Required informationEX 3-30 (Algo) Schedule of Cost of Goods Manufactured (LO 3-2, 3-4, 3-6)[The following information applies to the questions displayed below.]Crunchem Cereal Company incurred the following actual costs during 20x1.$ 285,000150,000315,000Direct material usedDirect laborManufacturing overheadThe firm's predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were asfollows:Raw materialWork in processFinished goods$32,00039,00044,000Each of these inventory balances was 10 percent higher at the end of the year. Direct materialRaw material usedTotal manufacturing costsSubtotalCRUNCHEM CEREAL COMPANYSchedule of Cost of Goods ManufacturedFor the Year Ended December 31, 20x1Cost of goods manufactured2. What was the cost of goods sold for the year?Cost of goods sold

equired information X 3-30 (Algo) Schedule of Cost of Goods Manufactured (LO 3-2, 3-4, 3-6) The following information applies to the questions displayed below.] unchem Cereal Company incurred the following actual costs during 20x1. Direct material used Direct labor Manufacturing overhead he firm's predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as llows: Raw material Work in process Finished goods $285,000 150,000 315,000 $ 32,000 39,000 44,000

equired information X 3-30 (Algo) Schedule of Cost of Goods Manufactured (LO 3-2, 3-4, 3-6) The following information applies to the questions displayed below.] unchem Cereal Company incurred the following actual costs during 20x1. Direct material used Direct labor Manufacturing overhead he firm's predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as llows: Raw material Work in process Finished goods $285,000 150,000 315,000 $ 32,000 39,000 44,000

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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What is the value of Steele Corporation's ending inventory for February using the absorption-costing method?
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The correct answer is: $121,550 The following activities took place in the WIP inventory during February: WIP Inventory A/C $15,000 To Finished Goods Feb 1 Bal Direct Materials Used 120,000 Direct Labour Incurred ? Manufacturing Overhead ? Applied Additional information: Indirect material issued to production was: $20,000 Manufacturing Labour Costs incurred.. Manufacturing Overhead Rate... Actual Manufacturing Overhead Costs for Feb............ $162,500 (75% represents direct labour) 120% of direct labour cost $130,000 Two jobs were completed with total costs of $120,000 & $85,000 respectively. They were sold on account at a mark-up of 50% on cost. The journal entry to show sale revenue earned from the two completed jobs: Select one: a. DR Accounts Receivable $410,000 and CR Sales Revenue $410,000✔ b. DR Accounts Receivable $205,000 and CR Sales Revenue $205,000 C. DR Sales Revenue $205,000 and CR Accounts Receivable $205,000 d. DR Sales Revenue $410,000 and CR Accounts Receivable…
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