Denver Manufacturing had a Work in Process balance of $90,000 on January 1, 2023. The year-end balance of Work in Process was $95,000, and the Cost of Goods Manufactured was $600,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2023.
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- Baltimore Manufacturing had a Work in Process balance of $64,000 on January 1, 2018. The year-end balance of Work in Process was $51,000 and the Cost of Goods Manufactured was $500,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.Help meDetermine the total manufacturing costs
- At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1 inventories—finished goods $ 14,800, work in process $ 17,600, and raw materials $ 8,600. 2. May 31 inventories—finished goods $ 9,600, work in process $ 17,000, and raw materials $ 8,000. 3. Increases to work in process were direct materials $ 64,300, direct labor $ 51,400, and manufacturing overhead applied $ 42,100. 4. Sales revenue totaled $ 217,000. (a) Prepare a condensed cost of goods manufactured schedule for May 2020. SHEFFIELD COMPANYCost of Goods Manufactured Schedulechoose the accounting periodchoose the accounting period select an opening section nameselect an opening section name $ enter a dollar amountenter a dollar amount select an account titleselect an account title $ enter a dollar amountenter a dollar amount select an account titleselect an account title enter a dollar amountenter a dollar amount…At May 31, 2022, the accounts of Sandhill Company show the following. 1. May 1 inventories-finished goods $15,080, work in process $17,560, and raw materials $9,760. May 31 inventories-finished goods $11,400, work in process $19,120, and raw materials $8,480. Debit postings to work in process were direct materials $74,920, direct labor $60,000, and manufacturing overhead applied $48,000. (Assume that overhead applied was equal to overhead incurred.) Sales revenue totaled $258,000. 2. 3. 4.The following data summarizes in part the results of operations for 2021 of Place Company. Of the total cost of goods manufactured for 2021, 38% was for materials used, 30% for direct labor, and 32% for manufacturing overhead. During 2021, the company paid 90% of the materials purchased, leaving P293,000 of unpaid invoices for materials at year end. The company commenced 2021 operations with materials inventory of P421,000. All materials were purchased FOB company's plant. The company disbursed P2,101,500 for direct labor during 2021. As of December 31, 2021, the accrued liability for direct labor amounted to P144,000, which was twice as much as last year's accrual. The inventory of finished goods on December 31, 2021, was 10% of the cost of the units finished during the year, and goods in process on that date were one-half the finished goods inventory. This year's finished goods inventory was 150% of last year. There are no in process last year. The manufacturing overhead, except for…
- The following data summarizes in part the results of operations for 2021 of Diamond Company. Of the total cost of goods manufactured for 2021, 38% was for materials used, 30% for direct labor, and 32% for manufacturing overhead. During 2021, the company paid 90% of the materials purchased, leaving P293,000 of unpaid invoices for materials at year end.The company commenced 2021 operations with materials inventory of P421,000. All materials were purchased FOB company’s plant. The company disbursed P2,101,500 for direct labor during 2021. As of December 31, 2021, the accrued liability for direct labor amounted to P144,000, which was twice as much as last year’s accrual. The inventory of finished goods on December 31, 2021, was 10% of the cost of the units finished during the year, and goods in process on that date were one-half the finished goods inventory. This year’s finished goods inventory was 150% of last year. There are no in process last year. The manufacturing overhead, except for…Kansas Plating Company reported a cost of goods manufactured of P260,000, with the firm's year-end balance sheet revealing work in process and finished goods of P35,000 and P67,000, respectively. If supplemental information disclosed raw materials used in production of P40,000, direct labor of P70,000, and manufacturing overhead of P120,000, 1) how much was the total production cost incurred during the period? 2) how much was the company's beginning work in process? Case B For the year just ended, Cole Corporation's manufacturing costs (raw materials used, direct labor, and manufacturing overhead) totaled P1,500,000. Beginning and ending work-in-process inventories were P60,000 and P90,000, respectively. Cole's balance sheet also revealed respective beginning and ending finished-goods inventories of P250,000 and P180,000. On the basis of this information, 3) how much would the company report as cost of goods manufactured (CGM)?, and 4) cost of goods sold (CGS)? Case C For each of…In respect of a factory the following figures have been obtained for the year 2018: Particulars Rs. Cost of Materials 12,00,000 Factory Overheads 6,00,000 Selling Overheads 4,48,000 Distribution Overheads 2,80,000 Direct Wages 10,00,000 Administrative Overheads 6,72,000 Profit 8,40,000 A work order has been executed in 2019 and the following expenses have been incurred: Materials Rs. 16,000 and Wages Rs.10,000 Assuming that on 2019 the rate of factory overheads increased by 20%, distribution overheads have gone down by 10% and selling and administrative overheads have each gone up by 12.5%. At what price should the product be sold as to earn the same rate of profit on the selling price as in 2018? Factory overheads are based on direct wages while all other overheads are based on factory cost.