of units transferred to finished goods during the period. $ 3. Cost of ending work in process inventory. $ 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent.
As production takes place, all manufacturing costs are added to the: A. Manufacturing Overhead Account B. Cost of Goods Sold Account O C. Finished Goods Inventory D. Work in Process Inventory Account
Begin with the Work-in-Process———- Cutting T- acount, then complete each of the remaining T-accounts (Abbreviations used: COGS= Cost of Goods Sold, FG = Finished Goods, WIP = Work in-Process)
Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied $ 28,000 21,000 10,500 $ 40,000 14,000 7,000 137,000 101,000 220,000 151,000 $ 110,000 100,000 Finished Finished Status on April 30 In procesS (sold) (unsold) Additional Information a. Raw Materials Inventory has a March 31 balance of $80000. b. Raw materials purchases in April are $520,000 and total factory payroll cost in April is $372.000. c. Actual overhead costs incurred in April are indirect materials, $54,000; indirect labor, $20,000; factory rent, $34,0003; factory utilities, $22,000; and factory equipment depreciation, $56.000, d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for…
Manufacturing overhead applied is added to direct labor incurred and to what other item to equal total manufacturing costs for the period? OA) Goods available for sale B) Raw materials purchased OC) Work in Process inventory D) Direct materials used
In a process cost system, factory depreciation expense incurred is debited to ________.A. finished goods inventoryB. work in process inventoryC. manufacturing overheadD. cost of goods sold
Justine Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $17,000 and an ending balance of $12,000. During the year, the company purchased $55,000 of direct materials. Direct labor for the year totaled $121,000, while manufacturing overhead amounted to $151,000. The Work in Process Inventory account had a beginning balance of $22,000 and an ending balance of $21,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) ~