Give answer Given below is the manufacturing data for Obama Manufacturing:Inventory / CostsBeginning EndingDirect Material Inventory $85,000 $105,000Work-in-Progress Inventory $175,000 $130,000Finished Goods Inventory $290,000$370,000Additional cost data:Cost TypeAmountPurchased Direct Material $310,000Direct Labor$165,000Factory OverheadNet Sales$185,000$950,000Period Cost$270,000What is the net profit?

To calculate the net profit, we need to follow these steps:Calculate the Cost of Goods Manufactured…

Answered: Given below is the manufacturing data…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PA: During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of...

See similar textbooks

Similar questions

Ramo Manufacturing reported the following:$850.000RevenueBeginning inventory of direct inaterials, January 1,20,0002015256,000Purchases of direct materialsEnding inventory of direct materials, December 31,18,000201521.000Direct manufacturing labor42,000indirect manufacturing costs2015Beginning inventory of finished goods, January 1,40,000314,000Costs fo goods manufactured2015Ending inventory of finished goods, December 31,45,000150,000Operating costsa) What is Romo's Direct Materials Used? $b) What is Romo's Manufacturing Costs Incurred? $c) What is Romo's Cost of Goods Sold? $You must show work for credit.
Here are selected data for Towry Corporation: Beginning raw materials inventory $ 37,000 Beginning work in process inventory $61,500 Beginning finished goods inventory $56,300 Cost of materials purchased $151,000 Cost of direct materials requisitioned $91,300 Direct labor incurred $125,000 Actual manufacturing overhead $160,000 Cost of goods manufactured $287,000 Cost of goods sold $265,000 Manufacturing overhead rate (% of direct labor) 125% What is the ending work in process inventory balance? Select one: a. $151,500 b. $207,450 c. $211,200 d. $156,250 e. $147,050
Greer Company developed the following data for the current year: Beginning Work in Process Inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs $136,000 208,000 176,000 184,000 900,000 856,000 What is Greer Company's direct labor cost for the year? OA) $464,000 OB) $508,000 OC) $472,000 OD) $600,000
Please help me this question general accounting
Please solve this question general accounting
Given below is the manufacturing data
Get the Answer with calculation
The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021 March 31, 2021 Direct Materials P36,000 P30,000 Work in process 18,000 12,000 Finished Goods 54,000 72,000 Additional information for the month of March 2021: Direct materials purchased P84,000 Direct manufacturing labor payroll 60,000 Direct manufacturing labor rate per hour 7.50 Factory overhead rate per direct labor hour 10.00
Assume the following: Purchases of raw materials $ 38,000 Indirect materials used in production $ 6,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 What is the direct materials used in production?
River falls management uses a normal cost system and hards the following data available for 2020 Direct materials purchased on account 159,000 Direct materials requisitions 81,000 Direct labor cost incurred 129,000 Cost of goods completed 289,000 Factory overheads incurred 142,000 Cost of good solds 260,000 Beginning direct materials inventory 26,000 Beginning work in process 66,000 Beginning finished goods inventory 55,000 Overhead application rates as a percentage of direct labor is 140% calculate ending balance work in process Inventory
From the following data, determine the Cost of Goods Manufactured for 2020: Accounts Amounts Sales $ 870,000 Direct Materials used 170,000 Direct Labor costs 90,000 Total Overhead costs Work-in-Process inventory, 12-31-2019 Finished Goods inventory, 12-31-2019 Work-in-Process inventory, 12-31-2020 Finished Goods inventory, 12-31-2020 60,000 $ 35,000 $ 40,000 30,000 25,000 Rent, utilities for corporate headquarters building 70,000 A) $315,000 B) $325,000 C) $330,000 D) $340,000
Below given is the manufacturing data

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS