Homework Help is Here – Start Your Trial Now!
Business
Accounting
Mon Inc. a manufacturer of jewellery reported the following last month Assembly line, jewellery manufacturing salaries Finished goods inventory, beginning Finished goods inventory, ending General & administrative expenses Indirect materials requisitioned to factory Production Supervisor, Salary Purchases of raw materials Raw materials inventory, ending Raw materials inventory, beginning Rent on production factory Rent, retail store Sales Utilities on manufacturing factory Utilities, retail store Wages, retail staff WIP inventory, beginning WIP inventory, ending Assume the Manufacturing Overhead is perfectly applied. Answer the following questions. NO COMMAS, NO S What is the cost of raw materials used in production? What is Direct Labour? What is Manufacturing Overhead? 18,000 17,000 20,000 22,000 17,500 21,000 28,000 19,000 18,000 19,000 18,000 200,000 17,500 17,000 20,000 18,500 21,500 What is the Total Manufacturing Costs?

Mon Inc. a manufacturer of jewellery reported the following last month Assembly line, jewellery manufacturing salaries Finished goods inventory, beginning Finished goods inventory, ending General & administrative expenses Indirect materials requisitioned to factory Production Supervisor, Salary Purchases of raw materials Raw materials inventory, ending Raw materials inventory, beginning Rent on production factory Rent, retail store Sales Utilities on manufacturing factory Utilities, retail store Wages, retail staff WIP inventory, beginning WIP inventory, ending Assume the Manufacturing Overhead is perfectly applied. Answer the following questions. NO COMMAS, NO S What is the cost of raw materials used in production? What is Direct Labour? What is Manufacturing Overhead? 18,000 17,000 20,000 22,000 17,500 21,000 28,000 19,000 18,000 19,000 18,000 200,000 17,500 17,000 20,000 18,500 21,500 What is the Total Manufacturing Costs?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
* Question Completion Status: Mon Inc. a manufacturer of jewellery reported the following last month Assembly line, jewellery manufacturing salaries Finished goods inventory, beginning Finished goods inventory, ending General & administrative expenses Indirect materials requisitioned to factory Production Supervisor, Salary Purchases of raw materials Raw materials inventory, ending Raw materials inventory, beginning Rent on production factory Rent, retail store Sales Utilities on manufacturing factory Utilities, retail store Wages, retail staff WIP inventory, beginning WIP inventory, ending Assume the Manufacturing Overhead is perfectly applied. Answer the following questions. NO COMMAS, NO $ What is the cost of raw materials used in production? What is Direct Labour? What is Manufacturing Overhead? What is the Total Manufacturing Costs? O What is the Cost of Goods Manufactured? Type here to search 18,000 17,000 20,000 22,000 17,500 21,000 28,000 19,000 18,000 19,000 18,000 200,000 17,500 17,000 20,000 18,500 21,500 O E E Сп N 00
Transcribed Image Text:* Question Completion Status: Mon Inc. a manufacturer of jewellery reported the following last month Assembly line, jewellery manufacturing salaries Finished goods inventory, beginning Finished goods inventory, ending General & administrative expenses Indirect materials requisitioned to factory Production Supervisor, Salary Purchases of raw materials Raw materials inventory, ending Raw materials inventory, beginning Rent on production factory Rent, retail store Sales Utilities on manufacturing factory Utilities, retail store Wages, retail staff WIP inventory, beginning WIP inventory, ending Assume the Manufacturing Overhead is perfectly applied. Answer the following questions. NO COMMAS, NO $ What is the cost of raw materials used in production? What is Direct Labour? What is Manufacturing Overhead? What is the Total Manufacturing Costs? O What is the Cost of Goods Manufactured? Type here to search 18,000 17,000 20,000 22,000 17,500 21,000 28,000 19,000 18,000 19,000 18,000 200,000 17,500 17,000 20,000 18,500 21,500 O E E Сп N 00
Remaining Time: 1 hour, 36 minutes, 35 seconds. * Question Completion Status: Rent on production factory Rent, retail store Sales Utilities on manufacturing factory Utilities, retail store Wages, retail staff WIP inventory, beginning WIP inventory, ending Assume the Manufacturing Overhead is perfectly applied. Answer the following questions. NO COMMAS, NO $ What is the cost of raw materials used in production? What is Direct Labour? What is Manufacturing Overhead? What is the Total Manufacturing Costs? What is the Cost of Goods Manufactured? What is the Cost of Goods Sold? What is Net Income? A Click Submit to complete this assessment. 19,000 18,000 200,000 17,500 17,000 20,000 18,500 21,500 Type here to search Th
Transcribed Image Text:Remaining Time: 1 hour, 36 minutes, 35 seconds. * Question Completion Status: Rent on production factory Rent, retail store Sales Utilities on manufacturing factory Utilities, retail store Wages, retail staff WIP inventory, beginning WIP inventory, ending Assume the Manufacturing Overhead is perfectly applied. Answer the following questions. NO COMMAS, NO $ What is the cost of raw materials used in production? What is Direct Labour? What is Manufacturing Overhead? What is the Total Manufacturing Costs? What is the Cost of Goods Manufactured? What is the Cost of Goods Sold? What is Net Income? A Click Submit to complete this assessment. 19,000 18,000 200,000 17,500 17,000 20,000 18,500 21,500 Type here to search Th
Expert Solution
Explanation -

The cost of goods manufactured is calculated as follows -

Total Manufacturing Cost = Direct Material + Direct Labor + Factory Overheads

Cost of Goods Manufactured = Total Manufacturing Cost + Work in Process, Beginning - Work in Process, Ending

 

Cost of Goods Sold is the cost incurred to sell the goods to the customer.

The cost of goods Sold is calculated as follows = Finished Goods Beginning + Cost of goods Manufactured - Finished Goods Ending.

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost Sheet
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS