**Raw Materials Inventory Analysis**- **Beginning Raw Materials Inventory:** 45,000- **Ending Raw Materials Inventory:** 65,000- **Raw Materials Used:** 90,000**Question:**What would be the materials purchased for the period? You can use your BASE Accounts if that helps.**Explanation:**To calculate the materials purchased, you can use the following inventory formula:\[ \text{Materials Purchased} = \text{Ending Inventory} - \text{Beginning Inventory} + \text{Raw Materials Used} \]Plug in the given values to find the answer.

Here in this question, we are required to calculate material purchased for the period. When we have…

Answered: Beginning Raw Materials Inventory:…

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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Use the included information about Raw Materials Inventory (RM), Work in Process Inventory (WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the total conversion costs added. 1 2 3 4 5 6 7 1 00 RM B Bal T1 T2 T3 T4 E Bal 8 9 FG 10 B Bal 11 T1 12 T2 13 T3 14 T4 15 E Bal 2 Debits 4300 29 050 Debits 4800 45 592 3 Credits 28 000 Credits 33 500 4 5 WIP B Bal DM DL FOH CGM E Bal IS Rev CGS V Op Exp F Op Exp NIBT 6 Debits 8920 28 000 17 430 11 130 Debits 33 500 5130 7960 7 Credits 45 592 Credits 66 200
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Direct materials: Beginning inventory Purchases Ending inventory Direct manufacturing labor Manufacturing overhead Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory P 40,000 123,200 20,800 32,000 24,000 8,000 1,600 48,000 32,000 Required: A. What is the cost of direct materials used during 2022? B. What is cost of goods manufactured for 2022? C. What is cost of goods sold for 2022? D. What amount of prime costs was added to production during 2022? E. What amount of conversion costs was added to production during 2022?
2. From the following information, draw up a manufacturing account and the trading account section of the income statement for the six months ending 30 September, 2012. You should show clearly: a. Cost of raw materials consumed b. Prime cost of production c. Gross cost of production d. Net Production cost Inventory 1 April 2012: GH¢ Raw materials 2,990 Work-in-progress 3,900 Finished goods 15,300| Inventory, 30 September 2012: Raw materials 4,200 Work-in-progress 3,600 Finished goods 17,700| Purchase of raw materials 15,630 Carriage on raw materials 126 Direct wages 48,648 Factory general expenses 7,048 Office salaries 22,200 Depreciation of office furniture 420 Carriage outwards 191 Advertising 1,472 Bad debts 200 112,410 1,317 Sales less returns Sales of scrap Discount received 188 Depreciation of factory equipment Rent and business rates (factory three-quarters, office one-quarter) 4,200 2,800
View Policies Current Attempt in Progress Using the following information: beginning materials inventory = $50,000; raw materials purchased on account = $20,000; material issued out to the shop floor = $45,000, what is the ending balance of materials inventory? O $45,000 O $95,000 O $65,000 O $25,000 eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
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[The following information applies to the questions displayed below.] Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginning of the year: Molding 22,000 $ 720,000 $ 4.00 Fabrication Total Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 32,000 $ 220,000 $ 1.50 54,000 $ 940,000 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and Job C-200. It provided the following information related to those two jobs: Molding $ 370,000 $ 220,000 13,000 Job D-70 Direct materials cost Fabrication Total Direct labor cost Machine-hours $ 320,000 $ 180,000 $ 690,000 $ 400,000 22,000 9,000 Molding $ 300,000 $ 140,000 Job C-200 Fabrication Total $ 280,000 $ 240,000 23,000 $ 580,000 $ 380,000 32, 00ө Direct materials cost Direct labor cost Machine-hours 9,000 Delph…
3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper…
Problem 1.a.: Computation of Direct Material Used.Akari Inc. provided the following information for its raw material inventory account at the end of the current month:Raw Materials (RM) InventoryAccounts $ Accounts $Beginning balance $22,600 Direct materials (DM) used ?Purchase $88,400 Indirect materials used $7,600Ending Balance $27,200Required: Compute the missing information for the direct materials used during the current month.Solution: Formula: Beginning RM+ RM Purchased= Total RM available for use- Ending RM= RM used- Indirect material used= DM used
Concord Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory. Dec. 31, 2020 O $2190700 O $2110700 Ⓒ$2260700. O $2010700 $310000 300000 190000 Dec. 31, 2019. $260000 160000 150000 During 2020, $920000 of raw materials were purchased, direct labor costs amounted to $684700, and manufacturing overhead incurred was $736000. If Concord Corporation's cost of goods manufactured for 2020 amounted to $2150700, its cost of goods sold for the year is

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Beginning Raw Materials Inventory: 45,000 Ending Raw Materials Inventory: 65,000 90,000 Raw Materials Used: What would be the materials purchased for the period? You can use your BASE Accounts if that helps.