provide answer from option Cloudy Comfort Company's accounting records reflect the following inventories:Dec. 31, 2012 Dec. 31, 2011Raw materials inventory$310,000$260,000Work in process inventory | 300,000160,000Finished goods inventory190,000150,000During 2012, $400,000 of raw materials were purchased, direct labor costs amounted to$500,000, and manufacturing overhead incurred was $480,000. If Cloudy ComfortCompany's cost of goods manufactured for 2012 amounted to $1,190,000, its cost of goodssold for the year is:A) $1,300,000.B) $1,050,000.C) $1,150,000.D) $1,230,000.

Step 1: Introduction to the Cost of Goods Sold:From the total goods manufactured during a given…

Answered: Cloudy Comfort Company's accounting…

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...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
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.
Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:
What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
Ogleby Inc's accounting records reflect the following inventories: Dec. 31. 2016 T Dec 31, 2017 Raw materials inventory $120,000 $96.000 Work in process inventory 156,000 174,000 Finished goods inventory 138.000 150,000 During 2017, Ogleby purchased $890,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much is total manufacturing costs incurred during 2017 for Ogleby? $1,403,000 $1,313,000 $1,385,000 $1,379,000
Benson Inc.'s accounting records reflect the following inventories: Dec. 31, 2016 Dec. 31, 2017 Raw materials inventory $ 80,000 $ 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000.How much raw materials were transferred to production during 2017 for Benson? Select one: A. $1,386,000 B. $1,450,000 C. $1,466,000 D. $1,434,000
. Pan Company's accounting records reflect the following inventories: Dec. 31, 2016 $260,000 160,000 150,000 Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2017 $310,000 300,000 190,000 During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. The total raw materials available for use during 2017 for Pan Company is
Benson Inc.'s accounting records reflect the following inventories: Dec. 31, 2016 $ 80,000 Dec. 31, 2017 $ 64,000 Raw materials inventory Work in process 104,000 116,000 inventory Finished goods inventory 100,000 92,000 During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. Assume Benson's cost of goods manufactured for 2017 amounted to $1,660,000. How much would it report as cost of goods sold for the year? O a) $1,760,000 b) $1,668,000 c) $1,568,000 d) $1,652,000
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
An analysis of the accounts of Flint Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventory Beginning Ending Raw materials $11,000 $16,180 Work in process 5,900 8,450 Finished goods 11,000 10,200 Costs incurred: raw materials purchases $64,100, direct labor $54,700, manufacturing overhead $25,040. The specific overhead costs were: indirect labor $6,300, factory insurance $5,100, machinery depreciation $5,100, machinery repairs $2,390, factory utilities $4,380, and miscellaneous factory costs $1,770. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. SUPI
At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory - DR 2,000 FG Inventory - DR 8,000 Manufacturing overhead Dr – 0 ( All T accounts) During the year the following transactions took place: Direct materials placed in production $80,000 Direct labor incurred $190,00 Manufacturing OH incurred $300,000 Manufacturing OH allocated to production $295,000 Costs of jobs completed $500,000 Selling price of jobs sold $750,000 Cost of jobs sold $440,000 As a result of these transactions how gross profit will Conway report? A) 310,000 B) 305,000 C) 515,000 D) 345,000
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Raw materials Work in process Finished goods Ending $9,880 $15,510 Beginning 5,790 9,760 9,050 6,530 Costs incurred: raw materials purchases $57,720, direct labor $51,130, manufacturing overhead $23,970. The specific overhead costs were: indirect labor $7,090, factory insurance $4,160, machinery depreciation $4,900, machinery repairs $2,450, factory utilities. $3,570, and miscellaneous factory costs $1,800. Assume that all raw materials used were direct materials. ROBERTS COMPANY Cost of Goods Manufactured Schedule ROBERTS COMPANY (Partial) Balance Sheet

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