234597 6 8 9 10 11 12 13 14 15 16 679 17 Raw Materials Inventory 57,500 18 19 20 5,700 37,000 14,800 Finished Goods Inventory 216,000 43,000 Factory Overhead 14,800 61,000 52,300 6,000 Which formula solves for the amount of direct materials? 173,000 122,100 Work in Process Inventory 37,000 216,000 111,000 122,100 54,100 Factory Wages Payable 172,000 0 111,000 61,000
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- PB7. Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity base to allocate overhead: Raw materials purchased Raw materials, beginning inventory Raw materials, ending inventory Work in process, beginning inventory Work in process, ending inventory Estimated overhead $320,000 15,000 14,000 35,000 37,000 300,000 50,000 7,382 45,000 20,000 11,000 100,000 24,000 25,000 Depreciation of factory building Factory real estate taxes Factory utility expenses Indirect materials Indirect labor Direct labor cost Direct labor hours incurred Estimated direct labor hours Compute the cost of goods manufactured.7:36 The accounting records of Falcon Company revealed the following information Raw materials used Direct labor Manufacturing overhead Work-in-process inventory, 1/1 Finished-goods inventory, 1/1 Work-in-process inventory, 12/31 Finished-goods inventory, 12/31 Falcon's cost of goods manufactured is: Multiple Choice O None of the answers is correct. O $537,000. $ 66,000 131,000 366,000 56,000 195,000 82,000 146,000On 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
- Manufacturing overhead has an underallocated balance of $12,400; raw materials inventory balance is $145,500; work in process inventory is $122,800; finished goods inventory is $140,300; and cost of goods sold is $170,500. After adjusting for the underallocated manufacturing overhead, what is cost of goods sold? Question 44 options: $12,400 $182,900 $170,500 $158,10052. MC.18-058 Scoresby Co. uses 6 machine hours and 2 direct labor hours to produce Product X. It uses 8 machine hours and 16 direct labor hours to produce Product Y. Scoresby's Assembly and Finishing departments have factory overhead rates of $240 per machine hour and $160 per direct labor hour, respectively. How much overhead cost will be charged to the two products? a.Product X = $1,760; Product Y = $4,480 b.Product X = $1,440; Product Y = $2,560 c.Product X = $3,200; Product Y = $9,600 d.Product X = $800; Product Y = $800AIP 9.6 Process Costing and Under-Absorbed Overhead LO 5, 8 Process costing can be performed with estimated cost and production data and actual cost and production data. A company estimated total manufacturing costs to be €4 million and estimated equivalent units be 20,000; therefore, the estimated cost per equivalent unit was €200. Inventory costs were adjusted for completed units based on this €200 estimated cost per equivalent unit. At the end of the year, the actual manufacturing costs were €5 million and the equivalent units produced were actually 22,000. How would you determine and account for the under-absorbed overhead?
- 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…Q12. Given the following information, answer the questions given below: Raw Materials Debit Credit Balance 1/1 Debits Balance 12/31 16,000 Credits 122,000 26.000 Manufacturing Overhead Debit Credit Debits 233.800 Credits Work in Process Debit Credit Balance 1/1 Direct materials Direct labor 21,000 Credits 91,000 153,000 244,800 473,000 Overhead Balance 12/31 Factory Wages Payable Debit Credit Debits 187,000 Balance 1/1 Credits Balance 12/31 Finished Goods 9,500 182,000 4,500 Debit Credit Balance 1/1 Debits Balance 12/31 41,000 Credits 61,500 Cost of Goods Sold Debit Credit Debits Cost of raw materials b. Indirect materials Indirect labor cost а. х1 x2 с. x3 d. Cost of goods manufactured Unadjusted cost of goods sold Assume that overhead is applied to production on the basis of direct labor cost f. Predetermined overhead rate g. Amount of Manufacturing overhead (under/over)applied h. Was Manufacturing overhead (under/over)applied i. Ending balance in the work in process j. Direct…20. Modern Manufacturing shows cost of goods sold for the month of March was 180,000. The finished goods inventory was 30,000 on March 1 and 35,000 on March 31. Beginning and ending inventory work in process inventories were 40,000 and 50,000 respectively. What was the cost of goods manufactured during March? A. 180,000 B. 195,000 C. 175,000 D. 185,000
- 2 42:37 aw V Use the cost information below for Sundar Company to determine the total manufacturing costs added during the current year: $ 19,000 24,500 Direct materials used Direct labor used Factory overhead Work in process inventory, beginning Work in process inventory, ending # Multiple Choice E D C $ $98,600. $43,500. $98,000. $42 900 4 IOI R % 5 T 1.6 A H Y + & 55,100 10,700 11,300 Q Search 7 ▶I O O A prt scwhen the company purchases raw materials for $60,000 on account, the entry should include: * A debit to Raw Materials Inventory O $60,000 and a credit to Accounts Payable $60,000 A debit to Raw Material Inventory O $60,000 and a credit to Cash $60,000 A debit to Direct Material $60,000 and a credit to Accounts Payable $60,000 None of the aboveDetermine the missing amount for each letter. Total ifacturing Costs 431600 (a) 567,000 333,900 363,800 Tauthook and Media Work in Process Jan. 1 $40,200 541800 (d) 75,600 EA $ Work in Process Dec. 31 (b) 50,400 100,800 Cost of Goods Manufactured $453,600 592,200 176400 (f) 56,700 283500 (h) 340,200