Direct materials:Beginning inventoryPurchasesEnding inventoryDirect manufacturing laborManufacturing overheadBeginning work-in-process inventoryEnding work-in-process inventoryBeginning finished goods inventoryEnding finished goods inventoryP 40,000123,20020,80032,00024,0008,0001,60048,00032,000Required:A. What is the cost of direct materials used during 2022?B. What is cost of goods manufactured for 2022?C. What is cost of goods sold for 2022?D. What amount of prime costs was added to production during 2022?E. What amount of conversion costs was added to production during 2022?

"Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Direct materials: Beginning inventory Purchases Ending inventory Direct manufacturing labor Manufacturing overhead Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory P 40,000 123,200 20,800 32,000 24,000 8,000 1,600 Required: A. What is the cost of direct materials used during 2022? B. What is cost of goods manufactured for 2022? C. What is cost of goods sold for 2022? 48,000 32,000

Direct materials: Beginning inventory Purchases Ending inventory Direct manufacturing labor Manufacturing overhead Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory P 40,000 123,200 20,800 32,000 24,000 8,000 1,600 Required: A. What is the cost of direct materials used during 2022? B. What is cost of goods manufactured for 2022? C. What is cost of goods sold for 2022? 48,000 32,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Raw materials acquired for cash Cost of direct materials used in production Costs to ship products…

A: Cost of Goods Manufactured: It refers to the total costs or expenses incurred by the business in the…

Q: P-M:1-37B Preparing a schedule of cost of goods manufactured and an income statement for a…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Sheffield Corp. developed the following data for the current year Beginning work in process…

A: WIP inventory management is critical for improving manufacturing efficiency, shortening lead times,…

Q: In using average method, Cruz Company produces a product that undergoes three processes and the…

A: In the process costing goods are transferred from one department to other after calculating all the…

Q: An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods…

A: Total Manufacturing costs :— It is the sum of direct material used, direct labour and manufacturing…

Q: Beginning inventory, raw material Ending inventory, raw material Purchases of raw material Direct…

A: According to the question given, we need to prepare the cost statement.Cost statement:The cost…

Q: August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1,…

A: The total manufacturing costs are calculated as sum of direct materials, direct labor and…

Q: ate dir and th ble for ory, Au ate fix verhea ate dir to ca August 2022 data Work-in-process…

A: Finished goods available for sale :— It is calculated by adding beginning finished goods inventory…

Q: The following data has been taken from the accounting records of Curtis Manufacturing Company for…

A: The direct materials used are calculated as excess of direct materials available for use over the…

Q: XYZ Company recorded the following information related to their inventory accounts for 2020: Direct…

A: The product cost is computed by adding the direct materials cost, direct labor cost, and…

Q: Account Dollar amount Beginning Materials Inventory $74,323 Purchases ? Materials available for…

A: There are the journal entries : Raw material purchase A/c Dr.…

Q: TB MC Qu. 3-30 (Static) The final step in recognizing the... The final step in recognizing the…

A: Production process starts with the purchase of raw materials. The purchased raw material is then…

Q: Current Attempt in Progress Logan's Enterprises reported the following data for May. Beginning…

A: A cost sheet is a method of allocating total costs into different categories. It helps to identify…

Q: Assume the following: Purchases of raw materials Beginning raw materials inventory Ending raw…

A: Direct materials are the materials or resources used in the production of a product that are…

Q: At May 31, 2022, the accounts of Sandhill Company show the following. 1. 2. 3. 4. May 1…

A: Total manufacturing cost = Direct Material + Direct labor + Manufacturing overhead

Q: Chang Company provided the following data for this year: Manufacturing overhead costs incurred:…

A: Schedule of the cost of goods manufactured is the cost which is Directly or indirectly Associated…

Q: Sunland Corporation has the following cost records for the year ended December 31, 2022: Indirect…

A: Cost of goods manufactured is the amount of cost incurred on the making of the goods. It includes…

Q: 2. Distinguish between direct and indirect costs.

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: Bonita Company reported the following year-end information: 4 Beginning work in process inventory…

A: The cost of goods manufactured is the total cost of producing the goods. It includes direct material…

Q: Assume the following information from a schedule of cost of goods manufactured: Cost of goods…

A: Cost of goods manufactured :— It is the total cost of completed finished goods transferred from work…

Q: Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Beginning work…

A: Direct material cost is the cost of raw material produced or purchased to produce the final…

Q: Raw materials inventory, ending Purchases of raw materials Direct labor Manufacturing overhead Work…

A: Cost of goods sold is the cost of goods that are sold during the period. It includes the direct…

Q: An analysis of the accounts of Lily Company reveals the following manufacturing cost data for the…

A: SCHEDULE OF COST OF GOODS MANUFACTURED Schedule Of Cost Of Goods Manufactured are those Cost Which…

Q: beginning and end of 2020 follows: for the firm's inventory accounts a Account Direct materials Work…

A: COGM is cost of goods manufactured . The goods that are manufactured during the year are considered…

Q: Required Supply the missing information on the following schedule of cost of goods manufactured.…

A: Beginning inventory = Raw materials available for use - Purchases Raw materials available for use -…

Q: TB MC Qu. 14-146 (Algo) Use the following data to calculate... Use the following data to calculate…

A: Cost of goods sold (COGS) is a financial term that represents the total cost of all the goods or…

Q: Question 1 Wayland Manufacturing uses a normal cost system and had the following data available for…

A: Inventory management enables the business organizations to reduce inventory expenditures as the…

Q: The following data were taken from the records of Metlock Company for the fiscal year ended June 30,…

A: Cost of goods manufactured -Cost of Goods Manufactured is the total cost incurred for manufactured…

Question

Direct materials:
Beginning inventory
Purchases
Ending inventory
Direct manufacturing labor
Manufacturing overhead
Beginning work-in-process inventory
Ending work-in-process inventory
Beginning finished goods inventory
Ending finished goods inventory
P 40,000
123,200
20,800
32,000
24,000
8,000
1,600
48,000
32,000
Required:
A. What is the cost of direct materials used during 2022?
B. What is cost of goods manufactured for 2022?
C. What is cost of goods sold for 2022?
D. What amount of prime costs was added to production during 2022?
E. What amount of conversion costs was added to production during 2022?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Follow-up Questions

Read through expert solutions to related follow-up questions below.

Follow-up Question

solution and answer for d and e

Solution

by Bartleby Expert

SEE SOLUTION

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Kk.102. Subject : - Accounting
Please do not give solution in image format thanku
Raw materials acquired for cash Cost of direct materials used in production Costs to ship products to customers Direct labor cost incurred Total manufacturing overhead incurred Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending $83500 O $148700 O $149300 O $150900 O $150700 82900 2000 42000 26000 4500 4600 13000 15200 How much is cost of goods manufactured for March?
Subject: acounting
Jm. 161.
Please do not give solution in image format thanku
Required: Supply the missing information on the following schedule of cost of goods manufactured VIVAUVIT Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2014 Raw materials Beginning inventory Plus: Purchases Raw materials available for 119,900 $ 148,400 use Minus: Ending raw materials inventory Cost of direct raw materials $ 122,300 used Direct labor Manufacturing overhead Total manufacturing costs Plus: Beginning work in process inventory Total work in process Minus: Ending work in process inventory 22,500 308,000 47,400 Cost of goods manufactured 306,900
[The following information applies to the questions displayed below.] Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginning of the year: Molding 22,000 $ 720,000 $ 4.00 Fabrication Total Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 32,000 $ 220,000 $ 1.50 54,000 $ 940,000 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and Job C-200. It provided the following information related to those two jobs: Molding $ 370,000 $ 220,000 13,000 Job D-70 Direct materials cost Fabrication Total Direct labor cost Machine-hours $ 320,000 $ 180,000 $ 690,000 $ 400,000 22,000 9,000 Molding $ 300,000 $ 140,000 Job C-200 Fabrication Total $ 280,000 $ 240,000 23,000 $ 580,000 $ 380,000 32, 00ө Direct materials cost Direct labor cost Machine-hours 9,000 Delph…
provide the cost of good sold statement for may 2022
Beginning Raw Materials Inventory Purchases of Raw Materials Raw Materials Available for Use Less V: Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead Costs Utility Costs for the Factory Depreciation of Factory and Equipment Factory Supervisor Salaries Insurance on the Factory Total Manufacturing Costs Add V: Beginning WIP Inventory Less Cost of Goods Manufactured Add Ending WIP Inventory Less : Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Sold Schedule of COGM & COGS $ 40,300 212700 253,000 21,100 i 9500 26,500 66,800 15700 $ $ 231900 224,700 118,500 575,100 27600 17700 585000 22600 8500 i 599100
Question 9 of 17 Cullumber Company reported the following amounts for 2022: Manufacturing overhead costs applied Beginning work in process inventory Ending work in process inventory Cost of materials used in production $ (b) Calculate total manufacturing costs. Total manufacturing costs $ tA $108,800 +A 6,656 5.760 9,728 10,240 (a) Calculate the cost of materials used in production. 25,600 38,400 7,808 8,064
Current Attempt in Progress The following information is available for Marin Company. Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue (a) January 1, 2022 $17,600 eTextbook and Media 11,400 22,700 2022 $126,000 184,800 151,200 764,400 December 31, 2022 $25,200 14,500 17,640 Compute cost of goods manufactured. (Assume that all raw materials used were direct materials.) MARIN COMPANY Cost of Goods Manufactured Schedule QUO Attempte:0 of 3 used Submit Answer