Questions 12 through 14 are based on the following information JG Summit Holdings Company employs normal costing for its production. The following provided during the current year: Net purchases of raw materials during the year Total labor costs during the year Depreciation of factory assets during the year P1,000,000 1,600,000 200,000 Utilities on the factory during the year Beginning 400,000 1,000,000 1,200,000 600,000 Ending Raw Materials Work in Process Inventory Finished Goods Inventory 600,000 400,000 600,000. The entity uses single account for its direct materials and indirect materials. Indirect materia one-fourth of the total raw materials used. The indirect labor is 1/8 of the total labor cost. The overhead application rate is 80% of direct labor cost. Any over or under application of factory overhead is closed to cost of goods sold.

Questions 12 through 14 are based on the following information JG Summit Holdings Company employs normal costing for its production. The following provided during the current year: Net purchases of raw materials during the year Total labor costs during the year Depreciation of factory assets during the year P1,000,000 1,600,000 200,000 Utilities on the factory during the year Beginning 400,000 1,000,000 1,200,000 600,000 Ending Raw Materials Work in Process Inventory Finished Goods Inventory 600,000 400,000 600,000. The entity uses single account for its direct materials and indirect materials. Indirect materia one-fourth of the total raw materials used. The indirect labor is 1/8 of the total labor cost. The overhead application rate is 80% of direct labor cost. Any over or under application of factory overhead is closed to cost of goods sold.

Name: 13. What is the cost of goods manufactured?а. 3,120,000b. 3,720,000с.
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: 13. What is the cost of goods manufactured?а. 3,120,000b. 3,720,000с. 3,880,000d. 4,080,000 Questions 12 through 14 are based on the following informationJG Summit Holdings Company employs normal costing for its production. The following data arepro

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Presented below are certain operating data for the four departments of Tally Manufacturing Company. Service Production 1 2 1 2 Total manufacturing overhead costs either identifiable with or allocated to each department $72,000 $86,400 $108,000 $117,600 Square feet of factory floor space 48,000 96,000 Number of factory workers 110 70 Planned direct labor hours for the year 24,000 36,000 Allocate, to the two production departments, the costs of service departments 1 and 2, using factory floor space and number of workers, respectively, as bases. Do not round bases when calculating reallocations of service departments. Production 1 2 Identifiable and allocated overhead Answer Answer Reallocation of service departments: Dept. 1 Factory floor space Answer Answer Dept. 2 Number of factory workers Answer Answer Total manufacturing overhead Answer Answer What is the apparent…
The following costs were incurred by a manufacturing company: Materials used in product Depreciation on plant Property taxes on plant Labour costs of assembly-line workers Factory supplies used Advertising expense Factory insurance Factory supervisor's salary $121,800 Calculate cost of goods manufactured. 6,500 910 150,500 3,050 4,700 21,450 50,750 Work in process inventory was $5,100 at January 1 and $6,200 at December
Transaction: Applied fixed manufacturing overhead to work in process inventory using the fixed portion of the predetermined overhead rate multiplied by the number of direct labor hours allowed so manufacture 125,000 units. Actual fixed manufacturing overhead costs for the year were $2,450,000. Of this total $1,300,000 related to items such as insurance, utilities and salaried indirect laborers that were all paid in cash and $1,150,000 related to depreciation of equipment. Required: Prepare a journal entry Fixed MFG Overhead Standard Hours: 2 hours Standard Price: $2 Standard Cost $4 Calculate the fixed overhead variances
Use the cost information below for ABC Corporation to find the cost of goods manufactured (COGM) for the current year: Direct materials used Direct labor Total factory overhead Work in process inventory, beginning Work in process inventory, ending Multiple Choice $24,500. $15,200. $18,400. $19,300. $ 6,600 8,600 6,700 4,600 7,200
Use the following data to determine the cost of goods manufactured: Beginning finished goods inventory $ 12,500 Direct labor used 32,300 Beginning work in process inventory 8,900 General and administrative expenses 15,200 Direct materials used 42,200 Ending work in process inventory 10,700 Indirect labor 8,000 Ending finished goods inventory 11,200 Indirect materials 15,200 Depreciation—factory equipment 9,200
The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includes direct material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 8. Cost of Goods Manufactured wasa. P636.b. P716.c. P736.d. P766.
Problem 1-7. Jansport Manufacturing Company currently uses normal costing method in accumulating the cost of production. The following data were provided for the current year: Factory Labor: Total Factory payroll Raw Materials: P2,700,000 Inventory, Jan 1 450,000
Your answer is incorrect. Concord Company reported the following year-end information: Beginning work in process inventory $41000 Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead 23000 O $933000 $892000 $931000 $890000 43000 21000 560000 210000 120000 How much is Concord's total cost of work in process for the year?
Prepare a schedule of cost of goods manufactured based on the following information: Direct materials purchased $ 12,000 18,000 3,000 2,000 14,000 13,500 27,000 4,000 2,000 5,500 2,000 1,000 6,000 4,000 Direct labor Direct materials inventory, beginning Direct materials inventory, ending Work-in-process, beginning Work-in-process, ending Factory depreciation Indirect materials Factory utilities Indirect factory labor Factory maintenance Factory insurance Finished goods inventory, beginning Finished goods inventory, ending
Don't give answer in image format
20
Please do not give solution in image format thanku