Raw materials inventoryWork in process inventory-CuttingWork in process inventory-StitchingFinished goods inventoryBeginningInventory$ 96,000223,500EndingInventory$ 116,35060,500243,300200,100150,50044,250The following additional information describes the company's production activities for May.Direct materialsRaw materials purchased on creditDirect materials used-CuttingDirect materials used-StitchingDirect laborDirect labor-CuttingDirect labor-StitchingFactory Overhead (Actual costs)Indirect materials usedIndirect labor usedOther overhead costsFactory Overhead RatesCuttingStitchingSales$ 115,00026,250$ 24,60098,400$ 68,40058,60065,000(150% of direct materials used)(120% of direct labor used)$ 976,000RequirementGeneralJournalGeneralLedgerTrial BalanceRawMaterialsCost ofGoods MfgCuttingCost ofGoods MfgStitchingCost ofGoods SoldGross ProfitVerify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign.Beginning Raw Materials Inventory$96,000Materials available for useEnding raw material inventory$0

Raw material:The input material or inventory that is used for the manufacturing of final good is…

Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $ 96,000 223,500 243,300 200,100 $ 116,350 60,500 150,500 44,250 The following additional information describes the company's production activiti Direct materials Raw materials purchased on credit Direct materials used-Cutting $ 115,000 26,250

Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $ 96,000 223,500 243,300 200,100 $ 116,350 60,500 150,500 44,250 The following additional information describes the company's production activiti Direct materials Raw materials purchased on credit Direct materials used-Cutting $ 115,000 26,250

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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Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
Materials Inventory Debit Ending Balance 38,200 Credit Work-in-Process Inventory Debit Beginning Credit Finished Goods Inventory Balance 22,100 Debit Credit (9/30) (9/1) Direct Labor Ending Balance 67,700 118,000 (9/30) Cost of Goods Sold Manufacturing Overhead Applied Debit Credit Debit Credit Manufacturing Overhead Control Debit Credit 129,570 Wages Payable Sales Revenue Debit Credit Debit Credit 479,500 Additional Data Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $76,500 were purchased during the month, and the balance in the Materials Inventory account increased by $5,700 • Overhead is applied at the rate of 210 percent of direct materials cost. The balance in the Finished Goods Inventory account decreased by $19,700 during the month before any proration of under- or overapplied overhead. • Total credits to the Wages Payable account amounted to $135,300 for direct and indirect labor. . Factory…
Question 1
the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory Beginning Inventory $ 6,000 43,500 63,300 20,100 The following additional information describes the company's production activities for May. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales View transaction list Journal entry worksheet < $ 256,000 Requirement General General Journal Ledger Raw Materials Prepare journal entries for the month of May's transactions. Note: Enter debits before credits. Dato May 31 Record entry $ 25,000 21,750 0 Trial Balance $ 15,600 62,400 (150% of direct…
accounts
1. Answer the following questions by analysing the T-accounts given below, www Materials Inventory Work in Process Inventory $ 18,000 360,000 Ending balance $ 14,000 Beg. balance Beg. balance $ 20,000 230,000 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $225,000 $ 98,000 $230,000 Ending balance $ 5,000 Beg. balance Ending balance $110,000 Manufacturing Overhead Cost of Goods Sold $400,000 $400,000 a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead…
Answer the following questions by analysing the T-accounts given below.
*need help with C please *
Answer the following questions by analysing the T-accounts given below.
Make an income statement
Work-in-Process Inventory—Cutting Balance, May 1 0 (a) Transfer out to Direct Materials 49,000 Direct Labor 9,000 Manufacturing Overhead 33,000 Balance, May 31 6,000 Work-in-Process Inventory—Finishing Balance, May 1 17,000 80,000 Transfer out to Transfer in from (b) Direct Materials 26,000 Direct Labor (c) Manufacturing Overhead 16,000 Balance, May 31 67,000 Work-in-Process Inventory—Packaging Balance, May 1 6,000 (d) Transfer out to Transfer in from (e) Direct Materials 6,000 Direct Labor 13,000 Manufacturing Overhead 14,000 Balance, May 31 19,000 Finished Goods Inventory Balance, May 1 0 (f) Transfer out to Transfer in from (g)…
Answer the following questions by analysing the T-accounts given below.