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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Product and period costs; CGM; CGS) On August 1, 2010, Siemens Corporation had the following account balances: Raw Material Inventory (both direct and indirect) $ 72,000 Work in Process Inventory 108,000 Finished Goods Inventory 24,000 During August, the following transactions took place. 1. Raw material was purchased on account, $570,000. 2. Direct material ($121,200) and indirect material ($15,000) were issued to production. 3. Factory payroll consisted of $180,000 for direct labor employees and $42,000 for indirect labor employees. 4. Office salaries totaled $144,600 for the month. 5. Utilities of $40,200 were accrued; 70 percent of the utilities cost is for the factory. 6. Depreciation of $60,000 was recorded on plant assets; 80 percent of the depreciation is related to factory machinery and equipment. 7. Rent of $66,000 was paid on the building. The factory occupies 60 percent of the building. 8. At the end of August, the Work in Process Inventory balance was $49,800. 9. At the…
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
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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…
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.
E1-12 Cepeda Corporation has the following cost records for June 2014. $ 4,500 20,000 3,000 3,800 5,000 7,500 Prepan Indirect factory labor Direct materials used Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials $ 400 1,400 40,000 (LO S 1,800 2,200 3,000 manu a para Work in process, 6/1/14 Work in process, 6/30/14 Finished goods, 6/1/14 Finished goods, 6/30/14 XLS Factory manager's salary Instructions (a) Prepare a cost of goods manufactured schedule for June 2014. (b) Prepare an income statement through gross profit for June 2014 assuming sales rev- enue is $92,100. Markr Constulting, a political consulting firm, die Cla
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