4. JYD Manufacturing Company showed the followinginformation as of June 1, 2020;Raw materials inventoryWork in process inventoryFinished goods inventoryP320,000400,000350,000During the month of June, the following were incurredMaterials purchasedP170,000200,000Materials usedDirect labor400.000Factory OverheadAfter reviewing the quantities on hand, endinginventories were:210,000Work in process inventoryFinished goods inventory280,000430,000How much was the Cost of goods sold?

The cost of goods sold is calculated as sum of beginning finished goods inventory and cost of goods…

Answered: information as of June 1, 2020; Raw…

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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Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2019, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods manufactured is: Select one: a. 1,684,000 b. 1,610,000 Oc. 1,864,000 O d. 410,000 Oe. None of the answers are correct
Department B of SimTech Manufacturing Company presents the following production data for the month of October 2019: Beginning inventory (3/8 completed) 8,000 units Started in process 26,000 units Transferred out 18,000 units Ending inventory: (1/2 completed) 8,000 units (3/4 completed) 8,000 units What are the equivalent units of production for the month of October 2019 using Average Method? A. 28,000 units B. 25,000 units C. 26,000 units D. 30,000 units
Selected accounts of Kosar Manufacturing Company at 12/31/20 year end appear below: Raw Materials Inventory Work in Process a) 40,000 d) 25,000 d) 25,000 g) 140,000 e) 60,000 f) 90,000 Factory Labor Finished Goods Inventory b) 85,000 e) 85,000 g) 140,000 h) 120,000 Manufacturing Overhead Cost of Goods Sold c) 75,000 f) 90,000 h) 120,000 e) 25,000 Use the information above to answer the following: a. The amount of materials purchased is $ b. The amount of overhead applied to production is $ c. The amount of direct labor charged to production is $ d. The total of indirect labor is $ e. The $25,000 debit to Work in Process represents _______ ________ f. Is manufacturing overhead over or under applied g. What amount is the overhead over or underapplied $ h. The total amount to be reported for Cost of Goods Manufactured is $ i. The ending balance of Work in Process is $ j. What will be the 1/1/21 beginning balance in Raw Materials $ k. What…
Fairfield Company’s raw materials inventory transactions for the most recent month are summarized here: Beginning raw materials $ 10,000 Purchases of raw materials 113,000 Raw materials issued Materials requisition 1445 44,000 For Job 101 Materials requisition 1446 33,500 For Job 102 Materials requisition 1447 11,500 Used on multiple jobs Required: How much of the raw materials cost would be added to the Work in Process Inventory account during the period? How much of the raw materials costs would be added to the Manufacturing Overhead account? Compute the ending balance in the Raw Materials Inventory account.
23. Senen Company provided the following data for the month ended October 31, 2020: Direct labor (2,000 hours @ P40/hr) Inventories, October 1 P80,000 Raw materials Work in process Finished goods 48,000 55,000 81,500 Inventories, October 31 Raw materials 40,000 62,000 90,200 204,300 Factory overhead is applied at P36 per direct labor hour. Work in process Finished goods Cost of goods sold Senen made total purchases of what amount?
Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 $45,000 $81,000 $17,655 Raw materials $33,000 Finished Goods $82,500 Work in Process $21,000 During May, $66,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 450 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,800 of direct materials cost. The Corporation incurred $44,250 of actual manufacturing overhead cost during the month and applied $44,100 in manufacturing overhead cost. The actual direct labor-hours worked during May totaled:
The following Information about the work-in-process Inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Beginning work in process (43,000 units): Percentage complete with respect to Costs Ending work in process (59,000 units): Percentage complete with respect to Costs Materials Conversion 100% 20% $ 92,100 $ 27,136 100% 60% ?? ?? The Remington Plant started 233,000 units and transferred out 217,000 in July. Materials costs incurred in July were $764,000 and conversion costs were $1,149,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the weighted-average method. Note: Round your answers to 2 decimal places. Cost per equivalent unit Direct Materials Conversion
P2-1 Orange Company showed the following information as of June 1, 2015: Raw materials inventory Goods in process inventory Finished goods P 320,000 400,000 350,000 During the month of June, the following were incurred: Materials purchased P 170,000 Materials used 200,000 Direct labor 400,000 Factory overhead 210,000 After reviewing the quantities on hand, ending inventories were: Goods in process inventory 280,000 Finished goods 430,000 Required: Calculate the following: Raw materials inventory as of June 30, 2015 Total goods manufactured during the month a. b. C. Goods available for sale d. Cost of goods sold
John Brown Inc.'s accounting records reflect the following inventories: Dec 31.2019 Dec 31, 2020 $80,000 $ 64,000 Raw materials inventory 104,000 116.000 Work in process inventory 92,000 100,000 Finished goods inventory During 2020, John Brown purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much is total manufacturing costs incurred during 2020 for John Brown? a $1,864.000 b. $1,876,000 c. $1,860,000 d. $1,872,000
Required information Skip to question [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $821,960 on October 1. Of this amount, $330,000 was the cost of direct materials and $491,960 was the cost of conversion. The 52,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 110,000 units were transferred out and 34,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,553,600 for direct materials and $3,326,400 for conversion. Compute the costs of goods transferred out and the ending inventory using the weighted-average method.
Given the following information how much raw material was transferred to work in progress on January 31? Inventory on January 1 is $100,000, raw materials purchased in January are $500,000, and raw materials inventory on January 31 is $200,000 A: $200,000 B: $400,000 C: $600,000 D: $700,000
48.

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