eBookShow Me HowPrint ItemCost Flow RelationshipsThe following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanicalpencils:Sales$419,510Gross profit244,570Cost of goods manufactured209,760Indirect labor91,030Factory depreciation13,840Materials purchased129,210Total manufacturing costs for the period241,220Materials inventory, ending17,200Using the above information, determine the following missing amounts:a. Cost of goods soldb. Finished goods inventory at the end of the monthc. Direct materials costd. Direct labor coste. Work in process inventory at the end of the month

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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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Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,820. b. Incurred manufacturing wages of $10,600, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $19,430. d. Used in production: direct materials, $8,070; indirect materials $3,800. e. Recorded manufacturing overhead: depreciation on plant, $14,140; plant insurance (previously paid), $1,410; plant property tax, $3,900 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $36,650. h. Sold inventory on account, $26,780; cost of goods sold, $12,620. i. Adjusted for overallocated or underallocated overhead.
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Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $66,000 Direct labor 73,000 Factory overhead 37,000 Work in process inventory, May 1 59,000 Work in process inventory, May 31 58,750 Finished goods inventory, May 1 25,000 Finished goods inventory, May 31 19,000 Question Content Area a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank $- Select - $- Select - - Select - - Select - Total manufacturing costs incurred during May fill in the blank 47477f001f8204f_9 Total manufacturing costs $fill in the blank 47477f001f8204f_10 - Select - Cost of goods manufactured $fill in the blank 47477f001f8204f_13 Question Content Area b. For May, using the data given, prepare a statement of Cost of Goods…
ournalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,610. b. Incurred manufacturing wages of $10,900, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $18,040. d. Used in production: direct materials, $7,970; indirect materials $3,630. e. Recorded manufacturing overhead: depreciation on plant, $14,190; plant insurance (previously paid), $1,440; plant property tax, $3,650 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,580. h. Sold inventory on account, $25,980; cost of goods sold, $12,650. i. Adjusted for overallocated or underallocated overhead.
Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,650. b. Incurred manufacturing wages of $9,800, of which 80% was for direct labor and 20% of which was for indirect labor. c. Purchased raw materials on account, $18,930. d. Used in production: direct materials, $7,980; indirect materials $3,600. e. Recorded manufacturing overhead: depreciation on plant, $14,740; plant insurance (previously paid), $1,430; plant property tax, $3,630 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,980. h. Sold inventory on account, $25,110; cost of goods sold, $12,240. i. Adjusted for overallocated or underallocated overhead.
eBook Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December; On Off Company Company Materials inventory, December 1 $65,800 $195,300 Materials inventory, December 31 (a) 91,140 Materials purchased 282,800 (a) Cost of direct materials used in production 317,800 (b) Direct labor 387,800 577,220 Factory overhead 148,400 256,060 Total manufacturing costs incurred in December (b) 1,519,000 Total manufacturing costs 973,000 1,727,320 Work in process inventory, December 1 119,000 208,320 Work in process inventory, December 31 172,200 Cost of goods manufactured (c) 1,532,020 Finished goods inventory, December 1 224,000 269,080 Finished goods inventory, December 31 197,400 (d) Sales 1,127,000 1,944,320 Cost of goods sold (d) 1,545,040 Check My Work 2 more Check My Work uses remaining Previous Next
Journalize the following transactions for Becah's Bakery:Becah's Bakery a. Incurred and paid Website expenses, $2,790. b. Incurred manufacturing wages of $10,600, of which 60% was for direct labor and 40% of which was for indirect labor. c. Purchased raw materials on account, $18,370. d. Used in production: direct materials, $8,040; indirect materials $3,650. e. Recorded manufacturing overhead: depreciation on plant, $14,410; plant insurance (previously paid), $1,370; plant property tax, $3,750 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $36,960. h. Sold inventory on account, $25,690; cost of goods sold, $11,380. i. Adjusted for overallocated or underallocated overhead. Journal Date Description Debit Credit a. a. b. b. b. c. c. d. d. d. e. e.…
Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,650. b. Incurred manufacturing wages of $9,800, of which 80% was for direct labor and 20% of which was for indirect labor. c. Purchased raw materials on account, $18,930. d. Used in production: direct materials, $7,980; indirect materials $3,600. e. Recorded manufacturing overhead: depreciation on plant, $14,740; plant insurance (previously paid), $1,430; plant property tax, $3,630 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,980. h. Sold inventory on account, $25,110; cost of goods sold, $12,240. i. Adjusted for overallocated or underallocated overhead.
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Give typing answer with explanation and conclusion nvex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material $6 Labor 4 Overhead 3 $13 Beginning inventory at these costs on July 1 was 6,100 units. From July 1 to December 1, Convex produced 17,000 units. These units had a material cost of $10 per unit. The costs for labor and overhead were the same. Convex uses FIFO inventory accounting. a. Assuming that Convex sold 19,000 units during the last six months of the year at $20 each, what would gross profit be? b. What is the value of ending inventory?

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