Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 $16,971 25,726 36,875 18,297 18,757 21,733 25,034

Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 $16,971 25,726 36,875 18,297 18,757 21,733 25,034

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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Compute the ending balance of the Work-in-Process Inventory account for July. Job X14 Job X15 Total Direct materials $35,420 $14,700 $50,120 Direct labor 105,000 69,000 174,000 Applied overhead
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Instructions White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in Process-Sifting Department was as follows on July 1: Work in Process-Sifting Department (900 units, 3/5 completed): Direct materials (900 x $2.05) $1,845 Conversion (900 x 3/5 * $0.40) 216 $2,061 The following costs were charged to Work in Process-Sifting Department during July: Direct materials transferred from Milling Department: 15,700 units at $2.15 a unit $33,755 Direct labor 4,420 Factory overhead 2,708 During July, 15,500 units of flour were completed. Work in Process-Sifting Department on July 31 was 1,100 units, 4/5 completed. Required: 1. Prepare a cost of production report for the Sifting Department for July. 2. Journalize the entries for costs…
Question Content Area Selected accounts with some amounts omitted are as follows Work in Process Oct. 1 Balance 23,400 Oct. 31 Finished goods X 31 Direct materials 93,800 31 Direct labor 170,200 31 Factory overhead X Finished Goods Oct. 1 Balance 13,700 31 Goods finished 326,600 If the balance of Work in Process on October 31 is $207,600, what was the amount of factory overhead applied in October? a.$246,800 b.$401,200 c.$93,800 d.$170,200
Selected accounts with some amounts omitted are as follows: Work in Process Aug. 1 Balance 264,800 Aug. 31 Goods finished 129,400 31 Direct materials X 31 Direct labor 43,700 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 95,600 Aug. 1 Balance 12,800 31 Applied X If the balance of Work in Process on August 31 is $218,800, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? a. $13,110 b. $95,600 c. $129,400 d. $12,800
Inventories January 1 January 31 Materials 302,000 278,000 Work in process 215,600 238,200 Finished goods 163,000 187,100 Direct labor Materials purchased during the month Factory overhead incurred during the month: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs January 31 569,000 608,600 60,680 36,000 12,400 8,160 8,060 16,400 Prepare a cost of goods manufactured statement for January and determine the cost of goods sold for January.
Selected accounts with amounts omitted are as follows: Work in Process Aug. 1 Balance 251,200 Aug. 31 Goods finished 191,300 31 Direct materials 31 Direct labor 43,900 31 Factory overhead Factory Overhead Aug. 1 - 31 Costs incurred 106,500 Aug. 1 Balance 13,600 31 Applied X If the balance of Work in Process on August 31 is $200,100, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? Oa. $13,600 b. $106,500 Oc. $13,170 d. $191,300
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Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 75, 000 55,000 100 % 50 % 100 % 30 % $59,400 $ 17,400 252,000 272, 000 $ 126,990 $ 250, 905, Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May. 2. Compute the first production department's cost per equivalent unit for materials and conversion for May. 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total f 4. Compute the first production department's cost of the units transferred to the next production department for materials, com and in total for May. Complete this question by entering your answers in…
A company reports the following information: Direct Labor Direct Materials Used Raw Materials Purchased Cost of Goods Manufactured Ending Work-in-Process Inventory Corporate Headquarters' Property taxes Manufacturing Overhead Incurred Calculate the beginning balance of Work-in-Process Inventory O $4,500 O $5,000 O $21.000 59.400 $6,000 3.000 9,000 13,000 1.400 900 400
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ces Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Pulping cost added during March Conversion cost added during March Percent Completed Units Pulping 3,000 100% Conversion 80% 7,000 100% 75% $ 885 $ 360 133,900 $ 44,203 $ 21,904 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. Required: For March: 1. Compute the Drying Department's equivalent units of production for pulping and conversion. 2. Compute the Drying Department's cost per equivalent unit for pulping and conversion. 3. Compute the Drying…