P1-5 The information below was taken from the records of Missouri Company for three consecutive months. Calculate the missing amounts to complete the table below: September P ? October November Total manufacturing cost P 360,000 P 370,000 Beginning work in process 80,000 140,000 Ending work in process 120,000 ? ? Cost of goods manufactured 380,000 430,000 Beginning finished goods 110,000 130,000 Ending finished goods Cost of goods sold 90,000 ? ? P 460,000

P1-5 The information below was taken from the records of Missouri Company for three consecutive months. Calculate the missing amounts to complete the table below: September P ? October November Total manufacturing cost P 360,000 P 370,000 Beginning work in process 80,000 140,000 Ending work in process 120,000 ? ? Cost of goods manufactured 380,000 430,000 Beginning finished goods 110,000 130,000 Ending finished goods Cost of goods sold 90,000 ? ? P 460,000

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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Borchardt Corporation has provided the following data concerning last month's operations. Direct materials Direct labor Manufacturing overhead applied to Work in Process Work in process inventory $169,000 O$235,000 How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured? $173,000 O$178.000 Beginning $ 66,000 hs $ 29,000 $ 58,000 $ 82,000 Ending $ 57,000
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At the beginning of the current year, Grant Company’s work in process inventory account had a balance of $30,000. During the year, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead for the year amounted to $90,000. Cost of goods manufactured is $230,000. The balance in work in process inventory on December 31 is a.$66,000 b.$24,000 c.$44,000 d.$36,000
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X Company reported the following year-end information: Beginning Raw Materials Inventory $60,000 Ending Raw Materials Inventory 90,000 Beginning Work in Process Inventory 113,000 Ending Work in Process Inventory 180,000 Raw Materials purchased 200,000 Direct Labor 210,000 Manufacturing Overhead 490,000 Selling and Administrative Expenses 157,000 Refer to the above, what was the cost of raw materials used? * $260,000 $170,000 $140,000 None of the above
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Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 Materials $240,000 $220,680 Work in process 498,170 583,300 Finished goods 669,950 703,870 Direct labor $4,000,000 Materials purchased during March 3,047,080 Factory overhead incurred during March: Indirect labor 365,710 Machinery depreciation 240,000 Heat, light, and power 200,000 Supplies 39,880 Property taxes 34,280 Miscellaneous costs 52,230 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Prepare a cost of goods manufactured statement for March. Round your answers to the nearest dollar. Johnstone Manufacturing Company Statement of Cost of…
Borchardt Corporation has provided the following data concerning last month’s operations. Direct materials $29,000 Direct labor $58,000 Manufacturing overhead applied to Work in Process $82,000 Beginning Ending Work in process inventory $66,000 $57,000 How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured? Multiple Choice A. $235,000 B. $178,000 C.$173,000 D. $169,000