Q12. Given the following information, answer the questions given below: Raw Materials Debit Credit Balance 1/1 Debits Balance 12/31 16,000 Credits 122,000 26,000 Manufacturing Overhead Debit Credit Debits 233,800 Credits Work in Process Debit Credit Balance 1/1 Direct materials 21,000 Credits 91,000 153.000 244.800 473,000 Direct labor Overhead Balance 12/31 Factory Wages Payable Debit Credit 9,500 182.000 4,500 Debits 187,000 Balance 1/1 Credits Balance 12/31 Finished Goods Debit Credit Balance 1/1 Debits Balance 12/31 41,000 Credits 61,500 Cost of Goods Sold Debit Credit Debits a. Cost of raw materials х1 b. Indirect materials Indirect labor cost x2 x3 C.

Q12. Given the following information, answer the questions given below: Raw Materials Debit Credit Balance 1/1 Debits Balance 12/31 16,000 Credits 122,000 26,000 Manufacturing Overhead Debit Credit Debits 233,800 Credits Work in Process Debit Credit Balance 1/1 Direct materials 21,000 Credits 91,000 153.000 244.800 473,000 Direct labor Overhead Balance 12/31 Factory Wages Payable Debit Credit 9,500 182.000 4,500 Debits 187,000 Balance 1/1 Credits Balance 12/31 Finished Goods Debit Credit Balance 1/1 Debits Balance 12/31 41,000 Credits 61,500 Cost of Goods Sold Debit Credit Debits a. Cost of raw materials х1 b. Indirect materials Indirect labor cost x2 x3 C.

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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am. 514.
#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?
5.Balmond Manufacturing Company uses the FIFO method of accounting for Raw Materials. Determine the amount charged to work in process for the quarter using the following information * 6.What is the balance of the Raw Materials accounts at the end of the quarter? *
The following accounts are from last year's books of Sharp Manufacturing: Raw Materials Work In Process Debit Credit Debit Credit Balance (a) 0 (b) 174,000 16,000 158,000 Balance e (f) 526,000 (b) 134,000 (c) 172,000 (e) 220,000 0 Finished Goods Manufacturing Overhead Debit Credit Debit Credit Balance (f) e (g) 526,000 46,000 480,000 (b) (c) 24,000 (e) 220,000 28,000 (d) 160,000 8,000 Cost of Goods Sold Debit Credit (g) 480,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of direct materials used for the year? Multiple Choice $174,000 $134,000 $158,000 $172,000 M
PB7. Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity base to allocate overhead: Raw materials purchased Raw materials, beginning inventory Raw materials, ending inventory Work in process, beginning inventory Work in process, ending inventory Estimated overhead $320,000 15,000 14,000 35,000 37,000 300,000 50,000 7,382 45,000 20,000 11,000 100,000 24,000 25,000 Depreciation of factory building Factory real estate taxes Factory utility expenses Indirect materials Indirect labor Direct labor cost Direct labor hours incurred Estimated direct labor hours Compute the cost of goods manufactured.
Selected T - accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance 1/1 33,000 Credits ? question mark Debits 156,000 Balance 12/31 43,000 Manufacturing Overhead Debit Credit Debits 186,200 Credits ? question mark Work in Process Debit Credit Balance 1/1 38,000 Credits 524,000 Direct materials 108,000 Direct labor 204,000 Overhead 214, 200 Balance 12/31 ? question mark Factory Wages Payable Debit Credit Debits 221,000 Balance 1/1 18,000 Credits 216,000 Balance 12/31 13,000 Finished Goods Debit Credit Balance 1/1 58,000 Credits ? question mark Debits? question mark Balance 12/31 87,000 Cost of Goods Sold Debit Credit Debits? question mark Required: What was the cost of raw materials used in production? How much of the materials in (1) above consisted of indirect materials? How much of the factory labor cost is indirect labor? What was the cost of goods manufactured? What was the unadjusted cost of goods sold? Do not include any…
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…
Q5-32 The following T account balances are taken from Forester Corp. Manufacturing Overhead 395,000 Finished Goods 55,000 Required: Prepare the journal entry to allocate the under or over applied MOH Round your answer to the nearest dollar 400,000 Work in Process Cost of Goods Sold 35,000 550,000
The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit Beginning Balance 4,800 5,000 Credit 8,600 Work in Process Debit Credit Beginning Balance 3,900 22,000 6,000 8,300 8,100 Finished Goods Debit Credit Beginning Balance 2,000 22,000 20,200 Manufacturing Overhead Debit 2,600 3,300 3,000 Wages & Salaries Payable Credit 8,100 Debit Credit 20,200 Beginning Balance 2,300 11,600 Cost of Goods Sold Debit Credit 20,200 The direct labor cost was: Multiple Choice $11,300 O $12,500 $8,300 $20,200
am.101.
According to the information given in the table below, which of the following is Cost of Production? Raw materials consumed 135000 Direct labor 87000 Factory overhead 60 % of purchases Administrative expenses 28500 Purchases 120000 Select one: a. 294000 b. 335000 c. 367300 d. 322500
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