Manufacturing costs for Colbert Company for the selected months are as followsJuleBeginning work in processDirect materials usedDirect laborManufacturing overheadTotal manufacturing costsTotal cost of work in processEnding work in processCost of goods manufacturedBeginning finished goodsCost of goods available for saleEnding finished goodsCost of goods sold$100,000250,000200,000700.00060.000060,000710.000August180,000140,000120,000440,000500,000400,000150.00070,000September$100,000140.00095,000335,000335,000405.000295,000Instructions:Indicate the missing amounts Do NOT use 5 signs. Use commas in numbers (NO $10000) (NO 10000) (YES 10.000) Failure to follow theseInstructions WILL RESULT IN AN INCORRECT ANSWER.

Name: Manufacturing costs for Colbert Company for the selected months are a
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Manufacturing costs for Colbert Company for the selected months are as followsJuleBeginning work in processDirect materials usedDirect laborManufacturing overheadTotal manufacturing costsTotal cost of work in processEnding work in processCost of goo

Cost sheet is the statement which is prepared by an entity to show the amount of cost incurred on…

Business

Accounting

Beginning work in process Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Total cost of work in process Ending work in process Cost of goods manufactured Beginning finished goods Cost of goods available for sale Ending finished goods Cost of goods sold $100,000 cted months are as follows 250,000 200.000 700.000 60,000 060,000 710.000 August 100.000 140,000 120,000 400,000 500,000 400.000 D 150.000 70,000 September $100,000 140,000 95,000 335,000 335,000 405.000 295.000 Instructions: the missing amounts Do NOT use S signs. Use commas in numbers (NO $10000) (NO 10000) (YES 10.000) Failure to follow these Instructions WILL RESULT IN AN INCORRECT ANSWER

Beginning work in process Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Total cost of work in process Ending work in process Cost of goods manufactured Beginning finished goods Cost of goods available for sale Ending finished goods Cost of goods sold $100,000 cted months are as follows 250,000 200.000 700.000 60,000 060,000 710.000 August 100.000 140,000 120,000 400,000 500,000 400.000 D 150.000 70,000 September $100,000 140,000 95,000 335,000 335,000 405.000 295.000 Instructions: the missing amounts Do NOT use S signs. Use commas in numbers (NO $10000) (NO 10000) (YES 10.000) Failure to follow these Instructions WILL RESULT IN AN INCORRECT ANSWER

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

PI04 Queens uses weighted-average process costing. The following data are available for the month: Beginning inventory, 40% completed Units completed Ending inventory, 60% completed Cost of beginning inventory Current period costs 5,000 units 40,000 units 6,000 units P 10,000 P142,600 Required: a. Compute the equivalent unit production. b. Compute the unit cost. c. Compute the cost of ending inventory of work in process.
Bowie Inc., a manufacturer of earnings, has accumulated the following cost information for products A and B: Production volume Engineering costs incurred Engineering costs per batch Batch size Total direct manufacturing labor hours Direct manufacturing labor hours/unit A $2.67 $4.00 $1.60 B $2.14 $3.00 500 $1.50 $2,000 $800 200 750 1.5 B 1,000 Assuming activity-based costing (ABC) is used, what is the engineering cost per unit for products A and B? $3,000 $1,500 500 1,400 Total $5,000 2,150
Show Me How Equivalent Units of Materials Cost The Rolling Department of Oak Ridge Steel Company had 3,500 tons in beginning work in process inventory (80% complete) on July 1. During July, 57,900 tons were completed. The ending work in process inventory on July 31 was 2,900 tons (90% complete). What are the total equivalent units for direct materials for July if materials are added at the beginning of the process? X units Feedback V Check My Work Are you determining the equivalent units of materials added or of conversion of materials? When would materials typically be added in the process? When would conversion of these materials take place? Recall the definition of work in process. ...
* Question Completion Status: QUESTION 25 The following data (in thousands of dollars) have been taken from the accounting records of Rudy Corporation for the just completed year. Sales $800 Raw materials inventory - beginning $ 60 $70 Raw materials inventory, ending Purchases of raw materials $180 Direct labor $100 Manufacturing overhead $190 Administrative expenses $110 $150 $70 $80 $120 $160 Selling expenses Work in process inventory beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending The net income for the year (in thousands of dollars) was O $190 $390 O $70 O $130 O $310
ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…
PR 17-2A Cost of Production Report Obj. 2, 4 Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department Date July Item 1 Bal., 30,000 units, 10% completed 31 Direct materials, 155,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 149,000 units 31 Bal.,? units, 45% completed Instructions Answer Check Figure: Conversion cost per equivalent unit, $0.76 Debit Credit 620,000 90,000 33,272 PICTIO ? ACCOUNT NO. Balance Debit Credit 121,800 741,800 831,800 865,072 1. Prepare a cost of production report, and identify the missing amounts for Work in Process -Roasting Department. ? 2. Assuming that the July 1 work in process inventory includes $119,400 of direct materials, determine the…
Beginning work in process inventory $1,080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory Raw materials purchased 480,000 960,000 Direct labor 900,000 Manufacturing overhead Laflin Company's cost of goods manufactured for the year 720,000 is
Data Section: Work in process, beginning Units started during the month Work in process, ending Costs to account for. Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ $ $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat. % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat. Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Equiv. Units Conversion Beginning Inventory Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventory
how can I resolve this problem? Percent Completed Units Materials Conversion Work in process, beginning 50,000 70% 40% Started into production 265,000 Completed and transferred out 255,000 Work in process, ending 60,000 75% 25% Materials Conversion Work in process, beginning $ 16,600 $ 5,000 Cost added during June $ 178,400 $ 105,700 Required: 1. Calculate the Blending Department's equivalent units of production for materials and conversion in June. 2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June. 4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June. 5. Prepare a cost reconciliation report for the Blending Department for June.
View Policies Current Attempt in Progress The following T-accounts record the operations of Bonita Co.: Beginning Balance Ending Balance Beginning Balance Direct Material Direct Labor Overhead Ending Balance Beginning Balance COGM Ending Balance Direct Materials 29,000 17,000 ? Work in Process 37,000 165,000 28,000 44,000 ? Finished Goods 15,000 Direct materials purchased ? ? Costs of goods manufactured 244,000 (a) Calculate the amount of direct materials purchased during the period. 644,000 COGS $ ? (b) Calculate the cost of goods manufactured during the period. LA $
Direct Materials Direct Labour Manufacturing Overhead Total cost to account for $385,000 139,750 86,000 $610,750 The units still in process are 100% complete with respect to direct materials and 35% complete with respect to conversion costs. The cost of the December 31 Work in Process Inventory would be: a. $436,500 O b. $174,250 O c. $218,125 Od. $610,750
A partial listing of costs incurred at Backer Corporation during November appears below: Direct materials $157,000 Direct labor Manufacturing Overhead Selling Expenses Administrative Expenses 114,000 77,000 145,000 99,000 Calculate the total conversion costs for the month: Question 6 options: $234,000 $191,000 $271,000 $244,000 $348,000