Materials Activity Raw materials purchases $ 532,000 Raw materials Raw materials avallable for use in production $ 502500 O Raw materials Inventory, beginning $145,500 Inventory, ending $175,000 Direct materials used in production $ 502500 Production Activity Direct labor used in production Factory overhead used in production $350,000 $750,000 Work in process Inventory, beginning Total work in Work in process Inventory, ending process $ 1687000 $ 93500 $84,500 Cost of goods manufactured $1,593,500 Sales Activity Finished goods Inventory, begining $ 146750 Cost of goods avalable for sale Finished goods Inventory, ending $ 1,740,250 $139,950 Costot goods sold $ 1600300

Materials Activity Raw materials purchases $ 532,000 Raw materials Raw materials avallable for use in production $ 502500 O Raw materials Inventory, beginning $145,500 Inventory, ending $175,000 Direct materials used in production $ 502500 Production Activity Direct labor used in production Factory overhead used in production $350,000 $750,000 Work in process Inventory, beginning Total work in Work in process Inventory, ending process $ 1687000 $ 93500 $84,500 Cost of goods manufactured $1,593,500 Sales Activity Finished goods Inventory, begining $ 146750 Cost of goods avalable for sale Finished goods Inventory, ending $ 1,740,250 $139,950 Costot goods sold $ 1600300

Name: I am having trouble getting the Raw Materials Available For Use in Pro
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: I am having trouble getting the Raw Materials Available For Use in Production. I thought the formula is Beginning raw material inventory + Raw materials purchases - Ending raw materials inventory Materials ActivityRaw materlalspurchases$ 532,000Raw m

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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As we have discussed in previous chapters, product costs are made up of Direct Materials, Direct Labor and Manufacturing Overhead. In making a decision as to whether we should outsource the production of a product, do we take all of the product costs into consideration or do we make adjustment based on the type of cost behaviors? Please give examples.
Which of the following represents the cost of jobs completed but not yet sold? O a. Raw Materials Inventory O b. Cost of Goods Sold O c. Work in Process Inventory O d. Finished Goods Inventory O e. None of the given answer is correct
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 6,000 units, 25% completed Direct materials, 141,000 units @ $2.1 Direct labor 15,300 To Finished Goods, 138,000 units 296,100 194,700 75,765 ? Factory overhead Bal. 2 units, 65% completed Determine the following: a. The number of units in work in process inventory at the end of the period. units b. Equivalent units of production for direct materials and conversion. If an amount box does not require an entry, leave it blank. Work in Process-Assembly Department Equivalent Units of Production for Direct Materials and Conversion Costs Fquivalent
Provide answers to the following just-in-time costing questions. Just-in-Time Costing Question Just-in-Time Costing Answer When are the costs of products recorded? Which inventory accounts are used? Which accounts are used to record manufacturing costs?
Which of the following is a characteristic of a process cost accounting system? A. Material, Labor, and Overheads are accumulated by orders. B. Companies use this system if they process custom orders. C. Only Closing stock of work in process is restated in terms of completed units. D. Opening and Closing stock of work in process are related in terms of completed units.
When trying to identify product and period costs, is cash, work inprocess, and raw materials inventory considered to be period or product costs?
What is the effect on the cost of goods sold and net operating income, if the cost of factoryoverhead applied are greater than the cost actual factory overhead?
Just-in-time manufacturing is a system based on purchasing inventory and then producing finished products only when needed for an order. + TRUE FALSE
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Q1. An activity that provides financial and economic information to managers and other internal decision- makers of an organization is called Answer: A. Financial Accounting B. Managerial Accounting C. Auditing D. Cost Accounting Q2. The three basic elements of a cost of a manufactured product are Answer: A. Direct material, Work-in –Process inventory, Finished goods inventory B. Indirect material, indirect labor, Manufacturing overhead C. Direct Material, Direct Labor, Manufacturing overhead D. Raw material inventory, Work-in-Process inventory, Finished goods inventory Q3. The source document for recording the transfer of raw materials to work in process account. Answer: A. Predetermined MOH rate B. Time ticket C. Material requisition slip D. Job cost sheet
Which of the following is correct with respect to closing out overapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? The balance in the Work-in-Process account after allocation will be higher if the overapplied overhead is closed out by allocating it to all appropriate accounts. a. b. None of given answer is correct. С. Cost of Goods Sold will be lower if the overapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods Sold. d. Operating income will be higher if all of the overapplied overhead is closed out to Cost of Goods Sold. e. The balance in the Work-in-Process account after allocation will be the same under either method. Clear my choice
39) As soon as products are Materials Inventory to Finished-Goods Inventory. completed, their product costs are transferred from Raw