Direct MaterialsBeginning balance$5,000Ending balance16,000Purchases55,000Direct materials used

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Description: Direct MaterialsBeginning balance$5,000Ending balance16,000Purchases55,000Direct materials used

The direct materials used is calculated as difference between total direct materials available for…

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Business

Accounting

Direct Materials Beginning balance S5,000 Ending balance 16,000 Purchases 55,000 Direct materials used ?

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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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

Direct Materials
Beginning balance
$5,000
Ending balance
16,000
Purchases
55,000
Direct materials used

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Raw materials Beginning inventory $344 Purchases 1,533 Materials available for use Ending inventory 322 Materials used in production $ Work in process inventory Beginning inventory $934 Materials used in production Direct labor 1,536 Overhead applied Manufacturing costs incurred $22,457 Ending inventory 936 Cost of goods manufactured $ Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale $25,016 Ending inventory Cost of goods sold $21,801
Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 40 units @ $2 = $ 80 January 3 Sales 30 units @ $8 February 14 Purchase 70 units @ $3 = $ 210 February 15 Sales 60 units @ $8 June 30 Purchase 90 units @ $4 = $ 360 November 6 Sales 86 units @ $8 November 19 Purchase 20 units @ $5 = $ 100 Totals 220 units $ 750 176 units record a journal entry worksheet
Question 2, part 3. Please answer from drop down menus
a3
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eBook Print Item Question Content Area During the year, a company purchased raw materials of $77,323, and incurred direct labor costs of $125,800. Overhead is applied at the rate of 70% of the direct labor cost. These are the inventory balances: Beginning Ending Raw materials inventory $17,433 $16,426 Work in process inventory 241,439 234,425 Finished goods inventory 312,840 342,384 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production $fill in the blank 1 Cost of goods manufactured $fill in the blank 2 Cost of goods sold $fill in the blank 3
4 EB4. 4.3 Masonry’s records show the raw materials inventory had purchases of $1,000 and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
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