4.The financial records for the Lazer Manufacturing Company have been destroyed in aflood. The following information has been obtained from a separate set of books maintained bythe cost accountant. The cost accountant now asks for your assistance in computing the missingamounts.Required: Solve for each ?MDirect Materials InventoryWork In Process InventoryDr.Cr.Dr.Cr.BB8,000BB22,300TO?DM180,500 TO?TI?DL121,000MOH94,000EB9,700EB17,700Finished Goods InventoryDr.Cr.BB14,200?TO?TITI?EB?Cost of Goods SoldDr.Cr.402,800EB402,800

The objective of the question is to calculate the missing values in the financial records of Lazer…

Answered: 4. The financial records for the Lazer…

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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The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory 8,900 ? ? Beg. Bal. Purchases End. Bal. Work-in-Process Inventory 8,400 ? 19,800 14,400 8,900 Beg. Bal. Materials Labor Overhead End. Bal. Beg. Bal. 7,300 Cost of Goods Sold 66,000 Finished Goods Inventory ? Transferred in End. Bal. 40, 400 5,100 Transferred Out Transferred Out Transferred Out What is the value of the ending Work-in-Process inventory balance?
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Problem 7-54 (Algo) Finding Missing Data (LO 7-2, 3) A new computer virus (AcctBGone) destroyed most of the company records at BackupsRntUs. The computer experts at the company could recover only a few fragments of the company’s factory ledger for March as follows. Direct Materials Inventory BB (3/1) 90,400 Work-In-Process Inventory BB (3/1) 27,200 Finished Goods Inventory EB (3/31) 65,300 Cost of Goods Sold Manufacturing Overhead Control Accounts Payable 53,900 EB (3/31) Further investigation and reconstruction from other sources yielded the following additional information: The controller remembers clearly that actual manufacturing overhead costs are recorded at $18 per direct labor-hour. (The company assigns actual overhead to Work-in-Process Inventory.) The production superintendent’s cost sheets showed only one job in Work-in-Process…
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Q.1 The XYZ Company had a fire on March 24, 19... that completely destroyed the factory premises. Only few accounting records could be saved which revealed following information: Sales... . $650000 Purchas of direct materials.... $320000 Direct Labor.... $90000 Cost of goods available for sale.... $530000 Balance sheet of the company prepared at the end of previous accounting year contains following inventory balances: Direct materials inventory... $50000 Work in process.... $60000 Finished goods inventory.... $65000 Company's experience over past twelve years showed following percentage relationships. Direct labor equals 20% of total current manufacturing cost. Factory overhead is 33 1/3% of conversion cost. Gross profit is 25% of sales. The factory was covered by comprehensive insurance policy. The insurance company wants to know approximate value of inventories for settlement of claim. Required: Estimate cost of: 1. Materials costs 2. Work in process and 3. Finished goods…
-/1 A materials requisition slip showed that direct materials requested were $56000 and indirect materials requested were $12000. The entry to record the transfer of materials from the storeroom is O Direct Materials 56000 Indirect Materials 12000 Work in Process 68000 Inventory O Work In Process Inventory 56000 Manufacturing Overhead 12000 Raw Materials 68000 Inventory O Work In Process Inventory 56000 56000 Raw Materials Inventory O Manufacturing Overhead 68000 Raw Materials 68000 Inventory search hp
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The following information is taken from the accounting records of four different companies. Provide the missing amounts. Assume there are no indirect materials used in the company's finished product. Direct Materials Inventory, beginning Purchases of direct materials Company 1 Company 2 $15,000 $ 92,200 Company 3 $5,000 50,600 Company 4 $130,500 221,800 Total direct materials available for use 391,000 101,300 Direct Materials Inventory, ending 25,000 34,600 Direct materials used in production 71,200 Direct labor 212,000 25,000 324,400 Total manufacturing overhead 254,400 97,500 64,300 Total manufacturing cost Work in Process Inventory, Beginning 194,000 138,300 913,200 148,500 38,000 Work in Process Inventory, Ending 50,000 43,700 47,500 Cost of goods manufactured 814,400 103,450 920,300 Finished Goods Inventory, beginning 35,000 36,000 Cost of goods available for sale 393,000 140,050 Finished Goods Inventory, ending Cost of Goods Sold $796,400 $ 12,600 $109,400 $ 42,300
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