5 PTS Cary Fabrication uses a normal cost system and had the following data available for 2022:Direct materials purchased on accountDirect materials requisitionedDirect labor cost incurredFactory overhead incurredCost of goods completedCost of goods soldBeginning direct materials inventoryBeginning WIP inventoryBeginning finished goods inventoryOverhead application rate, as a percent of direct laborThe ending balance of the direct materials inventory is:$160,000ninety-four thousand120,000138,000280,000245,00030,00072,00060,000120%a. $66,000b. $96,000c. $164,000d. $124,000e. None of the above

We have given, Beginning direct materials inventory = $30,000Direct materials purchased on account =…

Answered: Cary Fabrication uses a normal cost…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PA: During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of...

See similar textbooks

Similar questions

During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Wayland Manufacturing uses a normal cost system and had the following data available for 2019: Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold $148,000 82,000 130,000 Compute the ending balance of finished goods inventory. 146,000 292,000 256,000 Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs 125 percent 26,000 64,000 58,000
Consider the following data Required: Calculate the cost of goods manufactured
Nuvoview Manufacturing uses a normal cost system and had the following data available for 2019: Direct materials purchased on account $145,000 Direct materials requisitioned 88,000 Direct labor cost incurred 127,000 Factory overhead incurred 148,000 Cost of goods completed 299,000 Cost of goods sold 250,000 Beginning direct materials inventory 34,000 Beginning WIP inventory 70,000 Beginning finished goods inventory 55,000 Overhead application rate (% DL costs $) 130% Which of the following Answers below best fits in each black space? The ending balance of works in process inventory is________ A: Beginning direct materials inventory B: Beginning works in process inventory C: Cost of goods complete D: Cost of goods sold E: Direct labor incurred F: Direct materials purchased…
Cost Account
In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For November 2021, Cruz Company presented the following costs on three processes: what is the cost of inventory transferred out from Department B? P1,943,390 P2,002,830 P2,061,122 None of the above
account. company. materials inventory is?
River Falls Manufacturing uses a normal cost system and had the following data available for 2018: Direct materials purchased on account $145,000 Direct materials used 82,000 Direct labor cost incurred 127,000 140,000 Factory overhead incurred Cost of goods completed 288,000 248,000 Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of 25,000 63,000 53,000 125 % direct-labor costs The ending balance of finished goods inventory is
Ivano Company has collected cost accounting information for the following subset of items forYears 1 and 2. Required:Calculate the values of the missing Items a through e.
Based on the following information, prepare a Schedule of Cost of Goods Manufactured and a multi-step Income Statement for Junaluska Company for the year ended December 31, 2020 Beginning Work-in-Process Inventory, Jan. 1 $60,000 Ending Work-in-Process Inventory, Dec. 31 40,000 Beginning Finished Goods Inventory, Jan. 1 50,000 Ending Finished Goods Inventory, Dec. 31 20,000 Net Sales Revenue 1,800,000 Selling and Administrative Expenses 500,000 Direct Labor 300,000 Manufacturing Overhead; actual and allocated 400,000 Direct Materials Used 200,000 Income Tax Expense 70,000
From the following data, determine the Cost of Goods Manufactured for 2020: Accounts Amounts Sales $ 870,000 Direct Materials used 170,000 Direct Labor costs 90,000 Total Overhead costs Work-in-Process inventory, 12-31-2019 Finished Goods inventory, 12-31-2019 Work-in-Process inventory, 12-31-2020 Finished Goods inventory, 12-31-2020 60,000 $ 35,000 $ 40,000 30,000 25,000 Rent, utilities for corporate headquarters building 70,000 A) $315,000 B) $325,000 C) $330,000 D) $340,000

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS