Lopez Corporation incurred the following costs while manufacturing its product.Materials used in productDepreciation on plantProperty taxes on storeLabor costs of assembly-line workersFactory supplies used$121,00061,0007,600111,00024,000Advertising expenseProperty taxes on plantDelivery expenseSales commissionsSalaries paid to sales clerks$46,00015,00022,00036,00051,000Work in process inventory was $13,000 at January 1 and $16,600 at December 31. Finished goods inventory was $61,000 at January1 and $45,700 at December 31. Compute cost of goods sold.Cost of goods sold$LA

Answered: Compute cost of goods sold. Cost of…

Business

Accounting

Compute cost of goods sold. Cost of goods sold $

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 17E: Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the...

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Kenkel, Ltd. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 80,000. b. Requisitioned raw materials to production, 80,000. c. Distributed direct labor costs, 10,000. d. Factory overhead costs incurred, 60,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 225,000, on account.
Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or ending work-in-process inventories in any department. Lamont incurred the following costs for May: Required: 1. Calculate the costs transferred out of each department. 2. Prepare the journal entries corresponding to these transfers. Also, prepare the journal entry for Grinding that reflects the costs added to the transferred-in goods received from Molding. 3. What if the Grinding Department had an ending WIP of 12,000? Calculate the cost transferred out and provide the journal entry that would reflect this transfer. What is the effect on finished goods calculated in Requirement 1, assuming the other two departments have no ending WIP?
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Cullumber Corporation incurred the following costs while manufacturing its product: Materials used in product Depreciation on plant Property taxes on warehouse Labour costs of assembly-line workers Factory supplies used Calculate the cost of goods manufactured. Cost of goods manufactured $120,100 $ 65,000 8,430 110,000 25,500 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,250 19,300 21,700 Work in process inventory was $10,600 at January 1 and $14,600 at December 31. Finished goods inventory was $60,600 at January 1 and $51,300 at December 31. 35,300 50,100
Flounder Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) Compute cost of goods manufactured. $108,000 Cost of goods manufactured $ 54,000 6,750 99,000 20,900 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $40,500 12,700 18,800 Work in process inventory was $10,850 at January 1 and $13,900 at December 31. Finished goods inventory was $54,000 at January 1 and $41,000 at December 31. 31,500 45,000
The following costs were incurred by a manufacturing company Materials used in product Depreciation on plant Property taxes on plant Labour costs of assembly-line workers Factory supplies used Advertising expense Factory insurance Factory supervisor's salary (a) $120.000 6.230 840 Calculate cost of goods manufactured 150,700 3,350 4.550 21.900 50,000 Work in process inventory was $5.200 at January 1 and $6,600 at December 31. Finished goods inventory was $30.000 at January 2 and $30,500 at December 31 11.
Carla Vista Corporation incurred the following costs while manufacturing its product: Materials used in product Advertising expense Depreciation on plant Property taxes on plant Property taxes on warehouse Delivery expense Labour costs of assembly-line workers Sales commissions Factory supplies used Salaries paid to sales clerks (a) Your answer is incorrect. Calculate the cost of goods manufactured. $121,200 61,600 Cost of goods manufactured $ 7,710 Work in process inventory was $10,900 at January 1 and $14,800 at December 31. Finished goods inventory was $60,500 at January 1 and $50,800 at December 31. 111,000 26,000 $45,050 19.200 22,000 35,100 50,400
Pina Corporation incurred the following costs while manufacturing its product. $122.400 Materials used in product $ 45,900 Advertising expense 61,200 Depreciation on plant 14,500 Property taxes on plant Property taxes on store 7,650 21,200 Delivery expense Labor costs of assembly-line workers112,200 Sales commissions 35,700 23.900 Factory supplies used 51,000 Salaries paid to sales clerks Work in process inventory was $12,350 at January 1 and $ 15,700 at December 31. Finished goods inventory was $61,200 at Ja 1 and $46,400 at December 31. ( a) Compute cost of goods manufactured. Cost of goods manufactured
The following costs were incurred by a manufacturing company: Materials used in product Depreciation on plant Property taxes on plant Labour costs of assembly-line workers Factory supplies used Advertising expense Factory insurance Factory supervisor's salary $121,800 Calculate cost of goods manufactured. 6,500 910 150,500 3,050 4,700 21,450 50,750 Work in process inventory was $5,100 at January 1 and $6,200 at December
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Swifty Corporation incurred the following costs while manufacturing its product. Materials used in product $128,200 Advertising expense $47,700 Depreciation on plant 64,500 Property taxes on plant 22,300 Property taxes on store 8,540 Delivery expense 27,800 Labor costs of assembly-line workers 119,000 Sales commissions 38,900 Factory supplies used 33,500 Salaries paid to sales clerks 58,000 Work in process inventory was $13,500 at January 1 and $17,200 at December 31. Finished goods inventory was $68,400 at January 1 and $47,700 at December 31. Compute cost of goods manufactured. Cost of goods manufactured %24