Question: Slapshot Company makes ice hockey sticks. On June 1, Slapshot had $48,000 of materials in inventory. During the month of June, the company purchased $132,000 of materials. On June 30, materials inventory equaled $45,000. Required: Calculate the direct materials used in production for the month of June.
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- Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?Cost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold Bisby Company manufactures fishing rods. At the beginning of July, the following information was supplied by its accountant: During July, the direct labor cost was 43,500, raw materials purchases were 64,000, and the total overhead cost was 108,750. The inventories at the end of July were: Required: 1. What is the cost of the direct materials used in production during July? 2. What is the cost of goods manufactured for July? 3. What is the cost of goods sold for July?Direct Materials Used Hannah Banana Bakers makes chocolate chip cookies for cafe restaurants. In June, Hannah Banana purchased $27,000 of materials. On June 1, the materials inventory was $7,560. On June 30, $3,402 of materials remained in materials inventory. Required: 1. What is the cost of the direct materials used in production during June?$ 2. There is a difference between the cost of direct materials that were purchased during the month and the cost of direct materials that were used in production during the month. In this context which of the following is true.
- Refer to the information for Lauren Ashely Company above. Required: What was the cost of goods sold for September?A manufacturing company produces a product that requires two types of materials: material A and material B. The company uses the weighted-average method to calculate material costs. The following information is available for the month of February: Beginning inventory: • Material A: 200 units at Shs.5 per unit • Material B: 300 units at Shs.8 per unit Purchases during the month: • Material A: 1,000 units at Shs.6 per unit • Material B: 800 units at Shs.10 per unit Ending inventory: • Material A: 400 units • Material B: 500 units During the month, 1,200 units of the product were produced, and the total material cost was Shs.17,760. Required: What is the cost per unit for material A and material B? Show all workings.ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to Work In Process, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased $ 90,000 Indirect materials issued to production 30,000 Total materials issued to production 110,000 Beginning materials inventory 50,000 The amount of direct materials issued is: Multiple Choice $110,000. $30,000. $90,000. $80,000. $50,000.
- How much is the cost of goods manufactured?The following transactions were incurred by Mooney Fabricators during January, the first month of its fiscal year. (Click the icon to view the transactions.) Requirements 1. Record the proper journal entry for each transaction. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? Date TWIT b. $178,000 of materials was used in production; of this amount, $146,000 Journal Entry uyumiv era boln Accounts b. Work in Process Inventory Manufacturing Overhead Raw Materials Inventory Debit More info a. $205,000 of materials was purchased on account. b. $178,000 of materials was used in production; of this amount, $146,000 was used on specific jobs. C. Manufacturing labor and salaries for the month totaled $225,000. A total of $215,000 of manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. d. e. f. The company recorded $24,000 of depreciation on the plant and plant equipment. The…ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased $ 90,000 Indirect materials issued to production 30,000 Total materials issued to production 110,000 Beginning materials inventory 50,000 The credit to the materials inventory account for materials used is: Multiple Choice $110,000. $30,000. $80,000. $90,000. $50,000.
- Columbine Company makes artificial flowers and reports the following data for the month: Journalize the entries relating to materials and labor. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Purchases of materials, on account $48,000 Materials requisitions: Direct materials 39,500 Indirect materials 300 Labor incurred (not yet paid): Direct labor 27,600 Indirect labor 1,940The balance in Sedona Company’s raw materials inventory account was $10,000 at the beginning of September and $12,000 at the end of September. Raw materials purchased during the month totaled $95,000. Sedona used $15,000 in indirect materials for the month. Calculate the costs of Direct materials placed in production for the month of September. Group of answer choices $93,000 $97,000 $105,000 $78,000Puddleby Company had the following transactions in October: (Click the icon to view the transactions.) Prepare the journal entries for Puddleby Company. (Record debits first, then credits. Exclude explanations from any journal entries.) 1. Purchased raw materials on account, $75,000 Used materials in production: $28,000 in the Mixing Department; $7,000 in the Packaging 2. Department; $1,100 in indirect materials Incurred labor costs: $8,500 in the Mixing Department; $5,600 in the Packaging 3. Department; $2,400 in indirect labor Incurred manufacturing overhead costs: $5,500 in machinery depreciation; paid $3,000 for 4. rent and $1,750 for utilities 1. Purchased raw materials on account, $75,000 Date Accounts Debit Credit
