Current Attempt in Progress The ledger of Blossom Company has the following work in process inventory account. Work in Process-Painting 5/1 Balance 3,790 5/31 Completed and transferred out? 5/31 Direct materials 6,660 5/31 Direct labor 2,478 5/31 Manufacturing overhead 2.280 5/31 Balance ? Production records show that there were 500 units in the beginning inventory, 30% complete, 1.700 units started into production, and 1,500 units completed and transferred out. The beginning work in process had materials cost of $2,140 and conversion costs of $1,650. The units in ending inventory were 40% complete as to conversion costs. Materials are entered at the beginning of the painting process, and conversion costs are incurred uniformly throughout the process.

Current Attempt in Progress The ledger of Blossom Company has the following work in process inventory account. Work in Process-Painting 5/1 Balance 3,790 5/31 Completed and transferred out? 5/31 Direct materials 6,660 5/31 Direct labor 2,478 5/31 Manufacturing overhead 2.280 5/31 Balance ? Production records show that there were 500 units in the beginning inventory, 30% complete, 1.700 units started into production, and 1,500 units completed and transferred out. The beginning work in process had materials cost of $2,140 and conversion costs of $1,650. The units in ending inventory were 40% complete as to conversion costs. Materials are entered at the beginning of the painting process, and conversion costs are incurred uniformly throughout the process.

Name: Current Attempt in ProgressThe ledger of Blossom Company has the foll
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Description: Current Attempt in ProgressThe ledger of Blossom Company has the following work in process inventory account.Work in Process-Painting5/1Balance3,790 5/31 Completed and transferred out ?5/31 Direct materials6,6605/31 Direct labor2,4785/31 Manufacturi

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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Required information Skip to question [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $821,960 on October 1. Of this amount, $330,000 was the cost of direct materials and $491,960 was the cost of conversion. The 52,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 110,000 units were transferred out and 34,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,553,600 for direct materials and $3,326,400 for conversion. Compute the costs of goods transferred out and the ending inventory using the weighted-average method.
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1. Answer the following guestions by analysing the T-accounts given below. Materials Inventory Work in Process Inventory Beg. balance $ 20,000 $ 18,000 360,000 Beg. balance 230,000 Ending balance $ 14,000 400,000 Ending balance $ 25,000 Finished Goods Inventory Direct Labor $225,000 $230,000 Beg. balance $ 98,000 Ending balance $ 5,000 Ending balance $110,000 Cost of Goods Sold Manufacturing Overhead $400,000 $400,000 a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor sts f) Total manufacturing costs charged to the Work in Process Inventory account during the current year
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Sarasota Company has the following production data for January End. Work in Process Inventory Beg. Work in Units Started % Complete as to Process Inv into Production Units -0- FL180 1,240 Conversion Cost 3084 Compute the physical units for January. Beginning work in process inventory Started into production Total units to be accounted for Completed and transferred out Ending work in process inventory Total units accounted for
4. Sterling’s records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. The records also showed the following data for the month: Materials used $1,500 Overhead applied 500 Cost of goods manufactured 7,500 Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine how much direct labor was incurred during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are…
Subject- account
The balances in the perpetual inventory accounts of Anditon Manufacturing Corporation at the beginning and end of the current year are as follows: Inventory accounts: Materials Work in Process Finished Goods Inventory Account: Materials Inventory Direct Labor The total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activities are as follows: Manufacturing Overhead Work in Process Inventory Finished Goods Inventory End of Year $ 126,000 109,000 325,000 Beginning of Year $ 222,000 75,000 238,000 Required A Required B Debit Entries $ 2,410,000 1,189,000 893,600 ? ? Credit Entries Required: a. Using these data, compute direct materials purchased, direct materials used, payments of direct labor payrolls, direct labor cost assigned to production, total manufacturing costs charged to the work in process inventory account during the year, the cost of finished goods manufactured, cost of goods sold, the total amount to be classified as…
Current Attempt in Progress Waterway Company developed the following data for the current year: Beginning Work in Process Inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs $290000 $516000. $226000. $806000. $504000. 146000 298000 226000 278000 794000 Waterway Company's ending Work in Process Inventory is
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