At the beginning of 2012, Conway Manufacturing Company had the following accountbalances:WIP Inventory2,000FG Inventory8,000Manufacturing O/HDuring the year, the following transactions took place:$80,000$190,000$300,000Direct materials placed in production:Direct labor incurred:Manufacturing overhead incurredManufacturing overhead allocated to production: $295,000Cost of Jobs CompletedSelling Price of Jobs SoldCost of Jobs Sold$500,000$750,000$440,000As a result of these transactions, how much gross profit will Conway report? The following data relates to Bermuda Company for the year 20X6:Estimated Manufacturing Overhead Costs $240,000$300,00030,000$289,000Estimated direct labour costEstimated Direct Labour HoursActual Manufacturing Overhead CostsActual direct labour cost$315,000Actual direct labour hoursAllocation Base33,000Direct Labour HoursManufacturing overhead allocated for 20X6 is:

At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory 2,000 FG Inventory 8,000 Manufacturing O/H During the year, the following transactions took place: Direct materials placed in production: Direct labor incurred: $80,000 $190,000 $300,000 Manufacturing overhead allocated to production: $295,000 $500,000 $750,000 $440,000 Manufacturing overhead incurred Cost of Jobs Completed Selling Price of Jobs Sold Cost of Jobs Sold As a result of these transactions, how much gross profit will Conway report?

At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory 2,000 FG Inventory 8,000 Manufacturing O/H During the year, the following transactions took place: Direct materials placed in production: Direct labor incurred: $80,000 $190,000 $300,000 Manufacturing overhead allocated to production: $295,000 $500,000 $750,000 $440,000 Manufacturing overhead incurred Cost of Jobs Completed Selling Price of Jobs Sold Cost of Jobs Sold As a result of these transactions, how much gross profit will Conway report?

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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At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory - DR 2,000 FG Inventory - DR 8,000 Manufacturing overhead Dr – 0 ( All T accounts) During the year the following transactions took place: Direct materials placed in production $80,000 Direct labor incurred $190,00 Manufacturing OH incurred $300,000 Manufacturing OH allocated to production $295,000 Costs of jobs completed $500,000 Selling price of jobs sold $750,000 Cost of jobs sold $440,000 As a result of these transactions how gross profit will Conway report? A) 310,000 B) 305,000 C) 515,000 D) 345,000
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At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory 2,000 During the year, the following transactions took place: Direct materials placed in production: Direct labor incurred: FG Inventory 8,000 Select one: Oa. debit of $67,000 $80,000 $190,000 Manufacturing overhead incurred $300,000 Manufacturing overhead allocated to production: $295,000 Cost of Jobs Completed $500,000 Selling Price of Jobs Sold $750,000 Cost of Jobs Sold $440,000 After these transactions have been recorded, the balance in the Work in process account is a: O b. credit of $63,000 O c. debit of $72,000 O d. debit of $70,000* Manufacturing O/H 0
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