Cost of Goods Manufactured and Sold LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied its accountant: Direct materials inventory Work-in-process inventory Finished goods inventory $62,800 31,700 56,500 During June, direct labor cost was $145,500, direct materials purchases were $339,500, and the total overhead cost was $367,800 inventories at the end of June were: Direct materials inventory Work-in-process inventory Finished goods inventory Required. $63,400 35,300 51,900

Cost of Goods Manufactured and Sold LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied its accountant: Direct materials inventory Work-in-process inventory Finished goods inventory $62,800 31,700 56,500 During June, direct labor cost was $145,500, direct materials purchases were $339,500, and the total overhead cost was $367,800 inventories at the end of June were: Direct materials inventory Work-in-process inventory Finished goods inventory Required. $63,400 35,300 51,900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use the following information to calculate the cost of goods manufactured during July. Work in process inventory, 1 July Manufacturing overhead applied during the month Work in process inventory, 31 July Finished goods inventory, 1 July Finished goods inventory, 31 July Cost of goods sold during July 9,000 20,000 14,000 7,500 5,000 75,000
SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Beginning Inventory $ 29,200 Raw materials Work in process Finished goods 21,700 78,900 Additional information for the month of March follows: A Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Ending Inventory $ 26,700. 46,400 68,900 Required 1 Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. Complete this question by entering your answers in the tabs below. Required 2 89 SEP Rased on the above information nrenare a cost of goods manufactured report A O O
LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, thefollowing information was supplied by its accountant: Direct materials inventory $62,400Work-in-process inventory 33,900Finished goods inventory 55,600 During June, direct labor cost was $143,000, direct materials purchases were $346,000, and thetotal overhead cost was $375,800. The inventories at the end of June were:Direct materials inventory $63,000Work-in-process inventory 37,500Finished goods inventory 50,800 Required:1. Prepare a cost of goods manufactured statement for June.2. Prepare a cost of goods sold schedule for June.
Lastly: Determine the costs of goods sold for January:
The manufacturing operations of Wildhorse, Inc. had the following balances for the month of January: Inventories Raw Materials Work in Process Finished Goods January 1 January 31 $15,600 27,300 18,200 $16,900 Cost of goods sold $ 29,900 20,800 Wildhorse transferred $377,000 of completed goods out of Work in Process Inventory during January. Compute the cost of goods sold.
The following data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory. May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 24,500 Work-in-process inventory 32,800 29,100 Finished goods inventory 5,800 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement.
During March, the following costs were charged to the manufacturing department: $15,480 for materials; $14,900 for labor; and $13,900 for manufacturing overhead. The records show that 31,000 units were completed and transferred, while 3,400 remained in ending inventory. There were 34,400 equivalent units of material and 32,360 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory? When required, round cost per unit to two decimal places and the final answers to the nearest dollar. Cost of inventory transferred $fill in the blank 1 Balance in work in process $fill in the blank 2
COGM?
From the account balances listed below, prepare a schedule of cost of goods manufactured for Crane Manufacturing Company for the month ended December 31, 2022. (Assume all raw materials used were direct materials.) Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and Allowances Indirect Labor Account Balances $52,920 15,120 22,680 15,120 18,900 17,640 10,080 44,100 132,300 31,500 7,560 88,200 23,940 6,300 26,460
The accountant at Roland Industries provides you with the following information for the first quarter: Direct labor costs $ 232,000 Direct materials inventory, January 1 23,700 Direct materials inventory, March 31 20,100 Direct materials purchased during the quarter 301,500 Finished goods inventory, January 1 64,000 Finished goods inventory, March 31 83,400 Manufacturing overhead for the quarter 323,000 Work-in-process inventory, January 1 14,700 Work-in-process inventory, March 31 11,900 Required: a. Compute the following. Total prime cost Total conversion cost Total manufaturing costs Cost of goods manufatured Cost of goods sold