ABC Company had the following inventory balances for Year 2:Beginning BalanceEnding BalanceRaw Materials$470$160Work In Process$420$310Finished Goods$450$1150During Year 2, ABC Company had the following transactions related to inventory:Purchased S220 of raw materials• Incurred direct labor costs of $180• Allocated manufacturing overhead costs of $90• Sold inventory to customers for $700 that cost $210 to makeWhat was ABC Company's Total Manufacturing Cost during Year 2?

Name: ABC Company had the following inventory balances for Year 2:Beginning
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Description: ABC Company had the following inventory balances for Year 2:Beginning BalanceEnding BalanceRaw Materials$470$160Work In Process$420$310Finished Goods$450$1150During Year 2, ABC Company had the following transactions related to inventory:Purchased S2

SOLUTION- TOTAL MANUFACTURING COST= IT IS THE TOTAL EXPENSES INCURRED BY A FIRMS PRODUCTION PROCESS…

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ABC Company had the following inventory balances for Year 2: Beginning Balance Ending Balance Raw Materials $470 $160 Work In Process $420 $310 Finished Goods $450 $1150 During Year 2, ABC Company had the following transactions related to inventory: • Purchased $220 of raw materials • Incurred direct labor costs of $180 • Allocated manufacturing overhead costs of $90 • Sold inventory to customers for $700 that cost $210 to make

ABC Company had the following inventory balances for Year 2: Beginning Balance Ending Balance Raw Materials $470 $160 Work In Process $420 $310 Finished Goods $450 $1150 During Year 2, ABC Company had the following transactions related to inventory: • Purchased $220 of raw materials • Incurred direct labor costs of $180 • Allocated manufacturing overhead costs of $90 • Sold inventory to customers for $700 that cost $210 to make

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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The Bradley Corporation produces a product with the following costs as of July 1, 20X1: Material Labor Overhead $ 4 per unit 2 per unit 2 per unit Beginning inventory at these costs on July 1 was 3,150 units. From July 1 to December 1, 20X1, Bradley Corporation produced 12,300 units. These units had a material cost of $4, labor of $6, and overhead of $3 per unit. Bradley uses LIFO inventory accounting. a. Assuming that Bradley Corporation sold 13,600 units during the last six months of the year at $18 each, what is its gross profit? Answer is complete but not entirely correct. Gross profit $ 74,800x b. What is the value of ending inventory? Answer is complete but not entirely correct. Ending inventory S 12,800 x
Alexandria Aluminum Company, a manufacturer of recyclable soda Cans, had the following inventory balances at the beginning and end of 20x1. Inventory classification Raw material Work in process Finished goods Indirect material Indirect labor January 1,20x1 Utilities Other $ 65,000 120,000 160,000 December31,20x1 During 2005, the company purchased $ 250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follow: $ 11,000 26,000 Depreciation on plant and equipment 100,000 70,000 115,000 165,000 23,000 30,000 Sales revenue was $ 1,109,000 for the year. Selling and administrative expenses For the year amounted to $ 110,000. The firm's tax rate is 40%. Required: Prepare a schedule of cost goods manufactured. Prepare a schedule of cost of goods sold. Prepare an income statement.
The correct answer is: $121,550 The following activities took place in the WIP inventory during February: WIP Inventory A/C $15,000 To Finished Goods Feb 1 Bal Direct Materials Used 120,000 Direct Labour Incurred ? Manufacturing Overhead ? Applied Additional information: Indirect material issued to production was: $20,000 Manufacturing Labour Costs incurred.. Manufacturing Overhead Rate... Actual Manufacturing Overhead Costs for Feb............ $162,500 (75% represents direct labour) 120% of direct labour cost $130,000 Two jobs were completed with total costs of $120,000 & $85,000 respectively. They were sold on account at a mark-up of 50% on cost. The journal entry to show sale revenue earned from the two completed jobs: Select one: a. DR Accounts Receivable $410,000 and CR Sales Revenue $410,000✔ b. DR Accounts Receivable $205,000 and CR Sales Revenue $205,000 C. DR Sales Revenue $205,000 and CR Accounts Receivable $205,000 d. DR Sales Revenue $410,000 and CR Accounts Receivable…
A company uses the weighted average method for inventory at the end of the period 20,000 units were in the end he work in process inventory in or 100% complete for materials and 85% complete for conversion the quality cost per unit or materials $2.75 in conversion $2.26 computer cost would be assigned to the end he work in process inventory for the.
On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,730 21,340 Work-in-Process Inventory Finished Goods Inventory Work-in-process inventory is made up of three jobs with the following costs: Direct materials Direct labor Job 114 8,700 $2,411 1,800 1,170 Job 115 $2,640 1,560 1,014 Job 116 $3,650 4,300 2,795 Applied overhead During April, Sangvikar experienced the transactions listed below. a. Materials purchased on account, $29,000. b. Materials requisitioned: Job 114, $16,500; Job 115, $12,200; and Job 116, $5,000. c. Job tickets were collected and summarized: Job 114, 150 hours at $12 per hour; Job 115, 220 hours at $14 per hour; and Job 116, 80 hours at $18 per hour. d. Overhead is applied on the basis of direct labor cost. e. Actual overhead was $4,415. f. Job 115 was completed and transferred to the finished goods warehouse. g. (1) Job 115 was shipped, and (2) the customer was billed for 125 percent of the cost.
Fortune Company had beginning raw materials inventory of $9,900. During the period, the company purchased $55,500 of raw materials on account. If the ending balance in raw materials was $6,900, the amount of raw materials transferred to work in process is: Multiple Choice $52,500. $58,500. $55,500. $62,400.