Harper Industries had a Work in Process balance of $75,000 on January 1, 2024. At the end of the year, Work in Process was $82,000 and Cost of Goods Manufactured was $625,000. Calculate the total manufacturing costs incurred during 2024.
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- Baltimore Manufacturing had a Work in Process balance of $64,000 on January 1, 2018. The year-end balance of Work in Process was $51,000 and the Cost of Goods Manufactured was $500,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.Seaside Manufacturing Inc. estimated its manufacturing overhead costs for 2023 to be $450,000, based on 150,000 estimated machine hours. The actual machine hours for 2023 were 160,000. The manufacturing overhead account contains debit entries totaling $465,000. Determine whether the manufacturing overhead for 2023 was overallocated or underallocated. (Round your immediate calculations to one decimal place.)Seaside Manufacturing Inc. estimated its manufacturing overhead costs for 2023 to be $450,000, based on 150,000 estimated machine hours. The actual machine hours for 2023 were 160,000. The manufacturing overhead account contains debit entries totaling $465,000. Determine whether the manufacturing overhead for 2023 was overallocated or underallocated. (Round your immediate calculations to one decimal place.) Need answer
- At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1 inventories—finished goods $ 14,800, work in process $ 17,600, and raw materials $ 8,600. 2. May 31 inventories—finished goods $ 9,600, work in process $ 17,000, and raw materials $ 8,000. 3. Increases to work in process were direct materials $ 64,300, direct labor $ 51,400, and manufacturing overhead applied $ 42,100. 4. Sales revenue totaled $ 217,000. (a) Prepare a condensed cost of goods manufactured schedule for May 2020. SHEFFIELD COMPANYCost of Goods Manufactured Schedulechoose the accounting periodchoose the accounting period select an opening section nameselect an opening section name $ enter a dollar amountenter a dollar amount select an account titleselect an account title $ enter a dollar amountenter a dollar amount select an account titleselect an account title enter a dollar amountenter a dollar amount…As of December 31, 2022, Concord Industries had $1,010 of raw materials inventory. At the beginning of 2022, there was $750 of materials on hand. During the year, the company purchased $121,800 of materials, however paid for only $117,600. How much inventory was requisitioned for use on jobs during 2022?In addition, the following transactions occurred in 2022: 1. 2. 3. 4. 5. (a) Raw materials purchased on account, $70,500. Incurred factory labor, $75,200, all is direct labor. Incurred the following overhead costs during the year: utilities $6,392, depreciation on manufacturing machinery $7,520, manufacturing machinery repairs $8,648, factory insurance $8,460 (Credit Accounts Payable and Accumulated Depreciation). Assigned $75,200 of factory labor to jobs. Applied $33,840 of overhead to jobs. Journalize the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
- The following data summarizes in part the results of operations for 2021 of Place Company. Of the total cost of goods manufactured for 2021, 38% was for materials used, 30% for direct labor, and 32% for manufacturing overhead. During 2021, the company paid 90% of the materials purchased, leaving P293,000 of unpaid invoices for materials at year end. The company commenced 2021 operations with materials inventory of P421,000. All materials were purchased FOB company's plant. The company disbursed P2,101,500 for direct labor during 2021. As of December 31, 2021, the accrued liability for direct labor amounted to P144,000, which was twice as much as last year's accrual. The inventory of finished goods on December 31, 2021, was 10% of the cost of the units finished during the year, and goods in process on that date were one-half the finished goods inventory. This year's finished goods inventory was 150% of last year. There are no in process last year. The manufacturing overhead, except for…The following data summarizes in part the results of operations for 2021 of Diamond Company. Of the total cost of goods manufactured for 2021, 38% was for materials used, 30% for direct labor, and 32% for manufacturing overhead. During 2021, the company paid 90% of the materials purchased, leaving P293,000 of unpaid invoices for materials at year end.The company commenced 2021 operations with materials inventory of P421,000. All materials were purchased FOB company’s plant. The company disbursed P2,101,500 for direct labor during 2021. As of December 31, 2021, the accrued liability for direct labor amounted to P144,000, which was twice as much as last year’s accrual. The inventory of finished goods on December 31, 2021, was 10% of the cost of the units finished during the year, and goods in process on that date were one-half the finished goods inventory. This year’s finished goods inventory was 150% of last year. There are no in process last year. The manufacturing overhead, except for…The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plz
- During 2020, Hallmark applied $500,000 in overhead. The cost of goods completed during the period was $10,500,000 and the cost of goods sold to customers during the period was $10,750,000. Hallmark incurred actual 2020 overhead costs of $550,000. What does Hallmark report on its Income Statement for 'Cost of Goods Sold' in 2020? $10,800,000 $10,500,000 $10,700,000 $10,750,000Good Manufacturing Company applies manufacturing overhead at the rate of 150% of direct labor hour. During January 2022, Good incurred $45,000 of direct labor costs and $150,000 of actual manufacturing overhead costs. What is the amount of over- or underapplied manufacturing overhead for January 2022?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
