Items 18 to 20At year-end, Erich Company had a fire which destroyed the goods in process inventory. A physicalinventory was taken after the fire.The raw materials were valued at P600,000, the finished goods at P1,000,000 and factory supplies atP100,000 at year-end.The beginning inventories consisted of the following:1,400,0001,000,000300,000400,000Finished goodsGoods in processRaw materialsFactory supplies3 |PageINTERMEDIATE ACCOUNTING 1Data for the current yearSales3,000,000Purchases1,000,000Freight-in100,000Direct labor800,000Manufacturing overhead - 50% of direct labor ?Average gross profit on sales30%18. What is the cost of goods sold?19. What is the cost of goods manufactured?20. What is the estimated cost of the ending goods in process that were completely destroyed by fire?

Costs of Goods Sold: It is the sum of all the costs of the product that is directly contributed by…

Items 18 to 20 At year-end, Erich Company had a fire which destroyed the goods in process inventory. A physic inventory was taken after the fire. The raw materials were valued at P600,000, the finished goods at P1,000,000 and factory supplies P100,000 at year-end. The beginning inventories consisted of the following: Finished goods Goods in process 1,400,000 1,000,000 Raw materials 300,000 Factory supplies 400,000 3|Page INTERMEDIATE ACCOUNTING 1 Data for the current year Sales 3,000,000 Purchases 1,000,000 Freight-in 100,000 800,000 Direct labor Manufacturing overhead - 50% of direct labor ? Average gross profit on sales 30% 18. What is the cost of goods sold? 19. What is the cost of goods manufactured? 20. What is the estimated cost of the ending goods in process that were completely destroyed by fire?

Items 18 to 20 At year-end, Erich Company had a fire which destroyed the goods in process inventory. A physic inventory was taken after the fire. The raw materials were valued at P600,000, the finished goods at P1,000,000 and factory supplies P100,000 at year-end. The beginning inventories consisted of the following: Finished goods Goods in process 1,400,000 1,000,000 Raw materials 300,000 Factory supplies 400,000 3|Page INTERMEDIATE ACCOUNTING 1 Data for the current year Sales 3,000,000 Purchases 1,000,000 Freight-in 100,000 800,000 Direct labor Manufacturing overhead - 50% of direct labor ? Average gross profit on sales 30% 18. What is the cost of goods sold? 19. What is the cost of goods manufactured? 20. What is the estimated cost of the ending goods in process that were completely destroyed by fire?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

the following data (in thousands of dollars) have been taken from the accounting records of Karstone Corporatino for the just completed year. Sales $880 Raw materials in inventory, beginning: $20 Raw materials inventory, ending: $30 Purchases of raw materials: $160 Direct labor: $180 Manufacturing overhead: $230 Administrative expenses $100 Selling expenses: $130 Work in process inventory, beginning: $80 Work in process inventory, ending: $30 Finished goods in inventory, beginning: $120 Finished goods in inventory, ending: $100 The cost of goods manufactured (finished) for the year (in thousands of dollars) was: $610 $600 $500 $630 Show work/calculation
4. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods inventory P320,000 400,000 350,000 During the month of June, the following were incurred Materials purchased P170,000 200,000 Materials used Direct labor 400.000 Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in process inventory Finished goods inventory 280,000 430,000 How much was the Cost of goods sold?
The work-in process inventory of Martinez Manufacturing was completely destroyed by fire on May 1, 2019. The physical inventory count as of that date is presented below: January 1 May 1 Raw Materials P 40,000 P 60,000 Work in Process 101,500 - Finished Goods 140,000 125,000 Sales from January 1 to April 30 were P300,000. Purchases of raw materials were P100,000 and freight on purchases, P10,000. Direct labor during the period was P80,000. It was agreed with the insurance adjusters that an average gross profit rate of 35% be used and…
Please give me answer for this question
On September 30, 20x1, the warehouse of A Company for inventory in progress and all inventories contained therein were razed by fire. Amounts for the following accounts have been established:Jan 01- Accounts payable 125,000.00- Raw materials 23,000.00- Work in process 63,000.00- Finished goods 55,500.00September 30- Accounts payable 146,500.00- Raw materials 28,000.00- Work in process ?- Finished goods 61,000.00The following additional information was determined:- Payments for purchases on account - 100,000.00- Freight on purchases - 12,000.00- Purchase returns 15,000.00- Direct labor 42,000.00- Manufacturing overhead 21,000.00- Sales from January to June 29 290,000.00- Sales returns 15,000.00- Sales discounts 29,000.00- Gross profit rate based on sales 40%Cost of goods manufactured is
At the beginning of December, Altro Corporation had $26,000 of raw materials on hand. During the month, the Corporation purchased an additional $76,000 of raw materials. During December, $72,000 of raw materials were requisitioned from the storeroom for use in production. The credits entered in the Raw Materials account during the month of December total: Multiple Choice O $76.000 $72,000 $102,000 $26,000
On September 30, 20x1, the warehouse of A Company for inventory in progress and all inventories contained therein were razed by fire. Amounts for the following accounts have been established:Jan 01- Accounts payable 125,000.00- Raw materials 23,000.00- Work in process 63,000.00- Finished goods 55,500.00September 30- Accounts payable 146,500.00- Raw materials 28,000.00- Work in process ?- Finished goods 61,000.00The following additional information was determined:- Payments for purchases on account - 100,000.00- Freight on purchases - 12,000.00- Purchase returns 15,000.00- Direct labor 42,000.00- Manufacturing overhead 21,000.00- Sales from January to June 29 290,000.00- Sales returns 15,000.00- Sales discounts 29,000.00- Gross profit rate based on sales 40%Work in Process at September 20x1 is
What is the value of the ending Work-in-Process Inventory?
Need answer of the question