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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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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D Company reported the following information for the year: Ending work-in- process inventory P4,000 Beginning work-in-process inventory P3,000 Factory overhead P5,100 Direct labor cost P7,000 Direct materials used P5,000 Manufacturing costs added to work-in-process inventory were: P12,000 OP17,100 P16,100 OP13,600
Gulick Company developed the following data for the current year: Beginning Work in Process Inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs OB) $72,000. $240,000 Gulick Company's direct labor cost for the year is OA) $216,000. OC) $360,000. OD) $288,000. 144,000 288,000 216,000 264,000 720,000
What are the prime costs for the year?What are the prime costs for the year?
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