Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory 30,000 | (a) (b) 33,000 (c) | (d) 8,000 15,300 Bal. 8,000 Bal. 9,300 Bal. 1,000 Accumulated Depreciation Accounts Payable Wages Payable 13,000 30,000 (e) Manufacturing Overhead Cost of Goods Sold 3,000 15,300 (g) 2,200 | (f) 2,900 13,000 Bal. Bal. 34,900 Determine the missing amounts. (Assume all beginning balances are $0 and that material costs are recorded before labor costs.)

Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory 30,000 | (a) (b) 33,000 (c) | (d) 8,000 15,300 Bal. 8,000 Bal. 9,300 Bal. 1,000 Accumulated Depreciation Accounts Payable Wages Payable 13,000 30,000 (e) Manufacturing Overhead Cost of Goods Sold 3,000 15,300 (g) 2,200 | (f) 2,900 13,000 Bal. Bal. 34,900 Determine the missing amounts. (Assume all beginning balances are $0 and that material costs are recorded before labor costs.)

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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A debit to Raw Materials Inventory $20,0 None of the above X Company applies overhead on the basis of 80% of direct labor cost. Job No.105 is charged with $100,000 of direct materials costs and $128,000 of manufacturing overhead costs. The total manufacturing costs for Job No.105 is * $330,400. $388,000. $228,000. None of the above Raw materials requisitioned by production for job No.106 consist of Direct Matorial-17000
Raw materials Beginning inventory $344 Purchases 1,533 Materials available for use Ending inventory 322 Materials used in production $ Work in process inventory Beginning inventory $934 Materials used in production Direct labor 1,536 Overhead applied Manufacturing costs incurred $22,457 Ending inventory 936 Cost of goods manufactured $ Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale $25,016 Ending inventory Cost of goods sold $21,801
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The correct answer is: $121,550 The following activities took place in the WIP inventory during February: WIP Inventory A/C $15,000 To Finished Goods Feb 1 Bal Direct Materials Used 120,000 Direct Labour Incurred ? Manufacturing Overhead ? Applied Additional information: Indirect material issued to production was: $20,000 Manufacturing Labour Costs incurred.. Manufacturing Overhead Rate... Actual Manufacturing Overhead Costs for Feb............ $162,500 (75% represents direct labour) 120% of direct labour cost $130,000 Two jobs were completed with total costs of $120,000 & $85,000 respectively. They were sold on account at a mark-up of 50% on cost. The journal entry to show sale revenue earned from the two completed jobs: Select one: a. DR Accounts Receivable $410,000 and CR Sales Revenue $410,000✔ b. DR Accounts Receivable $205,000 and CR Sales Revenue $205,000 C. DR Sales Revenue $205,000 and CR Accounts Receivable $205,000 d. DR Sales Revenue $410,000 and CR Accounts Receivable…
QUESTION 2 Deja Brew Company reported the following for the most recently completed fiscal year: Work-in-Process Inventory. Beginning Work-in-Process Inventory, Ending Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Raw Materials Purchased $63,500 $109,600 58,200 Direct Labor 180,800 Manufacturing Overhead Cost of Goods Manufactured 36,600 95,900 34,500 391,200 Calculate cost of goods sold for the year.
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ACCT 102 - Subparts d e f
Units in beginning inventory 0 Units produced 18,000 Units sold 15,000 Units in ending inventory 3,000 Variable costs per unit: Direct materials $ 270 Direct labor $ 380 Variable manufacturing overhead $ 48 Variable selling and administrative $ 21 Fixed costs: Fixed manufacturing overhead $ 650,000 Fixed selling and administrative $ 480,000 1.Absorption costing unit product cost: 2.Variable costing unit product cost:
D Question 11 A company had a beginning work in process (WIP) inventory balance of $32.900. During the year, $55,100 of direct materials was placed into production Direct labor was $64,400, and Indirect labor was $19,900. Manufacturing overhead is allocated at 140% of direct labor costs. Actual manufacturing overhead was $86,500, and Cost of Goods Manufactured totaled $225,400. What is the ending work in process inventory balance? # $90.160 O $17.160. O $13.500 Ⓒ$187.4460