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

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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Raw materials inventory, January 1 $20000 Raw materials inventory, December 31 50000 Work in process, January 1 27000 Work in process, December 31 18000 Finished goods, January 1 60000 Finished goods, December 31 48000 Raw materials purchases 1700000 Direct labor 890000 Factory utilities 225000 Indirect labor 75000 Factory depreciation 500000 Operating expenses 630000 What is the cost of direct materials used during the period?
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From the accounting records of the REPEAT COMPANY, you gathered the following information related to work in process and finished goods inventory: Units Cost In process, Dec. 1, 2021: Lot A (1/4 complete) Lot B (1/3 complete) Lot C (1/2 complete) Cost of raw materials, direct labor & overhead in Dec., 2021 9,000 15,000 16,000 P81,000 150,000 192,000 362,500 Started in process 30,000 25,000 40,000 4,000 1,000 Finished & transferred to warehouse In process, Dec. 31 (60% completed) Normal lost units * Abnormal lost units* *Both are discovered by quality control as "losť" when 50% completed. REQUIRED: Using FIFO procedures, compute for the correct amounts for the following: (Round unit cost up to five decimal places; totals to the nearest peso. Transfer final answers to the answer sheet. Erasures and alterations are not allowed in the answer sheet. Submit supporting computations to get credit.) A. Equivalent production related to 1. Finished and transferred 2. In process, Dec. 31 3. Normal…
The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. Work in Process Inventory Debit Credit Beginning WIP 4,500 Direct materials 47,100 Direct labor 29,600 Applied overhead 15,800 To finished goods ? Ending WIP 8,900 The cost of jobs transferred to finished goods is:
The journal entry to issue $700 of direct materials and $80 of indirect materials to production involves debit(s) to the O A. Manufacturing Overhead account for $780 OB. Work-in - Process Inventory account for $700 and Manufacturing Overhead account for $80 O C. Work-in - Process Inventory account for $780 O D. Work-in - Process Inventory account for $700 and Finished Goods Inventory account for $80
Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, June 1 Work in process inventory, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 a. For June, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Woodfall Company Statement of Cost of Goods Manufactured Costs Type Work in process inventory, June 1 Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in June Total manufacturing costs Work in process inventory, June 30 Cost of goods manufactured ✓ $260,000 340,000 182,300 70,200 74,000 33,300 44,100 ✓ Amount $ Amount 260,000 X
1. Using weighted average method, how much is the total cost of Work in Process Inventory, End?
Use the cost information below for ABC Corporation to find the cost of goods manufactured (COGM) for the current year: Direct materials used Direct labor Total factory overhead Work in process inventory, beginning Work in process inventory, ending Multiple Choice $24,500. $15,200. $18,400. $19,300. $ 6,600 8,600 6,700 4,600 7,200
Use the following data to determine the cost of goods manufactured: Beginning finished goods inventory $ 12,500 Direct labor used 32,300 Beginning work in process inventory 8,900 General and administrative expenses 15,200 Direct materials used 42,200 Ending work in process inventory 10,700 Indirect labor 8,000 Ending finished goods inventory 11,200 Indirect materials 15,200 Depreciation—factory equipment 9,200
Prepare a schedule of cost of goods manufactured based on the following information: Direct materials purchased $ 12,000 18,000 3,000 2,000 14,000 13,500 27,000 4,000 2,000 5,500 2,000 1,000 6,000 4,000 Direct labor Direct materials inventory, beginning Direct materials inventory, ending Work-in-process, beginning Work-in-process, ending Factory depreciation Indirect materials Factory utilities Indirect factory labor Factory maintenance Factory insurance Finished goods inventory, beginning Finished goods inventory, ending
A materials requisition slip showed that direct materials requested were $96000 and indirect materials requested were $6000. The entry to record the transfer of materials from the storeroom is Manufacturing Overhead 102000 Raw Materials Inventory 102000 Direct Materials 96000 Indirect Materials 6000 Work in Process Inventory 102000 Work In Process Inventory 96000 Raw Materials Inventory 96000 Work In Process Inventory 96000 Manufacturing Overhead 6000 Raw Materials Inventory 102000