Oakridge Manufacturing Co. reports the following information for 2018: • . • • • Cost of Goods Manufactured (COGM): $92,000 Direct Materials Used: $36,000 Direct Labor Incurred: $30,000 Work in Process Inventory on Jan 1, 2018: $18,000 Factory Overhead is 65% of the cost of direct labor What is the Work in Process (WIP) inventory on Dec 31, 2018?

Oakridge Manufacturing Co. reports the following information for 2018: • . • • • Cost of Goods Manufactured (COGM): $92,000 Direct Materials Used: $36,000 Direct Labor Incurred: $30,000 Work in Process Inventory on Jan 1, 2018: $18,000 Factory Overhead is 65% of the cost of direct labor What is the Work in Process (WIP) inventory on Dec 31, 2018?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PB: During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of...

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Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
During the year, a company purchased raw materials of $77,321, 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: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
What is the dollar amount of Total Cost of Work In Process for the year ended December 31, 2020? Raw Material Information: Beginning Inventory $0 Ending Inventory 2,000 Purchases during the year 60,000 Work in Process Information: Beginning Inventory Ending Inventory 4,000 Direct Labor during the year 80,000 Manufacturing Overhead during the year 500,000
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The following data were taken from the records of Best Company: 08/31/2021 09/30/2021 Inventories: Raw materials Work in process Finished goods P ? 80,000 60,000 P50,000 95,000 78,000 Raw materials purchases, P46,000. Factory overhead, 75% of direct labor cost, P63,000. Selling and administrative expenses, 12.5% of sales, P25,000. Net income for September, 2021, P25.000. What is the cost of raw materials inventory on August 31, 2021? P30,000 P40,000 P46,000 P50,000
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Raw materials Work in process Finished goods Ending $9,880 $15,510 Beginning 5,790 9,760 9,050 6,530 Costs incurred: raw materials purchases $57,720, direct labor $51,130, manufacturing overhead $23,970. The specific overhead costs were: indirect labor $7,090, factory insurance $4,160, machinery depreciation $4,900, machinery repairs $2,450, factory utilities. $3,570, and miscellaneous factory costs $1,800. Assume that all raw materials used were direct materials. ROBERTS COMPANY Cost of Goods Manufactured Schedule ROBERTS COMPANY (Partial) Balance Sheet
Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials inventory $20,000 $ 80,000 Work in process inventory 30,000 50,000 Finished goods inventory 40,000 70,000 During 2020, 1) $70,000 of raw materials was purchased. 2) Incurred direct labor costs amounted to $120,000. 3) Applied manufacturing overhead was $180,000. Instructions: (a) Please calculate the direct raw materials was used during 2020.
A
Pluto Manufacturing reported the following: • • Direct labor: $7,500 Direct materials used: $3,000 Manufacturing overhead: $950 Cost of goods manufactured: $22,000 Ending work-in-process inventory: $2,200 What is the beginning work-in-process inventory?
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An analysis of the accounts of Marin Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventory Raw materials Work in process Finished goods Beginning Ending $9,800 $14,380 7,550 9.000 (a) 5,300 9,800 Costs incurred: raw materials purchases $57,500, direct labor $49,300, manufacturing overhead $22,160. The specific overhead costs were: indirect labor $5,700, factory insurance $4,500, machinery depreciation $4,500, machinery repairs $2,090, factory utilities $3,780, and miscellaneous factory costs $1,590. (Assume that all raw materials used were direct materials.) Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. MARIN COMPANY Cost of Goods Manufactured Schedule UIL JUI