GLO301 - Based on Problem 3-5A (Algo) LO P3, P4Drake Company manufactures soccer balls in two sequential processes: Cutting and Stiching. All direct materlals enterproduction at the beginning of the Cutting process. The following Information Is avallable regarding its May Inverntorles:Raw materlals inventoryWork in process Inventory-CuttingWork in process Inventory-StitchingFinished goods InventoryBeginningInventory$ 126,000283,500303,300260,100EndingInventory$ 153,25063,500180,50056,250The following additional Information describes the company's production activitles for May.Direct naterlalsRaw materials purchased on creditDirect naterlals used-CuttingDirect naterials used-Stitching$ 145,00027,750Direct laborDirect labor-CuttingDirect labor-Stitching$ 27,6ee110,400Factory Overhead (Actual costs)Indirect materlals usedIndirect labor usedOther overhead costs$ 90,00059, see71,800Factory Overhead RatesCuttingstitchingSales(15ex of direct naterlals used)(12ex of direct labor used)$ 1,216,000 Cost ofCost ofCost ofRawMaterialsRequirementGeneralGeneralTrial BalanceGoods Mfg Goods MfgGross ProfitJoumalLedgerGoods SoldCuttingSitchingPrepare a schedule of cost of goods manufactured for the Stitching Department for the month of May.Dates: Apr 30to: Apr 30Total manufacturing costs added during MayTotal cost of work in process< Cost of Goods Mfg CuttingCost of Goods Sold >

Answer: Cost of Goods Manufactured is a schedule or statement that shows the total production costs…

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FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Required Information Problem 3-5A (Algo) Production cost flow and measurement Journal entries LO P3, P4 [The following Information applies to the questions displayed below.] Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following Information is available regarding its May Inventories. Direct materials Raw materials purchased on credit Direct materials used Cutting Direct materials used-Stitching Raw materials inventory work in process Inventory Cutting work in process Inventory Stitching Finished goods inventory The following additional Information describes the company's production activities for May. Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect Inbor used Other overhead costs Factory Overhead Rates Cutting Stitching c. Indirect materials used d. Direct labor used $ 23,108 e.…
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Alpesh
TB MC Qu. 14-140 (Static) Richards Company manufactures a single... Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead Option A Option B Option C Option D Option E Beginning finished goods inventory Ending finished goods inventory The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Cost of Materials Used $90,000 $92,000 $88,000 $88,000 $92,000 Multiple Choice Option A Option B Option C Option D Option E Cost of Goods Manufactured $293,000 $293,000 $263,000 $293,000 $263,000 Cost of Goods Sold $ 10,000 12,000 90,000 40,000 $283,000 $303,000 $283,000 $303,000 $293,000 25,000 130,000 60,000 55,000 45,000
Problem 8-57 (Algo) Prepare a Production Cost Report and Adjust Inventory Balances: Weighted-Average Method (LO 8-3, 4) The records of Fremont Corporation’s initial and unaudited accounts show the following ending inventory balances, which must be adjusted to actual costs. Units Unaudited Costs Work-in-process inventory 215,000 $ 818,897 Finished goods inventory 26,000 366,250 As the auditor, you have learned the following information. Ending work-in-process inventory is 40 percent complete with respect to conversion costs. Materials are added at the beginning of the manufacturing process, and overhead is applied at the rate of 80 percent of the direct labor costs. There was no finished goods inventory at the start of the period. The following additional information is also available. Costs Units Direct Materials Direct Labor Beginning inventory (80% complete as to labor) 93,000 $ 435,600 $ 524,000 Units started 590,000…
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E3.3 (LO 2, 3, 4), AP The ledger of American Company has the following work in process inventory account. Work in Process-Painting 5/1 5/31 5/31 5/31 5/31 Balance Direct materials Direct labor Manufacturing overhead Balance 3,590 5/31 Completed and transferred out ? 5,160 Instructions a. How many units are in process at May 31? b. What is the unit materials cost for May? 2,530 1,380 P Production records show that there were 400 units in the beginning inventory, 30% complete, 1,600 units started into production, and 1,700 units completed and transferred out. The beginning work in process had materials cost of $2,040 and conversion costs of $1,550. The units in ending inventory were 40% complete as to conversion costs. Materials are entered at the beginning of the painting process, and conversion costs are incurred uniformly throughout the process. c. What is the unit conversion cost for May? d. What is the total cost of units completed and transferred out in May? e. What is the cost of…
Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May inventories. Beginning Inventory Ending Inventory Raw materials inventory $ 81,000 $ 97,900 Work in process inventory—Cutting 193,500 135,500 Work in process inventory—Stitching 213,300 107,000 Finished goods inventory 50,100 38,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 100,000 Direct materials used—Cutting 25,500 Direct materials used—Stitching 0 Direct labor Direct labor—Cutting $ 23,100 Direct labor—Stitching 92,400 Factory Overhead (Actual costs) Indirect materials used $ 57,600 Indirect labor used 58,000 Other overhead costs 62,000 Factory Overhead Rates Cutting 150% of direct…
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