Compute the Work-in-Process transferred to the finished goods warehouse on April 30 using the following information: Work-In-Process Inventory, April 30 Direct material purchased during April Work-In-Process Inventory, April 1 Direct labor costs incurred Manufacturing overhead costs Direct materials used in production $175 150 200 300 250 125

Compute the Work-in-Process transferred to the finished goods warehouse on April 30 using the following information: Work-In-Process Inventory, April 30 Direct material purchased during April Work-In-Process Inventory, April 1 Direct labor costs incurred Manufacturing overhead costs Direct materials used in production $175 150 200 300 250 125

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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The journal entry to record the direct materials cost added in July would include A debit to work-in-process inventory (Department 2) for $425,000 A debit to work-in-process inventory (Department 2) for $400,000 No entry would be required A debit to raw materials inventory for $400,000 The journal entry to record the transferred-in cost added in July would include A debit to work-in-process inventory (Department 2) for $220,000 No entry would be required A debit to work-in-process inventory (Department 1) for $200,000 A debit to work-in-process inventory (Department 2) for $200,000
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1. The number of units in work in process inventory at the end of the period. 2. Equivalent units of production for direct materials and conversion 3. Costs per equivalent unit for direct materials and conversion. 4. Cost of the units started and completed during the period.
Sterling's records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. The records also showed the following data for the month: Materials used Overhead applied Cost of goods manufactured $1,500 50 7,500 Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine how much direct labor was incurred during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any…
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 24,500 Work-in-process inventory 32,800 29,100 Finished goods inventory 5,800 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement.
The following information is available from Gabe's LOL Co. for the month ending September 30, 20XX. Gabe's LOL Co. Information Direct materials used in production 215,500 Direct Labor 199,200 84,400 97,500 114,700 Work-in-Process, Sept. 1 Work-in-Process, Sept. 30 Total Factory Overhead Determine Gabe's LOL Co. cost of goods manufactured for the month ending September 30, 20XX. Gabe's LOL Co. Schedule of Cost of Goods Manufactured For Month Ending Sept. 30, 20xx
1. Using weighted average method, how much is the total cost of Work in Process Inventory, End?
Partially completed T-accounts and additional information for Dumfries Designs for the month of August follow: Materials Inventory Debit Credit BB (8/1) 165,200 682,200 610,200 Work-in-Process Inventory Debit Credit BB (8/1) 307,200 Labor 597,400 Finished Goods Inventory Debit Credit BB (8/1) 589,200 960,800 777,700 Cost of Goods Sold Debit Credit Manufacturing Overhead Control Debit Credit 482,920 Applied Manufacturing Overhead Debit Credit 473,800 Additional information for August follows: The labor wage rate was $29 per hour. During the month, sales revenue was $1,732,000, and selling and administrative costs were $324,800. This company has no indirect materials or supplies. The company applies manufacturing overhead on the basis of direct labor-hours. Required: What was the cost of direct materials issued to production…
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