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…
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Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 68,000 37,000 23,500 0 9,000 3,000 Credit These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: BERGO BAY COMPANY List of Account Balances December 31 $ 10,800 13,800 30,000 93,000 175,900 113,000 25,000 45,000 $ 323,500 $ 323,500 $ 4,700 direct materials to Job 402 $ 7,300 direct materials to Job 404 Debit $ 1,500 indirect materials $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 3.…