Answer Assignment: 6.9Cloudy Comfort Company's accounting records reflect the following inventories:Raw materials inventoryDec. 31, 2012 Dec. 31, 2011$310,000Work in process inventory 300,000Finished goods inventory 190,000$260,000160,000150,000During 2012, $400,000 of raw materials were purchased, direct labor costs amounted to $500,000, andmanufacturing overhead incurred was $480,000. If Cloudy Comfort Company's cost of goods manufacturedfor 2012 amounted to $1,190,000, its cost of goods sold for the year is:

Explanation of Raw Materials Inventory: Raw materials inventory represents the value of unprocessed…

Answered: Assignment: 6.9 Cloudy Comfort…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question 1Part IAdvent Corporationhas provided the following data for its activities for the month of May.Beginning Raw Materials Inventory$75,000Ending Raw Materials Inventory$45,000Purchases of Raw Materials$550,000Direct Labour Incurred$120,000Manufacturing Overheads Incurred$250,000Beginning Work in Process$60,000Ending Work in Process$140,000Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May.
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Problem 3 (10 marks) Sapir Manufacturing Company has the following data at June 30, 2012: Inventories: Raw materials inventory June 30 $25,000 June 1 $30,000 Work in process inventory Finished goods inventory 84,000 75,000 23,000 20,000 Other information for June: Total manufacturing costs Manufacturing overhead Direct labour incurred Sales $754,000 72,000 342,000 990,000 Instructions a. Prepare a schedule of cost of goods manufactured for the month (7 marks) (754,000+71,000/341,000) 1168,000 (990,000+25,000+ 84,000+23,000) 25 29,000+754,000-20,0 744000 1,127,000 1,168,000-472,000 754709 ,000 759,000+342,000 72,000+75,000-890 COGM-1164,000 Lost or goods manufactured- 46000 b. Calculate the COGS (3 marks) 20,000+1,164,000-7 SE
ke# Menaga Company reports the following information pertaining to its operating activities: Materials Inventory Work in Process Inventory Finished Goods Inventory Ending Balance $80,000 50,000 25,000 Beginning Balance $75,000 85,000 35,000 During the year, the company purchased $175,000 of direct materials and incurred $45,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $65,000. Selling and administrative expenses amounted to $160,000, and the company's annual sales amounted to $500,000. A. Prepare Menaga's schedule of the cost of finished goods manufactured. MENAGA COMPANY Schedule of the Cost of Finished Goods Manufactured For the Year Ended December 31 choose your answer... Manufacturing costs assigned to production: choose your answer... choose your answer.... choose your answer... Total manufacturing costs Total costs in process Less: Work in process inventory, December 31 Cost of finished goods manufactured B. Prepare Menaga's income…
Subject: Cost Management & accounting QUESTION – 11**The following data have been extracted from the records of A.B.C. Manufacturing Company:-Inventory Accounts Jan. 1: Inventory Accounts Dec 31:Material Rs. 45,000 Materials Rs. 38,000Work- in- Process 15,000 Work – in – Process 12,000Finished Goods 10,000 Finished Goods 17,000The following transactions took place during the year 1990:Direct Material Purchased Rs. 6,500Indirect Materials Purchased and used 10,000Factory Payroll Rs. 38,000 out of which Rs. 8,000 represented indirect labour. Other factory overhead cost incurred Rs. 25,000. Factory overhead applied to production at the rate of 150% of direct labour cost.Selling expenses Rs. 20,000 Admin Expenses 17,000Financial Management Income 2,000 Financial Management Expense 3,000Sale for the year 236,000 Sales return…
Laflln company reported the followlng year-end Informatlon: Beginning work in process inventory $1.080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory 480,000 Raw materials purchased 960,000 Direct labor 800,00O Manufacturing overhead 720,000 Laflln's Co. cost of goods manufactured for the year Is? a. $2300000 b. 2480000 c. 2120000 d. 2660000
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Number 1 An analysis of the accounts of Williams Company reveals the following manufacturing cost data for the month ended September 30, 2017. bog during May Inventories Raw materials Beginning $12,000 7,500 10,000 Ending $11,300 5,000 12,000 Work in process Finished goods Costs incurred: raw materials purchases $62,500, direct labor $51,000, manufacturing overhead $25,650. The specific overhead costs were: indirect labor $6,500, factory insurance $5,000, machinery depreciation $6,000, machinery repairs $2,800, factory utilities $3,600, miscellaneous factory costs $1,750. Assume that all raw materials used were direct materials. Instructions (а) Prepare the cost of goods manufactured sched ule for the month ended 9/30/17 (b) Show the presentation of the ending inventories on 9/30/17, Balance Sheet. Williams Company is considering the purchase of a new automated assembly line for its factory. The purchase would result in several changes in Williams' cost structure. Both direct labor and…
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Problem No. 3 (Cost Accounting) Determine the following using the weighted average (WA) method of process costing 1. Equivalent units of production for materials and conversion cost 2. unit costs, and; 3. Inventory values

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