At the beginning of 2012, Conway Manufacturing Company had the following accountbalances:FG Inventory8,000Manufacturing O/HWIP Inventory2,000During the year, the following transactions took place:Direct 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$80,000$190,000$300,000$500,000$750,000$440,000After these transactions have been recorded, the preliminary balance in the Manufacturing overhead account is Wright Brothers is debating the use of direct labour cost or direct labour hoursas the cost allocation base for allocating manufacturing overhead. The followinginformation is available for the year ended December 31, 2007.Estimated direct labour costActual direct labour costEstimated manufacturing overheadsActual manufacturing overhead costsEstimated direct labour hoursActual direct labour hours$449,500$441,000$359,600$338,000248,000242,000Manufacturing overhead applied based on direct labour cost is:

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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: $80,000 $190,000 $300,000 Direct materials placed in production: Direct labor incurred: Manufacturing overhead incurred Manufacturing overhead allocated to production: $295,000 Cost of Jobs Completed Selling Price of Jobs Sold Cost of Jobs Sold $500,000 $750,000 $440,000 er these transactions have been recorded, the preliminary balance in the Manufacturin

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: $80,000 $190,000 $300,000 Direct materials placed in production: Direct labor incurred: Manufacturing overhead incurred Manufacturing overhead allocated to production: $295,000 Cost of Jobs Completed Selling Price of Jobs Sold Cost of Jobs Sold $500,000 $750,000 $440,000 er these transactions have been recorded, the preliminary balance in the Manufacturin

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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An analysis of the accounts of Williams Company reveals the following manufacturing cost data for the month ended September 30, 2017. Inventories Beginning Ending Raw materials $12,000 $11,300 Work in process 7,500 5,000 Finished goods 10,000 12,000 Costs incurred: raw materials purchase $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 (a) Prepare the cost of goods manufactured schedule for the month ended September 30, 2017. (b) Show the presentation of the ending…
Dreams Manufacturing Company provided the following information for the year 2015: Purchases—Raw Materials $270,000 Plant Utilities & Insurance 202,500 Indirect Materials 35,250 Indirect Labor 14,250 Ending Balance—Work-in-Process Inventory 42,000 Ending Balance—Raw Materials Inventory 45,000 Direct Labor 352,500 Depreciation on Factory Plant & Equipment 18,000 Beginning Balance—Work-in-Process Inventory 18,000 Beginning Balance—Raw Materials Inventory 63,000 Required: Prepare a statement of the cost of goods manufactured
OCO, Inc. has provided the following data concerning their operations in the most recent month with respect to their only product: Beginning inventory: 9,000 Units Produced: 42,000 Units Sold: 41,300 Variable Costs per unit: Direct materials: $164 Direct Labor: $111 Manufacturing Overhead: $41 Selling and Administrative: $63 Fixed Costs: Manufacturing overhead: $1,343,160 Selling and administrative: $1,981,161 The selling price is $533. What is the variable costing unit product cost?
XYZ Manufacturing has the following selected information available for the year. Direct material purchased $ 40,000 Direct material used 45,000 Direct labor incurred 75,000 Manufacturing overhead incurred 50,000 Cost of goods manufactured 100,000 In addition, the cost of the finished goods inventory increased by $10,000 from the beginning to the end of the year. Compute for the Cost of goods sold for the year.
Reed Production has provided the following information for the year 2015: Direct Labor $153,000 Beginning Work-in-Process Inventory 62,500 Direct Materials Used 271,000 Ending Work-in-Process Inventory 53,850 Manufacturing Overhead 135,500 During the year, Reed produced 71,020 units of product. Calculate the unit product cost. A) $8.00 B) $10.00 C) $9.52 D) $7.88
Asterix plc, a manufacturing company, has extracted the following balances from its books of account for the year ended 30 April 2012: $ Revenues 6 500 Purchases of raw materials 1 450 Carriage inwards 130 Carriage outwards 75 Direct labour 1 675 Factory overheads 1 350 Office overheads 1 025 Inventories at 1 May 2011: Raw materials 140 Work in progress 165 Finished goods (at transfer price) 330 Additional information: Factory overheads of $70 000 are accrued at 30 April 2012. Office overheads of $35 000 have been prepaid at 30 April 2012. Depreciation for the year on the non-current assets totaled $150 000 and this is to be split between the factory and the office in the ratio 2:1. Completed production is transferred at a mark-up on cost of 20%. Inventories were valued on 30 April 2012 as follows: Raw materials 235 work in progress…
Ogleby Inc's accounting records reflect the following inventories: Dec. 31. 2016 T Dec 31, 2017 Raw materials inventory $120,000 $96.000 Work in process inventory 156,000 174,000 Finished goods inventory 138.000 150,000 During 2017, Ogleby purchased $890,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much is total manufacturing costs incurred during 2017 for Ogleby? $1,403,000 $1,313,000 $1,385,000 $1,379,000
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Current December 31 Purchases of materials $ 165,000 Direct labor 114, 000 Indirect labor 45,000 Factory insurance 8,000 Depreciation-factory 33,000 Repairs and maintenance-factory 11,000 Marketing expenses 144,000 General and administrative expenses 86,000 Materials inventory $ 23,000 55,000 Work - in - Process inventory 13, 000 16,000 Finished Goods inventory 17,000 24,000 Sales in the current year were $625,000. Required: Prepare a schedule of cost of goods manufactured and an income statement for the current year for Babor Company.
1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: a. Prepare a cost of goods manufactured schedule for FAN Company for 2021! %24
During the year, a company purchased raw materials of $77,319, 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: Beginning Ending Raw materials inventory $17,433 $16,428 Work in process inventory 241,437 234,422 Finished goods inventory 312,844 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production $fill in the blank 1 Cost of goods manufactured $fill in the blank 2 Cost of goods sold $fill in the blank 3
Following are certain operating data for Durango Manufacturing Company for January 2016 Materials Inventory Work in Process Inventory Finished Goods Inventory Beginning inventory $171,000 $72,000 $225,000 Ending inventory 99,000 121,500 144,000 Total sales were $5,400,000, on which the company earned a 40% gross profit. Durango uses a predetermined manufacturing overhead rate of 120% of direct labor costs. Manufacturing overhead applied was $1,080,000. Exclusive of indirect material used, total manufacturing overhead incurred was $729,000 it was over-applied by $67,500. Required Compute the following items. (Set up T accounts for Materials Inventory, Work in Process Inventory, Finished Goods Inventory, and Manufacturing Overhead; fill in the known amounts; and then use the normal relationships among the various accounts to compute the unknown amounts.) Cost of goods sold. Cost of goods manufactured. Direct labor incurred Direct material…