Analyze the T-accounts to find the direct materials used and total materials used. Bal.Raw Materials Inventory4525520PurchasedBal.Used Work-in-Process InventoryBal.Direct MaterialsDirect LaborManufacturingOverheadBal.1529015525510 Cost of GoodsManufactured

Direct expenses are those expenses which are directly chargeable , easily identifiable , traceable…

Answered: Bal. Raw Materials Inventory 45 255 20…

Business

Accounting

Bal. Raw Materials Inventory 45 255 20 Purchased Bal. Used

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Sage Hill Company has the following data: direct labor $184,000, direct materials used $158,400,…

A: Total cost of work in process = Beginning WIP + Direct materials + Direct labor + Total…

Q: When direct materials are used in production, which of the following accounts is debite

A: Work in Process Inventory:Work-In-Process Inventory is simply an asset and defined as the materials…

Q: When the purchase of materials is journalized in a process cost accounting system, the materials…

A: Journalization refers to the process of recording each and every business transaction having…

Q: Refer to the information given. For each of the activity cost pools identified,indicate whether it…

A: Indicate whether it represents the unit level, batch level, product-sustaining level or facility…

Q: The standards for direct materials are made up of which of the following components?

A: The pricing standard and quantity standard are the elements of direct material variances. Direct…

Q: Sunshine Manufacturing makes fabric covered hot boxes. The company began in August with 500 boxes in…

A: Cost of Production refers to Total of Direct material, direct labour and other manufacturing costs…

Q: Please help me determine each item on the attached list as either direct material, direct labor,…

A: Direct material costs are the costs that are related to the material used in the production of the…

Q: Which of the following is the step in which materials, labor, and overhead are detailed?

A: Direct material is the cost of the raw materials or parts that go directly into the production of a…

Q: Accounting for materials Analyze the following T-accounts to determine the amount of direct and…

Q: Description of Cost Pool Machine maintenance costs Engineering change orders. Hazardous waste…

A: Calculation of manufacturing overhead to be allocated. = overhead cost x…

Q: Have assembled the following data för the most recent year. The actual cost of inputs, their…

A: Since the student has specifically asked for cost of material and labour per unit to be calculated,…

Q: The estimated purchases of raw materials would be

A: Raw materials are those materials which are used directly for the production and manufacturing of…

Q: MCO Leather manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost…

A: Direct material purchase budget :— This budget is prepared to estimate the number of units and cost…

Q: Classify the following cost drivers as structural, executional, or operational.

A: Classification of cost derives: Classification 0f the given cost drivers as structural, executional,…

Q: Prepare the journal entries for material and labor using standard costing.

A: Journal entry is the entry which is recorded on the journal book of the company which is also known…

Q: Complete the standard cost card for each product, showing the standard cost of direct materials and…

A: DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…

Q: The following Information pertains to the Moline Facility for the month of May (all materials are…

A: Cost per equivalent unit term is used In process costing. Process costing is used where similar…

Q: Which of the following is a conversion cost?A. raw materialsB. direct laborC. sales commissionsD.…

A: Conversion costs seem to be the expenses of converting raw resources into finished goods. In cost…

Q: The standards for direct materials are made up of which of the following components? a.variance…

A: The question is multiple choice question. Required Choose the Correct Option.

Q: Reiner Company uses a FIFO process costing system. The company had 5,000 units that were 60 percent…

A: Since the material is added at the beginning of the process; therefore no. of units started during…

Q: Prepare Cost of Production Report using FIFO Method.

A: Process cost accounting is one of the cost accounting method, where products has to go through…

Q: Croy Inc. has the following projected sales for the next five months: Month Sales in Units 3,850…

A: Direct materials required and cost of direct materials can be found out using the production…

Q: Data table Beginning work in process (May 1)ª Started in May 2020 Physical Units (Watches) 85 510…

A: Process Costing : Operation costing method employed to determine the value of a product at each…

Q: Discuss the standard costing and variance analysis of material and labour cost elements with an…

A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Q: Analyze the following T-accounts to determine the amount of direct and indirect materials used.…

A: Formula: Indirect materials used = Materials requisitioned - direct materials used Deduction of…

Q: Based on the diagram, which represents the EOQ model.Which line segment represents the length of…

Q: Problem 10-8- Continued July Data, Department A: Units started in process Units transferred out…

A: Equivalent unit of production: It is a term that is applied to the WIP inventory(Work in process)…

Q: Materials that enter into and become a significant part of the finished product are called

A: Cost: Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: Classify each of the customer-level operating costs as a customer output unit–level, customer…

A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Q: Describe the effects of using direct and indirect material.

A: Direct materials are required directly in the production process like wood required to make…

Q: Total units of direct material ?

A: Cost accounting is one of the branches of accounting. Process costing is one of the processes of…

Q: Journal entry worksheet < 1 2 3 Date April 30 b. Record the direct materials used. Note: Enter…

A: The journal entries are prepared to record the transactions on regular basis. The direct costs…

Q: Compute equivalent units for direct materials and conversion costs. Show physical units in the first…

Q: The following data were taken from the records of Winner Company for the month of October: Work in…

A: Under FIFO method, it is assumed that only remaining portion of opening inventory is completed…

Q: cost of materials issuances under the fifo method

A: Meaning of FIFO method FIFO method is called as First in First Out method. Under FIFO method the…

Q: ition forms, and

A: Overheads is $5 per direct labor hour.

Q: What is the formula used to determine the amount of direct materials to be purchased?

A: Direct materials: Direct materials are the materials and supplied that are directly consumed for…

Q: Identify each of the following costs as either a product cost (PROD) or a period cost (PER).…

Question

Analyze the T-accounts to find the direct materials used and total materials used.

Bal.
Raw Materials Inventory
45
255
20
Purchased
Bal.
Used

Work-in-Process Inventory
Bal.
Direct Materials
Direct Labor
Manufacturing
Overhead
Bal.
15
290
155
25
510 Cost of Goods
Manufactured

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Describe and compare the cost flow assumptions used to account for inventories.
Make a system for recording the cost of raw materials using the complete Periodic method.
Recording the cost of raw materials purchased for use in a process costing system includes a,
What is also the direct materials
How to find cost of materials purchased See attached
Trying to find the activity based costing of the following for the allocated overhead
What amount should be used as the cost basis of the equipment?
Please organize the list (picture) into the corresponding categories: Product Cost: Direct Materials Product Cost: Direct Labor Product Cost: Manufacturing Overhead Period Cost: Selling Expense Period Cost: Administrative Expense
What steps or activities are involved in developing standards for the materials that are used in making a product?
Cost assignment and cost allocation are used to support and explain the relationship between cost drivers and cost objects in assigning product costs. The relationship of direct materials, direct labor, product, and period cost type are of direct importance. Discuss and provide an example of how cost assignments and cost allocation pertain to one of the costing types. Support your rationale.
1. Determine the equivalent units of production with respect to direct materials and conversion. 2.Compute both the direct material cost and the conversion cost per equivalent unit.
Standard Direct Materials Cost per Unit