Required Information Exercise 3-31 Manufacturing Cost Flows (LO 3-2, 3-5, 3-6) [The following information applies to the questions displayed below.] Reimel Furniture Company, Inc., incurred the following costs during 20x2 Raw material used Direct labor During 20x2, manufacturing overhead of $180,000 was applied to production. Products costing $122,000 were finished, and products costing $132.000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods Exercise 3-31 Part 1 Beg. Bal Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2. Raw-Material Inventory End. Bal Beg. Bal End. Bal. Beg. Bal Beg. Bal End. Bal. $ 173,000 321,000 End. Bal $ 225,000 18,000 32,000 Wages Payable Finished-Goods Inventory Accounts Receivable Beg. Bal Direct material Direct labor Manufacturing overhead End. Bal. Beg. Bal. End. Bal. Beg. Bal End. Bal. Beg. Bal End. Bal. Work-In-Process Inventory Manufacturing Overhead Salee Revenue Cost of Goods Sold

Required Information Exercise 3-31 Manufacturing Cost Flows (LO 3-2, 3-5, 3-6) [The following information applies to the questions displayed below.] Reimel Furniture Company, Inc., incurred the following costs during 20x2 Raw material used Direct labor During 20x2, manufacturing overhead of $180,000 was applied to production. Products costing $122,000 were finished, and products costing $132.000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods Exercise 3-31 Part 1 Beg. Bal Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2. Raw-Material Inventory End. Bal Beg. Bal End. Bal. Beg. Bal Beg. Bal End. Bal. $ 173,000 321,000 End. Bal $ 225,000 18,000 32,000 Wages Payable Finished-Goods Inventory Accounts Receivable Beg. Bal Direct material Direct labor Manufacturing overhead End. Bal. Beg. Bal. End. Bal. Beg. Bal End. Bal. Beg. Bal End. Bal. Work-In-Process Inventory Manufacturing Overhead Salee Revenue Cost of Goods Sold

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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Presented below are certain operating data for the four departments of Tally Manufacturing Company. Service Production 1 2 1 2 Total manufacturing overhead costs either identifiable with or allocated to each department $72,000 $86,400 $108,000 $117,600 Square feet of factory floor space 48,000 96,000 Number of factory workers 110 70 Planned direct labor hours for the year 24,000 36,000 Allocate, to the two production departments, the costs of service departments 1 and 2, using factory floor space and number of workers, respectively, as bases. Do not round bases when calculating reallocations of service departments. Production 1 2 Identifiable and allocated overhead Answer Answer Reallocation of service departments: Dept. 1 Factory floor space Answer Answer Dept. 2 Number of factory workers Answer Answer Total manufacturing overhead Answer Answer What is the apparent…
Required information. Exercise 3-28 Cost Relationships; Normal Costing System (LO 3-2, 3-4, 3-6) [The following information applies to the questions displayed below.] McAllister, Inc., employs a normal costing system. The following information pertains to the year just ended. • Total manufacturing costs were $1,440,000. Cost of goods manufactured was $1,412,000. . . . . Applied manufacturing overhead was 20 percent of total manufacturing costs. Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on December 31. Exercise 3-28 Part 3 3. Compute the value of the company's work-in-process inventory on December 31. Work-in-process inventory on December 31
Ocess The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials placed in process at the beginning of production. Work In Process-Assembly Department Bal., 2,000 units, 25% completed 5,100 To Finished Goods, 46,000 units Direct materials, 47,000 units @ $1.7 79,900 Direct labor 126,400 Factory overhead 49,165 Bal., 2 units, 65% completed Cost per equivalent units of $1.70 for Direct Materials and $3.70 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 24 1. Cost of beginning work in process inventory completed this period %24 2. Cost of units transferred to finished goods during the period %24 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest $ cent.)
Subject: accounting
which of the following is not a COVID-19 tax relief provision available to a self-employed taxpayers?
Dog
Here are selected data for Ramalingagowda Company: Cost of goods manufactured $320,000 Work in process inventory, beginning 109,000 Work in process inventory, ending 104,000 Direct materials used 73,000 Manufacturing overhead is allocated at 50% of direct labor cost. What was the approximate amount of manufacturing overhead costs? Select one: a. $161,333 b. $80,667 c. $242,000 d. $78,000 e. $151,250
Given the following information, determine the cost of goods manufactured. Direct Labor Incurred $64,000 180,000 Manufacturing Overhead Incurred Direct Materials Used 155,000 197,000 98,000 220,500 110,000 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Work-in - Process Inventory, Jan. 1 Work-in - Process Inventory, Dec. 31 O A. $185,000 B. $509,500 OC. $289,000 O D. $399,000
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