Product Cost FlowsComplete the following T-accounts: Materials Inventory 480 AnswerAnswer 18,120 250 Wages Payable 9,000 450 Finished Goods Inventory 1,500Answer Answer 1,200 Manufactured Overhead 75Answer Answer 18,000 4,500 0 Work in Process Inventory 1,500Answer Answer 9,000 Answer 500 Cost of Goods Sold Answer

Solution:- Preparation of T accounts as follows:- Working note:- (i)75 is a manufacturing overhead…

Answered: Product Cost Flows Complete the…

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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Adelphia Manufacturing issued $70,000 of direct materials and $9,000 of indirect materials for production. Which of the following journal entries would correctly record the transaction? O A. Work-in- Process Inventory Raw Materials Inventory B. Manufacturing Overhead Raw Materials Inventory OC. Work-in - Process Inventory Manufacturing Overhead Raw Materials Inventory D. Raw Materials Inventory Finished Goods Inventory Work-in - Process Inventory 79,000 79,000 70,000 9,000 79,000 79,000 79,000 79,000 70,000 9,000
Question Content Area Laramie Technologies has the following data: Work in process inventory, beginning $45,000 Work in process inventory, ending 32,000 Direct labor costs 56,000 Cost of materials used 50,000 Factory overhead 28,000 Determine the cost of goods manufactured.$fill in the blank 1
*need help with C please *
Make an income statement
Question 1 options: Answer the following two questions using the information below:Preston Manufacturing uses a normal cost system and had the following actual data available for 20X5:Ending direct materials inventory $10,000Beginning WIP inventory 64,000Beginning finished goods inventory 58,000Direct materials purchased on account $ 70,000Direct materials used or requisitioned 90,000Direct labor cost incurred 130,000Factory overhead incurred (actual) 190,000Overhead is applied at 150 percent (1.5) of direct-labor costCost of goods manufactured 405,000Cost of goods sold 460,000The beginning balance of direct materials inventory must be: (HINT: use T-Accounts to solve)(Include "$" and "," (commas) in your answers.The ending balance of work-in-process inventory (before closing the manufacturing overhead accounts) must be:…
Subject : Accounting
Give typing answer with explanation and conclusion nvex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material $6 Labor 4 Overhead 3 $13 Beginning inventory at these costs on July 1 was 6,100 units. From July 1 to December 1, Convex produced 17,000 units. These units had a material cost of $10 per unit. The costs for labor and overhead were the same. Convex uses FIFO inventory accounting. a. Assuming that Convex sold 19,000 units during the last six months of the year at $20 each, what would gross profit be? b. What is the value of ending inventory?
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