Complete the information in the cost computations shown here:Raw materialsBeginning inventory$344Purchases1,532Materials available for useEnding inventory323Materials used in production $Work in process inventoryBeginning inventory$934Materials used in productionDirect labor1,537Overhead appliedManufacturing costs incurred$22,468Ending inventory937Cost of goods manufactured $Finished goods inventoryBeginning inventoryCost of goods manufacturedGoods available for sale$25,029Ending inventoryCost of goods sold$21,814

Answered: ormatior Raw materials Beginning…

ormatior Raw materials Beginning inventory $344 Purchases 1,532 Materials available for use $4 Ending inventory 323 Materials used in production $

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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Question

Complete the information in the cost computations shown here:
Raw materials
Beginning inventory
$344
Purchases
1,532
Materials available for use
Ending inventory
323
Materials used in production $
Work in process inventory
Beginning inventory
$934
Materials used in production
Direct labor
1,537
Overhead applied
Manufacturing costs incurred
$22,468
Ending inventory
937
Cost of goods manufactured $
Finished goods inventory
Beginning inventory
Cost of goods manufactured
Goods available for sale
$25,029
Ending inventory
Cost of goods sold
$21,814

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Equivalent Units and Product Cost Report-Weighted Average Method In its first month's operations, Allred Company's Department 1 incurred charges of $ 360,000 for direct materials (15,000 units), $99,000 for direct labor, and $ 174,000 for manufacturing overhead. At month - end, 13, 200 units had been finished and transferred out. The remaining units were finished with respect to material but only 25% complete with respect to conversion costs. Assuming Allred uses the weighted average method and that materials are added at the beginning of the process and conversion costs occur evenly, compute the following: The equivalent units of materials and conversion costs. The cost per equivalent unit of materials and conversion costs. The total cost assigned to the units transferred out. The total cost assigned to the ending inventory. Prove that your solutions to requirements (c) and (d) sum to the total costs to be accounted for. Round average cost per equivalent unit to two decimal places, if…
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Question 8
1
Hendrix & Franks Co. had the following beginning and ending inventory balances for the current year ended December 31: January 1 December 31 Materials $11,000 $ 8,800 Work in Process 19,800 18,700 Finished Goods 23,100 18,150 In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Hendrix & Franks Co. sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the operating income (loss) for the year?
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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
Multiple Choice $47,700 $67,030 $81,030$61,700
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
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