Marzoni's records show raw materials inventory had a beginning balance of $300 and an ending balance of $200. If the cost of materials used during the month was $1,200, what were the purchases made during the month?
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Marzoni's records show raw materials inventory had a beginning balance of $300 and an ending balance of $200. If the cost of materials used during the month was $1,200, what were the purchases made during the month?
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- Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?Materials purchases for the month were $4,000. The Materials Inventory account had a beginning balance of $250. Direct Materials used were $3,800, and Indirect Materials used were $300.What is the correct ending balance for the Materials Inventory account?Marzoni's records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper format of the…
- Beginning raw materials inventory was $32,000. During the month, $276,000 of raw material was purchased. A count at the end of the month revealed that $28,000 of raw material was still present. What is the cost of direct material used?PurrChem’s raw materials records contained the following information for the month of August:August 1 Beginning inventory 1,250 kg. @ $250 per kg.8 Received 1,000 kg. @ $275 per kg.15 Issued 1,800 kg. into production.24 Received 1,000 kg. @ $285 per kg.27 Issued 1,200 kg. into production.Determine the cost of materials issued into production and thecost of the August 31 inventory under each of the following costingmethods (Round per unit amounts to three decimal places andtotal amounts to the nearest dollar.):1. FIFO2. LIFO3. Weighted average3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper…
- Cerrone Inc. has provided the following data for the month of July. The balance in the Finished Goods inventory account at the beginning of the month was $50,400 and at the end of the month was $38,400. The cost of goods manufactured for the month was $291,000. The actual manufacturing overhead cost incurred was $165,400 and the manufacturing overhead cost applied to Work in Process was $154,000. The adjusted cost of goods sold that would appear on the income statement for July is: $279,000 $303,000 $291,600 $314,400Morton Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $50,500 and at the end of the month was $46,500. The cost of goods manufactured for the month was $241,000. The actual manufacturing overhead cost incurred was $89,000 and the manufacturing overhead cost allocated to Work in Process was $85,000. The adjusted cost of goods sold that would appear on the income statement for November is: $241,000 $245,000 $237,000 $249,000The following data was taken from the general ledger and other records of Martinez Manufacturing Co. on July 31, the end of the first month of operations in the current fiscal year: Sales.........$50,000; Materials inventory (July 01)......15,000; Work in process inventory (July 01)..... 20,000; Finished goods inventory (July 01).......28,000; Materials purchased ...... 21,000; Direct labor.....12,500; Factory overhead (including $5,000 of indirect materials used and $2,500 of indirect labor cost).....11,500; Selling and Adminstrative expense.....8,000; Inventories on July 31: Materials.....16,000; Work in Process.....18,000; Finished good.....30,000 QUESTION: a) Prepare a statement of cost of goods manufactured b) determine the cost of goods sold for the month.
- Goodrow Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $19,000 and an ending balance of $14,000. During the year, the company purchased $56,000 of direct materials. Direct labor for the year totaled $125,000, while manufacturing overhead amounted to $152,000. The Work in Process Inventory account had a beginning balance of $22,000 and an ending balance of $18,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) Start by calculating the direct materials used during the year. Goodrow Industries Calculation of Direct Materials Used For Current Year Plus: Less: Direct materials usedRequired: If the December 1 balance in the Direct Materials Inventory account was $20,000, the December 31 balance was $22,000, and $130,000 of direct materials were issued to production during December, what was the amount of direct materials purchased during the month? Purchased amount of direct materialKelvin Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $16,000 and an ending balance of $21,000. During the year, the company purchased $51,000 of direct materials. Direct labor for the year totaled $125,000, while manufacturing overhead amounted to $152,000. The Work in Process Inventory account had a beginning balance of $24,000 and an ending balance of $23,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) Start by calculating the direct materials used during the year. Kelvin Industries Calculation of Direct Materials Used For Current Year Plus: Less: Direct materials used i