A fire destroyed the plant and all its contents of FIREFLY Company's manufacturing facility. Fortunately, certain accounting records were kept in another building and revealed the following from January 1 to February 28, 2021: Direct materials purchased Work in process, Jan 1 Direct materials, Jan 1 Finished goods, Jan 1 Indirect manufacturing costs P160,000 34,000 16,000 30,000 60% of conversion costs Sales Revenue Direct manufacturing labor Prime costs Gross margin Cost of goods available for sale P500,000 180,000 294,000 20% 450,000 What is the balance of Direct materials on 02/28/21 before it was damaged by fire?

A fire destroyed the plant and all its contents of FIREFLY Company's manufacturing facility. Fortunately, certain accounting records were kept in another building and revealed the following from January 1 to February 28, 2021: Direct materials purchased Work in process, Jan 1 Direct materials, Jan 1 Finished goods, Jan 1 Indirect manufacturing costs P160,000 34,000 16,000 30,000 60% of conversion costs Sales Revenue Direct manufacturing labor Prime costs Gross margin Cost of goods available for sale P500,000 180,000 294,000 20% 450,000 What is the balance of Direct materials on 02/28/21 before it was damaged by fire?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is the total costs transferred from Department A to Department B? a.P327,240 b.P313,500 c.P289,750 d.P323,400
Please do not give solution in image format thanku
What is the cost per unit of Job Order 01 if the rework costs were attributed to internal failure?
b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. Entry Description Debit Credit b. Work in Process fill in the blank 6 fill in the blank 7 Factory Overhead fill in the blank 9 fill in the blank 10 Materials fill in the blank 12 fill in the blank 13 c. Factory labor used, $756,000, of which $182,000 was indirect. Entry Description Debit Credit c. Work in Process fill in the blank 15 fill in the blank 16 Factory Overhead fill in the blank 18 fill in the blank 19 Wages Payable fill in the blank 21 fill in the blank 22
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
2) Selected information from Skylar Studios shows the following: $ 5,000 $ 1,500 $11,000 $ 2,000 $15,000 28,000 $ $ 15,000 Raw materials purchased Direct materials Direct labor Factory depreciation Total manufacturing overhead incurred Machine hours per month Unit cost for material 2 Unit cost of conversion 8 Number units transferred out Prepare journal entries to record the following: raw material purchased direct labor incurred А. В. depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2 С. D. Е. F.
Please do not give solution in image format thanku
.
Costs incurred are summarized as follows: WIP - Polishing Process A/C January 1 Bal. $ 0 Transfer from Moulding 20,000 1,310,000 Direct Materials Added 391,600 Direct Labour 638,000 Manufacturing Overhead 307,400 Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged products are separated from good products and sold at $85 each. At inspection, 2,000 products were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100%…
What is the total manufacturing cost charged to work in process during 2018 Calculate the cost of finished goods manufactured during 2018 Calculate cost of goods sold for 2018
Mount Elliott Fixtures produces a variety of hardware products, primarily for the home construction and remodeling business. The cost accountant provides you with the following data for the year (in $000): Inventory information: Direct materials Work-in-process January 1 December 31 $ 167 223 2,931 $ 185 197 3,278 Finished goods Other information: Administrative costs Depreciation (Corporate building) For the year $ 6,904 667 Depreciation (Factory) 8,015 Depreciation (Factory machines). 14,242 Direct labor 20,267 Direct materials purchased 14,160 Indirect labor (Factory) 4,994 Indirect materials (Factory) 1,434 Property taxes (Corporate building) 155 Property taxes (Factory) 541 Selling costs 3,224 Sales revenue 71,027 Utilities (Factory) 1,512 Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGS statement Income statement Prepare a cost of goods sold statement. Note: Enter your…
please provide answer of thie question