For the month of May, the balance in Acme Company's raw materials inventory account was$25,500 at the beginning of the month and $47,000 at the end of the month. Raw materialspurchases during the month totaled $74,000. During May, Acme incurred $116,500 ofmanufacturing overhead costs, which included $3,100 of indirect materials. What amount ofdirect materials was used during the month of May?○ $74,000$52,500O $49,400O $95,500

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Answered: For the month of May, the balance in…

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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Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 $30,500 $80,000 $18,500 May 30 $40,000 $76,000 $17,270 Raw materials Finished Goods Work in Process During May, $63,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor- hour, and it paid its direct labor workers $15 per hour. A total of 400 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,550 of direct materials cost. The Corporation incurred $43,500 of actual manufacturing overhead cost during the month and applied $42,600 in manufacturing overhead cost. The direct materials cost in the May 1 Work in Process inventory account totaled: Multiple Choice O $6,000 $12,500 $13,700 O $7,700
Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 Raw materials $29,500 $38,000 Finished Goods $79,000 $74,000 Work in Process $17,500 $17,116 During May, $62,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 380 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,450 of direct materials cost. The Corporation incurred $43,200 of actual manufacturing overhead cost during the month and applied $42,000 in manufacturing overhead cost. The amount of direct labor cost in the May 30 Work in Process inventory was: Multiple Choice $4,296 $5,370 $4,990 $9,666
- Online i A manufacturing corporation provided data concerning its operations for August. The beginning balance in the raw materials account was $21,000 and the ending balance was $39,000. Raw materials purchases during the month totaled $65,000. Manufacturing overhead cost incurred during the month was $100,000, of which $3,000 consisted of raw materials classified as indirect materials. The direct materials cost for August was:
Vinubhai
[The following information applies to the questions displayed below.]Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $101,700 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 49,900 Job 202 25,300 Total direct materials 75,200 Indirect materials 10,320 Total materials used $ 85,520 Time tickets show the following labor used for the month. Job 201 $ 40,900 Job 202 14,300 Total direct labor 55,200 Indirect labor 25,900 Total labor used $ 81,100 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 33,700 Rent on factory building (payable)…
SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:
The raw materials purchased during May totaled:
At the beginning of the current year, Grant Company’s work in process inventory account had a balance of $30,000. During the year, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead for the year amounted to $90,000. Cost of goods manufactured is $230,000. The balance in work in process inventory on December 31 is a.$66,000 b.$24,000 c.$44,000 d.$36,000
COGM?
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Tyare Corporation had the following inventory balances at the beginning and end of May: Raw materials Finished Goods Work in Process May 1 $29,500 $79,000 $17,500 May 30 $38,000 $74,000 $17,116 During May, $62,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 380 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,450 of direct materials cost. The Corporation incurred $43,200 of actual manufacturing overhead cost during the month and applied $42,000 in manufacturing overhead cost. The actual direct labor-hours worked during May totaled:
Total factory labor costs related to factory workers for Ivanhoe Company during the month of January are $77,400. Of the total accumulated cost of factory labor, 80% is related to direct labor and 20% is attributable to indirect labor. (a) (b) Prepare the January 31 entry to record the factory labor costs for the month of January. Prepare the January 31 entry to assign factory labor to production.

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