2 Required: 3 Determine the missing amount for each separate situation involving work in process cost flows. 5 6 Total manufacturing costs 7 Work in process inventory, beginning 16 17 (1) $126,000 105,000 84,000 $200,000 18 19 $150,000 128,000 22,000 $138,000 (3) $217,000 8 Work in process inventory, ending 9 Cost of goods manufactured 10 11 12 13 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 14 Nothing in this area will be graded, but it will be submitted with your assignment. 15 32,000 185,000 $237,000

2 Required: 3 Determine the missing amount for each separate situation involving work in process cost flows. 5 6 Total manufacturing costs 7 Work in process inventory, beginning 16 17 (1) $126,000 105,000 84,000 $200,000 18 19 $150,000 128,000 22,000 $138,000 (3) $217,000 8 Work in process inventory, ending 9 Cost of goods manufactured 10 11 12 13 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 14 Nothing in this area will be graded, but it will be submitted with your assignment. 15 32,000 185,000 $237,000

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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L13 D. 4 Data Section: $45,000 9. 642,000 91,500 93,000 Direct labor 8 Direct materials inventory, 1/1 9 Direct materials inventory, 12/31 10 Factory rent 11 Finished goods, 1/1 12 Finished goods, 12/31 13 Indirect labor 76,410 132,000 172,500 37,500 26,250 14 Indirect materials 15 Purchases of direct materials 16 Work in process, 1/1 17 Work in process, 12/31 645,180 30,300 28,665 Depreciation-equipment 18 19 Answer Section: 20 Jackson Manufacturing 21 22 Schedule of Cost of Goods Manufactured 23 For the Year Ended December 31 24 25 Work in process, 1/1 $30,300 26 Direct materials Direct materials inventory, 1/1 28 Add: 27 $91,500 FORMULA 1 Purchases of Materials 29 30 Cost of direct materials available $0 FORMULA 2 31 Less: Direct Material, 12/31 32 33 Cost of direct materials used FORMULA 3 34 Direct labor 642,000 35 Manufacturing overhead: 36 Factory rent 37 Depreciation - Equipment $76,410 FORMULA 4 MFG Enter Search the web and Windows op THOF
CengageNOWv2 | Online teachin x + genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... A A ★ F Selected accounts with some amounts omitted are as follows: Work in Process Aug. 1 Balance 253,960 Aug. 31 Goods finished 194,700 31 Direct materials X 31 Direct labor 35,500 X 31 Factory overhead Factory Overhead Aug. 1-31 Costs incurred 100,050 Aug. 1 Balance 13,280 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $212,000, what was the amount debited to Work in Process for direct materials in August? Oa. $306,760 Ob. $106,590 Oc. $501.460 Od. $77,460 8:16 A 5/2/202 LOM OL ▬▬ JUB M & 7 U 8 CF10 P
ageNOWv2 | Online teachin X + m/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... A € When Job 117 was completed, direct materials totaled $9,518; direct labor, $14,467; and factory overhead, $14,085. A total of 2,115 units were produced at a per-unit cost of Oa. $38,070 Ob. $2,115 Oc. $18 Od. $23.985 8:2 O J i I' C 5/2
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8:23 W WY □ s21-1 ⠀⠀⠀ S21-1 Classifying costs Classify each cost by placing an X in the appropriate columns. The first cost is completed as an example. Learning Objective 1 a. Direct materials b. Direct labor c. Variable manufacturing overhead d. Fixed manufacturing overhead C Absorption Costing X QAA 1167/1480 Product Period Product Period Cost Cost Cost Cost Word >> Bit French 49,34% Variable Costing X ||| 0 < : X
Check my workCheck My Work button is now enabled Item 3 Logan Products has two production departments—assembly and finishing. These are supported by two service departments—sourcing (purchasing and handling of materials and human resources) and operations (work scheduling, supervision, and inspection). Logan has the following labor hours devoted by each of the service departments to the other departments. Total Labor Hours Used by Departments Sourcing Operations Assembly Finishing Sourcing - 20,000 40,000 60,000 Operations 10,000 - 60,000 50,000 The costs incurred in the plant are as follows: Departments Departmental Costs Sourcing $ 174,000 Operations 220,000 Assembly 416,000 Finishing 261,000 Total $ 1,071,000 Required: Use four decimal places (e.g., 33.3333%) in your calculation of percentages. 1. What are the costs allocated to the two production departments using (a) the direct method, (b) the step method, when…
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