Given answer accounting questions Edison Manufacturing had beginning raw materialsinventory of $12,000. During the period, the companypurchased $64,000 of raw materials on account. If theending balance in raw materials was $9,000, theamount of raw materials transferred to work inprocess inventory is:A. $67,000B. $76,000C. $71,000D. $64,000

Step 1: Definition of Raw Materials Transferred to Work in Process (WIP)The amount of raw materials…

Answered: Edison Manufacturing had beginning raw…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 6BE: Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of...

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Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that the Raw Materials Inventory contains only direct materials. End End Beginning of Year of Year of Year $23,000 $25,000 Insurance on plant.... $ 11,500 Raw materials inventory Depreciation-plant building and equipment. $ 13,400 $ 3,700 $ 77,000 Work in process inventory.. $35,000 $31,000 $22,000 Repairs and maintenance-plant. Finished goods inventory... $20,000 Purchases of direct materials... $74,000 Marketing expenses. $86,000 General and administrative expenses $ 28,500 Direct labor... Indirect labor.. $42,000
Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described in the picture. Assume that the Raw Materials Inventory contains only direct materials.
Fortune Company had beginning raw materials inventory of $8,200. During the period, the company purchased $47,000 of raw materials on account. If the ending balance in raw materials was $5,200, the amount of raw materials transferred to work in process is: Multiple Choice $44,000. $50,000. $47,000. $52,200.
Grexdon Corporation has the following beginning inventory balances: Raw Material Inventory = $825,000 %3D Work In Process Inventory = $160,000 Finished Goods Inventory = $940,000 During the period, Grevden purchased $3,100,00o worth of raw materials and placed $3,220,000 worth of raw materials into production. Grevdon incurred $2,330,000 in direct labor costs and applied $1,500,000 in overhead during the period. The cost of goods completed during the period was $7,020,000 and the cost of goods sold was $7,160,000. a) What is the ending balance for raw materials inventory? b) What is the ending balance for work in process inventory? c) What is the ending balance for finished goods inventory? d) If actual overhead costs incurred during the period were $1,525,000, what journal entry would the company make to account for overapplied or underapplied overhead?
Ramo Manufacturing reported the following:$850.000RevenueBeginning inventory of direct inaterials, January 1,20,0002015256,000Purchases of direct materialsEnding inventory of direct materials, December 31,18,000201521.000Direct manufacturing labor42,000indirect manufacturing costs2015Beginning inventory of finished goods, January 1,40,000314,000Costs fo goods manufactured2015Ending inventory of finished goods, December 31,45,000150,000Operating costsa) What is Romo's Direct Materials Used? $b) What is Romo's Manufacturing Costs Incurred? $c) What is Romo's Cost of Goods Sold? $You must show work for credit.
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The following entry would be used to record the transfer of $40,000 of direct material and $10,000 of indirect material from the storeroom to production: Direct Materials Indirect Materials Raw Materials O True False 40,000 10,000 50,000
Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.
part d
Determine the missing amounts in each of the following independent cases. Net income, case A: $110,000
Merder Ihc had the folowing informaton for the preceding year. Beginning Ending Inventory Inventory (1/1) (12/31) Rark in Process Inventory $ 22 $ 35,000 Finisbed Goods Inventory $ 72 $ 30,000 Additoral information for the jear is as follows Direct materials used $200,000 Direct labor $150,000 Yamfacturing overhead applied $160,000 Cost of goods manufactured $525,000 $54,00 Cost of goods sold What was the begirning Work in Process Inventory balance on 1?
Record the following journal entries for turner Company. a. Purchased materials on account , $11,000 b. Used $8,000 in direct materials and $700 in indirect materials in production c. Incurred $9.000 in labor costs, of which 70% was direct labor.

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