Crestline Industries uses a normal cost system and had the following data available for 2022: • • • • • • • • • Direct materials purchased on account: $200,000 Direct materials requisitioned: $95,000 Direct labor cost incurred: $150,000 Factory overhead incurred: $180,000 Cost of goods completed: $350,000 Cost of goods sold: $300,000 Beginning direct materials inventory: $40,000 Beginning WIP inventory: $70,000 • Beginning finished goods inventory: $65,000 Overhead application rate, as a percent of direct-labor costs: 120% The ending balance of the direct materials inventory is $

Crestline Industries uses a normal cost system and had the following data available for 2022: • • • • • • • • • Direct materials purchased on account: $200,000 Direct materials requisitioned: $95,000 Direct labor cost incurred: $150,000 Factory overhead incurred: $180,000 Cost of goods completed: $350,000 Cost of goods sold: $300,000 Beginning direct materials inventory: $40,000 Beginning WIP inventory: $70,000 • Beginning finished goods inventory: $65,000 Overhead application rate, as a percent of direct-labor costs: 120% The ending balance of the direct materials inventory is $

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 6BE: Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of...

See similar textbooks

Similar questions

Pharoah Company reported the following amounts for 2022: Raw materials purchased $92,960 Beginning Raw Materials Inventory 5,824 Ending Raw Materials Inventory 5,040 Calculate the cost of materials used in production. Cost of materials used $ Ending Work in Process Inventory Manufacturing overhead costs applied Beginning Work in Process Inventory $7,056 40,320 6,832
Practice: The following data are taken from the accounting records of Gregory Mfg. Co.: 2019 2018 Ending inventories: Materials $ 100,000 $80,000 Work in Process $64,000 $56,000 Finished Goods $140,000 $170,000 Manufacturing goods: Direct materials used $657,000 Direct labor costs charged to production $270,000 Manufacturing Overhead $378,000 Show All Calculations: Outline a schedule of cost of goods manufactured for 2019 in good form The company generally prices products adding 20% to the cost of goods sold. Determine the total revenue the company would have generated in 2019.
The cost of raw materials purchases for 2019 is?
need help with this question please provide it with correct option
The following cost data pertains to DEF Inc. for December 31st, 2022: Ending Raw Materials Inventory: Beginning Work-in-Process: Ending Work-in-Process: Direct Materials Used: Direct Costs Incurred in Production: Indirect costs incurred in Production: Beginning Finished Goods Inventories: Ending Finished Goods Inventories: Sales: Selling and Administrative Expenses: Applied Overhead for the period: $50,000 $30,000 $15,000 $20,000 $40,000 $40,000 $40,000 $20,000 $190,000 $40,000 $40,000 The cost of goods sold for 2022 is $115,000 x. $137,000 $175,000 $135,000
Please help me
The beginning and ending balance of selected accounts of Drea Paper Products Inc. for the year 2020 are given below: Ending Balance Beginning Balance Finished goods P400,000 P385,000 Work on process 520,000 495,000 Raw materials 710,000 750,000 Transactions that transpired during the year were: Raw materials costing P280,000 were purchased for cash. Raw materials costing P220,000 were purchased on account. Incurred factory overhed cost, P135,000. Other materials requisitioned for production, P30,000 Factory wages consisted of: Direct labor, P270,000; Indirect labor, P100,000. Finished goods costing 350,000 were sold for P800,000. Required: Prepare the statement of cost of goods manufactured and sold in good form. Determine the following: a. Prime cost b. Conversion cost c. Product cost.
Incomplete manufacturing cost data for Horizon Company for 2020 are presented as follows for four different situations. (a) Indicate the missing amount for each letter. DirectMaterialsUsed DirectLaborUsed ManufacturingOverhead TotalManufacturingCosts Work inProcess1/1 Work inProcess12/31 Cost of GoodsManufactured (1) $117,000 $140,000 $87,000 $ (a) $33,000 $ (b) $360,000 (2) (c) 200,000 132,000 450,000 (d) 40,000 470,000 (3) 80,000 100,000 (e) 265,000 60,000 80,000 (f) (4) 70,000 (g) 75,000 288
From the following data, determine the Cost of Goods Manufactured for 2020: Accounts Amounts Sales $ 870,000 Direct Materials used 170,000 Direct Labor costs 90,000 Total Overhead costs Work-in-Process inventory, 12-31-2019 Finished Goods inventory, 12-31-2019 Work-in-Process inventory, 12-31-2020 Finished Goods inventory, 12-31-2020 60,000 $ 35,000 $ 40,000 30,000 25,000 Rent, utilities for corporate headquarters building 70,000 A) $315,000 B) $325,000 C) $330,000 D) $340,000
A product passes through three processes-P, Q and R. The details of expenses incurred on the three processes during the year 2019 were as under : P R Units Issued 10,000 $ 100 Cost per Unit Sundry Materials Labour Sale Price of Output (per unit) Management expenses during the year were $ 80,000 and selling expenses were $ 50,000. These are not allocable to the processes. Actual output of the three processes was : Process P-9,300 units ; Process Q-5,400 units ; Process R-2,100 units. Two-thirds of the output of Process P and one-half of the output of Process Q was passed on to the next process and the balance was sold. The entire output of Process R was sold. The normal loss of the three processes, calculated on the input of every process, was: Process P-5%; Process Q-15% ; and Process R–20%. The loss of Process P was sold at $ 2 per unit, that of Process Q at $ 5 per unit and that of Process R at $ 10 per unit. Prepare the three Process Accounts and the Profit & Loss A/c 16,000 30,000…
The following data were taken from the records of Westbrooks Company: INVENTORIES Aug. 31, 2020 Sept. 30, 2020 Raw Materials ₱00? ₱50,000 Work-in-Process ₱80,000 ₱95,000 Finished Goods ₱60,000 ₱78,000 Additional Information: Raw materials purchased ₱46,000 Factory overhead, 75% of direct labor cost ₱63,000 Selling and administrative expenses, 12.5% of sales ₱25,000 Net Income for September 2020 ₱25,000 What is the cost of raw materials inventory on August 31, 2020? Show solution Group of answer choices ₱40,000 ₱63,000 ₱36,000 ₱46,000
Hellllp