Financial Statements of a Manufacturing FirmThe following events took place for LAEManufacturing Company during January 2014,the first month of its operations as a producer ofdigital thermometers:Purchased $56,700 of materialsUsed $43,700 of direct materials in production.Incurred $65,200 of direct labor wages.Incurred $91,900 of factory overhead.Transferred $152,500 of work in process tofinished goods.Sold goods with a cost of $121,300.Earned revenues of $272,700.Incurred $69,700 of selling expenses.Incurred $30,600 of administrative expenses.Answer the following questions based on theabove information.Prepare the January 2014 income statement forLAE Manufacturing Company.

Step 1: Given the information:Purchased $56,700 of materials. Used $43,700 of direct materials in…

Answered: Financial Statements of a Manufacturing…

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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ok ht D ences Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,000 in raw materials were purchased for cash. b. $71,700 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,900 were incurred and paid. Of this amount, $134,900 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,400 were incurred and paid. e. Manufacturing overhead of $127,100 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2.…
At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory - DR 2,000 FG Inventory - DR 8,000 ( All T accounts) During the year the following transactions took place: Direct materials placed in production $80,000Direct labor incurred $190,00Manufacturing OH incurred $300,000Manufacturing OH allocated to production $295,000Costs of jobs completed $500,000Selling price of jobs sold $750,000Cost of jobs sold $440,000 After recording all these transaction the adjusted cost of goods sold account is: A) Debit of $445,000B) Debit of $440,000C) Credit of $445,000D) Debit of $435,000
digital
I figured out the materials inventory, but how do I find the WIP and Finished goods inventory?
Calculate the cost of the raw materials used in production during the year.
The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: Purchased $61,300 of materials. Used $47,200 of direct materials in production. Incurred $70,500 of direct labor wages. Incurred $99,300 of factory overhead. Transferred $164,900 of work in process to finished goods. Sold goods for $294,900. Sold goods with a cost of $131,200. Incurred $75,400 of selling expense. Incurred $33, 100 of administrative expense. Using the information given, complete the following: Question Content Area a. Prepare the January income statement for Sorensen Manufacturing Company.
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
A. Prepare the January income statement for a Sorensen manufacturing company
The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: Purchased $66,200 of materials. Used $51,000 of direct materials in production. Incurred $76,100 of direct labor wages. Incurred $107,200 of factory overhead. Transferred $178,100 of work in process to finished goods. Sold goods for $318,400. Sold goods with a cost of $141,700. Incurred $81,400 of selling expense. Incurred $35,700 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 $fill in the blank 968c70038fb3069_2 fill in the blank 968c70038fb3069_4 $fill in the blank 968c70038fb3069_6 Operating expenses: $fill in the blank 968c70038fb3069_8 fill in the blank 968c70038fb3069_10 Total…
The Chewbaca Company reported the following data related to its manufacturing operations between Year 1 and Year 2 (Chewbaca has a December 31st Fiscal year-end) Jan 1, Y2 Jan 1, Y1 Raw materials 10,200 3,800 Work in Process 22,600 18,500 Finished Goods 38,750 38,105 Cost Incurred: Raw materials purchased 88,700 Factory direct labor 178,960 Factory suppliers 43,650 Factory depreciation 105,000 President's salary 110,000 Sales force salaries 88,000 Sales force expenses 8,700 Heat, light, and power 16,000 Factory insurance 29,000 Calculate: a. The cost of materials requisitioned for production during the year. b. The cost of the units that were completed and transferred to finished goods during the year. c. The cost of goods sold during the year.
The following information is obtained from the company’s records for 2014: Total manufacturing costs, P8,000,000 Cost of finished goods manufactured, P7,920,000 Manufacturing overhead applied, P3,600,000 Manufacturing overhead was applied to production at a rate of 200% of direct laborcosts The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the cost of direct materials used in 2014?a. P2,600,000b. P2,500,000c. P1,800,000d. P3,600,000

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