Accounting records indicate certain balances in the inventory accounts for 20xx. Calculate the following item for 20xx given the information below: Indirect factory costs incurred (manufacturing overhead). Materials inventory Inventory of products in process (Work in Process) Inventory of finished products 1/1/xx 31/12/xx $ 25,000 $12,000 -0- $23,000 $10,000 $25,000 Other data (apply to the period from 1/1/xx to 31/12/xx) are: 1. The prime costs were $393,000. 2. Ten times the amount of what was in stock inventory at the beginning of the year was purchased in materials. 3. Costs of direct labor (direct labor), which represent 40% of the conversion costs, were $325,000. 4. The company generates, on average, a 20% gross profit (Gross margin).

Accounting records indicate certain balances in the inventory accounts for 20xx. Calculate the following item for 20xx given the information below: Indirect factory costs incurred (manufacturing overhead). Materials inventory Inventory of products in process (Work in Process) Inventory of finished products 1/1/xx 31/12/xx $ 25,000 $12,000 -0- $23,000 $10,000 $25,000 Other data (apply to the period from 1/1/xx to 31/12/xx) are: 1. The prime costs were $393,000. 2. Ten times the amount of what was in stock inventory at the beginning of the year was purchased in materials. 3. Costs of direct labor (direct labor), which represent 40% of the conversion costs, were $325,000. 4. The company generates, on average, a 20% gross profit (Gross margin).

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 1E: Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs...

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What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
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Sterlings records show the work in process Inventory had a beginning balance of $4000 and an ending balance of $3,000. How much direct labor was incurred if the records also show :
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During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in process inventory completed this period 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory b. Did the production costs change from the preceding period? Explain. c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period?
Requirements: 1. Compute the equivalent units for materials and conversion costs. 2. Compute the unit costs for materials and coversion costs. 3. Compute the cost of goods transfered out. 4. Compute the costs of the ending inventory.
0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
Subject: acounting
Complete the information in the cost computations shown here: Raw materials Beginning inventory Purchases Materials available for use Ending inventory Materials used in production Work in process inventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold $341 1,533 323 $931 1,536 $22,450 936 $25,008 $21,792