Muscat Corporation has the following cost records for January 2019. Indirect factory labor 14,300 Factory utilities 10,100 Raw materials purchases 152,500 Factory repairs 12,600 Raw materials inventory 1/1/2019 16,700 Depreciation, factory equipment 9,440 Raw materials inventory, 1/31/19 22,800 Direct labor 175,600 Work in process, 1/1/2019 18,400 Factory insurance 8,360 Work in process, 1/31/19 25,200 Advertising costs 5,000 Finished goods, 1/1/19 5,000 Sales commissions 3,500 Finished goods, 1/31/19 7,500 Cost of shipping 2,500 What is the cost of goods manufacturing for 2019:

Muscat Corporation has the following cost records for January 2019. Indirect factory labor 14,300 Factory utilities 10,100 Raw materials purchases 152,500 Factory repairs 12,600 Raw materials inventory 1/1/2019 16,700 Depreciation, factory equipment 9,440 Raw materials inventory, 1/31/19 22,800 Direct labor 175,600 Work in process, 1/1/2019 18,400 Factory insurance 8,360 Work in process, 1/31/19 25,200 Advertising costs 5,000 Finished goods, 1/1/19 5,000 Sales commissions 3,500 Finished goods, 1/31/19 7,500 Cost of shipping 2,500 What is the cost of goods manufacturing for 2019:

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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Duqm Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2019, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods sold is: Select one: a. 1,610,000 b. None of the answers are correct O c. 1,872,000 O d. 1,864,000 e. 1,684,000
These data relates to Judy Company’s July 2020 operations: Materials, beginning P 7,000 Materials, Ending P9,000 WIP, Beginning 7,500 WIP, Ending 3,500 Finished Goods, beg. 10,000 Finished Goods, End. 12,000 Materials used 46,800 Direct Expenses 400 Selling and general expenses 6,700 Direct Labor 8,000 Factory overhead is applied at the rate of 80% of direct labor cost. Required: Compute for the following (Show your solution) : 1. Cost of materials purchased 2. Cost of goods manufactured 3. Cost of goods sold and 4. Conversion Cost
Yamishi Production had the following inventories for the first quarter of 2022: MaterialsWork in process Finished goods Beginning $606,600 312,100 416,100 Ending $522,100 280,800 540,200 Purchases of materials during the quarter were $427,800. Total direct labor costs were incurred in the amount of $1,482,000. Actual overhead costs were incurred as follows: operating supplies used, $17,100; janitorial and maintenance, $87,300; employee benefits, $26,400; utilities, $162,000; depreciation of factory, $43,200; property taxes, $24,000; factory insurance, $29,000. Net sales for the quarter were $3,562,200. Selling and administrative expenses were $508,000. Income taxes should be computed at 40 percent. Calculate cost of goods manufactured. 6. Company produces small boats. Each boat uses 2 sheets of direct materials at $3 a sheet, it takes 2 hours to finish one boat and hourly rate is $5, factory utilities and supervision cost $6 per boat and variable cost amounts to $2 per direct labor…
Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance1 60,000 Depreciation on delivery truck 7,250 Utilities2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Comm ission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…
The Wooden Chair Group has the following sales and cost data for the year ending 2019: Raw Materials Inventory, beginning Raw Materials Inventory, ending 5,000 6,000 Work in Process Inventory, beginning Work in Process Inventory, ending 11,000 10,000 Finished Goods Inventory, beginning Finished Goods Inventory, ending 5,000 8,000 Selling and administrative expenses Materials Purchased - Lumber Materials Purchased Screws and Glue 19,000 13,000 3,000 Wages - Direct Assembly Workers Wages - Factory Supervisor Wages - Factory Janitor 25,000 3,000 2,000 Sales 220,000 Factory Depreciation 25,000 Factory Utilities Maintenance of Factory 2,000 4,000 Insurance for Factory 1,000 Using the next two pages prepare: 1. A cost of goods manufactured statement 2. An income Statement Sheet2 Sheet3 Sheet1 +. dy
The cost of raw materials purchases for 2019 is?
Monty Corporation has the following cost records for June 2022. Indirect factory labor $4,500 Factory utilities $390 Direct materials used 19,600 Depreciation, factory equipment 1,370 Work in process, 6/1/22 2,940 Direct labor 39,200 Work in process, 6/30/22 3,720 Maintenance, factory equipment 1,760 Finished goods, 6/1/22 Finished goods, 6/30/22 4,900 Indirect materials 2,250 7,350 Factory manager's salary 2,940 (a) Prepare a cost of goods manufactured schedule for June 2022. MONTY CORPORATION Cost of Goods Manufactured Schedule For the Month Ended June 30, 2022 > > > $ $ $ $
From the account balances listed below, prepare a schedule of cost of goods manufactured for Crane Manufacturing Company for the month ended December 31, 2022. (Assume all raw materials used were direct materials.) Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and Allowances Indirect Labor Account Balances $52,920 15,120 22,680 15,120 18,900 17,640 10,080 44,100 132,300 31,500 7,560 88,200 23,940 6,300 26,460
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
Bidiyah Sugar Factory had the following data: Jan. 1, 2020 Dec. 31, 2020 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2020, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods sold is: Select one: O a. None of the answers are correct O b. 1,684,000 O c. 1,610,000 O d. 1,872,000 e. 1,864,000