The accounting records of Hobart Industries show the following information for the most recent year ended December 31:December 31 January 1$ 40,00060,000250,000120,000145,000135,000Inventory of work in processInventory of finished goodsDirect materials usedDirect laborManufacturing overhead$ 18,00068,000Selling expensesA. Find the amount debited to the Work In Process Inventory account during the year.B. What is the cost of finished goods manufactured for the year?C. What is the cost of goods sold for the year?D. What are the total manufacturing costs for the year?

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Answered: Inventory of work in process Inventory…

Inventory of work in process Inventory of finished goods Direct materials used December 31 January 1 $40,000 60,000 250,000 $ 18,000 68,000

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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Exercise 5 - 10 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [L06]The following data from the just - completed year are taken from the accounting records of Eccles Company:Sales S 713, OOODirect labour cost 100, 000Raw material purchases 142, 000Selling expenses 110, 000Administrative expenses 53, 000Manufacturing overhead applied to work in process 220, 000Actual manufacturing overhead costs 240, 000 Inventory Beginning of Year End of YearRaw materials S 9, 000 S 11, 000Work in process 6, 000 21, 000Finished goods 71, 000 26, 000Required: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.
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ACCT 102 - Subparts d e f
D Question 11 A company had a beginning work in process (WIP) inventory balance of $32.900. During the year, $55,100 of direct materials was placed into production Direct labor was $64,400, and Indirect labor was $19,900. Manufacturing overhead is allocated at 140% of direct labor costs. Actual manufacturing overhead was $86,500, and Cost of Goods Manufactured totaled $225,400. What is the ending work in process inventory balance? # $90.160 O $17.160. O $13.500 Ⓒ$187.4460
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