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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The following information applies to Swifty Corporation: Beginning Inventory Ending Inventory Units produced Direct labor per unit Direct materials per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit Variable operating expenses per unit Fixed operating expenses 0 Units O $55. O $87. O $45. O $58. 4160 units 41600 units $23 $16 $6 $13 $10 $80600 Using absorption costing, how much will the per unit product cost be?
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ON 62 | 6:45 If the net sales 159 150 ID, -1 beginning finished goods inventory 16 500 ID ,Cost of goods manufactured 121 050 ID , ending finished goods inventory 900O ID, the gross profit .(.. . are 60 600 90 600 30 600 O If the prime cost 70 700 ID ,- 2 manufacturing overhead 12 000 ID, beginning work inproces inventory 4 000 ID ,ending work inproces inventory 6 00O ID ,the cost of goods * . . .) manufactured are 80 700 ID. O 100 700 ID. 60 700 ID.
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
1. Answer the following questions by analysing the T-accounts given below, www Materials Inventory Work in Process Inventory $ 18,000 360,000 Ending balance $ 14,000 Beg. balance Beg. balance $ 20,000 230,000 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $225,000 $ 98,000 $230,000 Ending balance $ 5,000 Beg. balance Ending balance $110,000 Manufacturing Overhead Cost of Goods Sold $400,000 $400,000 a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead…
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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