Delora Corporation provides the following information for 2020:(Click the icon to view the information for 2020.)Calculate the total manufacturing costs incurred in 2020.Begin by calculating the direct materials used in 2020.Less:Direct materials used in 2020Now, calculate the total manufacturing costs incurred in 2020.Total manufacturing costs incurred in 2020 ufacturing costs incurred in 2020.Information for 2020Beginning inventory of direct materials, 1/1/2020Purchases of direct materials in 2020Ending inventory of direct materials 12/31/2020Direct manufacturing labour costs in 2020Manufacturing overhead costs in 2020PrintDoneGASASA11,00088,0009,00027,00044,000X

Manufacturing costs are those which are incurred by an entity on the production of the goods. It…

Information for 2020 Beginning inventory of direct materials, 1/1/2020 Purchases of direct materials in 2020 Ending inventory of direct materials Direct manufacturing labour costs in 2020 Manufacturing overhead costs in 2020 12/31/2020 GA GA GA GA 11,000 88,000 9,000 27,000 44,000 I

Information for 2020 Beginning inventory of direct materials, 1/1/2020 Purchases of direct materials in 2020 Ending inventory of direct materials Direct manufacturing labour costs in 2020 Manufacturing overhead costs in 2020 12/31/2020 GA GA GA GA 11,000 88,000 9,000 27,000 44,000 I

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Delora Corporation provides the following information for 2020:
(Click the icon to view the information for 2020.)
Calculate the total manufacturing costs incurred in 2020.
Begin by calculating the direct materials used in 2020.
Less:
Direct materials used in 2020
Now, calculate the total manufacturing costs incurred in 2020.
Total manufacturing costs incurred in 2020

ufacturing costs incurred in 2020.
Information for 2020
Beginning inventory of direct materials, 1/1/2020
Purchases of direct materials in 2020
Ending inventory of direct materials 12/31/2020
Direct manufacturing labour costs in 2020
Manufacturing overhead costs in 2020
Print
Done
GA
SA
SA
11,000
88,000
9,000
27,000
44,000
X

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QUESTION 4 P19.4A (Pg. 19-36) P19.4A (LO 3) The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet. $ 4,600 Factory Insurance Factory Machinery Raw Materials Inventory 7/1/19 48,000 Depreciation Factory Utilities Raw Materials 16,000 27,600 Inventory 6/30/20 39,600 Finished Goods Office Utilities Expense 8,650 Inventory 7/1/19 96,000 Sales Revenue 534,000 Finished Goods Sales Discounts 4,200 Inventory 6/30/20 Plant Manager's Salary 58,000 75,900 Factory Property Taxes Factory Repairs Work in Process 9,600 Inventory 7/1/19 19,800 1,400 Work in Process Raw Materials 96.400 Purchases Inventory 6/30/20 18,600 Cash 32,000 Direct Labor 139,250 Indirect Labor Accounts Receivable 24,460 27,000 Instructions •a. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) •b. Prepare an income…
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Uramilaben
Requirement 1. Calculate direct materials inventory on August 31, 2022. Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Direct materials available for production Direct materials inventory, August 31, 2022 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Fixed manufacturing overhead costs
CCOUNTING Section3 Lecture (20201_020113 Courses / COST ACCOUNTING Section3 Lecture (20201 020113101 AAUP - JENIN)/ 23 February-1 Ma Time left 01740 The following infiormation pertains to a manufacturing company which uses weighted average method: Work in process, beginning direct materials $550,000 and conversion $450,000, Costs added in current period, direct materials $650,000 and conversion S750,000 cost per equivaient unit, direct materials $200 and conversion $300. Using weighted average method, the equlvalent units of materials is Oa 8000 units b.6000 units OC4500 units d.5333 units Oear my choice Next page Jump to chapter 15+15 powe point -