Cost of Direct Materials Used in Production for a Manufacturing CompanySepulveda Manufacturing Company reported the following materials data for the month ending November 30:Materials purchased$236,400Materials inventory, November 174,600Materials inventory, November 3062,200Determine the cost of direct materials used in production by Sepulveda during the month ended November 30.

Cost of material is very important in the productions and there is need of mainatining inventory for…

Cost of Direct Materials Used in Production for a Manufacturing Company Sepulveda Manufacturing Company reported the following materials data for the m Materials purchased $236,400 Materials inventory, November 1 74,600 Materials inventory, November 30 62,200 Determine the cost of direct materials used in production by Sepulveda during the

Cost of Direct Materials Used in Production for a Manufacturing Company Sepulveda Manufacturing Company reported the following materials data for the m Materials purchased $236,400 Materials inventory, November 1 74,600 Materials inventory, November 30 62,200 Determine the cost of direct materials used in production by Sepulveda during the

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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Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $210,000 and incurred direct labor cost of $140,000. Overhead totaled $320,000 for the month. Information on inventories was as follows: Materials Work in process Finished goods Required: X September 1 September 30 X $130,000 1. What was the cost of direct materials used in September ? $70,000 $75,000 X $140,000 $70,000 $70,000 2. What was the total manufacturing cost in September ? 3. What was the cost of goods manufactured for September?
Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $66,000 Direct labor 73,000 Factory overhead 37,000 Work in process inventory, May 1 59,000 Work in process inventory, May 31 58,750 Finished goods inventory, May 1 25,000 Finished goods inventory, May 31 19,000 Question Content Area a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank $- Select - $- Select - - Select - - Select - Total manufacturing costs incurred during May fill in the blank 47477f001f8204f_9 Total manufacturing costs $fill in the blank 47477f001f8204f_10 - Select - Cost of goods manufactured $fill in the blank 47477f001f8204f_13 Question Content Area b. For May, using the data given, prepare a statement of Cost of Goods…
ournalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,610. b. Incurred manufacturing wages of $10,900, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $18,040. d. Used in production: direct materials, $7,970; indirect materials $3,630. e. Recorded manufacturing overhead: depreciation on plant, $14,190; plant insurance (previously paid), $1,440; plant property tax, $3,650 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,580. h. Sold inventory on account, $25,980; cost of goods sold, $12,650. i. Adjusted for overallocated or underallocated overhead.
Cost Flow Relationships The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating equipment: $819,700 221,300 73,800 30,300 13,900 418,000 904,900 30,300 Sales Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following missing amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
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Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $200,000 and incurred direct labor cost of $120,000. Overhead totaled $325,000 for the month. Information on inventories was as follows: Materials Work in process Finished goods Required: September 1 September 30 $120,000 80,000 70,000 $130,000 90,000 65,000 Download Excel spreadsheet 1. What was the cost of direct materials used in September? 2. What was the total manufacturing cost in September? 3. What was the cost of goods manufactured for September? 4. Assume that Lauren Ashley Company's monthly incurred direct labor cost increased by 25% and total overhead costs decreased by 20%. Using Excel (or some other spreadsheet software tool), calculate Lauren Ashely's new cost of goods manufactured that results from the changes in direct labor cost and overhead costs. Even for a relatively simple exercise, this requirement illustrates the time and effort savings of utilizing…
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