What is the net profit? 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?

Calculation of Direct Material UsedDirect Material Used = Purchases Direct Material + Beginning…

Answered: Given below is the manufacturing data…

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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Similar questions

What is net profit?
Give answer
Cost data?
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
Given below is the manufacturing data
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?
Factory overhead:185000 , direct Labor:165000
What is the net profit
Below given is the manufacturing data
Given below is the manufacturing data: Beginning Ending Direct material inventory $90,000 $110,000 Work-in progress inventory $180,000 $120,000 Finished goods inventory $300,000 $400,000 Purchased direct material $300,000 Direct labor Factory overhead Net sales $170,000 $190,000 $1,000,000 $280,000 Period cost What is the net profit? A. 120,000 B. 180,000 C. 300,000 D. Insufficient information to determine the gross profit E. None of all above
Here is selected data for Betty Boo Corporation: Cost of raw material purchased $77,900 Cost of requisitioned direct materials $43,600 Cost of requisitioned indirect materials $3900 Direct labor $80,100 Manufacturing overhead incurred $100,400 Cost of goods completed $233,900 Cost of goods sold $142,500 Beginning raw materials inventory $17,400 Beginning work in process inventory $32,500 Beginning finished goods inventory $35,200 Manufacturing overhead allocation rate (based on direct labor) 130% The journal entry to transfer completed goods to the finished goods inventory account would include a Question 38 options: debit to Finished Goods Inventory account for $238,100. debit to Finished Goods account for $233,900. debit to Work-in-Process Inventory account for $233,900. credit to Work-in-Process Inventory account for $238,100.

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