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f. Compute the amount of the cost of finished goods g. Compute the amount of the year-end balance in h. Compute the amount of the cost of goods sold. i. Compute the amount of the total amount of invent

f. Compute the amount of the cost of finished goods g. Compute the amount of the year-end balance in h. Compute the amount of the cost of goods sold. i. Compute the amount of the total amount of invent

FINANCIAL ACCOUNTING
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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ACCT 102 - Subparts g h and i

The flow of manufacturing costs through the ledger accounts of Superior Locks, Inc., in the current year is illustrated as follows in summarized form. Materials Inventory Work in Process Inventory $ 13,000 269,000 Ending balance $ 17,000 Beg. balance Beg. balance $ 19,000 $614,400 134,000 214,400 Ending balance Direct Labor Finished Goods Inventory $134,000 Ending balance $ 2,700 $ 46,000 614,400 Ending balance $ 53,400 $131,300 Beg. balance Cost of Goods Sold Manufacturing Overhead $214,400 $214,400 Required: Indicate the amounts requested below. Some amounts are shown in the illustrated T accounts; others require short computations. a. Compute the amount of purchases of direct materials. b. Compute the amount of the cost of direct materials used. c. Compute the amount of direct labor costs assigned to production. d. Compute the amount of the year-end liability for direct wages payable. e. Compute the amount of total manufacturing costs charged to the Work in Process Inventory account during the current year. f. Compute the amount of the cost of finished goods manufactured. g. Compute the amount of the year-end balance in the Work in Process Inventory account. h. Compute the amount of the cost of goods sold. L. Compute the amount of the total amount of inventory listed in the year-end balance sheet.
Transcribed Image Text:The flow of manufacturing costs through the ledger accounts of Superior Locks, Inc., in the current year is illustrated as follows in summarized form. Materials Inventory Work in Process Inventory $ 13,000 269,000 Ending balance $ 17,000 Beg. balance Beg. balance $ 19,000 $614,400 134,000 214,400 Ending balance Direct Labor Finished Goods Inventory $134,000 Ending balance $ 2,700 $ 46,000 614,400 Ending balance $ 53,400 $131,300 Beg. balance Cost of Goods Sold Manufacturing Overhead $214,400 $214,400 Required: Indicate the amounts requested below. Some amounts are shown in the illustrated T accounts; others require short computations. a. Compute the amount of purchases of direct materials. b. Compute the amount of the cost of direct materials used. c. Compute the amount of direct labor costs assigned to production. d. Compute the amount of the year-end liability for direct wages payable. e. Compute the amount of total manufacturing costs charged to the Work in Process Inventory account during the current year. f. Compute the amount of the cost of finished goods manufactured. g. Compute the amount of the year-end balance in the Work in Process Inventory account. h. Compute the amount of the cost of goods sold. L. Compute the amount of the total amount of inventory listed in the year-end balance sheet.
Required: Indicate the amounts requested below. Some amounts are shown in the illustrated T accounts; others require a. Compute the amount of purchases of direct materials. b.Compute the amount of the cost of direct materials used. c. Compute the amount of direct labor costs assigned to production. d. Compute the amount of the year-end liability for direct wages payable. e. Compute the amount of total manufacturing costs charged to the Work in Process Inventory account during f. Compute the amount of the cost of finished goods manufactured. g. Compute the amount of the year-end balance in the Work in Process Inventory account. h. Compute the amount of the cost of goods sold. i. Compute the amount of the total amount of inventory listed in the year-end balance sheet al Purchases of direct materials $269,000 b Cost of direct materials used 265,000 Amount of direct labor costs 134,000 C. d. Amount of year-end liability for direct labor e. Total manufacturing costs f. Cost of finished goods manufactured g. Amount of year-end balance for work in process inventory h. Cost of goods sold Total inventory %24 %24
Transcribed Image Text:Required: Indicate the amounts requested below. Some amounts are shown in the illustrated T accounts; others require a. Compute the amount of purchases of direct materials. b.Compute the amount of the cost of direct materials used. c. Compute the amount of direct labor costs assigned to production. d. Compute the amount of the year-end liability for direct wages payable. e. Compute the amount of total manufacturing costs charged to the Work in Process Inventory account during f. Compute the amount of the cost of finished goods manufactured. g. Compute the amount of the year-end balance in the Work in Process Inventory account. h. Compute the amount of the cost of goods sold. i. Compute the amount of the total amount of inventory listed in the year-end balance sheet al Purchases of direct materials $269,000 b Cost of direct materials used 265,000 Amount of direct labor costs 134,000 C. d. Amount of year-end liability for direct labor e. Total manufacturing costs f. Cost of finished goods manufactured g. Amount of year-end balance for work in process inventory h. Cost of goods sold Total inventory %24 %24
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