Cost of goods sold statement. The following data relate to the Brockway Corporation:INVENTORIESFinished goodsWork in process.Direct materials.Ending Beginning$95,000 $110,00080,00095,00070,00090,000Costs incurred during the period:Costs of goods availáble for saleTotal manufacturing cost..Factory overhead..Direct materials used.$684,000584,000167,000193,000Required: Cost of goods sold statement.(AICPA adapte

The cost of goods sold statement is prepared to estimate the cost of goods sold during the period.

INVENTORIES Ending Beginning $95,000 $110,000 Finished goods Work in process.. Direct materials. 80,000 70,000 95,000 90.000 Costs incurred during the period: Costs of goods availáble for sale. Total manufacturing cost. Factory overhead. Direct materials used. $684,000 584,000 167,000 193,000 Required: Cost of goods sold statement. (AICPA

INVENTORIES Ending Beginning $95,000 $110,000 Finished goods Work in process.. Direct materials. 80,000 70,000 95,000 90.000 Costs incurred during the period: Costs of goods availáble for sale. Total manufacturing cost. Factory overhead. Direct materials used. $684,000 584,000 167,000 193,000 Required: Cost of goods sold statement. (AICPA

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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Subject- account
Subject: acounting
5
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…
How to find: * Cost of beginning work in process inventory completed this period. *Cost of units transferred to finished goods during the period. * Cost of ending work in process inventory. * Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. Work in Process—Assembly Department Bal., 6,000 units, 55% completed 18,540 To Finished Goods, 138,000 units ? Direct materials, 141,000 units @ $2.1 296,100 Direct labor 192,900 Factory overhead 75,000 Bal. ? units, 70% completed ?
What is Cost of good sold?
WHAT IS THE TOTAL COST OF GOODS SOLD?
1. Using weighted average method, how much is the total cost of Work in Process Inventory, End?
Selected data from Design Corporation for 20X6 is as follows: Inventories Materials Work in process Finished goods Beginning $34,000 135,000 110,000 Costs incurred during 20x6 are as follows: Direct materials purchased Manufacturing overhead Direct manufacturing wages Cost of goods sold is Select one: O a. $252,000 O b. $259,000 O c. $244,000 O d. $236,000 Ending $40,000 150,000 102,000 $41,000 $80,000 180% of manufacturing overhead
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