PROBLEM 7 Miyose Corporation, a manufacturing company, has provided the following data for the month of June: Inventories: Raw materials. Finished goods Beginning Ending $23,000 $21,000 $32,000 $37,000 Raw materials purchased during June totaled $67,000 and the cost of goods manufactured totaled $124,000. Required: a. What was the cost of raw materials used in production during June? Show your work. b. What was the cost of goods sold for June? Show your work.

PROBLEM 7 Miyose Corporation, a manufacturing company, has provided the following data for the month of June: Inventories: Raw materials. Finished goods Beginning Ending $23,000 $21,000 $32,000 $37,000 Raw materials purchased during June totaled $67,000 and the cost of goods manufactured totaled $124,000. Required: a. What was the cost of raw materials used in production during June? Show your work. b. What was the cost of goods sold for June? Show your work.

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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#39 ASTON VILLA Publishing Company manufactures accounting books. For the year just ended, the Company reported the following amounts: What is the amount of cost of goods manufactured? What is the amount of cost of goods sold? What is the amount of cost of goods sold?
Question 2. A company's Department 2 costs for June were: Cost from Department 1 Cost added in Department 2: $20,000 Materials 43,415 Labor Factory overhead (FOH) 56,100 58,575 The quantity schedule shows 11,500 units were received during the month from Department 1; 7,000 units were transferred to finished goods; and 5,000 units in process at the end of June were 50% complete as to materials cost, 25% complete as to Labour cost, and 20% as MOH. Required: Prepare Cost of production report.
ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…
Question 2 In March, one of the processing departments at ABC Corporation had starting work in process inventory of Rs.25,000 and ending work in process inventory of Rs. 34,000. During March, Rs.290,000 of costs were added to production and the cost of units transferred out from the department was Rs.281,000. In the department's cost reconciliation report for March, the total cost to be accounted for under the weighted-average method would be:
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Chapter 18 The following events took place for Billy Adams Manufacturing Company during January, the first month of its operations as a producer of thermometers: a. Purchased $73,000 of materials. b. Used $53,000 of direct materials in production. c. Incurred $96,000 of direct labor wages. d. Incurred $115,000 of factory overhead. e. Transferred $201,000 of work in process to finished goods. f. Sold goods with a cost of $193,000. g. Earned revenues of $450,000. h. Incurred $75,000 of selling expense i. Incurred $41,500 of administrative expense. Using the above information, complete the following: a. Prepare the January income statement for Billy Adams Manufacturing Company. b. Determine the inventory balances at the end of the first month of operations.
Question 1 Zulfiqar Inc. has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work in Process Finished Goods Cost of Goods Sold Total Direct materials 4,020 12,810 22,890 39,720 Direct labor 4,760 17,080 30,520 52,360 Manufacturing overhead applied 3,220 7,130 12,650 23,000 Total 12,000 37,020 66,060 115,080 Manufacturing overhead for the month was underapplied by Rs. 4,000. The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. Calculate amount of work in process inventory at the end of September after allocation of any underapplied or overapplied manufacturing…
Question 1 Part I Advent Corporation has provided the following data for its activities for the month of May.Beginning Raw Materials Inventory $75,000Ending Raw Materials Inventory $45,000Purchases of Raw Materials $550,000Direct Labour Incurred $120,000Manufacturing Overheads Incurred $250,000Beginning Work in Process $60,000Ending Work in Process $140,000 Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May
Exercise 16.6 (Algo) Flow of Costs through Manufacturing Accounts (LO16-3, LO16-4, LO16-5) Lind Manufacturing had the following account balances as of January 1: $ 8,700 76,500 Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Manufacturing Overhead 53,000 During the month of January, all of the following occurred: 1. Direct labor costs were $48,000 for 1,800 hours worked. 2. Direct materials costing $29,000 and indirect materials costing $4,500 were purchased. 3. Sales commissions of $15.500 were earned by the sales force. 4. Direct materials of $21,000 were used in production. 5. Miscellaneous selling and administrative costs of $6,300 were incurred. 6. Factory supervisors earned salaries of $10,807. 7. Indirect labor costs for the month were $3,000. 8. Monthly depreciation on factory equipment was $4,500. 9. Monthly utilities expenses of $7,268 were incurred in the factory. 10. Completed units with manufacturing costs of $69,000 were transferred to…
estions | bartleby G How many units must be in... My Home CengageNOWv2| Online te.. eВook During March, the following costs were charged to the manufacturing department: $13,520 for materials; $14,700 for labor; and $14,100 for manufacturing overhead. The records show that 31,400 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,800 equivalent units of materíal and 32,360 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory? When required, round cost per unit to two decimal places and the final answers to the nearest dollar. Cost of inventory transferred $ %24 Balance in work in process
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