4. Assume the estimated finished goods inventory on January 1, 201X was $54,000. Desired finishedgoods inventory for December 31, 201X is $50,000. Assume the estimated WIP inventory onJanuary 1, 201X was $47,000 while the desired WIP inventory on December 31, 201X is $49,000.After careful consideration and calculation, Platinum Trophy determines the Factory Overheadbudget for 201X is $126,000. Based on the Direct Materials purchases budget and the direct laborcost budgets from above, create a Cost of Goods Sold budget for Platinum Trophy.

The Cost of Goods Sold (COGS) budget is a financial plan that helps a company like Platinum Trophy…

Answered: 4. Assume the estimated finished goods…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 13P: Webster Company uses backflush costing to account for its manufacturing costs. The trigger points...

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Thunder Creek Company uses the first-in, first-out (FIFO) inventory costing method. The Beginning Finished Goods Inventory is $86,400 consisting of 3,600 units. Begin by calculating the projected cost to produce each unit in 2018 based on projected sales. (Hint: In "Cost per unit" table, cell references come from Direct Materials, Direct Labor, and Manufacturing Overhead budgets.) Use '=ROUND' function to round the fixed manufacturing overhead cost per unit to two decimal places. Prepare a Cost of Goods Sold Budget. (Hint: Units per month calculated using cell references to both sales budget and production budget.) Cost per unit $ Direct material cost per unit 7.95 10.00 Direct labor cost per unit Manufacturing overhead cost per unit 9.09 27.04 Total projected manufacturing cost per unit $ 2018 Budget #6: Cost of Goods Sold Budget Jan Mar Q1 Total Beginning Finished Goods Inventory, 3,600 units. $ 86,400.00 $ 86,400.00 Units produced and sold in 2018 Cost per unit 27.04 Units per month…
PurrChem’s raw materials records contained the following information for the month of August:August 1 Beginning inventory 1,250 kg. @ $250 per kg.8 Received 1,000 kg. @ $275 per kg.15 Issued 1,800 kg. into production.24 Received 1,000 kg. @ $285 per kg.27 Issued 1,200 kg. into production.Determine the cost of materials issued into production and thecost of the August 31 inventory under each of the following costingmethods (Round per unit amounts to three decimal places andtotal amounts to the nearest dollar.):1. FIFO2. LIFO3. Weighted average
What are the total costs to account for if a companys beginning inventory had $23,432 in materials and $18,450 in conversion costs, and added direct material costs ($41,392), direct labor ($23,192), and manufacturing overhead ($62,500)?
Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance of $300. If the cost of materials used during the month was $900, what were the purchases made during the month?
Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
Based on the following information, prepare a Schedule of Cost of Goods Manufactured and a multi-step Income Statement for Junaluska Company for the year ended December 31, 2020 Beginning Work-in-Process Inventory, Jan. 1 $60,000 Ending Work-in-Process Inventory, Dec. 31 40,000 Beginning Finished Goods Inventory, Jan. 1 50,000 Ending Finished Goods Inventory, Dec. 31 20,000 Net Sales Revenue 1,800,000 Selling and Administrative Expenses 500,000 Direct Labor 300,000 Manufacturing Overhead; actual and allocated 400,000 Direct Materials Used 200,000 Income Tax Expense 70,000
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[The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 24,553 8,005 145,832 72,740 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,800 units 19,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and conversion costs. Complete this question by entering your answers in the tabs below. Required A Required B Compute the cost per equivalent…
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The Bradley Corporation produces a product with the following costs as of July 1, 20X1: Material Labor Overhead $ 4 per unit 2 per unit 2 per unit Beginning inventory at these costs on July 1 was 3,150 units. From July 1 to December 1, 20X1, Bradley Corporation produced 12,300 units. These units had a material cost of $4, labor of $6, and overhead of $3 per unit. Bradley uses LIFO inventory accounting. a. Assuming that Bradley Corporation sold 13,600 units during the last six months of the year at $18 each, what is its gross profit? Answer is complete but not entirely correct. Gross profit $ 74,800x b. What is the value of ending inventory? Answer is complete but not entirely correct. Ending inventory S 12,800 x

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