Constanza Company has the following balances as of the year ended December 31,2019:Direct Materials Inventory$30,000 Dr.WIP Inventory69,000 Dr.Finished Goods Inventory99,000 Dr.Underapplied Factory Department Overhead 8,000Dr.Cost of Goods Sold149,000 Dr.Additional information is as follows:Cost of direct materials purchased during 2019$82,000Cost of direct materials requisitioned in 201974,000Cost of goods completed during 2019204,000Factory overhead applied (120% of direct labor) 96,000Compute beginning WIP inventory.

To compute beginning WIP Inventory: Beginning WIP Inventory = Ending WIP Inventory + Cost of Goods…

Answered: Constanza Company has the following…

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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Waterway Industries's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $ 90000 $ 74000 Work in process inventory 114000 126000 Finished goods inventory 100000 92000 During 2020, Waterway purchased $1650000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000.How much is total manufacturing costs incurred during 2020 for Waterway? $2072000 $2060000 $2064000 $2076000
John Brown Inc.'s accounting records reflect the following inventories: Dec 31.2019 Dec 31, 2020 $80,000 $ 64,000 Raw materials inventory 104,000 116.000 Work in process inventory 92,000 100,000 Finished goods inventory During 2020, John Brown purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much is total manufacturing costs incurred during 2020 for John Brown? a $1,864.000 b. $1,876,000 c. $1,860,000 d. $1,872,000
Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2018 Dec. 31, 2019 Raw materials inventory $120,000 $ 96,000 Work in process inventory 156,000 174,000 Finished goods inventory 150,000 138,000 During 2019, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2019? (hint: use T-accounts to solve) Group of answer choices $1,397,000 $1,229,000 $1,391,000 $1,385,000
Duqm Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2019, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods sold is: Select one: a. 1,610,000 b. None of the answers are correct O c. 1,872,000 O d. 1,864,000 e. 1,684,000
Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2019, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods manufactured is: Select one: Oa. 1,610,000 O b. 1,864,000 O c. 410,000 O d. 1,684,000 e. None of the answers are correct
Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2019, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods manufactured is: Select one: O a. 1,864,000 Ob. 1,684,000 O c. 410,000 O d. 1,610,000 e. None of the answers are correct ENG 08:31 INTL 25/05/20.
The following information is available for the QRS Corporation for 2019: Inventories January 1 December 31 Materials $351,000 $436,800 Work in process 631,800 592,800 Finished goods 608,400 576,000 Advertising expense $ 296,400 Depreciation expense-office equipment 42,120 Depreciation expense-factory equipment 56,160 Direct labor 670,800 Heat, Light and Power-Factory…
Practice: The following data are taken from the accounting records of Gregory Mfg. Co.: 2019 2018 Ending inventories: Materials $ 100,000 $80,000 Work in Process $64,000 $56,000 Finished Goods $140,000 $170,000 Manufacturing goods: Direct materials used $657,000 Direct labor costs charged to production $270,000 Manufacturing Overhead $378,000 Show All Calculations: Outline a schedule of cost of goods manufactured for 2019 in good form The company generally prices products adding 20% to the cost of goods sold. Determine the total revenue the company would have generated in 2019.
The cost of raw materials purchases for 2019 is?
Information from the records of the Sally Ann Company for the month of May 2019 is as follows: Purchases of direct materials $54,000 Indirect labor 15,000 Direct labor 31,200 Depreciation on factory machinery 9,000 Sales 165,900 Selling and administrative expenses 18,900 Rent on factory building 21,000 Inventories May 1, 2019 May 31, 2019 Direct materials $24,000 $26,100 Work in process 6,300 9,600 Finished goods 15,000 17,100 Required: Prepare a statement of cost of goods manufactured for the month of Prepare an income statement for the month of
Accounting At the end of 2019, Alonzo Company’s manufacturing inventory and expense accounts held the following costs. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Direct Materials P120,000 P190,000 P350,000 Direct Labor P100,000 P250,000 P580,000 Factory Overhead P60,000 P300,000 P480,000 Alonzo’s accountant applied overhead during the year using a budgeted rate of P8.40 per hour. At year end, they computed the actual rate of P10.00 per machine hour. The beginning balances of both work in process inventory and finished goods inventory were zero. Over/underapplied overhead are to be allocated to appropriate inventories how much is the Adjusted Finished Goods inventory?

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