ACCT 102 The flow of manufacturing costs through the ledger accounts of Superior Locks, Inc., in the current year is illustrated as follows insummarized form.Materials InventoryWork in Process Inventory$ 13,000269,000Ending balance $ 17,000Beg. balanceBeg. balance$ 19,000$614,400134,000> 214,400Ending balanceDirect LaborFinished Goods Inventory$131,300$134,000$ 46,000614,400Ending balance $ 53,400Beg. balanceEnding balance $ 2,700Manufacturing OverheadCost of Goods Sold$214,400$214,400Required:Indicate the amounts requested below. Some amounts are shown in the illustrated T accounts; others require short computations.a. Compute the amount of purchases of direct materials.b. Compute the amount of the cost of direct materials used.c. Compute the amount of direct labor costs assigned to production.d. Compute the amount of the year-end liability for direct wages payable.e. Compute the amount of total manufacturing costs charged to the Work in Process Inventory account during the current year.f. Compute the amount of the cost of finished goods manufactured.g. Compute the amount of the year-end balance in the Work in Process Inventory account.h. Compute the amount of the cost of goods sold.i. Compute the amount of the total amount of inventory listed in the year-end balance sheet.a.Purchases of direct materials 614,400Ending balance $ 53,400Manufacturing OverheadCost of Goods Sold$214,400$214,400Required:Indicate the amounts requested below. Some amounts are shown in the illustrated T accounts; others require short computationsa. Compute the amount of purchases of direct materials.b. Compute the amount of the cost of direct materials used.c. Compute the amount of direct labor costs assigned to production.d. Compute the amount of the year-end liability for direct wages payable.e. Compute the amount of total manufacturing costs charged to the Work in Process Inventory account during the current year,f. Compute the amount of the cost of finished goods manufactured.g. Compute the amount of the year-end balance in the Work in Process Inventory account.h. Compute the amount of the cost of goods sold.i. Compute the amount of the total amount of inventory listed in the year-end balance sheeta.Purchases of direct materialsb. Cost of direct materials usedC.Amount of direct labor costsd. Amount of year-end liability for direct labore.Total manufacturing costsf. Cost of finished goods manufacturedg.Amount of year-end balance for work in process inventoryh.Cost of goods soldi.Total inventory

The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are…

Indicate the amounts requested below. Some amounts are shown in the illustrated T accounts; others require short computations. a. Compute the amount of purchases of direct materials. b. Compute the amount of the cost of direct materials used. c. Compute the amount of direct labor costs assigned to production.

Indicate the amounts requested below. Some amounts are shown in the illustrated T accounts; others require short computations. a. Compute the amount of purchases of direct materials. b. Compute the amount of the cost of direct materials used. c. Compute the amount of direct labor costs assigned to production.

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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