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(Click the icon to view the data.) Requirements 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost direct materials used in 2020. 2. Calculate the ending work-in-process inventory on December 31, 2020. Requirement 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost of direct materials used in 2020. (Abbreviation used: Manuf. = Manufacturing.) (a) First identify the formula to calculate the direct manufacturing labor costs. = Direct manufacturing labor costs

(Click the icon to view the data.) Requirements 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost direct materials used in 2020. 2. Calculate the ending work-in-process inventory on December 31, 2020. Requirement 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost of direct materials used in 2020. (Abbreviation used: Manuf. = Manufacturing.) (a) First identify the formula to calculate the direct manufacturing labor costs. = Direct manufacturing labor costs

FINANCIAL 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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Requirements: Total manufacturing costs, $8,250,000 Manufacturing overhead allocated, $4,000,000 (allocated at a rate of 200% of direct manufacturing labor costs) Work-in-process inventory on January 1, 2020, $370,000 Cost of finished goods manufactured, $8,040,000
Gemma Manufacturing uses normal costing for its job-costing system, which has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost category (manufacturing overhead). The following information is obtained for 2020: (Click the icon to view the data.) Requirements 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost of direct materials used in 2020. 2. Calculate the ending work-in-process inventory on December 31, 2020. ... Requirement 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost of direct materials used in 2020. (Abbreviation used: Manuf. = Manufacturing.) (a) First identify the formula to calculate the direct manufacturing labor costs. The cost of direct materials used in 2020 is Direct manufacturing labor costs The direct manufacturing labor costs in 2020 is (b) First identify the formula to calculate the cost of direct materials used in 2020. (Abbreviation used: Manuf. = Manufacturing.) Direct materials used
Transcribed Image Text:Gemma Manufacturing uses normal costing for its job-costing system, which has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost category (manufacturing overhead). The following information is obtained for 2020: (Click the icon to view the data.) Requirements 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost of direct materials used in 2020. 2. Calculate the ending work-in-process inventory on December 31, 2020. ... Requirement 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost of direct materials used in 2020. (Abbreviation used: Manuf. = Manufacturing.) (a) First identify the formula to calculate the direct manufacturing labor costs. The cost of direct materials used in 2020 is Direct manufacturing labor costs The direct manufacturing labor costs in 2020 is (b) First identify the formula to calculate the cost of direct materials used in 2020. (Abbreviation used: Manuf. = Manufacturing.) Direct materials used
Gemma Manufacturing uses normal costing for its job-costing system, which has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost category (manufacturing overhead). The following information is obtained for 2020: (Click the icon to view the data.) Requirements 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost of direct materials used in 2020. 2. Calculate the ending work-in-process inventory on December 31, 2020. (b) First identify the formula to calculate the cost of direct materials used in 2020. (Abbreviation used: Manut. = Manufacturing.) The cost of direct materials used in 2020 is + + The ending work-in-process inventory on December 31, 2020 is = Requirement 2. Calculate the ending work-in-process inventory on December 31, 2020. Begin by identifying the correct formula to calculate the ending work-in-process inventory on December 31, 2020. (Abbreviation used: Manuf. = Manufacturing.) = Direct materials used Work-in-process, 12/31/2020
Transcribed Image Text:Gemma Manufacturing uses normal costing for its job-costing system, which has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost category (manufacturing overhead). The following information is obtained for 2020: (Click the icon to view the data.) Requirements 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in 2020 and (b) cost of direct materials used in 2020. 2. Calculate the ending work-in-process inventory on December 31, 2020. (b) First identify the formula to calculate the cost of direct materials used in 2020. (Abbreviation used: Manut. = Manufacturing.) The cost of direct materials used in 2020 is + + The ending work-in-process inventory on December 31, 2020 is = Requirement 2. Calculate the ending work-in-process inventory on December 31, 2020. Begin by identifying the correct formula to calculate the ending work-in-process inventory on December 31, 2020. (Abbreviation used: Manuf. = Manufacturing.) = Direct materials used Work-in-process, 12/31/2020
Expert Solution
Step 1 Introduction

The beginning WIP is added to the total manufacturing costs to get the total work in process costs. The ending WIP is deducted from the total WIP cost to get the cost of goods manufactured.

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