Problem 2-62 (Static) Cost Concepts (LO 2-1, 6) The accountant at Roland Industries provides you with the following information for the first quarter: Direct labor costs Direct materials inventory, January 1 Direct materials inventory, March 31 Direct materials purchased during the quarter Finished goods inventory, January 1 Finished goods inventory, March 31 Manufacturing overhead for the quarter Work-in-process inventory, January 1 Work-in-process inventory, March 31 Required: a. Compute the following. $ 202,000 20,700 17,100 271,500 61,000 80,400 293,000 11,700 8,900

Problem 2-62 (Static) Cost Concepts (LO 2-1, 6) The accountant at Roland Industries provides you with the following information for the first quarter: Direct labor costs Direct materials inventory, January 1 Direct materials inventory, March 31 Direct materials purchased during the quarter Finished goods inventory, January 1 Finished goods inventory, March 31 Manufacturing overhead for the quarter Work-in-process inventory, January 1 Work-in-process inventory, March 31 Required: a. Compute the following. $ 202,000 20,700 17,100 271,500 61,000 80,400 293,000 11,700 8,900

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 8P: OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending...

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OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. No indirect materials were used during the period. Other information pertaining to OReillys inventories and production for July is as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.
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Cost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold Bisby Company manufactures fishing rods. At the beginning of July, the following information was supplied by its accountant: During July, the direct labor cost was 43,500, raw materials purchases were 64,000, and the total overhead cost was 108,750. The inventories at the end of July were: Required: 1. What is the cost of the direct materials used in production during July? 2. What is the cost of goods manufactured for July? 3. What is the cost of goods sold for July?
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Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
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Problem 2. Statement of Costs of Goods Manufactured and Income statement. The following information are gathered from the accounting records of Genet Inc. for the current month: Inventory information Beginning balance $ Ending balance $ Raw materials inventory $46,800 $43,600 Work-in-Process inventory $33,400 $35,700 Finished goods inventory $42,500 $31,800 Other information $ Revenue $800,000 Purchase of raw materials $72,100 Indirect materials costs $5,600 Indirect labor costs $20,000 Office staff salaries $28,000 Office equipment depreciation $2,000 Factory machinery maintenance costs $5,000 Environmental compliance costs - factory $1,200 Direct labor - Wages of production line workers $32,000 Sales staff salaries $12,000 Advertising costs $8,000 Miscellaneous manufacturing overhead costs $11,000 Required: a.…