12. TUV Manufacturing Company has the following data for 2024 (amounts in millions):Direct Materials Used:corDirect Materials UsedTotal Manufacturing Costs Incurred during the Year Data table-Direct Materials, January 1Direct Materials, December 31Work-in-Process Inventory, January 1Work-in-Process Inventory, December 31EA136171410Finished Goods Inventory, January 1Finished Goods Inventory, December 3114Direct Materials Purchased, including Freight In3337Direct Labor18Manufacturing Overhead

The schedule of cost of goods manufactured is prepared as follows: Formula table: Result of the…

Answered: 12. TUV Manufacturing Company has the…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEB: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and...

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
Accounting for materials Analyze the following T-accounts to determine the amount of direct and indirect materials used.
Question 1
The journal entry to issue $700 of direct materials and $80 of indirect materials to production involves debit(s) to the O A. Manufacturing Overhead account for $780 OB. Work-in - Process Inventory account for $700 and Manufacturing Overhead account for $80 O C. Work-in - Process Inventory account for $780 O D. Work-in - Process Inventory account for $700 and Finished Goods Inventory account for $80
Weat Subject: accounting
0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
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
Following is information about the assembly department of a company: 1. 2. 3. 4. 5. There were 194,600 units in work in process inventory on August 1. With respect to units transferred in, 100% were complete and costs incurred amounted to $129,900. With respect to conversion, 90% of the units were complete and costs incurred amounted to $53,500. 494,700 units were transferred in from the cutting department during August. 561,000 units were completed during August and transferred to the finished goods inventory. During August, costs incurred were as follows: $497,363 for units transferred in from cutting, $415,140 for direct materials used, and $137,894 for conversion costs. There are 128,300 units in work in process inventory on August 31. With respect to the units transferred in, 100% are complete and 60% are complete with respect to conversion. Prepare a production cost report. (Round unit costs to 7 decimal places, e.g. 0.1287345 and all other answers to O decimal places, e.g.…
Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $ 56,000 143 500 163,300 40,100 Ending Inventory $ 67,150 110,500 91,500 28,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting $ 75,000 24,250 Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching $ 20,600 82,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 39,600 57,000 57,000 0 150% of direct materials used 120% of direct labor used $ 656,000 1 2 3 4 5 6 7 8 11 Record overhead applied at 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). Note: Enter debits before credits. Date General Journal Debit Credit May 31 Work in process inventory-Cutting Work in…
Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $ 96,000 223,500 Ending Inventory $ 116,350 60,500 243,300 200,100 150,500 44,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 115,000 26,250 $ 24,600 98,400 $ 68,400 58,600 65,000 (150% of direct materials used) (120% of direct labor used) $ 976,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Verify the ending balance in raw materials inventory. Materials used should be indicated…
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. Receiving Report Number 25 31 Received Quantity 200 140 Unit Price $7 9 Materials Requisition Number 108 121 Issued Quantity 330 190 Amount 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. d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
Compute the Work-in-Process transferred to the finished goods warehouse on April 30 using the following information: Work-In-Process Inventory, April 30 Direct material purchased during April Work-In-Process Inventory, April 1 Direct labor costs incurred $175 150 200 300 Manufacturing overhead costs Direct materials used in production 250 125 Multiple Choice $650. $675. $700. $750.

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