Direct Materials Used, Cost of Goods ManufacturedIn September, Lauren Ashley Company purchased materials costing $210,000 and incurreddirect labor cost of $120,000. Overhead totaled $325,000 for the month. Information oninventories was as follows:Materials$140,000Work in process$80,000Finished goods$75,000$75,0001. What was the cost of direct materials used in September?September 1 September 30240,000 ✓$110,000$100,0002. What was the total manufacturing cost in September?3. What was the cost of goods manufactured for September?4. Assume that Lauren Ashley Company's monthly incurred direct labor cost increased by25% and total overhead costs decreased by 20%. Using Excel (or some other spreadsheetsoftware tool), calculate Lauren Ashely's new cost of goods manufactured that results fromthe changes in direct labor cost and overhead costs.$Even for a relatively simple exercise, this requirement illustrates the time and effort savingsof utilizing technology in setting up and solving formulas as typically requiredin

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Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $210,000 and incurred direct labor cost of $120,000. Overhead totaled $325,000 for the month. Information on inventories was as follows: September 1 September 30 $140,000 Work in process $80,000 Finished goods $75,000 $75,000 1. What was the cost of direct materials used in September? Materials 240,000 ✓ $110,000 $100,000 2. What was the total manufacturing cost in September?

Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $210,000 and incurred direct labor cost of $120,000. Overhead totaled $325,000 for the month. Information on inventories was as follows: September 1 September 30 $140,000 Work in process $80,000 Finished goods $75,000 $75,000 1. What was the cost of direct materials used in September? Materials 240,000 ✓ $110,000 $100,000 2. What was the total manufacturing cost in September?

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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Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $210,000 and incurred direct labor cost of $140,000. Overhead totaled $320,000 for the month. Information on inventories was as follows: Materials Work in process Finished goods Required: X September 1 September 30 X $130,000 1. What was the cost of direct materials used in September ? $70,000 $75,000 X $140,000 $70,000 $70,000 2. What was the total manufacturing cost in September ? 3. What was the cost of goods manufactured for September?
Process Costing Journal Entries In October, the cost of materials transferred into the Rolling Department from the Casting Department of Jabari Steel Company is $564,000. The conversion cost for the period in the Rolling Department is $110,500 ($61,000 factory overhead applied and $49,500 direct labor). The total cost transferred to Finished Goods for the period was $600,000. The Rolling Department had a beginning inventory of $20,600. a1. Journalize the cost of transferred-in materials for the Rolling Department. If an amount box does not require an entry, leave it blank. a2. Journalize the conversion costs for the Rolling Department. If an amount box does not require an entry, leave it blank.. ED a3. Journalize the costs transferred out to Finished Goods for the Rolling Department. If an amount box does not require an entry, leave it blank. b. Determine the balance of Work in Process-Rolling at the end of the period.
Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Direct materials (8,100 yards) Direct labor Variable manufacturing overhead Total $36,360 $ 7,070 $ 3,030 During August, the factory worked only 1,080 direct labor-hours and produced 2,700 sets of covers. The following actual costs were recorded during the month: Per Set of Covers $18.00 3.50 Total $ 46,980 $ 9,990 $ 4,590 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 1.50 $23.00 2. Labor efficiency variance 3. Variable overhead rate variance 3. Variable overhead efficiency variance At standard, each set of covers should require 2.0 yards of material. All of the materials purchased during the month were used in production. Per Set of Covers $ 17.40 3.70 1.70 $22.80 Required: 1. Compute the materials price and quantity variances for August. 2. Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency…
The following information pertains to Acme Manufacturing Company for June. Assume actual overhead equaled applied overhead. June 1 June 30 Inventory Balances Raw Materials $100,000 $60,000 Work in Process 120,000 145,000 Finished Goods 78,000 80,000 Activity during June: Raw materials purchased $120,000 Direct labor costs 100,000 Manufactured overhead 63,000 Complete the following Schedule of Cost of Goods Manufactured and Sold
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Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $180,000 $145,500 Work in process 334,600 290,700 Finished goods 675,000 715,000 Direct labor $2,260,000 Materials purchased during January 1,375,000 Factory overhead incurred during January: Indirect labor 115,000 Machinery depreciation 90,000 Heat, light, and power 55,000 Supplies 18,500 Property taxes 10,000 Miscellaneous costs 33,100 a. Prepare a cost of goods manufactured statement for January.
Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $200,000 and incurred direct labor cost of $120,000. Overhead totaled $325,000 for the month. Information on inventories was as follows: Materials Work in process Finished goods Required: September 1 September 30 $120,000 80,000 70,000 $130,000 90,000 65,000 Download Excel spreadsheet 1. What was the cost of direct materials used in September? 2. What was the total manufacturing cost in September? 3. What was the cost of goods manufactured for September? 4. Assume that Lauren Ashley Company's monthly incurred direct labor cost increased by 25% and total overhead costs decreased by 20%. Using Excel (or some other spreadsheet software tool), calculate Lauren Ashely's new cost of goods manufactured that results from the changes in direct labor cost and overhead costs. Even for a relatively simple exercise, this requirement illustrates the time and effort savings of utilizing…
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If the balance of Work in Process on August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August? a.$390,000 b.$525,000 c.$580,000 d.$170,000
Sharp Enterprises Inventories: March 1 March 31 Raw Material $18,000 $15,000 Work in process 9,000 6,000 Finished Goods 27,000 36,000 Additional information for March: Raw material purchased $42,000 Direct labor payroll 30,000 Direct labor rate per hour 7.50 Overhead rate per direct labor hour 10.00 Refer to Sharp Enterprises. For March, conversion cost incurred was?
Borchardt Corporation has provided the following data concerning last month’s operations. Direct materials $29,000 Direct labor $58,000 Manufacturing overhead applied to Work in Process $82,000 Beginning Ending Work in process inventory $66,000 $57,000 How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured? Multiple Choice A. $235,000 B. $178,000 C.$173,000 D. $169,000