3. The Selected data concerning the past fiscal year's operations of the Eyoha Manufacturing Company are presented below: Inventories Beginning Ending Direct materials $75, 000 $.85, 000 80, 000 90, 000 30, 000 110,000 Work in process Finished goods Other data follows: $326, 000 Direct materials used... Total manufacturing costs charged to productio............ 686, 000* * Include direct materials, direct labor, and factory overhead (60% of Direct Labor cost) Required: A. Compute the cost of direct materials purchased during the year and direct labor costs charged to production during the year The costs of goods manufactured during the year

3. The Selected data concerning the past fiscal year's operations of the Eyoha Manufacturing Company are presented below: Inventories Beginning Ending Direct materials $75, 000 $.85, 000 80, 000 90, 000 30, 000 110,000 Work in process Finished goods Other data follows: $326, 000 Direct materials used... Total manufacturing costs charged to productio............ 686, 000* * Include direct materials, direct labor, and factory overhead (60% of Direct Labor cost) Required: A. Compute the cost of direct materials purchased during the year and direct labor costs charged to production during the year The costs of goods manufactured during the year

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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Mason Company provided the following data for this year: 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 $ 8,600 $ 5,800 $ 71,000 Ending $ 10,800 $ 20,000 $ 25,400 $ 653,000 $ 82,000 $ 133,000 $ 106,000 $ 45,000 $ 223,000 $ 201,000 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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.
Selected data concerning the past year’s operations of the Altek Manufacturing Company are as follows:Inventories ($) Beginning EndingRaw materials 71,000 81,000Work in Process 80,000 30,000Finished Goods 90,000 110,000Other Data:Direct Materials Used ---------------------------------------------- $ 326,000Total Manufacturing Costs Charged to productionduring the year (includes direct material, direct labour,and manufacturing overhead applied at arate of 60% of direct-labour cost) ----------------------------------$ 686,000Cost of Goods Available for Sale ----------------------------------$ 826,000Selling and Administration Expenses ----------------------------- $ 31,500 Required:a) What was the cost of raw materials purchased during the…
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The following data from the just completed year are taken from the accounting records of Mason Company: $ 653,000 $ 88,000 $ 130,000 $ 100,000 $ 40,000 $ 225,000 $ 202,000 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 $ 8,900 $ 5,500 $ 73,000 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 of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Ending $ 10,600 $ 20,100 $ 25,800 Required 1 Required 2 Required 3 Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct…
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ints) The following data have been taken from the accounting records of Larder Corporation for the just completed year. Sales. $2,100,000 $350,000 $385,000 $390,000 $225,000 $210,000 $210,000 $190,000 $135,000 $120,000 $195,000 $140,000 Purchases of raw materials Direct labor. Applied Manufacturing overhead Administrative expenses. Selling expenses. Raw materials inventory, beginning. Raw materials inventory, ending Work in process inventory, beginning. Work in process inventory, ending. Finished goods inventory, beginning.. Finished goods inventory, ending.. Required: a. Prepare a Schedule of Cost of Goods Manufactured in good form. b. Compute the Cost of Goods Sold. c. Using data from your answers above, prepare an Income Statement (using the traditional format).
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