Direct materialsRaw materials available for useDirect materials usedFactory overheadLEONE COMPANYSchedule of Cost of Goods ManufacturedFor Year Ended December 31Total factory overheadTotal manufacturing costsTotal cost of work in processCost of goods manufactured0FA$0000 The following year-end information is taken from the December 31 adjusted trial balance and other records of LeoneCompany.Advertising expenseDepreciation expense-Office equipmentDepreciation expense-Selling equipmentDepreciation expense-Factory equipmentRaw materials purchases (all direct materials)Maintenance expense-Factory equipment.Factory utilitiesDirect laborIndirect laboroffice salaries expenseRent expense-Office spaceRent expense-Selling spaceRent expense-Factory buildingSales salaries expense$ 59,00038,00039,000$ 182,000187,00055,0002,984,00059,00077,00085,00081,000910,00045,30039,200524,00079,00047,00028,00067,000161,000386,000Using the following additional information for Leone Company, complete the requirements below.Raw materials inventory, beginningRaw materials inventory, endingWork in process inventory, beginningSalesWork in process inventory, endingFinished goods inventory, beginningFinished goods inventory, endingRequired:1. Prepare the schedule of cost of goods manufactured for the current year.2. Prepare the current year income statement.Complete this question by entering your answers in the tabs below.

Name: Direct materialsRaw materials available for useDirect materials usedF
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Description: Direct materialsRaw materials available for useDirect materials usedFactory overheadLEONE COMPANYSchedule of Cost of Goods ManufacturedFor Year Ended December 31Total factory overheadTotal manufacturing costsTotal cost of work in processCost of good

The cost of the products manufactured seems to be significant since it provides management with a…

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Business

Accounting

Direct materials Schedule of Cost of Goods Manufactured For Year Ended December 31 Raw materials available for use 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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Complete the information in the cost computations shown here: Raw materials Beginning inventory Purchases Materials available for use Ending inventory Materials used in production Work in process inventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold $341 1,533 323 $931 1,536 $22,450 936 $25,008 $21,792
Cost of Production Report Use the weighted average cost (WAC) method with the following data: Work in process, May 1, 8,000 units, 75% completed Materials added during May from Weaving Department, 105,000 units Direct labor for May Factory overhead for May Total production costs to account for Goods finished during May (includes goods in process, May 1), 104,000 units Work in process, May 31, 9,000 units, 10% completed Units Prepare a cost of production report for the Cutting Department of Oriental Carpet Company for May. Oriental Carpet Company Cost of Production Report-Cutting Department For the Month Ended May 31 Units Units charged to production: Inventory in process, May 1 Received from Weaving Department Total units accounted for by the Cutting Department Units to be assigned cost: $ 75,000 000 $807,750 275,200 100,850 1,183,800 $1,258,800 Equivalent Units of Production
1. The number of units in work in process inventory at the end of the period. 2. Equivalent units of production for direct materials and conversion 3. Costs per equivalent unit for direct materials and conversion. 4. Cost of the units started and completed during the period.
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Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent complete with respect to conversion. Information for operations in September in the Refining process appear as follows. Work in process on September 1 consisted of 25,000 units with the following costs: Degree of Completion 100% Mixing costs transferred in Costs added in Refining Direct materials Conversion costs Work in process September 1 Amount $ 12,000 Direct materials Conversion costs $ 310,200 396,800 Total costs added $ 707,000 $ 27,800 29,320 $ 57,120 $ 69,120 100% 80% During September, 275,000 units were transferred in from Mixing at a cost of $165,000. The following costs were added in Refining in September. Refining finished 260,000 units in September and transferred them to Packaging. At the end of September, there were 40,000…
Part B: Compute the cost per equivalent unit fir direct materials and conversion costs Please avoid solutions image based solutions thanku
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9. Identify the costing method that is suitable for mines, quarries, cement works etc. a.Contract b.Batch c.Operation d.Process 10. Identify the journal entry for direct material returns to stores. a.Dr.Work in process inventory, Cr.Material inventory b.Dr.Material inventory, Cr.Factory overheads c.Dr.Factory overheads, Cr.Material inventory d.Dr.Material inventory, Cr.Work in process inventory
what is the formula to calcuate direct materials % added for beginning wip, started and completed and ending wip as well as converion percent for started nd completed.
22 Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,372,000. $ 2,650,000 110,000 143,000 Work in…
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