Problem 3 (10 marks) Sapir Manufacturing Company has the following data at June 30, 2012: Inventories: Raw materials inventory June 30 $25,000 June 1 $30,000 Work in process inventory Finished goods inventory 84,000 75,000 23,000 20,000 Other information for June: Total manufacturing costs Manufacturing overhead Direct labour incurred Sales $754,000 72,000 342,000 990,000 Instructions a. Prepare a schedule of cost of goods manufactured for the month (7 marks) (754,000+71,000/341,000) 1168,000 (990,000+25,000+ 84,000+23,000) 25 29,000+754,000-20,0 744000 1,127,000 1,168,000-472,000 754709 ,000 759,000+342,000 72,000+75,000-890 COGM-1164,000 Lost or goods manufactured- 46000 b. Calculate the COGS (3 marks) 20,000+1,164,000-7 SE

Problem 3 (10 marks) Sapir Manufacturing Company has the following data at June 30, 2012: Inventories: Raw materials inventory June 30 $25,000 June 1 $30,000 Work in process inventory Finished goods inventory 84,000 75,000 23,000 20,000 Other information for June: Total manufacturing costs Manufacturing overhead Direct labour incurred Sales $754,000 72,000 342,000 990,000 Instructions a. Prepare a schedule of cost of goods manufactured for the month (7 marks) (754,000+71,000/341,000) 1168,000 (990,000+25,000+ 84,000+23,000) 25 29,000+754,000-20,0 744000 1,127,000 1,168,000-472,000 754709 ,000 759,000+342,000 72,000+75,000-890 COGM-1164,000 Lost or goods manufactured- 46000 b. Calculate the COGS (3 marks) 20,000+1,164,000-7 SE

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PA: During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of...

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Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
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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: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000
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: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
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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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
Work−in−Process Inventory has a debit balance of $82,000 and Manufacturing Overhead has a debit balance of $18,000. If an additional $52,000 of direct labor and $4,000 of indirect labor are incurred during production, what is the balance of Manufacturing Overhead? A. $22,000 B. $30,000 C. $134,000 D. $14,000
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answer letter a to e.