March 1 March 31 Raw materials inventory $ 10,500 $ 9,200 Work in process inventory 4,800 5,600 Materials purchased in March $ 88,500 Direct labor in March 65,000 Manufacturing overhead in March 112,000 Input the amounts of each of the following. Direct materials used $ Total manufacturing costs 2$ Cost of goods manufactured $

March 1 March 31 Raw materials inventory $ 10,500 $ 9,200 Work in process inventory 4,800 5,600 Materials purchased in March $ 88,500 Direct labor in March 65,000 Manufacturing overhead in March 112,000 Input the amounts of each of the following. Direct materials used $ Total manufacturing costs 2$ Cost of goods manufactured $

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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Inventories: March 1 March 31Raw material P18,000 P15,000Work in process 9,000 6,000Finished goods 27,000 36,000Additional information for March:Raw material purchased P42,000Direct labor payroll 30,000Direct labor rate per hour 7.50Overhead rate per direct labor hour 10.00 Required a. prime cost incurred b.conversion cost incurred c. Cost of Goods Manufactured
Inventories 4/1 4/30 Direct Materials $ 19,000 $ 15,800 Work in Process 9,400 6,300 Finished Goods 28,400 38,000 Additional information for the month of April: Direct materials purchased $ 33,600 Direct labor 32,000 Direct labor rate per hour 10 Factor overhead incurred 42,400 Overhead is applied at $12 per direct labor hour. For the month of April, prime cost incurred was:
Inventories: Raw material April 1 $20,000 April 30 $17,000 8,000 Work in process Finished goods 12,000 30,000 39,000 Additional information for April: Raw material purchased Direct labor payroll Direct labor rate per hour Overhead rate per direct labor hour $45,000 $36,000 $ 8.00 $ 10.00 1. The prime cost incurred was? 2. The conversion incurred was? 3. The cost of goods sold was?
Sharp Enterprises Inventories: March 1 March 31 Raw Material $18,000 $15,000 Work in process 9,000 6,000 Finished Goods 27,000 36,000 Additional information for March: Raw material purchased $42,000 Direct labor payroll 30,000 Direct labor rate per hour 7.50 Overhead rate per direct labor hour 10.00 Refer to Sharp Enterprises. For March, prime cost incurred was?
Direct Materials Direct Labour Manufacturing Overhead Total cost to account for $385,000 139,750 86,000 $610,750 The units still in process are 100% complete with respect to direct materials and 35% complete with respect to conversion costs. The cost of the December 31 Work in Process Inventory would be: a. $436,500 O b. $174,250 O c. $218,125 Od. $610,750
Sharp Enterprises Inventories: March 1 March 31 Raw Material $18,000 $15,000 Work in process 9,000 6,000 Finished Goods 27,000 36,000 Additional information for March: Raw material purchased $42,000 Direct labor payroll 30,000 Direct labor rate per hour 7.50 Overhead rate per direct labor hour 10.00 Refer to Sharp Enterprises. For March, Cost of Goods Manufactured cost was?
Answer Problem #8 : items 27 & 28
Question 1 Part I Advent Corporation has provided the following data for its activities for the month of May.Beginning Raw Materials Inventory $75,000Ending Raw Materials Inventory $45,000Purchases of Raw Materials $550,000Direct Labour Incurred $120,000Manufacturing Overheads Incurred $250,000Beginning Work in Process $60,000Ending Work in Process $140,000 Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May
Finished Goods (FG) Inventory Factory Overhead April 30 57,000 Cost of goods sold Cost of goods manuf. May 31 57,000 Income statement (partial)
%24 %24 %24 3. 3oration haS the following Information for the month of March. Cost of materials used in production $19,369 Direct labor 26,541 Factory overhead 37,168 Work in process inventory, March 1 22,586 Work in process inventory, March 31 19,023 Finished goods inventory, March 1 23,026 Finished goods inventory, March 31 27,299 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold. earch al 43°F 2) 114
Question 23
PROCESS COSTING I Discussion Question J&G Manufacturing makes a single product by way of three separate processes. Details of production for the month ending June 30 were as follows: Process Process 1 Process 2 | Process 3 $390,000 Input material: Material added 16,250 kg $36,750 $92,200 $63,000 Direct Labour cost $57.300 $61,000 $112,800 $97,080 Manufacturing Overhead Normal losses 8% 6% 6% Output |Scrap value of losses 13,250 kg 12,000 kg $16.00/kg| $32.00/kg 13,750 kg The nature of the process requires equipment to be cleaned at the end of each month; hence there is no opening or closing stock of product in process. Required: i) The process account for each process: and ii) The abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain.