Question: 7 Marks Question:Consider the following information: direct materials usedtotaled $124,700; direct labor amounted to $412,000; overheadwas computed to be $789,600; Work in Process Inventory onMarch 1, 2014, was $482,500; and Work in Process Inventoryon March 31, 2014, was $597,100. What was the cost of goodsmanufactured?

Explanation of Direct Materials UsedDirect materials used refer to the raw materials that are…

Answered: Question: Consider the following…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

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What was the cost of goods m?
Question: Consider the following information: direct materials used totaled $124,700; direct labor amounted to $412,000; overhead was computed to be $789,600; Work in Process Inventory on March 1, 2014, was $482,500; and Work in Process Inventory on March 31, 2014, was $597,100. What was the cost of goods manufactured?
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Consider the following information: direct materials used totaled $124,700; direct labor amounted to $412,000; overhead was computed to be $789,600; Work in Process Inventory on March 1, 2014, was $482,500; and Work in Process Inventory on March 31, 2014, was $597,100. What was the cost of goods manufactured? a. $1,211,700 b. $729,200 c. $1,440,900 The cost of goods sold for Frye Manufacturing in the year was $373,000. The January 1 Finished Goods Inventory balance was $30,200, and the December 31 Finished Goods Inventory balance was $24,000. Calculate the cost of goods manufactured during the year. A. $397,000 B. $54,200 C. $366,800 D. $6,200
Shades of the Caribbean design and manufacture sun-glasses for the tourism sector. The accounting records of the business reflect the following data at June 30, 2018: Inventory 1/7/2017 30/6/2018 Raw Materials $230,000 $260,000 Factory Supplies $35,000 $24,000 Work in Progress $358,000 $213,000 Finished Goods $975,400 $585,000 Other information: Sales Revenue Factory Supplies Purchased Direct Factory Labor Raw Materials Purchased Plant janitorial service Depreciation: Plant & Equipment Total Utilities ¹ Production Supervisor's Salary Hiring of Specialized Manufacturing Equipment Insurance on Plant & Equipment Delivery Vehicle Drivers' Wages Depreciation: Delivery Vehicle Property Taxes ² Administrative Wages & Salaries Advertising Expenses $5,675,000 64,000 792,000 560,000 37,000 186,000 481,250 450,000 68,000 112,000 189,000 53,850 240,000 850,750 1% of Sales Revenue ¹ Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2 The…
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $266,060 Work in process 478,910 Finished goods 460,280 $324,590 441,440 451,180 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory $220,400 31,160 41,870 499,870 16,550 58,430 490,130 171,060 13,630 28,240 23,050 2,294,850 281,740 11,360 7,140
The following selected information pertains to ABC Processing Company; Direct materials, P62,500; indirect materials, P14,500; factory payroll, P75,000 of direct labor payroll and P11,250 of indirect labor; and other factory overhead incurred, P37,500. What is the total conversion cost?
What would be the amount debited to the work in process inventory on these general accounting question?
Sterling's records show the work in process inventory had a beginning balance of $2,978 and an ending balance of $3,706. How much direct labor was incurred if the records also show: • Materials used $2,285 • Overhead applied $1,377 • Cost of goods manufactured $6,587 E noileeu PAntaubol medmua
Prepare a schedule of the cost of goods manufactured Schedule for October 2022. Prepare a correct income statement for October 2022. (Enter negative amounts using either a negative sign preceding the number e.g.−45or parentheses e.g. (45).)
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1. Calculate for the inventory of materials, December 31. 2. Calculate for the total or over-all manufacturing cost. 3. Calculate for the cost of goods manufactured. 4. Calculate for the total cost of goods sold. 5. Calculate for the work in process inventory, December 31. 6. Calculate for the finished goods inventory, December 31. 7. Calculate for the gross profit/loss for the year.

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