Harborline manufacturing company's accounting records... Please answer the financial accounting question Harborline Manufacturing Company's accounting records reflect the followinginventories:InventoryDec. 31, 2023Dec. 31, 2022Raw Materials Inventory$400,000$320,000Work in Process Inventory$500,000$350,000During 2023, $600,000 of raw materials were purchased, direct labor costsamounted to $700,000, and manufacturing overhead incurred was $540,000.Compute Harborline Manufacturing Company's total cost of goods manufacturedfor 2023.

Step 1: Define Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) is the total cost…

Answered: Harborline Manufacturing Company's…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 1CP

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During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Dawson manufacturing companys accounting records reflect the following inventories
Ogleby Inc.'s accounting records reflect the following inventories: 12/31/19 12/31/20 Raw materials inventory $150,000 $120,000 Work in process inventory $195,000 $217,500 Finished goods inventory $187,500 $172,500 During 2020, Ogleby purchased $1,225,000 of raw materials, incurred direct labor costs of $218,750, and incurred manufacturing overhead totaling $280,000. How much would Ogleby Manufacturing report as the cost of goods manufactured for 2020? a. $1,768,750 b. $1,746,250 c. $1,731,250 d. $1,536,250
Sunland Company's accounting records reflect the following inventories: Dec. 31, 2022 Dec. 31, 2021 Raw $230000 $180000 materials inventory Work in 300000 160000 process inventory Finished 190000 150000 goods inventory During 2022, $720000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. (Assume that all raw materials used were direct materials.) Sunland Company's total manufacturing costs incurred in 2022 amounted to $1940000. $2030000. $1980000.
Marigold Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec. 31, 2022 Raw materials inventory $100400 $79900 Work in process inventory 129200 145300 Finished goods inventory 125600 114000 During 2022, Marigold purchased $949000 of raw materials, incurred direct labour costs of $124200, and incurred manufacturing overhead totalling $159300. Marigold Manufacturing’s cost of goods manufactured for 2022 amounted to $1236900. How much would it report as cost of goods sold for the year? $1361100 $1225300 $1248600 $1248500
Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2018 Dec. 31, 2019 Raw materials inventory $120,000 $ 96,000 Work in process inventory 156,000 174,000 Finished goods inventory 150,000 138,000 During 2019, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2019? (hint: use T-accounts to solve) Group of answer choices $1,397,000 $1,229,000 $1,391,000 $1,385,000
Bonita Inc's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2021 Dec. 31, 2022 $84500 $69800 117500 O $1625900 O $1733100 O $1540000 O $1640100 107700 100100 93000 During 2022, Bonita purchased $142700 of raw materials, incurred direct labor costs of $283600, and incurred manufacturing overhead totaling $155000. (Assume that all raw materials used were direct materials.) Assume Bonita's cost of goods manufactured for 2022 amounted to $1633000. What amount would the company report as cost of goods sold for the year?
An analysis of the accounts of Flint Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventory Beginning Ending Raw materials $11,000 $16,180 Work in process 5,900 8,450 Finished goods 11,000 10,200 Costs incurred: raw materials purchases $64,100, direct labor $54,700, manufacturing overhead $25,040. The specific overhead costs were: indirect labor $6,300, factory insurance $5,100, machinery depreciation $5,100, machinery repairs $2,390, factory utilities $4,380, and miscellaneous factory costs $1,770. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. SUPI
Peak Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec. 31, 2022 Raw materials inventory $120,000 $ 80,000 Work in process inventory 150,000 145,000 Finished goods inventory 150,000 115,000 During 2022, Peak Manufacturing purchased $250,000 of raw materials, incurred direct labour costs of $150,000, and incurred manufacturing overhead totalling $120,000. How much raw materials were used during 2022 Peak Manufacturing production? Select one: a. $250,000 b. $290,000 c. $330,000 O d. $370,000

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