Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Garcon Company $ 12,800 17,400 10, 500 34, 250 25,000 19, 700 23,500 7,100 10, 200 33,000 9,900 6, 140 37,500 51, 200 282,000 28,000 Pepper Company $ 18, 400 23,700 11, 400 26, 200 40, 600 16,500 17, 200 8,000 14, 750 44,000 13, 480 2,050 68,000 59, 200 371, 490 17,700

Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Garcon Company $ 12,800 17,400 10, 500 34, 250 25,000 19, 700 23,500 7,100 10, 200 33,000 9,900 6, 140 37,500 51, 200 282,000 28,000 Pepper Company $ 18, 400 23,700 11, 400 26, 200 40, 600 16,500 17, 200 8,000 14, 750 44,000 13, 480 2,050 68,000 59, 200 371, 490 17,700

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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Here is selected data for Lori Corporation: Cost of raw material purchased Cost of requisitioned direct materials Cost of requisitioned indirect materials Direct labor Manufacturing overhead incurred Cost of goods completed Cost of goods sold $77,000 43,000 3,000 80,000 100,000 233,500 OA. credit to Work-in- Process Inventory account for $237,500 OB. debit to Finished Goods Inventory account for $237,500 OC. debit to Finished Goods account for $233,500 OD. debit to Work-in-Process Inventory account for $233,500 142,000 17,000 32,000 35,000 130% Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Manufacturing overhead allocation rate (based on direct labor) The journal entry to transfer completed goods to the finished goods inventory account would include a
Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, June 1 Work in process inventory, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 a. For June, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Woodfall Company Statement of Cost of Goods Manufactured Costs Type Work in process inventory, June 1 Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in June Total manufacturing costs Work in process inventory, June 30 Cost of goods manufactured ✓ $260,000 340,000 182,300 70,200 74,000 33,300 44,100 ✓ Amount $ Amount 260,000 X
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How did they get the finished goods, beginning and finished good, ending. How to get that amount?
3. Data: DEPARTMENT 1 DEPARTMENT 2 DEPARTMENT 3 Actual direct labor hours Indirect cost rate per hour of direct labor Real indirect costs: Factory rental Factory supplies Indirect labor Factory fuel Utensils Cost of items sold Final inventory of work in process Final inventory of finished items 420 55 375 $ 3.95 $ 2.10 $ 4.00 $ 400 $ 250 $ 360 233 141 220 407 324 175 385 400 620 120 80 75 $8 750 1,760 $9,000 $ 7,050 2 300 940 5 400 2 800 1,500 REQUESTED: Using the data provided, prepare two groups of journal entries, one with an applied Manufacturing Overhead account and one without. Do the following: Record the indirect costs applied. Record the actual indirect costs Close the indirect costs applied against the control account Allocate overhead or under-applied overhead between work-in-process inventory, ending inventory of finished items, and cost of items sold.
What is Cost of good sold?
WHAT IS THE TOTAL COST OF GOODS SOLD?
Beginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =
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Fit Apparel Company reports the following data for its first year of operation. Cost of goods manufactured $155,100 0 90,500 Work in process inventory, beginning Work in process inventory, ending Direct materials used Direct Labor 85,000 60,000 100,600 Manufacturing overhead Finished goods inventory, beginning Finished goods inventory, ending What is the cost of goods sold? O A. $155,100 O B. $340,700 O C. $160,600 O D. $85,100 0 70,000
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