CPL Company reported a cost of goods manufactured of $520,000, with the firm's year-end balance sheet revealing work in process and finished goods of $70,000 and $134,000, respectively. If supplemental information disclosed raw materials used in the production of $80,000, direct labor of $140,000, and manufacturing overhead of $240,000, the company's beginning work in the process must have been: A. $66,000. B. None of the other answers are correct. C. $390,000. D. $10,000.

CPL Company reported a cost of goods manufactured of $520,000, with the firm's year-end balance sheet revealing work in process and finished goods of $70,000 and $134,000, respectively. If supplemental information disclosed raw materials used in the production of $80,000, direct labor of $140,000, and manufacturing overhead of $240,000, the company's beginning work in the process must have been: A. $66,000. B. None of the other answers are correct. C. $390,000. D. $10,000.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

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CPL Company reported a cost of goods manufactured of $520,000, with the firm's year-end balance sheet revealing work in process and finished goods of $70,000 and $134,000, respectively. If supplemental information disclosed raw materials used in the production of $80,000, direct labor of $140,000, and manufacturing overhead of $240,000, the company's beginning work in the process must have been: A. $66,000. B. None of the other answers are correct. C. $390,000. D. $10,000.
Kansas Plating Company reported a cost of goods manufactured of P260,000, with the firm's year-end balance sheet revealing work in process and finished goods of P35,000 and P67,000, respectively. If supplemental information disclosed raw materials used in production of P40,000, direct labor of P70,000, and manufacturing overhead of P120,000, 1) how much was the total production cost incurred during the period? 2) how much was the company's beginning work in process? Case B For the year just ended, Cole Corporation's manufacturing costs (raw materials used, direct labor, and manufacturing overhead) totaled P1,500,000. Beginning and ending work-in-process inventories were P60,000 and P90,000, respectively. Cole's balance sheet also revealed respective beginning and ending finished-goods inventories of P250,000 and P180,000. On the basis of this information, 3) how much would the company report as cost of goods manufactured (CGM)?, and 4) cost of goods sold (CGS)? Case C For each of…
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Larned Corporation recorded the following transactions for the just completed month.a. $80,000 in raw materials were purchased on account.b. $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was fordirect materials and the remainder was for indirect materials.c. Total labor wages of $112,000 were incurred. Of this amount, $101,000 was for direct labor and theremainder was for indirect labor.d. Additional manufacturing overhead costs of $175,000 were incurred.Required:Record the above transactions in journal entries.
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Larned Corporation recorded the following transactions for the just completed month. a. $73,000 in raw materials were purchased on account. b. $71,000 in raw materials were used in production. Of this amount, $57,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $110,000 were paid in cash. Of this amount, $104,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $196,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Larned Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account. b. $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $175,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 $80,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal