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…

Answered: GLO301 - Based on Problem 3-5A (Algo)…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Ht.14.
Required information Exercise 8-33 & 8-34 (Algo) (LO 8-2, 3) [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 970 347 Quantity information is obtained from the manufacturing records and includes the following. 14,330 6,997 Costs of goods transferred out Costs in ending inventory 700 units (70% complete as to materials, 55% complete as to conversion) 4,500 units 1,400 units (50% complete as to materials, 20% complete as to conversion) Exercise 8-34 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3) Compute the cost of goods transferred out and the ending…
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.…
Don't give answer in image format
Question: In the finishing department, what is the cost assigned to December 31, 2020, work-in-process inventory? a.6,668,130 b. 6,276,330 c. 6,401,800 d. 9,235,100
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
9.Determinethe Raw Materials- Ending Balance using the following data obtained from Lancelot Company * 10.The amount of raw materials available for use is: *
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…
Question 2, part 3. Please answer from drop down menus
Vinubhai
Please do not give solution in image format thanku

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS