Lakeside Manufacturing recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. • Cost of Goods Sold: $90,000 • • • • • • . • Work-in-Process Inventory, Beginning: $12,000 Work-in-Process Inventory, Ending: $11,000 Selling and Administrative Expense: $20,000 Finished Goods Inventory, Ending: $18,000 Finished Goods Inventory, Beginning: $15,000 Direct Materials Used: $25,000 Factory Overhead Applied: $15,000 Operating Income: $12,000 Direct Materials Inventory, Beginning: $13,000 Direct Materials Inventory, Ending: $8,000 Cost of Goods Manufactured: $75,000 Direct labor costs incurred during the period amounted to 1.2 times the factory overhead. The CFO of Lakeside Manufacturing has asked you to recalculate the amount of direct materials purchased and report back by the end of the day.

Lakeside Manufacturing recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. • Cost of Goods Sold: $90,000 • • • • • • . • Work-in-Process Inventory, Beginning: $12,000 Work-in-Process Inventory, Ending: $11,000 Selling and Administrative Expense: $20,000 Finished Goods Inventory, Ending: $18,000 Finished Goods Inventory, Beginning: $15,000 Direct Materials Used: $25,000 Factory Overhead Applied: $15,000 Operating Income: $12,000 Direct Materials Inventory, Beginning: $13,000 Direct Materials Inventory, Ending: $8,000 Cost of Goods Manufactured: $75,000 Direct labor costs incurred during the period amounted to 1.2 times the factory overhead. The CFO of Lakeside Manufacturing has asked you to recalculate the amount of direct materials purchased and report back by the end of the day.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 14P: An examination of Buckhorn Fabricators records reveals the following transactions: a. On December...

See similar textbooks

Similar questions

Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $ 65,000 Work-in-Process Inventory, Beginning 10,500 Work-in-Process Inventory, Ending 9,000 Selling and Administrative Expense 15,000 Finished Goods Inventory, Ending 15,000 Finished Goods Inventory, Beginning ? Direct Materials Used ? Factory Overhead Applied 12,000 Operating Income 14,000 Direct Materials Inventory, Beginning 11,000 Direct Materials Inventory, Ending 6,000 Cost of Goods Manufactured 60,000 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Conrad, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of total manufacturing cost?
Palladium, Incorporated recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $ 67,000 Work-in-Process Inventory, Beginning 11,300 Work-in-Process Inventory, Ending 9,400 Selling and Administrative Expense 16,000 Finished Goods Inventory, Ending 16,100 Finished Goods Inventory, Beginning ?question mark Direct Materials Used ?question mark Factory Overhead Applied 12,400 Operating Income 14,220 Direct Materials Inventory, Beginning 11,180 Direct Materials Inventory, Ending 6,140 Cost of Goods Manufactured 61,880 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The Chief Financial Officer of Palladium, Incorporated has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount in the finished goods inventory at the beginning of the year?
10) Conrad, Incorporated recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $ 65,000 Work-in-Process Inventory, Beginning 10, 500 Work - in - Process Inventory, Ending 9,000 Selling and Administrative Expense 15,000 Finished Goods Inventory, Ending 15,000 Finished Goods Inventory, Beginning? Direct Materials Used? Factory Overhead Applied 12,000 Operating Income 14,000 Direct Materials Inventory, Beginning 11,000 Direct Materials Inventory, Ending 6,000 Cost of Goods Manufactured 60,000 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The Chief Financial Officer of Conrad, Incorporated has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of direct materials purchased?
At year-end, Frenzy Company had a fire which completely destroyed the goods in process inventory. A physical 4. What amount should be reported as cost of goods in Problem 13-15 (AICPA Adapted) destroyed the goods in process inventory. A physical inventory was taken after the fire. January 1 December 31 6,000,000 4,300,000 1,700,000 500,000 4,500,000 Finished goods Goods in process Raw materi 2,000,000 400,000 Factory supplies During the year, the entity reported sales P20,000,000 purchases P3,800,000, freight P200,000, direct labor P5,000,000 and manufacturing overhead at 60% of direet labor. The average gross profit rate is 30% on sales. 1. What amount should be reported as cost of raw materials used? a. 5,700,000 b. 3,700,000 c. 3,800,000 d. 3,600,000 2: What amount should be reported as total manufacturing cost? а. 13,000,000 b. 11,800,000 c. 11,700,000 d. 11,600,000 3. What amount should be reported as cost of goods sold? a. 12,000,000 b. 16,000,000 с. 13,000,000 d. 14,000,000…
A fire destroyed the plant and all its contents of FIREFLY Company's manufacturing facility. Fortunately, certain accounting records were kept in another building and revealed the following from January 1 to February 28, 2021: Direct materials purchased Work in process, Jan 1 Direct materials, Jan 1 Finished goods, Jan 1 Indirect manufacturing costs P160,000 34,000 16,000 30,000 60% of conversion costs Sales Revenue Direct manufacturing labor Prime costs Gross margin Cost of goods available for sale P500,000 180,000 294,000 20% 450,000 What is the balance of Direct materials on 02/28/21 before it was damaged by fire? Enter your answer +D F3 C F5 F4 F6 F8 F9 F10 F11 24 & 8. 9 R Y. P. CO
Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense—administrative office $ 36,200 Depreciation expense—plant and equipment 92,000 Direct labor—wages 534,300 Materials Inventory, Dec. 31 35,000 Materials Inventory, Jan. 1 25,000 Direct materials purchases 185,000 Finished goods inventory, Dec. 31 24,400 Finished goods inventory, Jan. 1 16,200 Heat, light, and power—plant 47,600 Indirect labor 27,400 Property taxes—plant 37,000 Sales representatives’ salaries 151,000 Sales revenue 1,628,000 Factory supervisor’s salary 67,800 Supplies—administrative office 18,400 Supplies—plant 30,200 Work-in-process inventory, Dec. 31 11,400 Work-in-process inventory, Jan. 1 26,000 Required: Prepare a statement of cost of goods manufactured and an income statement for Huntersville for the year ended December 31.…
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory Beg. Bal. 8,400 ? Transferred Out Purchases ? End. Bal. 6,800 Cost of Goods Sold 61,000 Work-in-Process Inventory Beg. Bal. 7,900 ? Transferred Out Materials 18,800 Labor 13,900 Overhead 8,400 End. Bal. ? Finished Goods Inventory Beg. Bal. ? ? Transferred Out Transferred in 39,900 End. Bal. 4,600 What is the value of the beginning Finished Goods Inventory? Multiple Choice $25,700. $13,700. $4,600. $0.
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%Determine the loss on fire assuming P4,000 worth of scrap are recovered but realized for P3,000.
On June 30, 2011, a tornado damaged Jensen Corporations warehouse and factory destroying the work-in-process inventory. Neither the raw materials nor finished goods inventories were damaged. A physical inventory is taken after the tornado revealed the following valuations: Raw materials $ 87,000 Work-in-process 0 Finished goods 151,000 $238,000 The inventory of January 1, 2011, consisted of the following: Raw materials $ 41,000 Work-in-process 128,000 Finished goods 173,000 $342,000 A review of the books and records disclosed that the gross profit margin historically approximated 28% of sales. The sales total for the first six months of 2011 was $405,000. Raw material purchases totaled $150,000. Direct labor costs for this period were $112,000, and manufacturing overhead has historically been applied at 50% of direct labor. Required: Compute the value of the work-in-process inventory lost on June 30, 2011. Show supporting computations.
Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described in the picture. Assume that the Raw Materials Inventory contains only direct materials.
On June 30, 2016, a flash flood damaged the warehouse and factory of Padway Corporation, completely destroying the work-in-process inventory. There was no damage to either the raw materials or finished goods inventories. A physical inventory taken after the flood revealed the following valuations: Raw materials $ 62,000 Work in process 0 Finished goods 119,000 The inventory on January 1, 2016 consisted of the following: Raw materials $ 30,000 Work in process 100,000 Finished goods 140,000 $270,000 A review of the books and records disclosed that the gross profit margin historically approximated 25% of sales. The sales for the first six months of 2016 were $340,000. Raw material purchases were $115,000. Direct labor costs for this period were $80,000, and manufacturing overhead was historically applied at 50% of direct labor.
Selected information from Skybox Studios shows the following: Raw Material Purchased $5,000 Direct Materials $1,500 Direct Labor $11,000 Factory Depreciation $2,000 Total Manufacturing Overhead Incurred $15,000 Machine Hours Per Month 28,000 Unit Cost for Materials $2 Unit Cost of Conversation $8 Number units transferred 15,000 Prepare journal entries to record the following: a. Raw material purchased b. Direct labor incurred c.Depreciation expense (hint: this is part of manufacturing overhead) d. Raw materials used e. Overhead applied on the basis of $0.50 per machine hour f.The transfer from department 1 to department 2