Carter manufacturing accounting records show the following solve this accounting questions Carter Manufacturing's accounting records show the followinginventories: Dec. 31, 2023 Raw materials inventory - $95,000 Work inprocess inventory $125,000 Finished goods inventory $115,000Dec. 31, 2024 Raw materials inventory - $75,000 Work in processinventory - $135,000 Finished goods inventory - $108,000 During2024, Carter purchased $1,680,000 of raw materials, incurred directlabor costs of $320,000, and incurred manufacturing overhead of$190,000. How much raw materials were transferred to productionduring 2024?

Step 1: Definition of Raw Materials Transferred to ProductionRaw Materials Transferred to…

Answered: Carter Manufacturing's accounting…

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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Constanza Company has the following balances as of the year ended December 31, 2019: Direct Materials Inventory $30,000 Dr. WIP Inventory 69,000 Dr. Finished Goods Inventory 99,000 Dr. Underapplied Factory Department Overhead 8,000 Dr. Cost of Goods Sold 149,000 Dr. Additional information is as follows: Cost of direct materials purchased during 2019 $82,000 Cost of direct materials requisitioned in 2019 74,000 Cost of goods completed during 2019 204,000 Factory overhead applied (120% of direct labor) 96,000 Compute beginning WIP inventory.
Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2018 Dec. 31, 2019 Raw materials inventory $120,000 $ 96,000 Work in process inventory 156,000 174,000 Finished goods inventory 150,000 138,000 During 2019, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2019? (hint: use T-accounts to solve) Group of answer choices $1,397,000 $1,229,000 $1,391,000 $1,385,000
Bonita Inc's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2021 Dec. 31, 2022 $84500 $69800 117500 O $1625900 O $1733100 O $1540000 O $1640100 107700 100100 93000 During 2022, Bonita purchased $142700 of raw materials, incurred direct labor costs of $283600, and incurred manufacturing overhead totaling $155000. (Assume that all raw materials used were direct materials.) Assume Bonita's cost of goods manufactured for 2022 amounted to $1633000. What amount would the company report as cost of goods sold for the year?
Consider the following information for Sanchez Corporation for the year ended December 31, 2022. Depreciation expense—Administrative office                    $100,000 Depreciation expense –Plant and equipment                                   140,000 Property, plant and equipment                                             6,000,000 Direct labor—Wages                                                            600,000 Direct materials inventory, Dec. 31, 2022                           50,000 Direct materials inventory, Jan. 1, 2022                               40,000 Direct materials purchases                                                   300,000 Finished goods inventory, Dec. 31, 2022                             60,000 Finished goods inventory, Jan. 1, 2022                                70,000 Heat, light & power – Plant                                                  80,000 Indirect labor                                                                        90,000…
Waterway Industries's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $ 90000    $ 74000    Work in process inventory 114000    126000    Finished goods inventory 100000    92000    During 2020, Waterway purchased $1650000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000.How much is total manufacturing costs incurred during 2020 for Waterway? $2072000 $2060000 $2064000 $2076000
The following information is available for the QRS Corporation for 2019: Inventories                                    January 1                                         December 31 Materials                                       $351,000                                          $436,800 Work in process                             631,800                                             592,800 Finished goods                               608,400                                             576,000 Advertising expense                                                                                $ 296,400 Depreciation expense-office equipment                                                   42,120 Depreciation expense-factory equipment                                                 56,160 Direct labor                                                                                                    670,800 Heat, Light and Power-Factory…
XYZ Company recorded the following information, related to their inventory accounts for 2024: Direct materials inventory Work in process inventory Finished goods inventory Indirect materials Prime costs .... XYZ Company's accounting records for 2024 provided the following information: Direct materials purchased Depreciation, factory equipment. Utilities (see note below) Sales commissions TI HE Depreciation, office equipment Rent, factory building . January 1 $74,000 $48,000 $51,000 Advertising .... Production supervisor's salary I $ 56,000 $ 63,000 $ 40,000 $ 81,000 $ 33,000 $202,000 December 31 $37,000 $83,000 $26,000 $ 37,000 $ 70,000 $ 89,000 $ 57,000 Note: 75% of the utilities relate to the general office building while 25% of the utilities relate to the factory. Calculate XYZ Company's direct labor cost for 2024.
Ogleby Inc.'s accounting records reflect the following inventories: 12/31/19 12/31/20 Raw materials inventory $150,000 $120,000 Work in process inventory $195,000 $217,500 Finished goods inventory $187,500 $172,500 During 2020, Ogleby purchased $1,225,000 of raw materials, incurred direct labor costs of $218,750, and incurred manufacturing overhead totaling $280,000. How much would Ogleby Manufacturing report as the cost of goods manufactured for 2020? a. $1,768,750 b. $1,746,250 c. $1,731,250 d. $1,536,250
Clarkson corp, a lamp manufacturer provided the following information for the year ended December 31, 2024 Requirements - 1) use the information to prepare a schedule of cost of goods manufactured 2) what is the unit product cost if Clarkson manufactured 4310 lamps for the year?
Sheffield Corp!'s accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2021 O $1420000 O $1408000 O $1309000 O $1315000 $200000 276000 270000 Dec. 31, 2022 $101000 294000 258000 During 2022, Sheffield purchased $910000 of raw materials, incurred direct labor costs of $175000, and incurred manufacturing overhead totaling $224000. How much is total manufacturing costs incurred during 2022 for Sheffield?
Peak Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec. 31, 2022 Raw materials inventory $120,000 $ 80,000 Work in process inventory 150,000 145,000 Finished goods inventory 150,000 115,000 During 2022, Peak Manufacturing purchased $250,000 of raw materials, incurred direct labour costs of $150,000, and incurred manufacturing overhead totalling $120,000. How much raw materials were used during 2022 Peak Manufacturing production? Select one: a. $250,000 b. $290,000 c. $330,000 O d. $370,000
Smith Manufacturing purchased on account $53,000 of direct materials and $9,000 of indirect materials. Which of the following journal entries would correctly record the transaction? A. Accounts Payable 62,000 Raw Materials Inventory 62,000 B. Raw Materials Inventory 62,000 Accounts Payable 62,000 C. Raw Materials Inventory 62,000 Finished Goods Inventory 53,000 Work−in−Process Inventory 9,000 D. Work−in−Process Inventory 53,000 Manufacturing Overhead 9,000 Raw Materials Inventory 62,000

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