Meyers Corporation had the following inventory balances at thebeginning and end of November:November 1 November 30Raw Materials$ 24,000Finished Goods$66,000$ 18,000$ 45,000Work in Process $9,000$ 15,000During November, $51,000 in raw materials (all direct materials)were drawn from inventory and used in production. Thecompany's predetermined overhead rate was $6 per direct labor-hour, and it paid its direct labor workers $9 per hour. A total of300 hours of direct labor time had been expended on the jobs inthe beginning Work in Process inventory account. The endingWork in Process inventory account contained $6,000 of directmaterials cost. The Corporation incurred $36,000 of actualmanufacturing overhead cost during the month and applied$33,000 in manufacturing overhead cost.The actual direct labor-hours worked during November totaled:(Round your answers to the nearest dollar.)- 3,667 hours- 5,500 hours- 4,000 hours- 6,000 hours

The question asks to calculate the actual direct labor-hours worked during November for Meyers…

Answered: Meyers Corporation had the following…

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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The raw materials purchased during May totaled:
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During the year, a company purchased raw materials of $77,319, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Ending $17,433 $16,428 Raw materials inventory Work in process inventory 241,437 234,422 Finished goods inventory 312,844 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production Cost of goods manufactured Cost of goods sold Beginning $
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 217,000 Purchases of raw materials $ 265,000 Direct labor ? Administrative expenses $ 155,000 Manufacturing overhead applied to work in process $ 371,000 Actual manufacturing overhead cost $ 352,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 50,000 $ 35,000 Work in process ? $ 28,000 Finished goods $ 32,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $32,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint:…
During March, the following costs were charged to the manufacturing department: $15,480 for materials; $14,900 for labor; and $13,900 for manufacturing overhead. The records show that 31,000 units were completed and transferred, while 3,400 remained in ending inventory. There were 34,400 equivalent units of material and 32,360 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory? When required, round cost per unit to two decimal places and the final answers to the nearest dollar. Cost of inventory transferred $fill in the blank 1 Balance in work in process $fill in the blank 2
COGM?
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 140,000 Purchases of raw materials $ 290,000 Direct labor ? Administrative expenses $ 100,000 Manufacturing overhead applied to work in process $ 285,000 Actual manufacturing overhead cost $ 270,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 40,000 $ 10,000 Work in process ? $ 35,000 Finished goods $ 50,000 ? The total manufacturing costs added to production for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint:…
Dullea Corporation reported the following data for the month of May: Inventories Beginning Ending Raw materials $21,000 $21,000 Work in process $21,000 $14,000 Finished goods $27,000 $56,000 Additional information: Sales $290,000 Raw materials purchases $76,000 Direct labor cost $45,000 Manufacturing overhead cost $76,000 Selling expense $28,000 Administrative expense $42,000 The net operating income for May was: $125,000 $55,000 $45,000 $99,000 Show work and calculation
Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows: Beginning work in process, 12,000 units, 60% completed $62,400 From Department A, 55,000 units started this period Direct materials added 115,500 Direct labor incurred 384,915 Factory overhead incurred 138,000 During March, all direct materials were transferred in from Department A; the units in process at March 1 were completed and transferred to finished goods; and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Stevens uses the first-in, first-out cost flow method. Prepare a cost of production report for March. If required, round your cost per equivalent unit amounts to four decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter "0" as answer. Stevens CompanyCost of Production Report—Department BFor the Month Ended March 31…
The accountant at Roland Industries provides you with the following information for the first quarter: Direct labor costs $ 232,000 Direct materials inventory, January 1 23,700 Direct materials inventory, March 31 20,100 Direct materials purchased during the quarter 301,500 Finished goods inventory, January 1 64,000 Finished goods inventory, March 31 83,400 Manufacturing overhead for the quarter 323,000 Work-in-process inventory, January 1 14,700 Work-in-process inventory, March 31 11,900 Required: a. Compute the following. Total prime cost Total conversion cost Total manufaturing costs Cost of goods manufatured Cost of goods sold

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