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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1. The accounting records of Dela Cruz Corporation revealed the following costs direct material used, $750,000; direct labor used, $1,275,000; factory overhead,$1,125,000; indirect materials used $500,000; indirect labor used $600,000; selling and marketing expenses $660,000; general and administrative expenses $440,000. Dela Cruz Corporation Prime Cost is? a. $1,875,000 b. $2,025,000 c. $2,225,000 d. $2,200,000
Selected data concerning the past year’s operations of the Altek Manufacturing Company are as follows:Inventories ($) 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…
5. Payton Corporation provided the following information for the year: Beginning Balance-Work-in-Process Inventory $26,000 Ending Balance-Work-in-Process Inventory 55,000 Beginning Balance- Direct Materials 81,000 Ending Balance- Direct Materials 59,000 Purchases Direct Materials 360,000 Direct Labor 471,000 Indirect Labor 19,000 Depreciation on Factory Plant and Equipment 24,000 Plant Utilities and Insurance 268,000 What was the amount of the cost of goods manufactured for the year? A $1,363,000 B $1164,000 S1,193,000 $1135,000
A partial listing of costs incurred during December at Gagnier Corporation appears below: Factory Supplies Administrative wages and salaries Direct materials Sales staff salaries Factory depreciation Corporate headquarters building rent Indirect labor Marketing Direct labor 89,000 325,000 O 310,000 $8,000.00 O 399,000 $105,000.00 $153,000.00 $68,000.00 $49,000.00 $34,000.00 The total of the period costs listed above for December is: $32,000.00 $103,000.00 $83,000.00
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…
At the beginning of the year in GHI, the opening work-in-progress was $240,000. During the year, the following expenditure was incurred: $ Prime cost 720,000 Factory overheads 72,000 The closing work-in-progress was 350,000 The factory cost of goods completed during the year was..................................
Presented below are certain operating data for the four departments of Tally Manufacturing Company. Service Production 1 2 1 2 Total manufacturing overhead costs either identifiable with or allocated to each department $72,000 $86,400 $108,000 $117,600 Square feet of factory floor space 48,000 96,000 Number of factory workers 110 70 Planned direct labor hours for the year 24,000 36,000 Allocate, to the two production departments, the costs of service departments 1 and 2, using factory floor space and number of workers, respectively, as bases. Do not round bases when calculating reallocations of service departments. Production 1 2 Identifiable and allocated overhead Answer Answer Reallocation of service departments: Dept. 1 Factory floor space Answer Answer Dept. 2 Number of factory workers Answer Answer Total manufacturing overhead Answer Answer What is the apparent…
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).
The following data from the just completed year are taken from the accounting records of Mason Company: $ 654,000 $ 89,000 $ 135,000 $ 107,000 $ 46,000 $ 226,000 $ 210,000 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 Ending $8,800 $ 10,100 $5,000 $ 20,800 $77,000 $ 25,400 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. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Direct…
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: What was the cost of goods sold during the year?
The following information relates to NBV for the year ended 31 July 20X3. $'000 Direct materials 160 Direct labour 200 Prime cost 360 Carriage outwards 880 Depreciation of delivery vehicles 30 Factory indirect overheads 450 Increase in work-in-progress inventory 75 Decrease in inventory of finished goods 55 What should be the factory cost of goods completed for the year ended 31 July 20X3? ...............................