GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up computer data. Cost of Goods Sold $ 393,000 Work-in-Process Inventory, Beginning 33,250 Work-in-Process Inventory, Ending 43,900 Selling and Administrative Expense 55,850 Finished Goods Inventory, Ending 16,950 Finished Goods Inventory, Beginning? Direct Materials Purchased 185,300 Factory Overhead Applied 131,500 Operating Income 29, 150 Direct Materials Inventory, Beginning 21,900 Direct Materials Inventory, Ending 6,650 Cost of Goods Manufactured 353,000 Direct Labor 64,750 The Chief Financial Officer of GigaBite Company has asked you to recalculate the following accounts and report to him by week's end. What should be the amount of direct materials available for use? Multiple Choice $131,500 $200, 550. $207,200 $224,150. $208,900.

GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up computer data. Cost of Goods Sold $ 393,000 Work-in-Process Inventory, Beginning 33,250 Work-in-Process Inventory, Ending 43,900 Selling and Administrative Expense 55,850 Finished Goods Inventory, Ending 16,950 Finished Goods Inventory, Beginning? Direct Materials Purchased 185,300 Factory Overhead Applied 131,500 Operating Income 29, 150 Direct Materials Inventory, Beginning 21,900 Direct Materials Inventory, Ending 6,650 Cost of Goods Manufactured 353,000 Direct Labor 64,750 The Chief Financial Officer of GigaBite Company has asked you to recalculate the following accounts and report to him by week's end. What should be the amount of direct materials available for use? Multiple Choice $131,500 $200, 550. $207,200 $224,150. $208,900.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 14P: An examination of Buckhorn Fabricators records reveals the following transactions: a. On December...

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The following information was taken from the accounting records of Elliott Manufacturing Corporation. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $ 58,000 Finished Goods Inventory, Beginning 9,000 Finished Goods Inventory, Ending 6,000 Cost of Goods Sold ? Gross Margin 25,000 Direct Materials Used 10,000 Selling and Administrative Expense ? Operating Income 14,000 Work-in-Process Inventory, Beginning ? Work-in-Process Inventory, Ending 5,000 Direct Labor Used 9,000 Factory Overhead 12,000 Total Manufacturing Cost ? Cost of Goods Manufactured ? Selling and administrative expenses are calculated to be: Multiple Choice $4,000. $9,000. $11,000. $12,000. $16,000.
The following information was taken from the accounting records of Elliott Manufacturing Corporation. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $ 60,250 Finished Goods Inventory, Beginning 9,750 Finished Goods Inventory, Ending 6,600 Cost of Goods Sold ? Gross Margin 26,950 Direct Materials Used 10,450 Selling and Administrative Expense ? Operating Income 14,600 Work-in-Process Inventory, Beginning ? Work-in-Process Inventory, Ending 5,450 Direct Labor Used 9,225 Factory Overhead 12,300 Total Manufacturing Cost ? Cost of Goods Manufactured ? Cost of goods sold is calculated to be: Multiple Choice $32,300. $30,150. $27,300. $33,300. $38,300.
Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Credit Debit $ 79,000 Cash Accounts receivable Raw materials inventory 48,000 29,000 0 Work in process inventory Finished goods inventory Prepaid rent 9,000 3,000 Accounts payable $ 9,600 12,600 Notes payable Common stock 30,000 Retained earnings (prior year). 93,000 Sales 189,800 Cost of goods sold 102,000 Factory overhead 27,000 General and administrative expenses 38,000 Totals $ 335,000 $ 335,000 These six documents must be processed to bring the accounting records up to date. $ 4,800 direct materials to Job 402 $ 7,100 direct materials to Job 404 Materials requisition 10: Materials…
You have been trying to reconstruct the records of PDEA corporation. some employees are suspected of having taken some inventories. any are missing. nevertheless, you have obtained the following data regarding the current year. Administrative Expenses $1,125,000 Cost of Goods Sold $6,000,000 Direct Labor $2,225,000 Direct Material Used $1,875,000 Factory Overhead $2,625,000 Finished Goods Inventory end $2,850,000 Gross Profit $9,375,000 Raw Materials Purchased $3,000,000 Sales $15,375,000 Selling Expenses $1,500,000 Work in process, beg $750,000 Work in process, end $937,500 The total finished goods inventory beginning is: a. $2,287,500 b. $1,162,000 c. $2,250,000 d. $187,000
On January 31, a snowstorm damaged the office of a small business, and some of the accounting information stored in the computer’s memory was lost. The following information pertaining to January activities was retrieved from other sources: Direct materials purchased $24,840 Work in process—beginning inventory 2,760 Direct materials—beginning inventory 8,280 Direct materials—ending inventory 13,800 Finished goods—beginning inventory 16,560 Finished goods—ending inventory 3,450 Sales 82,800 Manufacturing overhead and direct labour incurred 30,360 Gross profit percentage based on net sales 40 %. Assume that $27,600 of direct materials was used in January and that the cost of goods available for sale in January amounted to $55,200. What did the ending work in process inventory amount to? Ending work in process inventory $e Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for…
Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $ 65,000 Work-in-Process Inventory, Beginning 10,500 Work-in-Process Inventory, Ending 9,000 Selling and Administrative Expense 15,000 Finished Goods Inventory, Ending 15,000 Finished Goods Inventory, Beginning ? Direct Materials Used ? Factory Overhead Applied 12,000 Operating Income 14,000 Direct Materials Inventory, Beginning 11,000 Direct Materials Inventory, Ending 6,000 Cost of Goods Manufactured 60,000 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Conrad, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of total manufacturing cost?
Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $ 65,000 Work-in-Process Inventory, Beginning 10,500 Work-in-Process Inventory, Ending 9,000 Selling and Administrative Expense 15,000 Finished Goods Inventory, Ending 15,000 Finished Goods Inventory, Beginning ? Direct Materials Used ? Factory Overhead Applied 12,000 Operating Income 14,000 Direct Materials Inventory, Beginning 11,000 Direct Materials Inventory, Ending 6,000 Cost of Goods Manufactured 60,000 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Conrad, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of direct materials purchased?
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory Beg. Bal. 8,000 ? Transferred Out Purchases ? End. Bal. 6,400 Cost of Goods Sold 57,000 Work-in-Process Inventory Beg. Bal. 7,500 ? Transferred Out Materials 18,000 Labor 13,500 Overhead 8,000 End. Bal. ? Finished Goods Inventory Beg. Bal. ? ? Transferred Out Transferred in 39,500 End. Bal. 4,200 What is the value of the ending Work-in-Process inventory balance? $4,200. $8,000. $7,500. $0.
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory Beg. Bal. 8,400 ? Transferred Out Purchases ? End. Bal. 6,800 Cost of Goods Sold 61,000 Work-in-Process Inventory Beg. Bal. 7,900 ? Transferred Out Materials 18,800 Labor 13,900 Overhead 8,400 End. Bal. ? Finished Goods Inventory Beg. Bal. ? ? Transferred Out Transferred in 39,900 End. Bal. 4,600 What is the value of the beginning Finished Goods Inventory? Multiple Choice $25,700. $13,700. $4,600. $0.
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4. The financial records for the Lazer Manufacturing Company have been destroyed in a flood. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Required: Solve for each ? M Direct Materials Inventory Work In Process Inventory Dr. Cr. Dr. Cr. BB 8,000 BB 22,300 TO ? DM 180,500 TO ? TI ? DL 121,000 MOH 94,000 EB 9,700 EB 17,700 Finished Goods Inventory Dr. Cr. BB 14,200? TO ? TI TI ? EB ? Cost of Goods Sold Dr. Cr. 402,800 EB 402,800