Hula's Heavyweights, Inc., is a company that manufactures forklifts. During the year, Hula purchased $1,580,000 of direct materials and placed $1,630,000 worth of direct materials into production. Hula's beginning balance in the Materials Inventory account was $450,000. What is the ending balance in Hula's Materials Inventory account?

Hula's Heavyweights, Inc., is a company that manufactures forklifts. During the year, Hula purchased $1,580,000 of direct materials and placed $1,630,000 worth of direct materials into production. Hula's beginning balance in the Materials Inventory account was $450,000. What is the ending balance in Hula's Materials Inventory account?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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Hula's Heavyweights, Inc., is a company that manufactures forklifts. During the year, Hula purchased $1,580,000 of direct materials and placed $1,630,000 worth of direct materials into production. Hula's beginning balance in the Materials Inventory account was $450,000. What is the ending balance in Hula's Materials Inventory account? Correct answer
The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. b. Issued raw materials to production, P400,000. c. Paid direct factory labor, P950,000. d. Paid indirect factory labor, P160,000. e. Consumed factory supplies in production, P80,000. f. Paid production supervisor’s salary, P60,000. g. Received factory utility bills for the month, P122,460. h. Depreciation of production assets for the month, P64,000. i. Units finished were 10,000 units in the amount of P1,600,000. j. Sales for the month, P3,600,000. Goods related to sales cost P1,800,000. Required: 1. Establish T-accounts for the following manufacturing accounts and post corresponding beginning balances. Manufacturing Accounts Beginning Balances Raw Materials Inventory - P205,000 Work-in-Process Inventory - P630,000 Finished Goods Inventory - P360,000 Indirect Materials Inventory -…
Uniq Works purchased raw materials amounting to $126,000 on account and $17,000 for cash, for a total purchase of $143,000. The materials will be used to manufacture upholstery for furniture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction? OA. Finished Goods Inventory Accounts Payable B. Raw Materials Inventory Cash Accounts Payable OC. Work-in-Process Inventory Accounts Payable OD. Accounts Payable Cash- Raw Materials Inventory 143,000 143,000 143,000 126,000 17,000 143,000 17,000 126,000 143,000 143,000 1e
. 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
During June, Briganti Corporation purchased $83,000 of raw materials on credit to add to its raw materials inventory. A total of $68,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $8,000 of indirect materials. Required: Prepare journal entries to record the purchase of materials and their use in production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the purchase of materials. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit
Accounting hula's heavyweight s inc is a company
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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
Smith Manufacturing purchased on account $53,000 of direct materials and $9,000 of indirect materials. Which of the following journal entries would correctly record the transaction? A. Accounts Payable 62,000 Raw Materials Inventory 62,000 B. Raw Materials Inventory 62,000 Accounts Payable 62,000 C. Raw Materials Inventory 62,000 Finished Goods Inventory 53,000 Work−in−Process Inventory 9,000 D. Work−in−Process Inventory 53,000 Manufacturing Overhead 9,000 Raw Materials Inventory 62,000
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.
Constanza Company has the following balances as of the year ended December 31, 2019: Direct Materials Inventory $30,000 Dr. WIP Inventory 69,000 Dr. Finished Goods Inventory 99,000 Dr. Underapplied Factory Department Overhead 8,000 Dr. Cost of Goods Sold 149,000 Dr. Additional information is as follows: Cost of direct materials purchased during 2019 $82,000 Cost of direct materials requisitioned in 2019 74,000 Cost of goods completed during 2019 204,000 Factory overhead applied (120% of direct labor) 96,000 Compute beginning WIP inventory.