Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?

Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Purchases of raw materials	$ 38,000
Beginning raw materials inventory	$ 10,000
Ending raw materials inventory	$ 14,000
Direct materials used in production	$ 29,600

Similar questions

Work−in−Process Inventory has a debit balance of $82,000 and Manufacturing Overhead has a debit balance of $18,000. If an additional $52,000 of direct labor and $4,000 of indirect labor are incurred during production, what is the balance of Manufacturing Overhead? A. $22,000 B. $30,000 C. $134,000 D. $14,000
Anderson Corp. has the following information: Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Direct materials used Direct labor incurred Additional information for the year is as follows: Manufacturing overhead applied Cost of goods manufactured Compute the cost of goods sold. O $270,000 O $258,000 Beginning Inventory (1/1) $20,000 $16,000 $50,000 O $280,000 O $268,000 Ending Inventory (12/31) $30,000 $18,000 $40,000 $90,000 $75,000 $95,000 $258,000
Use the following information to compute the unadjusted cost of goods sold for the period: Beginning raw materials $7,500 Ending raw materials 4,500 Direct labor 13,250 Raw materials purchased 7,400 Depreciation on factory equipment Factory repairs and maintenance Production supervisor's salary Beginning finished goods inventory Ending finished goods inventory Beginning goods in process inventory Ending goods in process inventory 6,250 3,350 2,500 10,500 8,700 6,700 6,100
Sales $ 659,000 Direct labor cost $ 88,000 Raw material purchases $ 139,000 Selling expenses $ 108,000 Administrative expenses $ 42,000 Manufacturing overhead applied to work in process $ 223,000 Actual manufacturing overhead costs $201,000 Inventories Beginning Ending Raw materials $ 8,400 $ 10, 500 Work in process $ 5,500 $ 20,800 Finished goods $ 77,000 $25,700 Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare an income statement.
1.21 Use the following information for a manufacturer to calculate the cost of goods produced and sold: Remainder Original Final Immediate materials 27000 28000 Stocks of semi-finished goods 40000 32000 Stock of finished goods 18000 25000 Other information Purchase of direct materials 73000 Instant work 88000 General industrial expenses 43000
Please Solve the Correct answer
Need answer to this question
provide the correct answer
Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used, $19,000; direct labor, $6,000; manufacturingoverhead, $21,000; beginning Work-in-Process Inventory, $14,800; and ending Work-in-Process Inventory, $8,000. Cost of Goods Manufactured Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred during Period Total Manufacturing Costs to Account For Cost of Goods Manufactured Requirement 3. Using the results from Requirement 2, calculate the cost per unit for goods manufactured assuming 1,100 units were manufactured. ÷ = Unit product cost ÷ = Requirement 4. Beginning Finished Goods Inventory had 225 units that had a unit cost of $45 each. Ending Finished Goods Inventory has 250 units left.…
Using the information below, calculate gross profit for the period: Beginning Raw Materials Inventory $ 23,500 Ending Raw Materials Inventory 28,500 Beginning Work in Process Inventory 52,000 Ending Work in Process Inventory 61,000 Beginning Finished Goods Inventory 77,000 Ending Finished Goods Inventory 64,000 Cost of Goods Sold 525,000 Sales 1,224,000 Selling Expenses 217,000
Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] Note: Assume all raw materials were used as direct materials. Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor Factory overhead Beginning of Year End of Year $ 6,000 12,000 8,000 $ 123,000 94,000 39,000 Cost of Direct Material Used is Computed as: $ 7,000 9,000 5,000 QS 14-16 (Static) Computing direct materials used LO P2 Compute the cost of direct materials used for the current year.
Here is selected data for Betty Boo Corporation: Cost of raw material purchased $77,900 Cost of requisitioned direct materials $43,600 Cost of requisitioned indirect materials $3900 Direct labor $80,100 Manufacturing overhead incurred $100,400 Cost of goods completed $233,900 Cost of goods sold $142,500 Beginning raw materials inventory $17,400 Beginning work in process inventory $32,500 Beginning finished goods inventory $35,200 Manufacturing overhead allocation rate (based on direct labor) 130% The journal entry to transfer completed goods to the finished goods inventory account would include a Question 38 options: debit to Finished Goods Inventory account for $238,100. debit to Finished Goods account for $233,900. debit to Work-in-Process Inventory account for $233,900. credit to Work-in-Process Inventory account for $238,100.