5. Payton Corporation provided the following information for the year: Beginning Balance-Work-in-Process Inventory $25,000 Ending Balance-Work-in-Process Inventory 55,000 Beginning Balance- Direct Materials 81000 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? S1363,000 S1164,000 $1.193,000 S1135,000

5. Payton Corporation provided the following information for the year: Beginning Balance-Work-in-Process Inventory $25,000 Ending Balance-Work-in-Process Inventory 55,000 Beginning Balance- Direct Materials 81000 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? S1363,000 S1164,000 $1.193,000 S1135,000

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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Sun Inc. has provided the following information: $ 60,000 55,000 Beginning Work-in-Process Inventory Beginning Raw Materials Inventory Purchases and Freight In of Raw Materials Ending Raw Materials Inventory 315,000 80,000 Direct Labor 70,000 Depreciation-Plant and Equipment Plant Utilities, Insurance, and Property Taxes 25,000 15,500 Ending Work-in-Process Inventory Selling and distribution overhead 23,000 40,000 Calculate the cost of goods manufactured. a) $412,500 b) $437,500 c) $477,500 d) $422,000
Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?
The selected amounts that follow were taken from Kandace Corporation's accounting records: Raw material used Direct labor Total manufacturing costs Work in process inventory (1/1) $27,000 $35,000 $104,000 $19,000 Cost of goods manufactured $100,000 Cost of goods available for sale $175,000 Finished goods inventory (12/31) $60,000 Sales revenue $300,000 Selling and administrative expenses $125,000 Income tax expense $18,000 Required: Compute the following: a. Manufacturing overhead. b. Work-in-process inventory, 12/31. c. Finished-goods inventory, 1/1. d. Cost of goods sold.
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Fostoria Corporation began the current period with $21,975 of raw materials, purchased $97,950 of raw materials during the period, and ended the period with $30,205 of raw materials. Indirect materials used and indirect labor totaled $16,950 and $25,320, respectively. The total amount of raw materials put into production during the current period was: a. $97,950 b. $89,720 c. S106,670 d. 119,925
X Company reported the following year-end information: Beginning Raw Materials Inventory $60,000 Ending Raw Materials Inventory 90,000 Beginning Work in Process Inventory 113,000 Ending Work in Process Inventory 180,000 Raw Materials purchased 200,000 Direct Labor 210,000 Manufacturing Overhead 490,000 Selling and Administrative Expenses 157,000 Refer to the above, what was the cost of raw materials used? * $260,000 $170,000 $140,000 None of the above
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions:May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees. $4,500.5. Received cash from clients on account. $2,450.9. Paid cash for a newspaper advertisement, $225.13. Paid Office Station Co. for part of the debt incurred on April 5, $640.15. Recorded services provided on account for the period May 1-15, $9,180.16. Paid part-time receptionist for two weeks'salary including the amount owed on April 30, $750.17. Recorded cash from cash clients for fees earned during the period May 1-16, $8,360.Record the following transactions on Page 6 of the journal:20. Purchased supplies on account. $735.21. Recorded services provided on account for the period May 16-20, $4,820.25.…
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