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

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 3E: Cost of materials issuances under the FIFO method An incomplete subsidiary ledger of materials...

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
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Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $ 56,000 143 500 163,300 40,100 Ending Inventory $ 67,150 110,500 91,500 28,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting $ 75,000 24,250 Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching $ 20,600 82,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 39,600 57,000 57,000 0 150% of direct materials used 120% of direct labor used $ 656,000 1 2 3 4 5 6 7 8 11 Record overhead applied at 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). Note: Enter debits before credits. Date General Journal Debit Credit May 31 Work in process inventory-Cutting Work in…
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…
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Cost of materials issuances under the FIFO methodAn incomplete subsidiary ledger of materials inventory for May is asfollow: a. Complete the materials issuances and balances for the materialssubsidiary ledger under FIFO.h. Determine the materials inventory balance at the end of May.c. Journalize the summary entry to transfer materials to work in process.d. Explain how the materials ledger might be used as an aid inmaintaining inventory quantities on hand.
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Requirements: 1. Compute the equivalent units for materials and conversion costs. 2. Compute the unit costs for materials and coversion costs. 3. Compute the cost of goods transfered out. 4. Compute the costs of the ending inventory.
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The journal entry to issue $700 of direct materials and $80 of indirect materials to production involves debit(s) to the O A. Manufacturing Overhead account for $780 OB. Work-in - Process Inventory account for $700 and Manufacturing Overhead account for $80 O C. Work-in - Process Inventory account for $780 O D. Work-in - Process Inventory account for $700 and Finished Goods Inventory account for $80
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 Factory overhead 37,000 Work in process inventory, March 1 7.000 Work in process inventory, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Sales and administrative expenses 79,000
McGown Corp has the following information: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows: Raw materials purchases Direct labor Manufacturing overhead applied Indirect materials. Beginning Ending Inventory Inventory (1/1) (12/31) $28,200 $30,900 $16,800 $ 23, 100 $30,300 $ 27,900 Multiple Choice Compute the direct materials used in production. $110,600 $30.900 $107, 900 $ 84,300 $ 85,100 $ 0 Prex