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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Make a system for recording the cost of raw materials using the complete Perpetual method
Coronado Industries's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2020 O $2050000. $1910000. $2110000. $2010000. $310000 300000 190000 Dec. 31, 2019 $250000 160000 150000 During 2020, $800000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Coronado Industries's total manufacturing costs incurred in 2020 amounted to
Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 Dec. 31, 2021 Raw Materials Inventory $500 $800 Work-in-Progress Inventory $1,200 $1,300 Finished Goods Inventory $600 $750 Additional information for the year ending December 31, 2021: Manufacturing costs: $2,875 Sales revenue: $15,900 Selling & Admin expenses: $3,600 Interest expense: $160 Income tax rate: 20% What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement? Question 8 options: $2,875 $2,775 $2,850 $2,625
Using the information below, prepare a Cost of Production Report for CD Corporation's Packaging Department for May 2019 On May 1, 2019 the following were reported: Inventory In-Process-Packaging (5,500 units, 20% complete) Finished Goods (700 units at $7.25 a unit) 17,500 5,075 The following were charged to Work in Process- Packaging during May: Direct Materials transferred from Mixing 14,000 units @ $6.25 a unit. 87,500 Direct Labor 12,000 Factory Overhead 4,800 During May -15,500 units were transferred to finished goods and 13,700 units were sold. On May 30 Inventory was as follows Inventory in Process - Packaging: 4,000 units (40% complete) Finished Goods - 2,500 units
Sheffield Corp!'s accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2021 O $1420000 O $1408000 O $1309000 O $1315000 $200000 276000 270000 Dec. 31, 2022 $101000 294000 258000 During 2022, Sheffield purchased $910000 of raw materials, incurred direct labor costs of $175000, and incurred manufacturing overhead totaling $224000. How much is total manufacturing costs incurred during 2022 for Sheffield?
The Hardville Corporation has the following account balances (in millions): E (Click the icon to view the account balances.) Prepare a statement of comprehensive income and a supporting schedule of cost of goods manufactured for the year ended December 31, 2019. Indirect manufacturing costs: Depreciation-plant, building, and equipment 97 Indirect manufacturing labour 79 Miscellaneous plant overhead 39 Account balances Plant supervisory salaries 7 Plant utilities 39 Plant supplies used 11 272 For Specific Date For Year 2019 Direct materials, January 1, 2019 $ 12 Purchases of direct materials $ 338 Add: Manufacturing costs incurred during 2019 Work in process, January 1, 2019 11 Direct manufacturing labour 102 Beginning work-in-process inventory, Jan 1, 2019 11 Finished goods, January 1, 2019 89 Depreciation-plant, building, and equipment 97 Deduct: Total manufacturing costs to account for Plant supervisory salaries 7 Direct materials, December 31, 2019 22 Miscellaneous plant overhead 39…
Pedro Company reported the following inventory balances as of October 31, 2020:Raw Materials P 80,000Work in Process 110,000Finished Goods 190,000The following transactions occurred during the month of November 2020:1. Purchased P25,000 of raw materials on account.2. Issued P18,000 of raw materials to production of which P15,000 were direct to the product.3. Factory payroll of P34,000 was accrued and distributed as follows: P30,000 for direct labor andP4,000 for supervisors (ignore payroll taxes and deductions).4. Factory utility costs of P8,000 were accrued.5. Prepaid insurance of P1,000 on factory equipment expired in November.6. Straight-line depreciation on factory equipment for the month was P10,0007. Selling and administrative expenses were P40,000 (P30,000 was paid in cash and P10,000 wasaccrued.8. Factory Overhead was transferred to work in process inventory.9. Goods manufactured were transferred to to finished goods inventory. Ending inventorieswere: work in process, P60,000…
Make a system for recording the cost of raw materials using the complete Perpetual and Periodic method. note: excel formulas for each work
In presenting inventory on the balance sheet December 31, 2021, the unit cost under absorption costing is
Uramilaben
Calculate Cost of Goods Manufactured. Cost of Goods Available for Sale. Gross margin ratio based on Cost of Goods Sold. Inventory to be shown in the Statement of Financial Position as of December 31, 2021.
Consider the following data (photo)Required: Calculate the cost of goods manufactured

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