A Texas-based company had a raw materials inventory of $122,000 as of December 31, 2010, and $102,000 as of December 31, 2011. During 2011 the company purchased $150,000 of raw materials, incurred direct labor costs of $215,000, and incurred manufacturing totaling $325,000. overhead How much is the total manufacturing costs incurred by the company?

A Texas-based company had a raw materials inventory of $122,000 as of December 31, 2010, and $102,000 as of December 31, 2011. During 2011 the company purchased $150,000 of raw materials, incurred direct labor costs of $215,000, and incurred manufacturing totaling $325,000. overhead How much is the total manufacturing costs incurred by the company?

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
During the month of March 2009, Lagmay Company incurred the following manufacturing costs: Direct Materials -P60,000; Direct Labor - P80,000; and factory Overhead - P40,000. The Cost of Goods Manufactured was P190,000 and ending Work In Process Inventory was P30,000. How much is the beginning Work in Process Inventory?
The following information is obtained from the company’s records for 2014: Total manufacturing costs, P8,000,000 Cost of finished goods manufactured, P7,920,000 Manufacturing overhead applied, P3,600,000 Manufacturing overhead was applied to production at a rate of 200% of direct laborcosts The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the cost of direct materials used in 2014?a. P2,600,000b. P2,500,000c. P1,800,000d. P3,600,000
The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $30,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
he following information is obtained from the company’s records for 2014:a. Total manufacturing costs, P8,000,000b. Cost of finished goods manufactured, P7,920,000c. Manufacturing overhead applied, P3,600,000d. Manufacturing overhead was applied to production at a rate of 200% of direct laborcostse. The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the peso amount of work in process inventory on December 31, 2014?a. P400,000b. P800,000c. P500,000d. P320,000
The following information is obtained from the company’s records for 2014: Total manufacturing costs, P8,000,000 Cost of finished goods manufactured, P7,920,000 Manufacturing overhead applied, P3,600,000 Manufacturing overhead was applied to production at a rate of 200% of direct laborcosts The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the total direct labor cost in 2014?a. P1,800,000b. P1,500,000c. P1,700,000d. P3,600,000
Consider the following information: direct materials used totaled $124,700; direct labor amounted to $412,000; overhead was computed to be $789,600; Work in Process Inventory on March 1, 2014, was $482,500; and Work in Process Inventory on March 31, 2014, was $597,100. What was the cost of goods manufactured? a. $1,211,700 b. $729,200 c. $1,440,900 The cost of goods sold for Frye Manufacturing in the year was $373,000. The January 1 Finished Goods Inventory balance was $30,200, and the December 31 Finished Goods Inventory balance was $24,000. Calculate the cost of goods manufactured during the year. A. $397,000 B. $54,200 C. $366,800 D. $6,200
A company's Work in Process Inventory had a balance of $20,000 at the beginning of the year and $5,000 at the end of the year. During the year, it used $30,000 of direct materials, and it incurred direct labor and manufacturing overhead costs of $200,000 and $300,000, respectively. Based on this information, the company's cost of finished goods manufactured was?
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