Requirement 3. Calculate direct manufacturing labour costs for August.Choose the labels used to calculate direct manufacturing labour cost and then calculate the costs for the month of August. (Work in millions. Use a minus sign or parentheses for numbers to besubtracted.)Less:Direct manufacturing labour costs for AugustRequirement 4. Calculate work-in-process inventory on August 31, 2022.Determine the formula and then calculate the work-in-process inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.)Work-in-process available for productionWork-in-process inventory, August 31, 2022 ate dirand thble forory, Auate fixverheaate dirto caAugust 2022 dataWork-in-process inventory, August 1, 2022Direct materials inventory, August 1, 2022Direct materials purchasedDirect materials usedVariable manufacturing overheadTotal manufacturing overheadTotal manufacturing costs incurred during August 2022Cost of goods manufacturedCost of goods soldFinished goods inventory, August 1, 2022PrintDone215753353852654851,6101,6901,700220Xeanthesust.

The total manufacturing costs are calculated as sum of direct materials, direct labor and…

August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct materials purchased Direct materials used Variable manufacturing overhead Total manufacturing overhead Total manufacturing costs incurred during August 2022 Cost of goods manufactured Cost of goods sold Finished goods inventory, August 1, 2022 Print Done $ 215 75 335 385 265 485 1,610 1,690 1,700 220

August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct materials purchased Direct materials used Variable manufacturing overhead Total manufacturing overhead Total manufacturing costs incurred during August 2022 Cost of goods manufactured Cost of goods sold Finished goods inventory, August 1, 2022 Print Done $ 215 75 335 385 265 485 1,610 1,690 1,700 220

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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Coronado Industries's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2020 O $2050000. $1910000. $2110000. $2010000. $310000 300000 190000 Dec. 31, 2019 $250000 160000 150000 During 2020, $800000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Coronado Industries's total manufacturing costs incurred in 2020 amounted to
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
Equivalent Units and Product cost Report-Weighted Average Method The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019: Beginning inventory (700 units, 40% complete) Direct materials $20,335 Conversion costs 55,594 Current period Direct materials (5,000 units) 245,000 Direct labor 417,200 Manufacturing overhead applied 264,600 Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out.
Current Attempt in Progress Waterway Company developed the following data for the current year: Beginning Work in Process Inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs $290000 $516000. $226000. $806000. $504000. 146000 298000 226000 278000 794000 Waterway Company's ending Work in Process Inventory is
Raw materials Beginning inventory $344 Purchases 1,533 Materials available for use Ending inventory 322 Materials used in production $ Work in process inventory Beginning inventory $934 Materials used in production Direct labor 1,536 Overhead applied Manufacturing costs incurred $22,457 Ending inventory 936 Cost of goods manufactured $ Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale $25,016 Ending inventory Cost of goods sold $21,801
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Requirement 1. Calculate direct materials inventory on August 31, 2022. Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Direct materials available for production Direct materials inventory, August 31, 2022 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Fixed manufacturing overhead costs
E4-5A Equivalent Units and Product Cost Report--Weighted Average Method The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019; Beginning inventory (700 units, 40% complete) Direct materials $ 2,905 Conversion costs $ 7,942 Current period Direct materials (5,000 units) 35,000 Direct labor 59,600 Manufacturing overhead applied 37,800 Joyner used the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following:…
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