A manufacturing company reports the followingBeginning$ 18,72010,10013,160Ending$ 12,70011,9009,330InventoriesRaw materialsWork in processFinished goodsActivities for the periodRaw materials purchases$ 8,80014,8209,90011,74042,800Direct materials usedDirect labor usedOverhead appliedSales1. Prepare a schedule of cost of goods manufact2. Compute gross profit.Complete this question by entering your anRequired 1Required 2Prepare a schedule of cost of goods manufacturedSchedule of Cost of Goods ManufacturedDirect materials usedDirect lahor

The question is based on the concept of Cost Accounting.

Answered: A manufacturing company reports…

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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Raw materials inventory Work in process inventory Finished goods inventory. Purchases of direct materials Direct labor.. Indirect labor. Beginning of Year End of Year $ 23,000 $25,000 $ 35,000 $31,000 $ 20,000 $ 22,000 $ 74,000 $ 86,000 $ 42,000 Insurance on plant Depreciation-plant building and equipment Repairs and maintenance-plant Marketing expenses General and administrative expenses End of Year $ 11,500 $ 13,400 $ 3,700 $ 77,000 $ 28,500
Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $ 8,600 $ 5,800 $ 71,000 Ending $ 10,800 $ 20,000 $ 25,400 $ 653,000 $ 82,000 $ 133,000 $ 106,000 $ 45,000 $ 223,000 $ 201,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.
GROUPER COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2022 Equivalent Units of Production Physical QUANTITIES Units Materials Units to be accounted for Work in process, May 1 7,360 Started into production 29,440 Total units to be accounted for 36,800 Units accounted for Completed and transferred out 32,200 Work in process, May 31 4,600 Total units accounted for 36,800 COSTS Unit costs Costs in May Materials $128,800 Conversion Costs Conversion Costs $148,580 Total $277,380
Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $66,000 Direct labor 73,000 Factory overhead 37,000 Work in process inventory, May 1 59,000 Work in process inventory, May 31 58,750 Finished goods inventory, May 1 25,000 Finished goods inventory, May 31 19,000 Question Content Area a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank $- Select - $- Select - - Select - - Select - Total manufacturing costs incurred during May fill in the blank 47477f001f8204f_9 Total manufacturing costs $fill in the blank 47477f001f8204f_10 - Select - Cost of goods manufactured $fill in the blank 47477f001f8204f_13 Question Content Area b. For May, using the data given, prepare a statement of Cost of Goods…
ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…
Direct Materials Direct Labour Manufacturing Overhead Total cost to account for $385,000 139,750 86,000 $610,750 The units still in process are 100% complete with respect to direct materials and 35% complete with respect to conversion costs. The cost of the December 31 Work in Process Inventory would be: a. $436,500 O b. $174,250 O c. $218,125 Od. $610,750
Here are selected data for Ramalingagowda Company: Cost of goods manufactured $320,000 Work in process inventory, beginning 109,000 Work in process inventory, ending 104,000 Direct materials used 73,000 Manufacturing overhead is allocated at 50% of direct labor cost. What was the approximate amount of manufacturing overhead costs? Select one: a. $161,333 b. $80,667 c. $242,000 d. $78,000 e. $151,250
Beginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =
Given the following information, determine the cost of goods manufactured. Direct Labor Incurred $64,000 180,000 Manufacturing Overhead Incurred Direct Materials Used 155,000 197,000 98,000 220,500 110,000 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Work-in - Process Inventory, Jan. 1 Work-in - Process Inventory, Dec. 31 O A. $185,000 B. $509,500 OC. $289,000 O D. $399,000
Fit Apparel Company reports the following data for its first year of operation. Cost of goods manufactured $155,100 0 90,500 Work in process inventory, beginning Work in process inventory, ending Direct materials used Direct Labor 85,000 60,000 100,600 Manufacturing overhead Finished goods inventory, beginning Finished goods inventory, ending What is the cost of goods sold? O A. $155,100 O B. $340,700 O C. $160,600 O D. $85,100 0 70,000
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A manufacturing company reports Beginning $ 18,720 10,100 13,160 Ending $ 12,700 11,900 9,330 Inventories Raw materials Work in process Finished goods Activities for the neriod