Current Attempt in Progress If the cost of direct materials used is $1700000 during a period, compute the total manufacturing costs using the information below. (Assume that all raw materials used were direct materials.) Raw materials inventory, January 1 Raw materials inventory. December 31 Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods. December 31 Raw materials purchases Direct labor Factory utilities Indirect labor Factory depreciation $20000 50000 27000 18000 60000 48000 1700000 690000 220000 75000 500000

Current Attempt in Progress If the cost of direct materials used is $1700000 during a period, compute the total manufacturing costs using the information below. (Assume that all raw materials used were direct materials.) Raw materials inventory, January 1 Raw materials inventory. December 31 Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods. December 31 Raw materials purchases Direct labor Factory utilities Indirect labor Factory depreciation $20000 50000 27000 18000 60000 48000 1700000 690000 220000 75000 500000

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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Please answer the following subparts in regards to this same question: d. Direct labor usede. Indirect labor usedf. Other overhead costs paid in cash Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May inventories. Beginning Inventory Ending Inventory Raw materials inventory $ 81,000 $ 97,900 Work in process inventory—Cutting 193,500 135,500 Work in process inventory—Stitching 213,300 107,000 Finished goods inventory 50,100 38,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 100,000 Direct materials used—Cutting 25,500 Direct materials used—Stitching 0 Direct labor Direct labor—Cutting $ 23,100 Direct labor—Stitching 92,400 Factory Overhead (Actual costs)…
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ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…
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