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?
Q: Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $…
A: Material refers to the item that is important for the manufacturing of a product and without which…
Q: Materials purchases for the month were $4,000. The Materials Inventory account had a beginning…
A: Materials can be used for various purposes that can be either direct or indirect. Direct material…
Q: The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January…
A: The cost of goods manufactured includes the cost of goods that are finished during the period. The…
Q: The following balances are from the accounts of Tappan Parts: January 1 December 31 (Beginning)…
A: Cost of Goods Sold :— Cost of goods sold is the total amount your business paid as a cost directly…
Q: If beginning raw materials inventory was $16,198; raw materials purchases were $37,965; raw…
A: Raw material used = Beginning raw material inventory + Raw material purchases - Ending raw material…
Q: Home Hardware reported beginning inventory of 35 shovels, for a total cost of $175. The company had…
A: Journal Entry Worksheet: Date General Journal Debit Credit January 2 Accounts Receivable $90…
Q: The following information is available for the year ended December 31: Beginning raw materials…
A: Raw Material Consumed :— It means How much of Raw material Used in Manufacturing of Product During…
Q: The following data was taken from the general ledger and other records of Martinez Manufacturing Co.…
A: Cost of goods manufactured - The cost of Goods Manufactured is the total cost incurred for…
Q: Beginning raw materials inventory was OMR70,000. During the month, OMR175,000 of raw materials was…
A: The direct materials are those which are used in producing or manufacturing a product. Any cost of…
Q: The following data were taken from the records of Waterway Company for the fiscal year ended June…
A: Current Assets: Current assets comprise cash and cash equivalents, accounts receivable, stock…
Q: ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC…
A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
Q: Fortune Company had beginning raw materials inventory of $8,200. During the period, the company…
A: Raw Material used = Beginning Raw Material + Purchased - Ending Raw material
Q: If beginning raw materials inventory was $17,474; raw materials purchases were $39,810; raw…
A: Raw material used in the business means how much amount or value of raw materials has been used in…
Q: The balance in Sedona Company’s raw materials inventory account was $10,000 at the beginning of…
A: The objective of the question is to calculate the cost of direct materials placed in production for…
Q: The balance in the raw materials inventory account on may 30 was
A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…
Q: The following data were taken from the records of Clarkson Company for the fiscal year ended June…
A: The total cost of goods manufactured is the overall cost of converting work-in-process inventory…
Q: VanBuren Inc. had the following information about inventory balances for the year: Beginning…
A: The work in process inventory records the direct costs incurred for the production. The overhead…
Q: Dacosta Corporation had only one job in process on May 1. The job had been charged with $2,500 of…
A: As per the inventory equation, Opening stock + Purchases=closing stock + materials consumed
Q: The accounts of Melissa Manufacturing showed the following balances at the beginning of December:…
A: Work in process is the inventory which is in the progress. In other words, the inventory which is…
Q: The following balances are from the accounts of Tappan Parts:…
A: The total sum that the business entitles spent on expenses directly associated with the selling of…
Q: he following balances appear on the accounts of Greusel Fabrication: March 1 (Beginning) March 31…
A: The COGS statement is an important part of a company's income statement since it helps to compute…
Q: 3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory…
A: Periodic inventory system and perpetual inventory system are two types of inventory systems that are…
Q: ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC…
A: The material account is credited by the total material issued and total material issued includes…
Q: Azzarelli, Corp makes picture frames and reports the following for the month of May: Description…
A: Journal entries are the basic method for recording financial transactions in the books of accounts…
Q: ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC…
A: Direct material cost is the cost of raw material produced or purchased for producing the final…
Q: At the beginning of the year, Barrington Manufacturing had the following account balances:…
A: Cost accounting is one of the useful branch of accounting. Under this, different type of costs are…
Q: At the beginning of the year, Delight Company had 100 units in its inventory at $50 each. On January…
A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…
Q: The following information is available for ABC Company for the year ended December 31: Beginning raw…
A: Direct Materials - Direct Materials are the raw material inventory used in the company. It includes…
Q: Department B of SimTech Manufacturing Company presents the following production data for the month…
A: Equivalent units is effective number of completed units of a product that an entity theoretically…
Q: The debit to Work-in-Process Inventory account for materials is:
A: As mentioned in the question that ABC charges direct material to Work in process and indirectly…
Q: At the beginning of the year, Culver Ltd. had 860 units with a cost of $7 per unit in its beginning…
A: The objective of the question is to calculate the cost of goods sold (COGS) and ending inventory for…
Q: The ending materials inventory cost is:
A: Solution The material is the cost of materials used to manufacture a product. It is a part of…
Q: Using the information given, complete the following: a. Prepare the January income statement for…
A: The objective of the question is to prepare an income statement for Sorensen Manufacturing Company…
Q: Hendrix & Franks Company had the following beginning and ending inventory balances for the current…
A: Cost of Goods Sold -Cost of Goods Sold is a cost incurred to make the goods available to the…
Q: An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the…
A: The cost of goods manufactured indicates the total amount incurred to manufacture a product. It…
Q: The following information is from ABC Company's general ledger for the month of September: Beginning…
A: The cost of goods manufactured is the sum of the total costs incurred by a company during a specific…
Q: Prepare a a cost of goods manufactured and sold statement for Eagle Manufacturing Company for the…
A: The overall costs incurred by the business for the product supplied are known as the cost of goods…
Q: [The following information applies to the questions displayed below.] Use the following selected…
A: The cost of goods manufactured includes the cost of goods that are finished during the period. The…
Q: 3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending…
A: Raw material means the main item of input from which the finished goods has been produced. Raw…
Q: The accounts of Delphinia Dreams, Inc. showed the following balances at the beginning of October:…
A: The question is related to Process Costing. In the given question there will no change in the ending…
Q: Problem 1.a.: Computation of Direct Material Used.Akari Inc. provided the following information for…
A: The objective of the question is to calculate the amount of direct materials used during the current…
Q: Data for the cost of direct materials for the month ended March 31, 2022, are as follows: Raw…
A: Here, first of all, we need to determine the total cost of raw material purchase. the total cost of…
Q: An operation's Beginning Inventory for an accounting period equaled $15,000. Ending Inventory for…
A: TOTAL COSTTotal Cost is the cost incurred to manufacturing a product.Total Cost Includes Cost of Raw…
Q: The Gangloff plant purchased $352,000 of direct materials during April. Beginning direct materials…
A: Direct material inventory is inventory or materials that is used directly for production and…
Q: $89,000 and the manufacturing overhead cost allocated to Work in Process was $85,000. The adjusted…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: SurfsUp Specialty Products has the following inventory account balances and related manufacturing…
A: Direct labor incurred = Total manufacturing costs - Manufacturing overhead incurred - Raw materials…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…The following information was collected from Balatas Hercules' accounting records for the year that ends on December 31, 20XX: Jan/1/20XX 31/Dec/20XX Inventory of raw materials $98000 $84000 Inventory of products-in-process $56000 $97000 Finished product inventory $42000 $105000 Direct labor: $370000 Income taxes: $301700 Indirect labor: $235140 Sales commissions: $250000 Purchases of raw materials: $842350 Factory Utilities: $152000 Advertising expenses: $68000 Factory depreciation: $521400 Factory equipment maintenance: $70120 Balatas Hercules uses a normal costing system. In the current period, Overhead costs were applied to products at a rate of $3 for each $ loaded with direct labor. The data are presented for the purpose of calculating the following information: a) Statement of cost of production and sales for 20XX. b) Difference between the Real Overhead Costs and the applied Overhead Costs, determining if there is an under or overapplicationThe following information has been taken from the perpetual inventory system of Imperial Manufacturing Company for the month ended September 30: Purchases of direct materials $ 91,000 Direct materials used $ 71,600 Direct labor costs assigned to production $ 28,000 Manufacturing overhead costs incurred $ 49,500 Balances in inventory September 30 September 1 Materials $ ? $ 67,000 Work in Process $ 41,000 $ 54,500 Finished Goods $ 68,000 $ 73,000 The cost of finished goods manufactured in September is:
- Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?The journal entry to record $1,500 of direct labor and $250 of indirect labor incurred will include debit(s) to the ________. A. Work−in−Process Inventory account for $1,500 and Manufacturing Overhead account for $250 B. Manufacturing Overhead account for $1,750 C. Finished Goods Inventory account for $1,750 D. Work−in−Process Inventory account for $1,500 and Finished Goods Inventory account forThe T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500
- The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 24,500 Work-in-process inventory 32,800 29,100 Finished goods inventory 5,800 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement.Sims company reports beginning raw materials inventory of $900 and ending raw materials inventory of $1,100. Assume the company purchased $5,200 of raw materials and used $5,000 of raw materials during the year. Compute raw materials inventory turnover and the number of days' sales in raw materials inventory. Complete this question by entering your answers in the tabs below. Raw Materials Days Sales In Raw Materials Inventory Inventory turnover Compute the number of days' sales in raw materials inventory. Numerator: Days' Sales In Raw Materials Inventory. 1 Denominator: 1The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) $ 892 ($000) $ 964 1,510 444 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $2,896,000 and the cost of goods sold for the year was $3,078,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). Manufacturing costs: Direct materials: Materials available Direct materials used Total manufacturing costs Total costs of work-in-process 1,334 319 Cost of goods manufactured BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000)
- The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) $ 732 ($000) $804 1,174 1,350 159 284 Direct materials inventory Work-in-process inventory. Finished goods inventory Direct materials used during the year amount to $1,296,000 and the cost of goods sold for the year was $1,478,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory Purchases Materials available Direct materials used Total manufacturing costs Total costs of work-in-process BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000) Cost of goods manufactured $ 732During July 20X1, Kali Co. purchased and issued the following materials and supplies. Purchases Issues from Storeroom Materials $ 62,000 Direct materials $ 52,000 Manufacturing supplies 4,200 Manufacturing supplies 3,700 Required: Give the entry in general journal form to record the cost of the materials purchaseIn April, Holderness Incorporated, a merchandising company, had sales of $286,000, selling expenses of $20,500, and administrative expenses of $31,500. The cost of merchandise purchased during the month was $168,000. The beginning balance in the merchandise inventory account was $40,500 and the ending balance was $54,500 Required: Prepare a traditional format income statement for April. Holderness Incorporated For the month of April Traditional Format Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expense Administrative expense $ 20,500 31,500 5 286.000 154.000 132.000 52.000 $ 80,000 4