Direct Materials Used, Cost of Goods ManufacturedIn September, Lauren Ashley Company purchased materials costing $180,000 and incurred direct labor cost of $110,000. Overhead totaled $355,000 for the month. Information on inventories was as follows:September 1 September 30Materials$100,000$140,000Work in process$80,000$100,000Finished goods$75,000$65,000Required:1. What was the cost of direct materials used in September ?140,0002. What was the total manufacturing cost in September ?605,000 ✔3. What was the cost of goods manufactured for September?

The cost of direct materials used can be calculated by adding the beginning inventory of materials…

Answered: Direct Materials Used, Cost of Goods…

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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The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process - Assembly Department Transaction Debit amount Transaction Credit amount Bal., 30, 000 units, 40% completed 1,075,500 To Finished Goods, 406, 000 units ? Direct materials, 400, 000 units @ $11.25 4,500,000 Direct labor 4,012, 000 Factory overhead 20,060,000 Bal., ? units, 30% completed ? Cost per equivalent units of $11.25 for Direct Materials and $60.00 for Conversion Costs.
Direct materials used in production 187,200 Total manufacturing costs during the period Ending balance in Work in Process Manufacturing overhead 64,100 Direct materials purchased 341,000 23,100 188,600 How much is the direct labor cost?
The following direct materials and direct labor data pertain to the operations of Engles Manufacturing Company for the month of August. Costs Actual labor rate $13 per hour Actual materials price $128 per ton Standard labor rate $12.50 per hour Standard materials price $130 per ton Quantities Actual hours incurred and used 4,150 hours Actual quantity of materials purchased and used 1,220 tons Standard hours used 4,300 hours Standard quantity of materials used 1,200 tons The total, price, and quantity variances for materials and labor are as follows: Total materials variance $160 Unfavorable Materials price variance $2,440 Favorable Materials quantity variance $2,600 Unfavorable Total labor variance $200 Unfavorable Labor price variance $2,075 Unfavorable Labor quantity variance $1,875 Favorable (b)Provide two possible explanations for each of the unfavorable variances given above, and suggest where…
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. e $7 per lb. 2 hrs. e $16 per hr. 2 hrs. e $11 per hr. Actual Direct materials Direct labor 44,500 lbs.e $7.10 per lb. 17,400 hrs.e $16.50 per hr. $200,200 8,800 Overhead Units manufactured Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost
Manufacturing costs for Colbert Company for the selected months are as follows Jule Beginning work in process Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Total cost of work in process Ending work in process Cost of goods manufactured Beginning finished goods Cost of goods available for sale Ending finished goods Cost of goods sold $100,000 250,000 200,000 700.000 60.000 060,000 710.000 August 180,000 140,000 120,000 440,000 500,000 400,000 150.000 70,000 September $100,000 140.000 95,000 335,000 335,000 405.000 295,000 Instructions: Indicate the missing amounts Do NOT use 5 signs. Use commas in numbers (NO $10000) (NO 10000) (YES 10.000) Failure to follow these Instructions WILL RESULT IN AN INCORRECT ANSWER.
The following are Margin Company's production costs for December: Direct Materials $ 105,000 Direct Labor 95,000 Factory Overhead 9,000 What amount of costs should be traced to specific products in the production process?
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The cost of materials transferred into the Rolling Department of Keystone Steel Company is $590,700 from the Casting Department. The conversion cost for the period in the Rolling Department is $109,500 ($65,500 factory overhead applied and $44,000 direct labor). The total cost transferred to Finished Goods for the period was $687,200. The Rolling Department had a beginning inventory of $29,200. a1. Journalize the cost of transferred-in materials. a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. a3. Journalize the costs transferred out to Finished Goods. b. Determine the balance of Work in Process—Rolling at the end of the period.
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 4,570 Direct labor $ 58,600 Manufacturing overhead applied to work in process $ 88,700 Underapplied overhead $ 4,100 Inventories Beginning Ending Raw materials $ 10,700 $ 19,400 Work in process $ 54,700 $ 65,200 Finished goods $ 33,200 $ 42,900 Can you please help me with the following (also see attached image) Prepare a schedule of cost of goods manufactured and cost of goods sold for the month. ***Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold***
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,860 Direct labor $ 59,700 Manufacturing overhead applied to work in process $ 88,100 Underapplied overhead $ 4,120 Inventories Beginning Ending Raw materials $ 11,500 $ 18,600 Work in process $ 54,000 $ 65,900 Finished goods $ 33,600 $ 42,400 Required: Prepare a schedule of cost of goods manufactured for the month. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
Maryville incorporated incurred the following costs during June $ 30,400 83.200 42,200 27,500 13,020 10,000 Raw materials used Direct labor Manufacturing overhead, actual Administrative expensen swlling expenses During the month, 6,300 units of product were manufactured and 4,700 units of product were sold. On June 1, Maryville carried no inventories. On June 30, there were no inventories other than finished goods. Required: a. Calculate the cost of goods manufactured during June and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during June. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? . Prepare a traditional (absorption) income statement for Maryville for the month of June. Assume that sales for the month was $272,800 and the company's effective income tax rate was 40%. Complete this question by entering your answers in the tabs below. A and…

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