Raw material purchases Depreciation on manufacturing equipment Sales commissions $54,000 3,000 20,000 36,000 3,500 Production supervisor's salary Shipping costs on units sold Materials used in production Goods completed Cost of units sold $ 20,000 43,500 83,500 115,000 150,000 Factory labor Property tax on manufacturing equipment Assume the beginning raw materials inventory was $62,800, the beginning finished goods inventory was $118,400, and there was no beginning work-in-process inventory.

Raw material purchases Depreciation on manufacturing equipment Sales commissions $54,000 3,000 20,000 36,000 3,500 Production supervisor's salary Shipping costs on units sold Materials used in production Goods completed Cost of units sold $ 20,000 43,500 83,500 115,000 150,000 Factory labor Property tax on manufacturing equipment Assume the beginning raw materials inventory was $62,800, the beginning finished goods inventory was $118,400, and there was no beginning work-in-process inventory.

Name: Fujita Company produces a single product. Costs accu mulated at the en
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Description: Fujita Company produces a single product. Costs accu mulated at the end of the period are as follows:Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process and Finished Goods. Raw material purchas

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Fujita Company produces a single product. Costs accu mulated at the end of the period are as follows:

Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process and Finished Goods.

Raw material purchases
Depreciation on manufacturing equipment
Sales commissions
$54,000
3,000
20,000
36,000
3,500
Production supervisor's salary
Shipping costs on units sold
Materials used in production
Goods completed
Cost of units sold
$ 20,000
43,500
83,500
115,000
150,000
Factory labor
Property tax on manufacturing equipment
Assume the beginning raw materials inventory was $62,800, the beginning finished goods inventory was $118,400,
and there was no beginning work-in-process inventory.

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A manufacturer reports the information below. Finished goods inventory, beginning Finished goods inventory, ending Depreciation on factory equipment Direct labor Indirect labor Factory utilities Selling expenses Direct materials used Indirect materials used Office rent expense Work in process inventory, beginning Work in process inventory, ending Complete this question by entering your answers in the tabs below. Required A Required B Compute cost of goods sold for the period. Goods available for sale Cost of goods sold $ 8,200 9,140 4,800 84,000 36,700 3,200 750 55,900 700 1,200 1,600 2,400 $ 0
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Using the following terms and following the format in the textbook, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Units
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Justine Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $17,000 and an ending balance of $12,000. During the year, the company purchased $55,000 of direct materials. Direct labor for the year totaled $121,000, while manufacturing overhead amounted to $151,000. The Work in Process Inventory account had a beginning balance of $22,000 and an ending balance of $21,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) ~
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