Given the following information how much raw material was transferred to work in progress on January 31? Inventory on January 1 is $350,000, raw materials purchased in January are $860,000, and raw materials inventory on January 31 is $240,000. A: $880,000 B: $970,000 C: $650,000 D: $780,000

Given the following information how much raw material was transferred to work in progress on January 31? Inventory on January 1 is $350,000, raw materials purchased in January are $860,000, and raw materials inventory on January 31 is $240,000. A: $880,000 B: $970,000 C: $650,000 D: $780,000

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

See similar textbooks

Related questions

Q: The record of Marshall company include

A: Explanation of Return on Assets (ROA):Return on Assets (ROA) measures how efficiently a company…

Q: none

A: a. Calculate the book value per shareFormula:Book Value per Share = Total Equity / Number of Common…

Q: Provide correct answer this general accounting question

A: To calculate the actual total direct materials cost, we use the following formula: Actual Direct…

Q: Step by step answer

A: Step 1: Calculation of total variable manufacturing cost per unitTotal variable manufacturing cost…

Q: Financial Accounting

A: Step 1: Define Price-to-Earnings (P/E) RatioThe Price-to-Earnings (P/E) Ratio is a financial metric…

Q: HELP

A: Explanation of Standard Variable Manufacturing Overhead Allocation Rate:The standard variable…

Q: Company B had an estimated 230,000 direct labor hours, $486,000 manufacturing overhead, and 27,000…

A: They determine overhead based upon machine hours.Predetermined overhead rate = Estimated…

Q: Given correct answer general Accounting question

A: Step 1: Understand the FormulaPV = Cash Flow / (1 + r)tCash Flow is the payment expected in a…

Q: What would be the cost of goods sold per unit ?

A: Step 1: Analysis of information givenDirect Materials = $15,200Direct Labor = $6,500Administrative…

Q: What is the balance of the ending work in process inventory account

A: Explanation of Work in Process (WIP) Inventory:Work in Process (WIP) inventory refers to the…

Q: Please given answer

A: Step 1: Definition of Commercial SubstanceCommercial substance refers to a situation where a…

Q: General accounting

A: Step 1: Definition of Price/Earnings (P/E) RatioThe Price/Earnings (P/E) ratio is a financial metric…

Q: Ans

A: Step 1: Define Straight-line DepreciationIt is a method that depicts the equal amount of expense…

Q: Subject - General Account

A: Net Sales:Sales: $1,22,700Sales returns and allowances: $970Sales discounts: $580Net Sales = Sales -…

Q: How much is the standard cost per direct labour hour for variable overhead ?

A: Explanation of Standard Cost:Standard cost is a predetermined estimate of the cost of producing a…

Q: Do fast this question answer general Accounting question

A: Step 1: Analysis of the information givenInitial value of earnings per share = $3.75Final value of…

Q: General Accounting

A: To determine how many pounds of direct materials were used to produce August's output, we need to…

Q: Question

A: Explanation of Standard Cost: This is a predetermined cost that represents what a product should…

Q: Please give me answer general accounting question

A: Necessary Journal Entries and Adjustment Entries:1.Borrowed SR 80,000 by signing a note payable of…

Q: 4 PTS

A: Concept of Product CostsProduct costs are costs directly associated with manufacturing a product.…

Q: What is the price earning ratio?

A: To calculate the **Price-Earnings (P/E) ratio**, we need to use the following formula:P/E…

Q: 1. Papyrus Company manufacturers laser printers. It has outlined the following overhead cost…

A: First, we need to calculate the activity rates for each cost pool. The activity rate is calculated…

Q: General Accounting 5

Q: Financial accounting question

A: Step 1: Define Future ValueThe amount invested today in any of the investment products that are…

Q: ???

A: Explanation of Activity-Based Costing (ABC): Activity-based costing is a cost accounting method that…

Q: Don't use ai given answer accounting questions

A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) is the direct cost incurred…

Q: Calculate apricots taxable income after the reclassification general accounting

A: Step 1: Definition of IRSThe Internal Revenue Service (IRS) is the U.S. federal agency responsible…

Q: Hii expert please given correct answer general Accounting question

A: Step 1: Define Variable Cost per UnitVariable cost per unit measures the change in total cost as…

Q: ???

A: Explanation of Raw Materials Inventory: Raw materials inventory represents the value of unprocessed…

Q: Hii ticher please given answer

A: Step 1: Define InventoryAll the items that a business keeps on hand for production or sales to…

Q: Financial Accounting solve this issue

A: a. What was the amount of net sales? Net sales is calculated by subtracting sales discounts and…

Q: Financial accounting question

A: Step 1: Define Accounting EquationThe accounting equation represents the relationship between an…

Q: Good Times Restaurant estimates the following costs for next year: fixed costs $120,000, variable…

A: To calculate the required number of meals, we use the formula for profit:Profit=(Price per…

Q: How much is the direct labour rate variance ?

A: Step 1: Identify the formula:• Direct Labor Rate Variance = (Actual Rate - Standard Rate) × Actual…

Q: Find out

A: The Contractual Service Margin (CSM) in insurance contracts is a key component in the measurement of…

Q: Determine the firm fixed cost? General accounting

A: Step 1: Meaning of fixed costFixed cost is the cost incurred regardless of the level of production.…

Q: ??

A: To calculate the balance of the ending work in process inventory, we need to determine the total…

Q: Please give me true answer this financial accounting question

A: Step 1: Define Capital Gains Yield (CGY)Capital Gains Yield (CGY) is a financial metric that…

Q: What is the value of ending inventory using variable costing ?

A: Explanation: Value of ending inventory using variable costing can be calculated as = Units in ending…

Q: What is the return on equity? General accounting

A: Net Income = Sales * Profit Margin= $807,200 * 0.0968 = $78,076.16Total Equity = Total Assets * (1 -…

Q: None

A: Current Earnings per Share (EPS):Current Net Income = $9,750,000Current Shares Outstanding =…

Q: Net cash from investing activities for the period was.

A: Explanation of Net Cash from Operating Activities:Net cash from operating activities represents the…

Q: The cash balance would

A: Explanation of Operating Activities:Operating activities represent the core business operations of a…

Q: 5 PTS

A: Explanation of Joint Products: Joint products are multiple products that are produced simultaneously…

Q: Need help with this accounting questions

A: Step 1: Definitions of Profit Per Share (PPS): The amount of profit attributable to each outstanding…

Q: At the end of the year, the company has Assets of $160,000 and Liabilities of $125,000. At the…

A: Explanation of Owners' Equity:Owners' Equity represents the residual interest of the owners in the…

Q: I want to correct answer general accounting

A: Calculation of Actual Total Direct Material CostActual Total Direct Material Cost = Standard Direct…

Q: Answer please

A: Step 1:a. The total manufacturing cost assigned to Job 313 is calculated as follows: Total…

Q: Need help with this general accounting question

A: To calculate Mark's basis at January 1, 2022, we need to consider the following factors: Beginning…

Q: Financial Accounting Question Solution

A: Step 1:Question 1: The change in cash balance is calculated as follows: Change in cash balance =…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance of $300. If the cost of materials used during the month was $900, what were the purchases made during the month?
Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.
Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.
In October, the cost of materials transferred into the Rolling Department from the Casting Department of Kraus Steel Company is 3,000,000. The conversion cost for the period in the Rolling Department is 462,600 (275,000 factory overhead applied and 187,600 direct labor). The total cost transferred to Finished Goods for the period was 3,392,400. The Rolling Department had a beginning inventory of 163,800. a. Journalize for the Rolling Department (1) the cost of transferred-in materials, (2) the conversion costs, and (3) the costs transferred out to Finished Goods. b. Determine the balance of Work in ProcessRolling at the end of the period.
A company started the month with 4,519 units in work in process inventory. It started 15,295 units and had an ending inventory of 4,936. The units were 100% complete to materials and 30% complete with conversion. How many units were transferred out during the period?
There were 1,700 units in beginning inventory that were 40% complete with regard to conversion. During the month, 8,550 units were started and 9,000 were transferred to finished goods. The ending work in process was 60% complete with regard to conversion costs, and materials are added at the beginning of the process. What is the total amount of equivalent units for materials and conversion at the end of the month using the weighted-average method?
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
Raw materials inventory on january 31 is??
Required: If the December 1 balance in the Direct Materials Inventory account was $20,000, the December 31 balance was $22,000, and $130,000 of direct materials were issued to production during December, what was the amount of direct materials purchased during the month? Purchased amount of direct material
At the beginning of the month raw materials inventory was £30,000, during the month £257,000 of raw materials were purchased. A count at the end of the month revealed that £25,000 of raw material was still present. What is the cost of direct material used? A. £400,000 B. £282,000 C. £262,000 D. £272,000