Jean-Pierre, Inc. makes and sells Fakes. Manufacturing Overhead is applied based on Direct Labor (DL)Hours incurred.Expected DL Hours for October 2023 - 1,800 DL HoursExpected Overhead for October 2023 - $144,000Beginning and ending inventory balances for October:Materials Inventory10/1/2310/31/23$25,00028,000WIP Finished Fakes Inventory$55,000$22,00050,00029,000During October of 2023:•Jean-Pierre, Inc. purchased $55,000 of MaterialsIncurred $57,350 of Direct Labor (1,850 DL Hours @ $31 per DL Hour)•.Incurred Manufacturing Overhead totaling $147,000Required:What is Cost of Goods Manufactured for October 2023?What is Cost of Goods Sold for October 2023 before closing any over/under applied overhead toCOGS?What is COGS if any over/under applied overhead is closed to COGS?What is Jean-Pierre, Inc.'s October gross profit if they sold the finished Fakes for $350,000?

The objective of the question is to calculate the Cost of Goods Manufactured (COGM), Cost of Goods…

Answered: Jean-Pierre, Inc. makes and sells…

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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Yamishi Production had the following inventories for the first quarter of 2022: MaterialsWork in process Finished goods Beginning $606,600 312,100 416,100 Ending $522,100 280,800 540,200 Purchases of materials during the quarter were $427,800. Total direct labor costs were incurred in the amount of $1,482,000. Actual overhead costs were incurred as follows: operating supplies used, $17,100; janitorial and maintenance, $87,300; employee benefits, $26,400; utilities, $162,000; depreciation of factory, $43,200; property taxes, $24,000; factory insurance, $29,000. Net sales for the quarter were $3,562,200. Selling and administrative expenses were $508,000. Income taxes should be computed at 40 percent. Calculate cost of goods manufactured. 6. Company produces small boats. Each boat uses 2 sheets of direct materials at $3 a sheet, it takes 2 hours to finish one boat and hourly rate is $5, factory utilities and supervision cost $6 per boat and variable cost amounts to $2 per direct labor…
The cost of raw materials purchases for 2019 is?
Consider the following information for June: Work-in- Raw Process Finished Material (WIP) Goods Beginning inventory $ 60,000 $ 24,000 $ 60,000 Ending inventory $ 90,000 $ 45,000 $ 80,000 Other information: Net income (after adjustment) $ 779,000 Purchases $ 600,000 Cost of goods sold (before adjustment) $ 1,420,000 Sales $ 2,800,000 Direct labor $ 95,000 Compute APPLIED manufacturing overhead.
Give true calculation
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
Jean-Pierre, Inc. makes and sells Fakes. Manufacturing Overhead is applied based on Direct Labor (DL) Hours incurred. Expected DL Hours for October 2022 - 1,800 DL Hours Expected Overhead for October 2022 - $144,000 Beginning and ending inventory balances for October: 10/1/22 10/31/22 Materials Inventory $28,000 25,000 During October of 2022: Required: WIP Finished Fakes Inventory $29,000 22,000 $50,000 55,000 Jean-Pierre, Inc. purchased $55,000 of Materials Incurred $57,350 of Direct Labor (1,850 DL Hours @ $31 per DL Hour) Incurred Manufacturing Overhead totaling $151,000 What is Cost of Goods Manufactured for October 2022? What is Cost of Goods Sold for October 2022 before closing any over/under applied overhead to COGS? What is COGS if any over/under applied overhead is closed to COGS? What is Jean-Pierre, Inc.'s October gross profit if they sold the finished Fakes for $350,000?
Robin Company has the following balances for the current month: Direct materials used $ 8,500 Direct labor $20,900 Sales salaries $10,500 $ 1,870 $ 6,070 $ 9,230 $ 4,650 Indirect labor Production manager's salary Marketing costs Factory lease What is Robin's total manufacturing overhead? Multiple Choice $17,170 $29,400 $12,590 $9,230
The accountant at Roland Industries provides you with the following information for the first quarter: Direct labor costs $ 232,000 Direct materials inventory, January 1 23,700 Direct materials inventory, March 31 20,100 Direct materials purchased during the quarter 301,500 Finished goods inventory, January 1 64,000 Finished goods inventory, March 31 83,400 Manufacturing overhead for the quarter 323,000 Work-in-process inventory, January 1 14,700 Work-in-process inventory, March 31 11,900 Required: a. Compute the following. Total prime cost Total conversion cost Total manufaturing costs Cost of goods manufatured Cost of goods sold

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