Muscat company has provided the following data for the month in January. Direct labor $900 Raw materials, Beginning $1,500 Raw materials, Purchase $800 Raw materials, Ending $900 WIP, Beginning $1,000 WIP, Ending $2,800 Applied MOH $7,000 Actual MOH $6,500 The cost of goods manufactured for January was a. $9,350 b. $13,100 c. $7,000 d. $7,500

Muscat company has provided the following data for the month in January. Direct labor $900 Raw materials, Beginning $1,500 Raw materials, Purchase $800 Raw materials, Ending $900 WIP, Beginning $1,000 WIP, Ending $2,800 Applied MOH $7,000 Actual MOH $6,500 The cost of goods manufactured for January was a. $9,350 b. $13,100 c. $7,000 d. $7,500

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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A manufactured product has the following information for June. Standard Actual Direct materials 5 lbs. @ $8 per lb. 41,000 lbs. @ $8.10 per lb. Direct labor 2 hrs. @ $15 per hr. 15,900 hrs. @ $15.40 per hr. Overhead 2 hrs. @ $12 per hr. $ 201,200 Units manufactured 8,100 (1) Compute the standard cost per unit.(2) Compute the total cost variance for June.
Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $200,000 and incurred direct labor cost of $150,000. Overhead totaled $375,000 for the month. Information on inventories was as follows: September 1 September 30 Materials $110,000 $120,000 Work in process $60,000 $90,000 Finished goods $75,000 $75,000 Required: 1. What was the cost of direct materials used in September ?$ 2. What was the total manufacturing cost in September ?$ 3. What was the cost of goods manufactured for September ?$ Check My Work
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some answers I am having trouble with if any of my answers are wrong could you help me correct them INSTRUCTIONS: The following are the actual numbers for January: Materials Purchased $5,000 of Materials Consumed 40% of those purchased materials Direct Labor Direct Labor was $6,240 Overhead Overhead was $2,800 Bark & Bath Grooming Statement of Cost of Services For the Month Ended January 31, xxxx Beginning Work in Process Inventory 0 Direct Materials: Materials - Beginning 0 Add: Purchases for month of January $ 5,000 Materials Available for Use 5,000 Deduct: Ending Materials 3,000 Materials Used $ 2,000 Direct Labor 6,240…
Cost of Goods Sold In September, Lauren Ashley Company purchased materials costing $210,000 and incurred direct labor cost of $140,000. Overhead totaled $375,000 for the month. Information on inventories was as follows: September 1 September 30 Materials $120,000 $130,000 Work in process 80,000 90,000 Finished goods 70,000 65,000 Required: What was the cost of goods sold for September?
Disc Golf manufacturer, Throw-it-Far Inc is working on completing their accounting information for August Inventories: August 1 August 31 Raw material $15,000 $18,000 Work in process 6,000 9,000 Finished goods 36,000 27,000 Additional information for December: Raw material purchased $42,000 Direct labor hours 5,000 Direct labor rate per hour 7.50 Overhead rate per direct labor hour 10.00 For December, Cost of Goods Manufactured was Group of answer choices a)$118,000. b)$109,000. c)$112,000. d)$117,500
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The following data pertains to Lam Company's manufacturing operations: Inventories 4/1 4/30 Direct Materials $ 18,000 $ 15,000 Work in Process 9,000 6,000 Finished Goods 27,000 36,000 Additional information for the month of April: Direct materials purchased $ 32,000 Direct labor 30,000 Direct labor rate per hour 10.00 Factor overhead incurred 40,000 Overhead is applied at $12 per direct labor hour. For the month of April, conversion cost incurred was: Multiple Choice $75,000. $66,000. $70,000. $39,000. None of these answers are correct.
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $15 per DLH 3 DLH @$13 per DLH Actual Results 62,100 pounds @ $8.10 per pound 26,000 hours @ $15.50 per hour $ 349,600 8,800 units Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH=Standard Hours AR = Actual Rate SR Standard Rate Actual Cost $ 0 $ 00 0 0 $ 0 Standard Cost