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PB6. LO 4.5 During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overbead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: PAS. LO 4.5 Complete the information in the cost computations shown here: Raw Materials Work in Process Inventory $ 342 1.533 $ 93. Beginning inventory Purchases Materials available for use Ending inventory Materials used in production Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of Goods Manufactured Beginning Ending $ 17,432 53,721 132,432 1,53 Raw materials inventory Work in process inventory Finished goods inventory $ 15,394 57,304 120,432 321 22,44 93 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Finished Goods Inventory Beginning inventory Cost of Goods Manufactured Goods Available for Sale Ending inventory Answer Raw Materials $25,002 Beginning inventory Purchases Cost of Goods Sold 21,788 Material available for use Ending inventory Materials used in production ANSWER Work in Process Inventory Raw Materials Beginning inventory Beginning inventory Materials used in production Рuchases Direct labor Material available for use Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Ending inventory Materials used in production Work in Process Inventory Beginning inventory Materials used in production Direct labor Overbead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished Goods Inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold Finished Goods Inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold

PB6. LO 4.5 During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overbead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: PAS. LO 4.5 Complete the information in the cost computations shown here: Raw Materials Work in Process Inventory $ 342 1.533 $ 93. Beginning inventory Purchases Materials available for use Ending inventory Materials used in production Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of Goods Manufactured Beginning Ending $ 17,432 53,721 132,432 1,53 Raw materials inventory Work in process inventory Finished goods inventory $ 15,394 57,304 120,432 321 22,44 93 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Finished Goods Inventory Beginning inventory Cost of Goods Manufactured Goods Available for Sale Ending inventory Answer Raw Materials $25,002 Beginning inventory Purchases Cost of Goods Sold 21,788 Material available for use Ending inventory Materials used in production ANSWER Work in Process Inventory Raw Materials Beginning inventory Beginning inventory Materials used in production Рuchases Direct labor Material available for use Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Ending inventory Materials used in production Work in Process Inventory Beginning inventory Materials used in production Direct labor Overbead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished Goods Inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold Finished Goods Inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold

FINANCIAL ACCOUNTING
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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PB6. LO 4.5 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: PAS. LO 4.5 Complete the information in the cost computations shown here: Raw Materials Work in Process Inventory $ 342 1,533 $ 932 Beginning inventory Purchases Beginning inventory Materials used in production Direct labor Overhead applied Beginning Ending 1,535 Raw materials inventory Work in process inventory Finished goods inventory $ 15,394 57,304 120,432 $ 17,432 53,721 132,432 Materials available for use Ending inventory Materials used in production 321 Manufacturing costs incurred Ending inventory Cost of Goods Manufactured 22,441 935 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Finished Goods Inventory Beginning inventory Cost of Goods Manufactured Goods Available for Sale Ending inventory Answer Raw Materials $25,002 Beginning inventory Рuchases Cost of Goods Sold 21,788 Material available for use Ending inventory Materials used in production ANSWER Work in Process Inventory Raw Materials Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Beginning inventory Purchases Material available for use Ending inventory Materials used in production Work in Process Inventory Beginning inventory Materials used in production Finished Goods Inventory Direct labor Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished Goods Inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold
Transcribed Image Text:PB6. LO 4.5 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: PAS. LO 4.5 Complete the information in the cost computations shown here: Raw Materials Work in Process Inventory $ 342 1,533 $ 932 Beginning inventory Purchases Beginning inventory Materials used in production Direct labor Overhead applied Beginning Ending 1,535 Raw materials inventory Work in process inventory Finished goods inventory $ 15,394 57,304 120,432 $ 17,432 53,721 132,432 Materials available for use Ending inventory Materials used in production 321 Manufacturing costs incurred Ending inventory Cost of Goods Manufactured 22,441 935 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Finished Goods Inventory Beginning inventory Cost of Goods Manufactured Goods Available for Sale Ending inventory Answer Raw Materials $25,002 Beginning inventory Рuchases Cost of Goods Sold 21,788 Material available for use Ending inventory Materials used in production ANSWER Work in Process Inventory Raw Materials Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Beginning inventory Purchases Material available for use Ending inventory Materials used in production Work in Process Inventory Beginning inventory Materials used in production Finished Goods Inventory Direct labor Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished Goods Inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold
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