E1-9 An incomplete cost of goods manufactured schedule is presented below.Molina CompanyCost of Goods Manufactured ScheduleFor the Year Ended December 31, 2014$210,000Work in process (1/1)Direct materialsRaw materials inventory (1/1)Add: Raw materials purchases$ ?158,000Total raw materials available for useLess: Raw materials inventory (12/31)22,500Direct materials usedDirect labor$190,000?Manufacturing overheadIndirect labor18,00036,000Factory depreciationFactory utilities68,000Total overhead122,000Total manufacturing costs?Total cost of work in processLess: Work in process (12/31)81,000Cost of goods manufactured$530,000InstructionsComplete the cost of goods manufactured schedule for Molina Company.Conn Coalow

A cost sheet is a method of allocating total cost into different categories such as direct material…

E1-9 An incomplete cost of goods manufactured schedule is presented below. Molina Company Cost of Goods Manufactured Schedule For the Year Ended December 31, 2014 $210,000 Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases $ ? 158,000 Total raw materials available for use Less: Raw materials inventory (12/31) 22,500 Direct materials used Direct labor Manufacturing overhead Indirect labor $190,000 18,000 36,000 Factory depreciation Factory utilities 68,000 Total overhead 122,000 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) 81,000 Cost of goods manufactured $530,000

E1-9 An incomplete cost of goods manufactured schedule is presented below. Molina Company Cost of Goods Manufactured Schedule For the Year Ended December 31, 2014 $210,000 Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases $ ? 158,000 Total raw materials available for use Less: Raw materials inventory (12/31) 22,500 Direct materials used Direct labor Manufacturing overhead Indirect labor $190,000 18,000 36,000 Factory depreciation Factory utilities 68,000 Total overhead 122,000 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) 81,000 Cost of goods manufactured $530,000

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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Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
Brooks Corp. has the following information: Beginning Inventory (1/1) $20,000 $15,000 $30,000 Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows: Direct materials purchases Direct labor Manufacturing overhead actual Manufacturing overhead applied Compute the cost of goods manufactured. O $235,000 O $245,000 O $242,000 Ending Inventory (12/31) $30,000 $18,000 $20,000 $255,000 $100,000 $75,000 $90,000 $80,000
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1. Answer the following questions by analysing the T-accounts given below, www Materials Inventory Work in Process Inventory $ 18,000 360,000 Ending balance $ 14,000 Beg. balance Beg. balance $ 20,000 230,000 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $225,000 $ 98,000 $230,000 Ending balance $ 5,000 Beg. balance Ending balance $110,000 Manufacturing Overhead Cost of Goods Sold $400,000 $400,000 a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead…
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E4-5A Equivalent Units and Product Cost Report--Weighted Average Method The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019; Beginning inventory (700 units, 40% complete) Direct materials $ 2,905 Conversion costs $ 7,942 Current period Direct materials (5,000 units) 35,000 Direct labor 59,600 Manufacturing overhead applied 37,800 Joyner used the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following:…
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The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includes direct material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 8. Cost of Goods Manufactured wasa. P636.b. P716.c. P736.d. P766.
Given the following information, determine the cost of goods manufactured. Direct Labor Incurred $64,000 180,000 Manufacturing Overhead Incurred Direct Materials Used 155,000 197,000 98,000 220,500 110,000 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Work-in - Process Inventory, Jan. 1 Work-in - Process Inventory, Dec. 31 O A. $185,000 B. $509,500 OC. $289,000 O D. $399,000