Help me Cater Manufacturing had a Work in Process balance of$79,000 on January 1, 2021. The year-end balance ofWork in Process was $87,000 and the Cost of GoodsManufactured was $560,000. Use this information todetermine the total manufacturing costs incurredduring the fiscal year 2021.

Explanation of Work in Process (WIP):Work in Process (WIP) refers to the value of partially…

Answered: Cater Manufacturing had a Work in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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The following are information provided for Norman Company for the month of August 2019 (refer to the attached picture): Raw materials purchased during the period costs P40,800; overhead incurred and paid or accrued for the period was P21,750; and 23,600 direct labor hours were incurred at a rate of P13.75 per hour. 1. Prime cost *
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The following data summarizes in part the results of operations for 2021 of Place Company. Of the total cost of goods manufactured for 2021, 38% was for materials used, 30% for direct labor, and 32% for manufacturing overhead. During 2021, the company paid 90% of the materials purchased, leaving P293,000 of unpaid invoices for materials at year end.The company commenced 2021 operations with materials inventory of P421,000. All materials were purchased FOB company’s plant. The company disbursed P2,101,500 for direct labor during 2021. As of December 31, 2021, the accrued liability for direct labor amounted to P144,000, which was twice as much as last year’s accrual. The inventory of finished goods on December 31, 2021, was 10% of the cost of the units finished during the year, and goods in process on that date were one-half the finished goods inventory. This year’s finished goods inventory was 150% of last year. There are no in process last year. The manufacturing overhead, except for…
The following data summarizes in part the results of operations for 2021 of Place Company. Of the total cost of goods manufactured for 2021, 38% was for materials used, 30% for direct labor, and 32% for manufacturing overhead. During 2021, the company paid 90% of the materials purchased, leaving P293,000 of unpaid invoices for materials at year end. The company commenced 2021 operations with materials inventory of P421,000. All materials were purchased FOB company’s plant. The company disbursed P2,101,500 for direct labor during 2021. As of December 31, 2021, the accrued liability for direct labor amounted to P144,000, which was twice as much as last year’s accrual. The inventory of finished goods on December 31, 2021, was 10% of the cost of the units finished during the year, and goods in process on that date were one-half the finished goods inventory. This year’s finished goods inventory was 150% of last year. There are no in process last year. The manufacturing overhead, except for…
The following data summarizes in part the results of operations for 2021 of Place Company. Of the total cost of goods manufactured for 2021, 38% was for materials used, 30% for direct labor, and 32% for manufacturing overhead. During 2021, the company paid 90% of the materials purchased, leaving P293,000 of unpaid invoices for materials at year end. The company commenced 2021 operations with materials inventory of P421,000. All materials were purchased FOB company's plant. The company disbursed P2,101,500 for direct labor during 2021. As of December 31, 2021, the accrued liability for direct labor amounted to P144,000, which was twice as much as last year's accrual. The inventory of finished goods on December 31, 2021, was 10% of the cost of the units finished during the year, and goods in process on that date were one-half the finished goods inventory. This year's finished goods inventory was 150% of last year. There are no in process last year. The manufacturing overhead, except for…
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The balance sheet of Barangay Manufacturing Company showed the following balances on December 31, 2021:Finished goods - P2,100,000Work in process - 1,680,000Raw materials - 2,800,000During the first quarter of 2022, prime costs amounted to P19,152,000 while conversion costs amounted to P11,088,000. The average direct labor rate was P53.90 and overhead was applied at P43.12 per direct labor hour. Purchases of raw materials were P14,000,000 while costs of goods manufactured were P24,360,000. The company continue its policy to maintain a gross profit rate of 30%. At the end of the quarter, costs of sales amounted to P23,520,000.The change in Work in Process inventory for the first quarter is a. Increase of P280,000 b. Decrease of P7,560,000 c. Increase of P7,560,000 d. Decrease of P280,000

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Cater Manufacturing had a Work in Process balance of $79,000 on January 1, 2021. The year-end balance of Work in Process was $87,000 and the Cost of Goods Manufactured was $560,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2021.