In process, beginning (100% complete as to materials, 30% complete as to labor and overhead Units started in September In process, end (100% complete as to materials, 50% complete as to labor and overhead) 5,000 25,000 8,000

In process, beginning (100% complete as to materials, 30% complete as to labor and overhead Units started in September In process, end (100% complete as to materials, 50% complete as to labor and overhead) 5,000 25,000 8,000

Name: Accountancy Crafts manufactures to customer order using the job order
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Description: Accountancy Crafts manufactures to customer order using the job order cost system. For the month just ended, it registered the following data: (refer to image) The ending WIP inventory was *a. P1,400,000b. P500,000c. P1,600,000d. P700,000 UnitsIn pro

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hello, I need some assistance with required question 3 at bottom of the first document. I'm having trouble with the Schedule of Cost of Goods Sold. I attached the Journal Entry I did if it helps.
Selected account balances and transactions of Titan Foundry, Inc. follow: Beginning Bal May 1 Ending Bal May 31 $ 6,000 $ 5,500 900 Raw materials Factory supplies Work in process Finished goods 800 6,500 13,200 3,500 12,000 May transactions: a. Purchased raw materials and factory supplies on account at costs of $45,000 and $10,000, respectively. (One inventory account is maintained.) b. Incurred wages during the month of $65,000 ($15,000 was for indirect labor.) c. Incurred factory overhead costs in the amount of $42,000 on account. d. Made adjusting entries to record $10,000 of factory overhead for items such as depreciation (credit Various Credits). Factory overhead was closed to Work in Process. Completed jobs were transferred to Finished Goods, and the cost of jobs sold was charged to Cost of Goods Sold. Required: Prepare Statement of Cost of Goods Manufactured and Cost of Goods Sold
Premium Company is a manufacturing firm that uses job-order costing. The company's inventory balanceswere as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials ........ P14,000 22,000 Work in process ...... 27,000 9,000 Finished goods ....... 62,000 77,000The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. Atthe beginning of the year, the company estimated that it would work 33,000 machine-hours and incurP231,000 in manufacturing overhead cost. The following transactions were recorded for the year:• Raw materials were purchased, P315,000.• Raw materials were requisitioned for used in production,P307,000 (P281,000 direct and P26,000 indirect).• The following employee costs were incurred: direct labor,P377,000; indirect labor,96,000; and administrativesalaries, P172,000.Selling costs, P147,000.• Factory utility costs, P10,000. • Depreciation for the year was P127,000 of which P120,000 is related to…
The company uses a perpetual inventory system and has a highly labour-intensive production process, so it assigns manufacturing overhead based on direct labour cost. The predetermined overhead rate was computed from the following data: Total estimated factory overhead $2,400,000 Total estimated direct labour cost $2,000,000 The WIP account given below relates to the activities for the month of June: WIP Inventory A/C June 1 Balance b/f $15,000 Direct Materials Used 123,000 Additional data: ▪ Total material requisitioned ………………………………… $153,000 ▪ Manufacturing Labour Costs incurred …………………. $163,500 (75% represents direct labour) ▪ Other manufacturing overheads incurred …………... $94,275 ▪ Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a margin of 33 1/3% on sales.
Job cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,400 February Not sold AA4 4,840 January February AA5 3,230 February March ААЗ 3,408 $2,321 April Not sold Total $7,440 $8,038 $2,321 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work in Finished Process Goods COGS January $ February $ March
Megco Inc.uses the Job Cost System to value inventory and cost of goods sold. During the month of Feb. the following jobs were started and costs incurred: JOB MATL. COST LABOR COST OVER-HEAD TOTAL 101 2,000 3,000 10,000 15,000 102 3,000 4,500 12,000 19,500 103 1,100 3,000 6,000 10,100 104 700 1,200 3,000 4,900 105 500 3,500 6,000 10,000 Jobs 101,102 and 104 were completed during the month. Jobs 101 and 104 were sold for a total of $30,000. + a. Show in total how the jobs cost moved through the accounts below and provide the ending balance in each account. WORK IN PROCESS INVENTORY FINISHED GOODS INVENTORY I b. What is the Gross Profit for the month? COST OF GOODS SOLD
answer letter a to e.
The following data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory. May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000
Starbird Manufacturing makes accessories for kitchens and home offices. Their Work-In-Process Inventory account had a debit balance of $32,500 on February 1. Also on February 1, Starbird’s job cost sheets reported these amounts: Customer/Job Geller Thomas Easton Direct materials $7300 $4100 $400 Direct labor 5500 3600 250 Mfg overhead 6500 4400 450 Totals: 19300 12100 1100 During the month of February, Starbird purchased $13,000 of raw materials on account, and on February 29 they paid all of their employees’ wages for hours worked in February. They also incurred miscellaneous overhead costs of (meaning they received the bills for) $8,400 on account. Their February materials requisition slips and employee time tickets showed: Materials Customer/Job Requisition Slips Time tickets Thomas $900 $1100 Macintosh 2200 1400 Easton 500 750 Geller 3500 2800 Total direct 7100 6050 Total indirect 1750 1400 $8850 $7450 Starbird applied…
Use the information below to answer the following two questions: Ginseng Inc. uses a normal cost system to account for jobs it produces and closes out any over- or under-applied manufacturing overhead directly to Cost of Goods Sold at the end of each quarter. Beginning balances from the Balance Sheet on January 1 are shown in the table below. The table uses the following abbreviations: RM = Raw Materials Inventory A/P = Accounts Payable R/E = Retained Earnings WIP = Work in Process Inventory FG = Finished Goods Inventory Beg = Beginning Balance End = Ending Balance MOH = Manufacturing Overhead PP&E = Property, Plant & Equipment A summary of transactions completed in the quarter are shown below in $1,000's: Raw materials purchased on account b. Raw materials used in production (75% were direct; the remainder indirect) a. 22 24 100 Salaries & wages paid in cash (70% direct; 20% indirect; 10% selling & admin) d. Depreciation on PP&E (90% manufacturing; the remainder selling & admin) e.…
On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,730 21,340 Work-in-Process Inventory Finished Goods Inventory Work-in-process inventory is made up of three jobs with the following costs: Direct materials Direct labor Job 114 8,700 $2,411 1,800 1,170 Job 115 $2,640 1,560 1,014 Job 116 $3,650 4,300 2,795 Applied overhead During April, Sangvikar experienced the transactions listed below. a. Materials purchased on account, $29,000. b. Materials requisitioned: Job 114, $16,500; Job 115, $12,200; and Job 116, $5,000. c. Job tickets were collected and summarized: Job 114, 150 hours at $12 per hour; Job 115, 220 hours at $14 per hour; and Job 116, 80 hours at $18 per hour. d. Overhead is applied on the basis of direct labor cost. e. Actual overhead was $4,415. f. Job 115 was completed and transferred to the finished goods warehouse. g. (1) Job 115 was shipped, and (2) the customer was billed for 125 percent of the cost.
Subject : Accounting