Santos Company is a manufacturing firm that has the following inventory balances: Raw materials Work-in-Process Finished goods $ 1/1/20x1 12/31/20x1 24,000 73,000 27,000 56,000 42,000 The following transactions were recorded for the year: a. Raw materials contain both direct and indirect materials. $416,000 raw materials were purchased. b. Direct material used in production, $370,000; indirect materials used, $40,000. ? c. The following employee costs were incurred: direct labor, $414,000; indirect labor, $60,000; and administrative salaries, $212,000. d. Selling costs, $140,000. e. Factory utility costs, $20,000. f. Depreciation for the year was $81,000 of which $73,000

Santos Company is a manufacturing firm that has the following inventory balances: Raw materials Work-in-Process Finished goods $ 1/1/20x1 12/31/20x1 24,000 73,000 27,000 56,000 42,000 The following transactions were recorded for the year: a. Raw materials contain both direct and indirect materials. $416,000 raw materials were purchased. b. Direct material used in production, $370,000; indirect materials used, $40,000. ? c. The following employee costs were incurred: direct labor, $414,000; indirect labor, $60,000; and administrative salaries, $212,000. d. Selling costs, $140,000. e. Factory utility costs, $20,000. f. Depreciation for the year was $81,000 of which $73,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 1E: Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs...

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During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
The balances in the perpetual inventory accounts of Anditon Manufacturing Corporation at the beginning and end of the current year are as follows: Inventory accounts: Materials Work in Process Finished Goods Inventory Account: Materials Inventory Direct Labor The total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activities are as follows: Manufacturing Overhead Work in Process Inventory Finished Goods Inventory End of Year $ 126,000 109,000 325,000 Beginning of Year $ 222,000 75,000 238,000 Required A Required B Debit Entries $ 2,410,000 1,189,000 893,600 ? ? Credit Entries Required: a. Using these data, compute direct materials purchased, direct materials used, payments of direct labor payrolls, direct labor cost assigned to production, total manufacturing costs charged to the work in process inventory account during the year, the cost of finished goods manufactured, cost of goods sold, the total amount to be classified as…
Ginobili Corp has the following information: Beginning Ending Inventory Inventory (1/1) (12/31) Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $ 21,507 $ 23,112 $ 13,945 $ 9,081 $ 19,802 $ 19,956 Additional information for the year is as follows: Raw materials purchases $ 56,338 $ 41,158 $ $ $ 46,601 2,394 $ Direct labor Manufacturing overhead applied Indirect materials Compute the cost of goods manufactured.
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Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetual inventory system. Purchased raw material on account, P56,700. b. Requisitioned raw materials for production as follows: а. Direct materials: 80 percent of purchases; Indirect materials: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500. Overhead incurred and paid for is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. f. С. d. е. Goods costing P97,600 were completed during the period. Goods costing P51,320 were sold on account. g.
Prepare the necessary journal entrles from the following Information for Welsh Company, which uses a perpetual Inventory system. Purchased raw material on account, P56,700. b. Requisitioned raw materials for production as follows: a. Direct materials: 80 percent of purchases: Indirect materials: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500. d. Overhead incurred and pald for is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. Goods costing P97,600 were completed during the period. Goods costing P51,320 were sold on account. C. e. f. g. What is the journal entry for transaction (c)? 45,600 a. Work In process Wages payable 45,600 b. 45,600 Wages expense Wages payable 45,600 Work in process inventory Wages expense Wages payable 33,100 12,500 45,600 Work in process inventory Manufacturing overhead Wages payable 33.100 12,500 d. 45-600
The comparative inventory data for SAN JOSE Manufacturing Corporation for the year ended December 31, 2014 is summarized below: January 1 P 55,000 December 31 P 53,000 Raw Materials inventory Work in process inventory Finished goods inventory 49,000 59,000 45,000 47,000 During the year 2014, the corporation completed, among others, the following transactions: Purchases, all on account, direct materials, P2,100,000; indirect materials, P400,000. The total materials requisitioned for use during the year included P360,000 for indirect materials. The payroll for the year was a follows: direct labor, P1,650,000, indirect labor, P550,000. The payroll was vouchered, and analysis disclosed the following details: w/H Tax a. b. C. d. Gross P 1,650,000 P80,000 Phil Health P 12,000 SS HDMF ECC Direct labor P 40,000 P 38,000 P 6,000 Indirect labor 550,000 40,000 12,500 3,000 12,000 1,500 e. Other manufacturing expenses vouchered amounted to P920,000, and depreciation charges were P450,000 on plant…
Anderson Corp. has the following information: Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Direct materials used Direct labor incurred Additional information for the year is as follows: Manufacturing overhead applied Cost of goods manufactured Compute the cost of goods sold. O $270,000 O $258,000 Beginning Inventory (1/1) $20,000 $16,000 $50,000 O $280,000 O $268,000 Ending Inventory (12/31) $30,000 $18,000 $40,000 $90,000 $75,000 $95,000 $258,000