Need Answer of this one pls provide it Hula's Heavyweights, Inc., is a company that manufacturesforklifts. During the year, Hula purchased $1,450,000 ofdirect materials and placed $1,500,000 worth of directmaterials into production. Hula's beginning balance in theMaterials Inventory account was $320,000.What is the ending balance in Hula's Materials Inventoryaccount?

Step 1: Define Direct MaterialsDirect materials are converted into finished goods. These materials…

Answered: Hula's Heavyweights, Inc., is a company…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

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. Xenoceratops Corp, a manufacturing concern, started the year with the following inventory balances: widgets, $300,000 and fidgets, $400,000. During the year it purchased $800,000 more of widgets and $1,200,000 more of fidgets. Costs incurred to get the widgets and fidgets ready for sale were $200,000 and $100,000, respectively, and the ending balances were, respectively, $500,000 and $300,000. How much cost of goods sold were there for each product? a. $600,000 widgets; 1,200 fidgets b. $800,000 widgets; $1,400,000 fidgets c. $1,800,000 widgets; $2,000,000 fidgets d. correct answer not provided
(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANY Cost of Goods Manufactured Schedule %24 %24 > >
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 180 units at $49 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 265-unit purchase at $54 per unit; the second was a 390-unit purchase at $56 per unit. During the period, it sold 505 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Cost of goods sold Ending inventory FIFO LIFO Weighted Average
The following data were taken from the records of Kingbird Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 $51,100 Accounts Receivable $34,600 Raw Materials Inventory 6/30/22 41,600 Factory Insurance 5,200 Finished Goods Inventory 7/1/21 96,800 Factory Machinery Depreciation 16,800 Finished Goods Inventory 6/30/22 27,800 Factory Utilities 29,700 Work in Process Inventory 7/1/21 21,300 Office Utilities Expense 9,550 Work in Process Inventory 6/30/22 27,900 Sales Revenue 563,900 Direct Labor 144,350 Sales Discounts 4,600 Indirect Labor 26,360 Factory Manager’s Salary 64,300 Factory Property Taxes 9,610 Factory Repairs 2,500 Raw Materials Purchases 97,200 Cash 37,900
The following data were taken from the records of Vaughn Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $51,500 Factory Insurance $5,400 Raw Materials Inventory 6/30/20 47,900 Factory Machinery Depreciation 17,200 Finished Goods Inventory 7/1/19 98,100 Factory Utilities 29,000 Finished Goods Inventory 6/30/20 27,700 Office Utilities Expense 9,050 Work in Process Inventory 7/1/19 25,200 Sales Revenue 561,600 Work in Process Inventory 6/30/20 21,000 Sales Discounts 4,900 Direct Labor 145,850 Plant Manager’s Salary 61,200 Indirect Labor 25,260 Factory Property Taxes 9,710 Accounts Receivable 35,200 Factory Repairs 1,700 Raw Materials Purchases 98,500 Cash 37,200 1. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 140 units at $65 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 130-unit purchase at $74 per unit; the second was a 228-unit purchase at $78 per unit. During the period, it sold 288 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses: a. FIFO. b. LIFO. c. Weighted average.
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $48,000 Factory Insurance $4,600 Raw Materials Inventory 6/30/20 39,600 Factory Machinery Depreciation 16,000 Finished Goods Inventory 7/1/19 96,000 Factory Utilities 27,600 Finished Goods Inventory 6/30/20 75,900 Office Utilities Expense 8,650 Work in Process Inventory 7/1/19 19,800 Sales Revenue 534,000 Work in Process Inventory 6/30/20 18,600 Sales Discounts 4,200 Direct Labor 139,250 Plant Manager’s Salary 58,000 Indirect Labor 24,460 Factory Property Taxes 9,600 Accounts Receivable 27,000 Factory Repairs 1,400 Raw Materials Purchases 96,400 Cash 32,000 (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANYCost of Goods Manufactured Schedule…
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $48,000 Factory Insurance $4,600 Raw Materials Inventory 6/30/20 39,600 Factory Machinery Depreciation 16,000 Finished Goods Inventory 7/1/19 96,000 Factory Utilities 27,600 Finished Goods Inventory 6/30/20 75,900 Office Utilities Expense 8,650 Work in Process Inventory 7/1/19 19,800 Sales Revenue 534,000 Work in Process Inventory 6/30/20 18,600 Sales Discounts 4,200 Direct Labor 139,250 Plant Manager’s Salary 58,000 Indirect Labor 24,460 Factory Property Taxes 9,600 Accounts Receivable 27,000 Factory Repairs 1,400 Raw Materials Purchases 96,400 Cash 32,000 Prepare an income statement through gross profit.
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 180 units at $49 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 270-unit purchase at $54 per unit; the second was a 355-unit purchase at $56 per unit. During the period, it sold 500 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Weighted Average FIFO LIFO Cost of goods sold Ending inventory
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 160 units at $46 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 285- unit purchase at $51 per unit; the second was a 385-unit purchase at $53 per unit. During the period, it sold 495 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. Cost of goods sold Ending inventory FIFO LIFO Weighted Average
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $54,800 Factory Insurance $5,300 Raw Materials Inventory 6/30/20 49,200 Factory Machinery Depreciation 16,500 Finished Goods Inventory 7/1/19 96,400 Factory Utilities 29,500 Finished Goods Inventory 6/30/20 28,500 Office Utilities Expense 9,250 Work in Process Inventory 7/1/19 22,600 Sales Revenue 561,300 Work in Process Inventory 6/30/20 27,300 Sales Discounts 4,500 Direct Labor 139,550 Plant Manager’s Salary 66,100 Indirect Labor 24,960 Factory Property Taxes 9,710 Accounts Receivable 34,900 Factory Repairs 2,300 Raw Materials Purchases 99,500 Cash 36,300 (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) (b) Prepare an income statement through gross profit. (c) Prepare the current assets…
During July 2014, Leesburg, Inc., sold 250 units of its product Empire for $4,000. The following units were available (see image). A sale of 250 units was made after purchase 3. Of the units sold, 100 came from begin-ning inventory and 150 came from purchase 3.Determine cost of goods available for sale and ending inventory in units. Then determine the costs that should be assigned to cost of goods sold and ending inventory under each of the following assumptions: (For each alternative, show the gross margin. Round unit costs to the nearest cent and totals to dollars.) 1.Costs are assigned under the periodic inventory system using (a) the specific iden-tification method, (b) the average-cost method, (c) the FIFO method, and (d) the LIFO method. 2.Costs are assigned under the perpetual inventory system using (a) the average-cost method, (b) the FIFO method, and (c) the LIFO method.

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