Pharoah Company reported the following amounts for 2022:Raw materials purchased$92,960Beginning Raw Materials Inventory 5,824Ending Raw Materials Inventory5,040Calculate the cost of materials used in production.Cost of materials used $Ending Work in Process InventoryManufacturing overhead costs appliedBeginning Work in Process Inventory$7,05640,3206,832

The materials available for use are calculated as the sum of beginning inventory and materials…

Pharoah Company reported the following amounts for 2022: Raw materials purchased Beginning Raw Materials Inventory Ending Raw Materials Inventory $92,960 Ending Work in Process Inventory 5,824 Manufacturing overhead costs applied 5,040 Beginning Work in Process Inventory Calculate the cost of materials used in production. Cost of materials used $7,056 40,320 6,832

Pharoah Company reported the following amounts for 2022: Raw materials purchased Beginning Raw Materials Inventory Ending Raw Materials Inventory $92,960 Ending Work in Process Inventory 5,824 Manufacturing overhead costs applied 5,040 Beginning Work in Process Inventory Calculate the cost of materials used in production. Cost of materials used $7,056 40,320 6,832

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Wayland Manufacturing uses a normal cost system and had the following data available for 2019: Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold $148,000 82,000 130,000 Compute the ending balance of finished goods inventory. 146,000 292,000 256,000 Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs 125 percent 26,000 64,000 58,000
Please help me
The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019: Beginning inventory (700 units, 40% complete) Direct materials $17,430 Conversion costs 47,652 Current period Direct materials (5,000 units) 210,000 Direct labor 357,600 Manufacturing overhead applied 226,800 Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out. Equivalent Units Where do the units come from? Where do the units go? % WorkDone? DirectMaterials % WorkDone? ConversionCosts Beginning Inventory Answer Complete/Transferred Answer Answer…
At May 31, 2022, the accounts of Sandhill Company show the following. 1. May 1 inventories-finished goods $15,080, work in process $17,560, and raw materials $9,760. May 31 inventories-finished goods $11,400, work in process $19,120, and raw materials $8,480. Debit postings to work in process were direct materials $74,920, direct labor $60,000, and manufacturing overhead applied $48,000. (Assume that overhead applied was equal to overhead incurred.) Sales revenue totaled $258,000. 2. 3. 4.
Ivanhoe Corporation has the following cost records for the year ended December 31, 2022: Indirect factory labour $5,090 Direct materials used 250,300 Work in process (1/1/2022) 31,900 Work in process (12/31/2022) 27,200 Finished goods (1/1/2022) 35,900 Finished goods (12/31/2022) 28,800 Factory utilities 41,500 Depreciation, factory equipment 34,300 Direct labour 301,600 Indirect materials 22,800 Factory manager's salary 63,700 Selling and administrative expenses 346,200 Net sales 1,232,000 Factory machinery rent 42,200 Prepare a cost of goods manufactured schedule for 2022. (Please note when entering manufacturing overhead costs, the items may be entered in any order.) IvanhoeCorporation Cost of Goods Manufactured $ $ SA $
SHAMROCK COMPANY Balance Sheet (Partial) For the Year Ended June 30, 2022 ASSETS $ $ $
Wildhorse Corporation has the following cost records for the year ended December 31, 2022: Indirect factory labour $5,360 Direct materials used 250,300 Work in process (1/1/2022) 31,800 Work in process (12/31/2022) 26,800 Finished goods (1/1/2022) 35,800 Finished goods (12/31/2022) 29,300 Factory utilities 41,300 Depreciation, factory equipment 34,400
1
Data for the cost of direct materials for the month ended March 31, 2022, are as follows: Raw materials inventory, March 1, 2022 Raw materials inventory, March 31, 2022 $94,240 86,800 During March, the company purchased $322,400 of raw materials on account from Blossom Company and $114.080 of raw materials for cash from Crane Company. In addition, $62,000 was paid on the Blossom account balance. (Assume all raw materials used were direct materials.) Compute the cost of direct materials used during March. Cost of direct materials used during March $
The following information was taken from the accounting records of the Brothers Company for the year ended 31/12/2020: Increase in Raw Material Inventory $ 30,000 Decrease in Finished Goods Inventory $ 70,000 Purchases of Raw Materials during the year $ 860,000| Direct Manufacturing Labor $ 400,000 Applied Manufacturing Overhead $ 600,000| Delivery expenses $ 90,000 Beginning and Ending Work In Process $0 What is the cost of goods manufactured for the year 2020? a. $ 1,890,000 O b. $ 1,800,000 c. $ 1,850,000 O d. $ 1,830,000
Presented below are incomplete 2022 manufacturing cost data for Sunland Corporation. Determine the missing amounts. Direct Total Work in Materials Direct Manufacturing Manufacturing Process Used Labor Overhead Costs (1/1) $35,720 $75,200 $45,120 $112,800 (b) $140,060 $49,820 $84,600 $274,480 2$ (c) $49,820 $109,040 $113,740 $272,600 $378,820
What is the amount of raw materials used?