None A company had the following accountinginformation for the month:Beginning finished goodsEnding finished goodsBeginning work-in-process$0$0$7,000$12,000Current month's manufacturingcostsWhat is the firm's cost of goods manufacturedfor the month if the company has ending:a. $7,000b. $10,000c. $12,000d. $14,000

Step 1: Calculate the total cost of goods manufactured (COGM) using the formula: COGM = Beginning…

Answered: A company had the following accounting…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

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Chapter4: Job Order Costing

Section: Chapter Questions

Problem 7EA: A company estimates its manufacturing overhead will be $750,000 for the next year. What is the...

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A company has the following transactions during the week. Purchase of $3,000 raw materials inventory Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour What is the cost assigned to Job 7 at the end of the week?
A company has the following transactions during the week. Purchase of $1,000 raw materials inventory Assignment of $500 of raw materials inventory to Job 5 Payroll for 20 hours with $1,000 assigned to Job 5 Factory utility bills of $750 Overhead applied at the rate of $10 per hour What is the cost assigned to Job 5 at the end of the week?
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Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
Regirock Incorporated a manufacturer of gravel and sand, has provided the following data for the month of March. The balance in the Work in Process inventory account was $55,000 at the beginning of the month and $37,000 at the end of the month. During the month, Regirock incurred direct materials cost of $145,400 and a direct labor cost of $78,700. The actual manufacturing overhead cost incurred was $18,000. The applied manufacturing overhead cost was 75% of direct labor cost. The Work-in-Process for the period was P
Question: If direct labor for the month is $40,000 overhead is applied based on direct labor, annual overhead is $600,000, and annual direct labor is $1,000,000, what is the entry to charge direct labor to production? a. Debit Work-in-Process Inventory $40,000; credit Payroll $40,000 b. Debit Overhead-Applied $40,000; credit Work in Process $40,000 c. Debit Work-in-Process Inventory $24,000; credit Overhead-Applied $24,000 d. Debit Work-in-Process Inventory $66,000; credit Overhead-Applied $66,000
K Rios Corporation reports costs for the year as follows: Direct Materials Used Wages to Line Workers Office Rent Indirect Materials Used How much is the total product costs for the year? A. $605,000 OB. $1,155,000 OC. $550,000 OD. $1,199,500 $430,000 120,000 44,500 605,000
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