Answer the blue words Work in process, 1/1Direct materialsDirect materials inventory, 1/1Add:Purchases of Materials.Cost of direct materials availableLess:Direct Material, 12/31Cost of direct materials usedDirect laborManufacturing overhead:Factory rentDepreciation EquipmentIndirect LaborIndirect MaterialTotal manufacturing costs incurredTotal manufacturing costsLess:Work in Process, 12/31Cost of goods manufacturedFinished Goods, 1/1Cost of goods available for saleLess:Finished goods, 12/31Cost of Goods Sold91,500FORMULA1$0FORMULA2$76,410FORMULA4FORMULASFORMULA6FORMULA3642,000030,300FORMULA7$0FORMULASFORMULA9FORMULA10FORMULA11172,500FORMULA12=== Data Section:Depreciation--equipmentDirect laborDirect materials inventory, 1/1Direct materials inventory, 12/31Factory rentFinished goods, 1/1Finished goods, 12/31Indirect laborIndirect materialsPurchases of direct materialsWork in process, 1/1Work in process, 12/31Answer Section:$45,000642,00091,50093,00076,410132,000172,50037,50026,250645,18030,30028,665Jackson ManufacturingSchedule of Cost of Goods Manufactured and SoldFor the Year Ended December 31

The cost of goods manufactured schedule shows the total costs incurred to manufacture the product.…

Data Section: Depreciation--equipment Direct labor Direct materials inventory, 1/1 Direct materials inventory, 12/31 Factory rent Finished goods, 1/1 Finished goods, 12/31 Indirect labor Indirect materials Purchases of direct materials Work in process, 1/1 Work in process, 12/31 Answer Section: $45,000 642,000 91,500 93,000 76,410 132,000 172,500 37,500 26,250 645,180 30,300 28,665 Jackson Manufacturing Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31

Data Section: Depreciation--equipment Direct labor Direct materials inventory, 1/1 Direct materials inventory, 12/31 Factory rent Finished goods, 1/1 Finished goods, 12/31 Indirect labor Indirect materials Purchases of direct materials Work in process, 1/1 Work in process, 12/31 Answer Section: $45,000 642,000 91,500 93,000 76,410 132,000 172,500 37,500 26,250 645,180 30,300 28,665 Jackson Manufacturing Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 13PB: Selected information from Hernandez Corporation shows the following: Prepare journal entries to...

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8 Depreciation--equipment 9 Direct labor 10 Direct materials inventory, 1/1 11 Direct materials inventory, 12/31 12 Factory rent 13 Finished goods, 1/1 14 Finished goods, 12/31 15 Indirect labor 16 Indirect materials 17 Purchases of direct materials 18 Work in process, 1/1 19 Work in process, 12/31 20 21 22 Answer Section: 23 24 25 26 27 28 Direct materials 29 Direct materials inventory, 1/1 30 Add: Purchases of Materials 31 32 Cost of direct materials available 33 Less: Direct Material, 12/31 34 35 Cost of direct materials used 36 Direct labor $45,000 642,000 91,500 93,000 76,410 132,000 172,500 37,500 26,250 645,180 30,300 28,665 Jackson Manufacturing Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31 $91,500 ‒‒‒‒‒‒‒‒ $0 642,000
1. How do I find the net income? 2. What is the correct title for this statement?
Schedule of Activity Costs Quality Control Activities Process audits Training of machine operators Processing returned products Scrap processing (disposal) Rework Preventative maintenance Product design Warranty work Finished goods inspection Activity Cost $49,100 28,600 15,900 24,700 5,700 27,600 42,200 8,700 22,600 From the provided schedule of activity costs, determine the value-added costs. Oa. $170,100 Ob. $178,800 Oc. $225,100 Od. $147,500
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
Problems Selected information from Skybox Studios shows the following: Raw materials purchased Direct materials Direct labor Factory depreciation Total manufacturing overhead incurred Machine hours per month Unit cost for material Unit cost of conversion Number units transferred 1. Prepare journal entries to record the following: Raw material purchased Direct labor incurred a. b. > $ 5,000 $ 1,500 $11,000 $ 2,000 $15,000 28,000 $ $ LA 2 8 15,000 C. Depreciation expense (hint: this is part of manufacturing overhead) d. Raw materials used e. Overhead applied on the basis of $0.50 per machine hour f. The transfer from department 1 to department 2
Schedule of Activity Costs Quality Control Activities Process audits Training of machine operators Processing returned products $50,400 29,900 17,900 24,400 7,200 30,200 42,700 6,500 22,800 From the above schedule of activity costs, determine the value-added costs. O a. $232,000 O b. $176,000 Scrap processing (disposal) Rework Preventative maintenance Product design Warranty work Finished goods inspection O c. $182,500 Od. $153,200 Activity Cost
Using the given information find the cost of direct material used: Ending inventory of raw materials OMR 1,000 Beginning inventory of raw materials OMR 1,500 Material used as indirect OMR 500 Purchase of materials OMR 2,000 O a. OMR 5,000 b. OMR 2,000 O c. OMR 2,500 O d. OMR 3,000
this is an excel style worksheet
Subject: acounting
Inventories: As of January 1: Direct materials Work-in-process Finished goods As of December 31: Direct materials Work-in-process Finished goods Other amounts (for the year): Administrative costs Direct labor Direct material purchases Indirect plant labor Indirect plant supplies Machine depreciation Marketing costs Plant depreciation Plant supervision Plant utilities Property taxes on plant and equipment Sales revenue Required: a. Prepare a cost of goods sold statement. (seee) $ 247 256 824 $ 254 249 843 3,540 5,546 6,674 3,558 852 5,951 1,184 1,435 1,156 833 481 40,234
Subject :- Accounting
ilrn/takeAssignment/takeAssignmentMain.do?invoker%-&takeAssignmentSessionLocator3&inprogress%3false ps Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Report Quantity Requisition Quantity Date Unit Price Amount Quantity Amount Number Number price May 1 250 $5 $1,250 21 180 $7 May 4 102 280 $4 May 10 27 120 May 21 115 170 May 27 b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Previous Next