Beginning Raw Materials Inventory Purchases of Raw Materials Raw Materials Available for Use Less V: Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead Costs Utility Costs for the Factory Depreciation of Factory and Equipment Factory Supervisor Salaries Insurance on the Factory Total Manufacturing Costs Add Less V: Add V: Beginning WIP Inventory Cost of Goods Manufactured Less V: Ending WIP Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Sold Schedule of COGM & COGS $ 40,300 212700 253,000 21,100 i 9500 26,500 66,800 15700 $ $ 231900 224,700 118.500 575,100 27600 17700 i 585000 22600 8500 599100

Beginning Raw Materials Inventory Purchases of Raw Materials Raw Materials Available for Use Less V: Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead Costs Utility Costs for the Factory Depreciation of Factory and Equipment Factory Supervisor Salaries Insurance on the Factory Total Manufacturing Costs Add Less V: Add V: Beginning WIP Inventory Cost of Goods Manufactured Less V: Ending WIP Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Sold Schedule of COGM & COGS $ 40,300 212700 253,000 21,100 i 9500 26,500 66,800 15700 $ $ 231900 224,700 118.500 575,100 27600 17700 i 585000 22600 8500 599100

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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Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,250,000 37,000 53,900 62,700 175,600 225,000 47,000 23,000 57,000 94,000 129,300 42,700 41,500 67,300 Prepare its schedule of cost of goods manufactured for the year ended December 31.
Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: Data Table Balances: Beginning Ending Direct Materials $20,000 $32,000 Work-in-Process Inventory 39,000 37,000 Finished Goods Inventory 14,000 23,000 Data Table Other information: Purchases of direct materials $79,000 Direct labor 80,000 Manufacturing overhead 41,000 First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Direct Materials Used: Direct Materials Used Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods…
Materials Inventory Debit Ending Balance 38,200 Credit Work-in-Process Inventory Debit Beginning Credit Finished Goods Inventory Balance 22,100 Debit Credit (9/30) (9/1) Direct Labor Ending Balance 67,700 118,000 (9/30) Cost of Goods Sold Manufacturing Overhead Applied Debit Credit Debit Credit Manufacturing Overhead Control Debit Credit 129,570 Wages Payable Sales Revenue Debit Credit Debit Credit 479,500 Additional Data Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $76,500 were purchased during the month, and the balance in the Materials Inventory account increased by $5,700 • Overhead is applied at the rate of 210 percent of direct materials cost. The balance in the Finished Goods Inventory account decreased by $19,700 during the month before any proration of under- or overapplied overhead. • Total credits to the Wages Payable account amounted to $135,300 for direct and indirect labor. . Factory…
Account Titles and Explanation Debit Credit Direct Materials Inventory 583000 Accounts Payable 58300 (To record purchase of direct materials) Manufacturing Overhead 132000 (10 recora appiiea manuracturing overnead) Supplies Inventory 13200 7. Finished Goods Inventory 2410000 (To record use of indirect materials in production) Work in Process Inventory 569000 Work in Process Inventory 241000 56900 (To record transfer of completed goods to Finished Goods Inventory) Direct Materials Inventory (To record use of direct materials in production) 8. Cost of Goods Sold 2398000 Work in Process Inventory 791000 Wages Payable 79100 Finished Goods Inventory 239800 (To record direct labor payroll) (To record cost of goods sold for the period) Manufacturing Overhead 690000 Accounts Payable 690001 (To record actual manufacturing overhead) Work in Process Inventory 1071000 Manufacturing Overhead 107100
Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. . Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses. Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,200,000 52,000 68,000 88,000 239,000 287,000 43,000 34,000 68,000 109,000 174,000 62,000 82,000 106,000
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
Cost Flow Relationships The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating equipment: $819,700 221,300 73,800 30,300 13,900 418,000 904,900 30,300 Sales Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following missing amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory Beginning Inventory $ 6,000 43,500 63,300 20,100 The following additional information describes the company's production activities for May. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales View transaction list Journal entry worksheet < $ 256,000 Requirement General General Journal Ledger Raw Materials Prepare journal entries for the month of May's transactions. Note: Enter debits before credits. Dato May 31 Record entry $ 25,000 21,750 0 Trial Balance $ 15,600 62,400 (150% of direct…
TB MC Qu. 14-140 (Static) Richards Company manufactures a single... Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead Option A Option B Option C Option D Option E Beginning finished goods inventory Ending finished goods inventory The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Cost of Materials Used $90,000 $92,000 $88,000 $88,000 $92,000 Multiple Choice Option A Option B Option C Option D Option E Cost of Goods Manufactured $293,000 $293,000 $263,000 $293,000 $263,000 Cost of Goods Sold $ 10,000 12,000 90,000 40,000 $283,000 $303,000 $283,000 $303,000 $293,000 25,000 130,000 60,000 55,000 45,000
Custom Hot Rods, Inc. provided you the January 31, 2021 account balances listed below: Finished Goods Inventory, January 1st Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, January 1st Work In Process Inventory, January 1st Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, January 31st Raw Materials Purchases Work In Process Inventory, January 31st Factory Utilities Expense Direct Labor Raw Materials Inventory, January 31st Sales Returns and Allowances Indirect Labor Account Balances $41,365 14,855 6,440 16,375 14,605 24,224 8,400 65,615 163,520 24,390 16,763 117,915 32,510 21,850 39,140 Instructions Using a proper heading and format, prepare a Schedule of Cost of Goods Manufactured for Custom Hot Rods, Inc. for the month ended January 31, 2021.
Manufacturing costs: Direct materials: Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (I.e., 234,000 should be entered as 234). Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale January 1 (Beginning) ($000) $ 712 Cost of goods sold December 31 (Ending) ($000) $784 1,330 264 1,154 139 BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000)
Use the cost information below for ABC Corporation to find the cost of goods manufactured (COGM) for the current year: Direct materials used Direct labor Total factory overhead Work in process inventory, beginning Work in process inventory, ending Multiple Choice $24,500. $15,200. $18,400. $19,300. $ 6,600 8,600 6,700 4,600 7,200