EM Manufacturing Co’s material purchases for June 2020 amounted to 110000 and its cost of goods sold during the month was 480000. Factory overhead was 50% of the direct labor cost. Inventories were as follows. The total cost of work placed in process and cost of goods manufactured during June 2020 is?   June 1, 2020 June 30, 2020 Finished goods 102000 105000 Work in process 40000 36000 Materials 20000 26000

Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter1: Introduction To Cost Accounting
Section: Chapter Questions
Problem 8P: OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending...
icon
Related questions
icon
Concept explainers
Topic Video
Question
  1. EM Manufacturing Co’s material purchases for June 2020 amounted to 110000 and its cost of goods sold during the month was 480000. Factory overhead was 50% of the direct labor cost. Inventories were as follows. The total cost of work placed in process and cost of goods manufactured during June 2020 is?

 

June 1, 2020

June 30, 2020

Finished goods

102000

105000

Work in process

40000

36000

Materials

20000

26000

 

  1. The total raw materials consumed is 100000. The total conversion cost is 200000, work in process, end is 30000, and cost of goods manufactured is 285000. The work in process beginning is?
  2. What is the total manufacturing cost, total goods placed in process, direct materials used, and cost of goods manufactured?

Advertising expense

25000

Depreciation office – building

30000

Depreciation – factory

25000

Direct labor

115200

Direct materials purchases

1500000

Direct materials, beginning

22000

Direct materials, end

245000

Factory supplies

25000

Factory taxes and licenses

75000

Factory utilities

50000

Finished goods, beginning

486300

Finished goods, end

250000

Freight in

50000

Indirect labor

350000

Purchase return

5000

Sales salaries

75000

Work in process, end

615000

Work in process, beginning

100000

 

  1. What is the cost of goods sold, total manufacturing costs incurred, and direct materials used in production?

 

Beginning of the year

End of the year

Finished goods inventory

25000

32000

Work in process

30000

35000

Raw materials inventory

46000

26000

Sales

 

360000

Direct labor

 

45000

Factory supervisory salaries

 

18000

Income tax expense

 

25000

Factory insurance

 

12000

Raw material purchase

 

75000

Administrative expenses

 

17000

Sales returns and allowances

 

15000

Factory depreciation

 

22000

Indirect labor

 

11000

Selling expenses

 

35000

 

  1. Total purchases of raw materials amounted to 350000. The ending inventory of raw materials is 20000 more than the beginning inventory. The raw materials used for the period is?
  2. The following information was reported by AS Company for the month of September, 2019. The total cost of direct materials purchased and the cost of goods manufactured during September is?

 

September 1

September 30

Direct materials

80000

100000

Work in process finished goods

50000

70000

Finished goods

120000

140000

Direct labor cost

 

240000

Factory overhead

 

216000

Cost of goods sold

 

766000

 

  1. The following information was taken from the books of BN Co. there was no work in process at the beginning or end of the year. The cost of goods sold for the year is? And the cost of goods manufactured for the year is?

Increase in raw materials inventory

30000

Increase in finished goods inventory

70000

Raw materials purchased

860000

Direct labor payroll

400000

Factory overhead

600000

 

  1. The total manufacturing cost is 150000, the direct labor is 50000, and the direct materials consumed is 60000. There is no beginning and ending work in process. The cost of goods manufactured is?
  2. ME Manufacturing had no beginning inventories. During the period, its completed production was 50000 units of which 10% was unsold. There were no ending inventories of materials or work in process. Materials purchased and used were 215000, direct labor and manufacturing overhead were 160000. The ending inventory and cost of goods manufactured is?
  3. Cabundoc Manufacturing provides the following information for 2020. The ending work in process is?

Opening raw materials inventory

70000

Closing raw materials inventory

60000

Opening work in process inventory

150000

Raw materials available for use

410000

Direct labor cost

300000

Factory overhead

337500

Cost of goods manufactured

836000

 

  1. The following information was reported by AS Company for the month of September, 2019. Assuming that mark-up is 100% on the cost price, and the total operating expenses is 256000, the net income before tax is?

 

September 1

September 30

Direct materials

80000

100000

Work in process finished goods

50000

70000

Finished goods

120000

140000

Direct labor cost

 

240000

Factory overhead

 

216000

Cost of goods sold

 

766000

 

  1. The total work in process is 330000. The beginning work in process is 30000 and work in process at the end is 50000. The total manufacturing cost for the period is?
  2. Lim Co. reported the following data for the year 2019: gross profit – 192000; cost of goods manufactured – 680000; work in process, beginning – 56000; finished goods; beginning – 90000; work in process, end – 76000; finished goods, end – 104000. The cost of goods sold for 2019 is?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College