10. Ethel Company provided the following informationas of May 31, 2020SalesP900,000Finished goods inventory, May 31300,000Work in process inventory,May 31 350,000280,000200,000310,000250,000Raw materials inventory, May 31Finished goods inventory, May 1Work in process inventory,May 1Raw materials inventory, May 1Direct labor150,000110,000The average historical gross profit is 30% of salesFactory overheadHow much was thetotal raw materials purchased?

The total cost of all component parts currently in stock that have not yet been employed in…

Answered: of May 31, 2020 Sales P900,000 Finished…

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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Work in process inventory on December 31 of the current year is $44,000. Work in process inventory increased by 60% during the year. Cost of goods manufactured amounts to $275,000. The total manufacturing costs incurred in the current year are a.$302,000 b.$291,500 c.$275,750 d.$233,750
Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 75,000 55,000 100 % 50 % 100 % 30 % $59,400 $ 17,400 252, 000 272,000 $ 126, 990 $ 250, 905, Required: . Calculate the first production department's equivalent units of production for materials and conversion for May. 2. Compute the first production department's cost per equivalent unit for materials and conversion for May. 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for 4. Compute the first production department's cost of the units transferred to the next production department for materials, conve and in total for May. Complete this question by entering your answers…
Raw materials inventory, beginning$160Raw materials inventory, ending$280Work in process inventory, beginning $280Work in process inventory, ending $200Finished goods inventory, beginning$480 Finished goods inventory, ending$640Administrative expenses$600Direct labor $800Manufacturing overhead$ 920Purchases of raw materials$480Sales$3,960Selling expenses$560
Beginning work in process inventory Units started this period Total Completed and transferred out Ending work in process inventory Units 74,000 392,000 370,000 96,000 Direct Materials Percent Complete 80% 90% Conversion Percent Complete 201 Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method. Percent Complete 40% Equivalent units of production: Weighted average method Direct Materials Units EUP Conversion Percent Complete. EUP
ABC company accumulated the following cost in Department B During the Month of November: 田 Cost Transferred from Dept. A Material Total P 17,050 184.000 P 201,050 Conversion Costs P 5,450 104.000 P 109,450 P 22,500 322,000 P344,500 Beginning Inventory Current Period Cost Р 34.000 P 34,000 Production for November in Department B (in units): 2,000 60% complete 20,000 5,000 40% complete WIP-November 1 Complete period transferred WIP-November 30 Materials are not added in Department B until the very end of processing Department B. Required: Compute the value of ending WIP Using FIFO method:
Instructions Labels and Amount Descriptions Starting Question Instructions Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May. Rainier Company Yakima Company 2 Materials inventory, May 1 $281,120.00 $176,500.00 3 Materials inventory, May 31 (a) 177,500.00 4 Materials purchased 713,200.00 340,300.00 5 Cost of direct materials used in production 751,600.00 (a) 6 Direct labor 1,058,600.00 (b) 7 Factory overhead 328,000.00 179,200.00 8 Total manufacturing costs incurred during May (b) 1,034,000.00 9 Total manufacturing costs 2,678,800.00 1,477,500.00 10 Work in process inventory, May 1 540,600.00 443,500.00 11 Work in process inventory, May 31 451,000.00 (c) 12 Cost of goods manufactured (c) 1,028,000.00 13 Finished goods inventory, May 1 476,000.00 200,500.00 14 Finished goods inventory, May 31 495,600.00 (d) 15 Sales 4143 000.00. 1670.000.00. Previous neck My Work 5 more Check My Work uses…
Birect materials inventory at Beginning $9,000 Direct materials inventory at ending Work in process inventory at beginning $17,000 Work in process inventory at ending Finished goods inyentory at beginning Finished goods inventory at ending Total material purchased Depreciation for production $7,000 $31,000 $10,000 $15,000 50000 10000 direct labor costs 8000 5000 rent expense : The cost of goods manufactured for the year was
accounts
Inventory at 31st Dec 2020 Time left 1:- ut of Jan 2020 Raw Materials Inventory OMR 20,000 OMR 35,000 Work in Process Inventory OMR 15,000 OMR 18,000 Finished Goods Inventory OMR 30,000 OMR 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 80,000 Manufacturing overhead Actual OMR 85,000 Indirect materials OMR Compute the adjusted cost of goods sold.
Beginning Raw Materials Inventory: 45,000 Ending Raw Materials Inventory: 65,000 Raw Materials Used: 90,000 What would be the materials purchased for the period? You can use your BASE Accounts if that helps.
18. Finished Goods inventory, March 31 1. 20 Summarized data for jobs worked on during О а. Р7000 COSTS INCURRED O b. P7,500 JOBS January February March Ос. Р5,500 A P5,000 O d. P3,000 B 3,000 2,500 19. Cost of Goods Sold for January D 1,500 4,000 E 3,500 O a. P7,000 F 5,800 6.500 O ь. Р7,500 G 9,600 3,800 O. P20,000 Ос. H 4,500 4,200 O d. P10,500 3,000 7,000 20. Cost of Goods Sold for February Jobs Completed Jobs Sold О а. Рб,500 January AB C A. C O b. P7,500 February DE В Е BE O. P20.000 March GH J GH O d. P7,000

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of May 31, 2020 Sales P900,000 Finished goods inventory, May 31 Work in process inventory,May 31 Raw materials inventory, May 31 Finished goods inventory, May 1 Work in process inventory,May 1 Raw materials inventory, May 1 150,000 300,000 350,000 280,000 200,000 310,000 250,000 Direct labor