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 11EA: A company has the following transactions during the week. Purchase of $1,000 raw materials inventory...

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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
XYZ Company has the following balances for the current month: Direct materials used OMR 24,000 Direct labor OMR 36,800 Sales salaries OMR 19,200 Indirect labor OMR 4,800 Production manager's salary OMR 9,600 Marketing costs OMR 14,400 OMR 6,400 Factory lease What is total manufacturing cost? a. OMR 96,000 O b. OMR 81,600 С. OMR 86,400 O d. None of the given answer. e. OMR 89,600
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
XYZ Company has the following balances for the current month: Direct materials used OMR 24,000 Direct labor OMR 36,800 Sales salaries OMR 19,200 Indirect labor OMR 4,800 Production manager's salary OMR 9,600 Marketing costs OMR 14,400 Factory lease OMR 6,400 What is total manufacturing cost? a. OMR 81,600 b. OMR 86,400 C. OMR 89,600 d. OMR 96,000 e. None of the given answer.
The following are ABC co's production cost for the month of October: Direct Materials P100,000 Direct Labor 90,000 Factory Overhead 4,000 1. The total manufacturing cost? 2. The prime cost? 3. The conversion cost? 4. The cost than can traced to specific product in production process?

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