Consider the following data Work in process inventory December 31 6000 Work in process inventory January 1 9000 Purchases of raw material 88000 Raw Material inventory December 31 9000 Raw Material inventory January 1 4000 Direct Labor 16000 Total manufacturing overhead 6000 Calculate the cost of goods manufactured

Consider the following data Work in process inventory December 31 6000 Work in process inventory January 1 9000 Purchases of raw material 88000 Raw Material inventory December 31 9000 Raw Material inventory January 1 4000 Direct Labor 16000 Total manufacturing overhead 6000 Calculate the cost of goods manufactured

Name: Consider the following dataWork in process inventory December 316000W
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Description: Consider the following dataWork in process inventory December 316000Work in process inventory January 19000Purchases of raw material88000Raw Material inventory December 319000Raw Material inventory January 14000Direct Labor16000Total manufacturing o

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
The following information concerns production in the Finishing Department for May. The Finishing Department uses the weighted average method. a. Determine the number of units in work in process inventory at the end of the month. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production.
The charges to Work in ProcessAssembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Determine the following: a. The number of units in work in process inventory at the end of the period b. Equivalent units of production for direct materials and conversion c. Costs per equivalent unit for direct materials and conversion d. Cost of the units started and completed during the period
Recording issuing of materials Materials issued for the current month are as follows a. Determine the amount of materials transferred lo Work in Process and Factory Overhead for the current month. b.Illustrate (he effect on the accounts and financial statements of the materials transferred in (a).:
a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in process inventory completed this period 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory b. Did the production costs change from the preceding period? Explain. c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period?
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.
During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
Consider the following dataWork in process inventory December 317000Work in process inventory January 19000Purchases of raw material63000Raw Material inventory December 313000Raw Material inventory January 19000Direct Labor12000Total manufacturing overhead6000Calculate the cost of goods manufactured
Cullumber Company reported the following amounts for May: Raw materials purchased Beginning raw materials inventory Ending raw materials inventory Direct labor incurred Indirect materials requisitioned and used Actual manufacturing overhead costs Beginning work-in-process inventory Ending work-in-process inventory $257000 $257000. $256800. ◆ $259900. O $261100. 12300 8200 54000 4300 40000 15400 12300 How much is the cost of direct materials used in production?
Sheridan Company developed the following data: Beginning work in process inventory $ 120000 Direct materials used 520000 Actual overhead 640000 Overhead applied 610000 Cost of goods manufactured 1620000 Ending work in process 90000 How much are total manufacturing costs for the period? $1590000 $1770000 $1530000 $1250000
Crane Company developed the following data for the current year: Beginning work in process inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs $ 206000 $568000 $524000 O $318000 O $730000 208000 176000 184000 960000 916000 How much is Crane Company's direct labor cost for the year?