If direct materials issued is $10,000, overhead applied is $21,000, beginning WIP is $5,000 and ending WIP is $3,000, direct labor is $7,000, beginning and ending FG inventory is $15,000 and $12,000 respectively, what is the cost of goods manufactured (COGM)?
Q: Given answer accounting questions
A: Step 1: Define Gross ProfitThe gross profit is surplus revenue over the direct expenses of the…
Q: What is the cash ratio for this financial accounting?
A: Step 1: Define Cash RatioThe cash ratio aids in comparing the most liquid assets, such as cash and…
Q: Tracy company sells three different types solve this accounting questions
A: The lower-of-cost or market (LCM) approach is a method used in accounting to value inventory. Under…
Q: I won't to this correct answer general Accounting
A: Step 1: Define Days Payable OutstandingDays payable outstanding indicates the duration the company…
Q: What is the budgeted cost of goods sold for June on this general accounting question?
A: Step 1: Define Cost of Goods SoldCost of Goods Sold (COGS) represents the total direct costs…
Q: Accounting
A: Step 1: Define Maturity DateThe maturity date is the day on which the principal amount and unpaid…
Q: Do fast answer accounting questions
A: The predetermined overhead rate is a rate calculated before the start of a period, used to allocate…
Q: What is shield's total gross profit on these general accounting question?
A: Step 1: Define Gross ProfitThe gross profit of the business is the difference between total sales…
Q: Parker manufacturing has the following started solve this accounting questions
A: Step 1: Define Labor Efficiency VarianceLabor efficiency variance measures the difference between…
Q: Do you fast answer general accounting
A: Step 1: Define Exchange valueThe ratio at which one commodity may be swapped for another is known as…
Q: Financial Accounting question please solve
A: Step 1: Define High-Low MethodUsing the high-low method, we can quantify the variable and fixed…
Q: Help me
A: Explanation of Work in Process (WIP):Work in Process (WIP) refers to the value of partially…
Q: Please given correct option general accounting
A: Step 1: Define Cash ReceiptsCash receipts to the seller come from cash sales and collection of…
Q: General Accounting
A: Step 1: Define Cost BehaviorA mixed cost is a term used in cost accounting to describe a cost with a…
Q: General account question
A: Step 1: Define BudgetingBudgeting refers to forecasting costs and revenues for future periods and…
Q: Hello tutor provide solution for this financial accounting question
A: Step 1: Define Required Rate Of ReturnThe required rate of return on a stock is the minimum return…
Q: Please need answer the financial accounting question get correct answer
A: Step 1: Define InterestInterest is the amount that is charged on the amount borrowed by a business.…
Q: What amount is received as payment in full on September 28 for this general accounting question?
A: Step 1: Calculation of Net SalesNet Sales = Total Sales - Sales ReturnNet Sales = $1,200 - $100Net…
Q: Please solve this general accounting problem
A: Step 1: Define Straight-Line Depreciation MethodStraight-line depreciation is a method where an…
Q: Financial accounting
A: Step 1: Define Return on AssetsAssets help generate revenue for the business and are considered…
Q: I need this question answer general Accounting
A: Step 1: Define BudgetingBudgeting is estimating the costs and revenues for the future periods based…
Q: Don't want ai solution
A: To calculate the net revenue from these two customers, we need to consider the credit terms (2/10,…
Q: 8 The exercise of professional judgement does NOT involve Select one: a. aggressive accounting.…
A: Option a: This option is correct because the exercise of professional judgement does not involve…
Q: During the past year Badger Company had a net income of $175,000. What is the ROI if the investment…
A: ROI stands for Return on Investment. It is a ratio that compares the gain or loss from an investment…
Q: 5.5 PTS Accounting Problem: Red Farms produces three crop grades: Premium sells at twice standard…
A: Explanation of Crop Grades: Crop grades are standardized quality classifications that determine the…
Q: Tutor please help
A: Explanation of Credit TermsCredit terms refer to the conditions under which a seller allows a buyer…
Q: 11 ________ is an organization's ability to achieve low costs relative to competitors through…
A: Here's why:Cost leadership is a strategy where an organization aims to become the lowest-cost…
Q: Hi expert please give me answer general accounting
A: Step 1: Definition of Gross Profit Under Absorption CostingUnder absorption costing, all…
Q: How can the accounting concept of materiality be applied to the recognition and disclosure of…
A: Key Definitions Related to Question:Materiality: The accounting principle that states information is…
Q: Hi expert please give me answer general accounting
A: Step 1: Define Maturity DateThe maturity date is defined as a day on which the investor's debt is…
Q: Provide correct option general accounting
A: Step 1: Find Average Accounts Receivable• Average Accounts Receivable = (Accounts Receivable at…
Q: Financial accounting
A: Step 1:a. The margin is calculated as follows: Margin = Selling price - Purchase cost =…
Q: Provide answer please
A: 1. Calculate Variable Cost Per UnitThe formula for the variable cost per unit is: Variable Cost Per…
Q: 1 Purchased goodwill should be Select one: a. expensed as soon as possible against retained…
A: Purchased goodwill is recognized as an intangible asset and is not amortized under current…
Q: General Accounting
A: Compute the earnings from the regular hours first.Earnings for the regular 40 hours = 16.50 x 40…
Q: Octagonal company has the following information for 2018: solve this general Accounting question
A: Step 1: Define Manufacturing OverheadManufacturing overhead, also known as factory overhead or…
Q: Do fast answer of this general accounting question
A: Step 1: Determine Variable Overhead• Variable Overhead = Direct Labor Hours × Variable Overhead Rate…
Q: Kindly help me Accounting question
A: Step 1: Define Retention Ratio Business institutions identify the retention ratio to maintain…
Q: Determine total production cost
A: Explanation of Total Production CostTotal production cost refers to the sum of all costs incurred…
Q: What is the value of this investment of this financial accounting question?
A: Step 1: Define InvestmentInvesting is the choices investors make on which investment opportunities…
Q: ?
A: Explanation of Base Utilities: Base utilities represent the fixed annual cost that Cedar Lodge…
Q: Hi expert please provide correct answer general Accounting
A: Step 1: Calculate the total units to be producedStart with the desired ending inventory: 3,500…
Q: Alpine manufacturing product ski equipment solve this general accounting
A: Step 1: Definition of Manufacturing OverheadManufacturing overhead includes all indirect costs…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Carrying Value and AmortizationCarrying Value: The carrying value of an asset…
Q: 7 Which of the following reasons is unlikely to be related to an unfavourable variance for…
A: Hello student!An unfavorable variance for labor costs happens when the actual direct labor cost…
Q: What amount should be reported on the balance sheet for inventory on the accounting question?
A: Step 1: Define Lower of Cost or Net Realizable Value (LCM Rule)The LCM rule requires inventory to be…
Q: Please give correct option with short details in this general account subject questions
A: To analyze this question, let's break down the relationship between total variable cost, cost-driver…
Q: Calculate Dynamic's net income for the year on these general accounting question
A: Step 1: Define Net IncomeThe net income is the surplus of revenue over the expenses incurred during…
Q: Provide correct answer this financial accounting
A: Step 1: Define Growing PerpetuityThe concept of growing perpetuity is often used to value stocks or…
Q: General Accounting Question please answer the question
A: Step 1: Define Inventory Write-DownAn inventory write-down is recorded when the market value (NRV)…
Hi expert provide correct answer general accounting
Step by step
Solved in 2 steps
- 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.Problem 7: Cost of Production Report Helen Company uses FIFO process costing. Data are as follows: Beginning inventory 40% complete Units completed during period Ending inventory 70% complete 25,000 units 500,000 units 45,000 unitsProblem 7: Cost of Production Report Helen Company uses FIFO process costing. Data are as follows: Beginning inventory 40% complete Units completed during period Ending inventory 70% complete 25,000 units 500,000 units 45,000 units
- Assume the following information from a schedule of cost of goods manufactured: Beginning work in process inventory $ 30,000 Total manufacturing costs added to production $ 200,000 Ending work in process inventory $ 44,000 What is the cost of goods manufactured?Assume the following: Purchases of raw materials $ 38,000 Indirect materials used in production $ 6,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 What is the direct materials used in production?(a) Calculate the amount of direct materials purchased during the period. (b) Calculate the cost of goods manufactured during the period. (c) Calculate the total manufacturing overhead cost for the period. (d) Calculate the total manufacturing cost for the period.
- 8. complete the following table to determine what are the total costs to account for if a company’s 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 ($1,156,696)? PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed for that space, please enter "$0" with no quotation marks. Material Costs Conversion Costs Total Costs Beginning work in process ? ? x Added: ? ? x Direct materials ? ? x Direct labor ? ? x Manufacturing overhead ? ? x Total Costs ? ? ?RahulPlease provide answer this accounting question
- Compute conversion costs given the following data: direct materials, $394,300; direct labor, $209,800; factory overhead, $177,600 and selling expenses, $44,500. Oa. $571,900 Ob. $387,400 Oc. $781,700 Od. $133,100Compute conversion costs given the following data: direct materials, $347,500; direct labor, $196,300; factory overhead, $187,900; and selling expenses, $45,290. a.$543,800 b.$187,900 c.$384,200 d.$731,700A company had beginning inventories as follows: Direct Materials, $300; Work-in-Process, $500; Finished Goods, $700. It had ending inventories as follows: Direct Materials, $400; Work-in-Process, $600; Finished Goods, $800. Material Purchases net were $1,400, Direct Labor $1,500, and Manufacturing Overhead $1,600. What is the Cost of Goods Sold for the period?$4,300.$4,400.$4,200.$4,100.