Need help with this accounting questions During 2024, Summit Products had total manufacturing costsof $635,000. Their cost of goods manufactured for the yearwas $680,000. The December 31, 2024 balance of the Work-in-Process Inventory is $72,000. Calculate the beginningWork-in-Process Inventory for 2024.

Step 1: Information providedTotal manufacturing costs incurred during the year = $635,000Cost of…

Answered: During 2024, Summit Products had total…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

See similar textbooks

Similar questions

How much is the cost of goods sold for the year ?
Cost of goods manufactured equals $95000 for 2019. Finished goods inventory is $3000 at the beginning of the year and $4500 at the end of the year. Beginning and ending work in process for 2019 are $4000 and $5000, respectively. How much is cost of goods sold for the year? $96500 $93500 $95500 $92000
Based on the following information, prepare a Schedule of Cost of Goods Manufactured and a multi-step Income Statement for Junaluska Company for the year ended December 31, 2020 Beginning Work-in-Process Inventory, Jan. 1 $60,000 Ending Work-in-Process Inventory, Dec. 31 40,000 Beginning Finished Goods Inventory, Jan. 1 50,000 Ending Finished Goods Inventory, Dec. 31 20,000 Net Sales Revenue 1,800,000 Selling and Administrative Expenses 500,000 Direct Labor 300,000 Manufacturing Overhead; actual and allocated 400,000 Direct Materials Used 200,000 Income Tax Expense 70,000
At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1 inventories—finished goods $ 14,800, work in process $ 17,600, and raw materials $ 8,600. 2. May 31 inventories—finished goods $ 9,600, work in process $ 17,000, and raw materials $ 8,000. 3. Increases to work in process were direct materials $ 64,300, direct labor $ 51,400, and manufacturing overhead applied $ 42,100. 4. Sales revenue totaled $ 217,000. (a) Prepare a condensed cost of goods manufactured schedule for May 2020. SHEFFIELD COMPANYCost of Goods Manufactured Schedulechoose the accounting periodchoose the accounting period select an opening section nameselect an opening section name $ enter a dollar amountenter a dollar amount select an account titleselect an account title $ enter a dollar amountenter a dollar amount select an account titleselect an account title enter a dollar amountenter a dollar amount…
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
Lando company reported the following amounts for 2022: Raw materials purchased: $83,000 Beginning raw materials inventory: 5,200 Ending raw materials inventory: 4,500 Calculate the cost of raw materials used in production
First Class, Inc., expects to sell 28,000 pool cues for $14 each. Direct materials costs are $3, direct manufacturing labor is $5, and manufacturing overhead is $0.82 per pool cue. The following inventory levels apply to 2019: Beginning inventory Ending inventory Direct materials 26,000 units 26,000 units Work-in-process inventory O units O units Finished goods inventory 1,300 units 2.800 units How many pool cues need to be produced in 20197?
First Class, Inc., expects to sell 28,000 pool cues for $14.00 each. Direct materials costs are $4.00, direct manufacturing labor is $6.00, and manufacturing overhead is $0.85 per pool cue. The following inventory levels apply to 2019: Beginning inventory Ending inventory Direct materials 30.000 units 30,000 units Work - in - process inventory O units O units Finished goods inventory 1,800 units 3,100 units What are the 2019 budgeted costs for direct materials, direct manufacturing labor, and manufacturing overhead, respectively? O A. $112,000; $168,000; $23,800 O B. $120,000; $180,000; $25,500 Oc. $119,200; $178,800; $25,330 OD. $117,200; $175,800; $24,905
John Brown Inc.'s accounting records reflect the following inventories: Dec 31.2019 Dec 31, 2020 $80,000 $ 64,000 Raw materials inventory 104,000 116.000 Work in process inventory 92,000 100,000 Finished goods inventory During 2020, John Brown purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much is total manufacturing costs incurred during 2020 for John Brown? a $1,864.000 b. $1,876,000 c. $1,860,000 d. $1,872,000
Vintage Manufacturing uses a perpetual inventory system and predetermined manufacturing overhead rate based on direct labor cost. At the beginning of 2023, they estimated total manufacturing overhead costs at $2,352,000, and they estimated total direct labor cost at $3,360,000. The administration and selling overheads are to be absorbed in each job cost at 15% of prime cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The entity wishes to quote for job # 242. Job stats are as follows: Direct materials cost Direct labour rate $175,250 $480 per direct labour hour 500 hours Direct labour hours Special Design Cost Distribution quote from haulage company Units of product produced $9,750 $24,250 250 cartons a) Compute Vintage Manufacturing predetermined manufacturing overhead rate for 2023. b) How much manufacturing overhead was allocated to Job #242? c) Calculate the total cost & quotation price of Job #242, given that a margin of 20%…
During 2020, Hallmark applied $500,000 in overhead. The cost of goods completed during the period was $10,500,000 and the cost of goods sold to customers during the period was $10,750,000. Hallmark incurred actual 2020 overhead costs of $550,000. What does Hallmark report on its Income Statement for 'Cost of Goods Sold' in 2020? $10,800,000 $10,500,000 $10,700,000 $10,750,000
The following information relates to Jarden Industries for fiscal 2020, the company's first year of operation: Units produced Units sold Units in ending inventory Fixed manufacturing overhead Calculate the amount of fixed manufacturing overhead that would be expensed in 2020 using full costing. (Round fixed manufacturing overhead per unit to 2 decimal places, e.g. 15.25 and final answer to O decimal places, e.g. 125.) Fixed manufacturing overhead expensed $ Calculate the amount of fixed manufacturing overhead that would be expensed in 2020 using variable costing. 150,000 120,000 30,000 $900,000 Fixed manufacturing overhead expensed $ Calculate the amount of fixed manufacturing overhead that would be included in ending inventory under full costing and reconcile it to the difference between parts a and b. Fixed manufacturing overhead in ending inventory $ FMOH expensed under variable costing FMOH expensed under full costing Difference 1

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

During 2024, Summit Products had total manufacturing costs of $635,000. Their cost of goods manufactured for the year was $680,000. The December 31, 2024 balance of the Work- in-Process Inventory is $72,000. Calculate the beginning Work-in-Process Inventory for 2024.