Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 7,100 Apr. 30 Goods finished X 30 Direct materials 63,000 30 Direct labor 192,400 30 Factory overhead 57,720 Finished Goods Apr. 1 Balance 12,700 30 Goods finished 303,900 What was the balance of Work in Process as of April 30? a.$12,700 b.$16,320 c.$57,720 d.$303,900
Q: Equivalent Units of Production The following information concerns production in the Baking…
A: To determine the number of units in work in process inventory at August 31, we need to consider the…
Q: Lise the cost information below for Sundar Company to determine the cont of goods manufactured…
A: Cost of goods manufactured = Beginning work in process + Total manufacturing costs - Ending work in…
Q: ote: Assume all raw materials were used as direct materials. Beginning of Year End of Year…
A: The manufacturing costs comprise direct materials, direct labior and factory overhead costs. The…
Q: Assume the following information from a schedule of cost of goods manufactured: Cost of goods…
A: Cost of goods manufactured means the amount of cost incurred on the making of the goods. It include…
Q: Complete the missing amounts and labels in the T-accounts. Work-in-Process Inventory--Cutting…
A: Journal entries becomes the base for the purpose of preparation of the T- Accounts i.e. Ledger…
Q: Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in…
A: The gross profit is calculated as the difference between the sales and cost of goods sold. The…
Q: Purchases of raw materials $ 32,000 Indirect materials used in production $ 4,840 Direct labor $…
A: Total manufacturing cost :— It is the sum of direct material used in production, direct labor cost…
Q: 300 31 Factory overhead X
A: The manufacturing overhead rate is the standard amount of factory overhead cost attributed to each…
Q: Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 254,090…
A: Work in process in an inventory that is being processed in the production process of the company.
Q: 1 7. Raw Materials Inventory 50,000 8,700 Work in Process Inventory 29,500 88,500 132,750 49,750…
A: Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance…
A: Balance of work in progress as on 30 April is calculated as: Opening balance + direct material+…
Q: Job No. 92 Date Beg. bal. Jan. 1 8 12 25 27 Direct Materials Cost of completed job: Direct materials…
A: Inventory includes all the items, merchandise, and raw materials that are used by the business…
Q: Selected accounts with some amounts omitted are as follows: Work in Process Aug. 1 Balance…
A: The objective of the question is to find the amount debited to Work in Process for direct materials…
Q: Current Attempt in Progress Logan's Enterprises reported the following data for May. Beginning…
A: A cost sheet is a method of allocating total costs into different categories. It helps to identify…
Q: Chapters Beginning WIP Direct materials Direct labor Applied overhead The Work in Process Inventory…
A: In manufacturing process, goods from various stages transfers to another stages. In this process…
Q: Selected accounts with some amounts omitted are as follows: Work in Process Oct. 1 Balance…
A: The objective of the question is to find the amount of factory overhead applied in October. This can…
Q: un.3 The following information pertains to Flaxman Manufacturing Company for April. Assume actual…
A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…
Q: Selected accounts with some amounts omitted are as follows Work in Process Aug. 1 Balance…
A: Overhead cost: The costs other than the direct costs such as insurance, interest, repairs, taxes…
Q: Using the information below for Laurels Company; determine the cost of goods manufactured during the…
A: Cost of goods manufactured is the amount of money incurred on the making of the goods. It include…
Q: Selected accounts with some amounts omitted are as follows Work in Process
A: The total cost of production of a good comprises of the total fixed cost of production and the total…
Q: From March Direct Materials Direct Labor Applied overhead Beginning goods in process For April…
A: Overhead Applied :— Applied overhead is a type of direct overhead expense that is recorded under the…
Q: Lisa earns a bonus set at 5% of her product line's actual operating income. How much is she…
A: Unavoidable fixed costs are those fixed nature costs which can not be changed or can not be avoided.…
Q: Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 268,080…
A: Overhead applied =37100 x 30%=$11130 Total manufacturing cost =$195330 +$ 215360 -$268080=$142610
Q: Selected accounts with some amounts omitted are as follows Work in Process Aug. 1 Balance…
A: In this case, we have to Prepare the works-in-progress Account and factory overhead is 30% of direct…
Q: Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead…
A: Cost of goods manufactured:— It is the total cost of completed finished goods transferred from work…
Q: Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 277,180…
A: Overhead applied = Direct labor*30% Overhead applied = $34,600*30% Overhead applied = $10,380
Q: ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit…
A: Computation of equivalent unit of production during December for baking department Units…
Q: Selected accounts with amounts omitted are as follows: Work in Process Aug. 1 Balance 263,980 Aug.…
A: The correct answer is Option (d).
Q: Date Item Debit Credit August 1 Bal., 5,100 units, 2/5 completed 31 Direct materials, 91,800 units…
A: The process costing is followed when a company manufactures the homogeneous products in bulk.It is…
Q: Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 7,100…
A: This question requires us to calculate the Closing Balance of the Work in Process Account as of…
Q: Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information…
A: Cost sheet is a method of allocating total costs into different categories. It helps to identify the…
Q: elected accounts with some amounts omitted are as follows: Work in Process 254,200 Aug. 31 ug. 1 31…
A: Factory Overhead -The expenses of operating a business that aren'tisn't directly related to a…
Q: Inventory of work in process Inventory of finished goods Direct materials used Direct labor…
A: Cost management is crucial for companies of all sizes and sectors because it has a direct impact on…
Q: Selected accounts with amounts omitted are as follows: Work in Process 266,230 Aug. 31 Aug. 1 31 31…
A: Work in process is the total cost of those goods that remain unfinished at the end of the period. It…
Q: Prepare journal entries to record transactions a through h. Raw materials purchased on…
A: Job Order Costing: If your company often creates one-of-a-kind items for clients, you could find…
Q: The following data is provided for Garcon Company and Pepper Company. Garcon Company Beginning…
A: Cost of goods sold = Beginning finished goods inventory + cost of goods manufactured - ending…
Q: Selected accounts with some amounts omitted are as follows: Work in Process Aug. 1 Balance…
A: Factory overhead is the secondary costs spent throughout the manufacturing process that cannot be…
Q: The following information is available for Fuller Manufacturing Company for the month ending October…
A: Statement of cost of goods manufactured represents the cost incurred in the production process of…
Q: Manufacturing cost data for Marin Company are presented as follows. Determine the missing amount for…
A: The whole table can be completed using 3 simple formulas, They are as follows :-(1) Total…
Q: Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 266,720…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Raw materials Work in process Finished goods $ 28,100 22, 200 79,400 Raw materials purchases…
A: The cost of goods manufactured timetable is used to determine the cost of producing goods over a…
Q: Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance…
A: Formula: Ending work in process = Beginning work in process + Direct materials + Direct labor +…
Q: Selected accounts with some amounts omitted are as follows Work in Process Oct. 1 Balance 24,100…
A: Let's understand some basics Factory overhead is the costs incurred during the manufacturing…
Q: osts paid in cash Sierra Company manufactures soccer balls in two sequential processes: Cutting and…
A: Labour expenses are direct and indirect. Direct expenses are recorded to work in process. Indirect…
Q: Materials Accounts Payable ✓ Feedback Check My Work a. Increase materials inventory and a liability…
A: Lets understand the basics.job cost is a total of direct material, direct labor costs and overhead…
Q: Leafon Corporation has two production departments, Casting and Customizing. The company uses a…
A: Overhead applied equals the predetermined overhead rate multiplied by actual activity
Q: Chapter 17 Homework Item > Date August 1 Bal., 4,800 units, 3/5 completed 31 Direct materials,…
A: Process Costing -Operation costing method employed to determine the value of a product at each…
-
Question Content Area
Selected accounts with a credit amount omitted are as follows
Work in Process Apr. 1 Balance 7,100 Apr. 30 Goods finished X 30 Direct materials 63,000 30 Direct labor 192,400 30 Factory overhead 57,720
Finished Goods Apr. 1 Balance 12,700 30 Goods finished 303,900 What was the balance of Work in Process as of April 30?
a.$12,700b.$16,320c.$57,720d.$303,900
Step by step
Solved in 2 steps
- L13 D. 4 Data Section: $45,000 9. 642,000 91,500 93,000 Direct labor 8 Direct materials inventory, 1/1 9 Direct materials inventory, 12/31 10 Factory rent 11 Finished goods, 1/1 12 Finished goods, 12/31 13 Indirect labor 76,410 132,000 172,500 37,500 26,250 14 Indirect materials 15 Purchases of direct materials 16 Work in process, 1/1 17 Work in process, 12/31 645,180 30,300 28,665 Depreciation-equipment 18 19 Answer Section: 20 Jackson Manufacturing 21 22 Schedule of Cost of Goods Manufactured 23 For the Year Ended December 31 24 25 Work in process, 1/1 $30,300 26 Direct materials Direct materials inventory, 1/1 28 Add: 27 $91,500 FORMULA 1 Purchases of Materials 29 30 Cost of direct materials available $0 FORMULA 2 31 Less: Direct Material, 12/31 32 33 Cost of direct materials used FORMULA 3 34 Direct labor 642,000 35 Manufacturing overhead: 36 Factory rent 37 Depreciation - Equipment $76,410 FORMULA 4 MFG Enter Search the web and Windows op THOFEquivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process—Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May 1 Bal., 20,300 units, 75% completed 121,800 31 Direct materials, 99,500 units 364,170 485,970 31 Direct labor 225,800 711,770 31 Factory overhead 229,400 941,170 31 Goods transferred, 105,600 units 906,048 35,122 31 Bal., ? units, 30% completed 35,122 a. Determine the number of units in work in process inventory at the end of the month.fill in the blank 1 units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production. Whole units to…Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 7,000 Apr. 30 Goods finished X 30 Direct materials 61,300 30 Direct labor 190,800 30 Factory overhead 57,240 Finished Goods Apr. 1 Balance 16,000 30 Goods finished 307,800 What was the balance of Work in Process as of April 30?
- ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…Selected accounts with some amounts omitted are as follows: Work in Process Oct. 1 Balance 24,100 Oct. 31 Goods finished 31 Direct materials 90,700 31 Direct labor 160,500 31 Factory overhead Finished Goods Oct. 1 Balance 12,000 31 Goods finished 333,200 If the balance of Work in Process on October 31 is $199,000, what was the amount of factory overhead applied in October? Oa. $160,500 b. $256,900 Oc. $383,600 Od. $90,700Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $17,300 Direct labor 44,700 Factory overhead 28,800 Work in process inventory, May 1 72,100 Work in process inventory, May 31 76,400 Finished goods inventory, May 1 30,300 Finished goods inventory, May 31 34,600 Question Content Area a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank $- Select - $- Select - - Select - - Select - Total manufacturing costs incurred during May fill in the blank 22653a05d041061_9 Total manufacturing costs $fill in the blank 22653a05d041061_10 - Select - Cost of goods manufactured $fill in the blank 22653a05d041061_13 Question Content Area b. For May, using the data given, prepare a statement of Cost of Goods…
- Selected T - accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance 1/1 33,000 Credits ? question mark Debits 156,000 Balance 12/31 43,000 Manufacturing Overhead Debit Credit Debits 186,200 Credits ? question mark Work in Process Debit Credit Balance 1/1 38,000 Credits 524,000 Direct materials 108,000 Direct labor 204,000 Overhead 214, 200 Balance 12/31 ? question mark Factory Wages Payable Debit Credit Debits 221,000 Balance 1/1 18,000 Credits 216,000 Balance 12/31 13,000 Finished Goods Debit Credit Balance 1/1 58,000 Credits ? question mark Debits? question mark Balance 12/31 87,000 Cost of Goods Sold Debit Credit Debits? question mark Required: What was the cost of raw materials used in production? How much of the materials in (1) above consisted of indirect materials? How much of the factory labor cost is indirect labor? What was the cost of goods manufactured? What was the unadjusted cost of goods sold? Do not include any…Selected accounts with some amounts omitted are as follows: Work in Process Date Transaction Debit amount Date Transaction Credit amount Aug. 1 Balance 279, 100 Aug. 31 Goods finished 190, 700 31 Direct materials X 31 Direct labor 47, 400 31 Factory overhead X Factory Overhead Date Transaction Debit amount Date Transaction Credit amount Aug. 1-31 Costs incurred 113,000 Aug. 1 Balance 12, 100 31 Applied X If the balance of Work in Process on August 31 is $196, 400, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? a. $190, 700 b. $12, 100 c. $113, 000 d. $14, 220View Policies Current Attempt in Progress The following T-accounts record the operations of Bonita Co.: Beginning Balance Ending Balance Beginning Balance Direct Material Direct Labor Overhead Ending Balance Beginning Balance COGM Ending Balance Direct Materials 29,000 17,000 ? Work in Process 37,000 165,000 28,000 44,000 ? Finished Goods 15,000 Direct materials purchased ? ? Costs of goods manufactured 244,000 (a) Calculate the amount of direct materials purchased during the period. 644,000 COGS $ ? (b) Calculate the cost of goods manufactured during the period. LA $
- Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process—Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May 1 Bal., 11,200 units, 80% completed 67,200 31 Direct materials, 54,900 units 200,934 268,134 31 Direct labor 124,600 392,734 31 Factory overhead 126,600 519,334 31 Goods transferred, 58,200 units 499,356 19,978 31 Bal., ? units, 30% completed 19,978 a. Determine the number of units in work in process inventory at the end of the month.fill in the blank 1 units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production. Whole units to be…Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 6,600 Apr. 30 Goods finished X 30 Direct materials 69,800 30 Direct labor 193,900 30 Factory overhead 58,170 Finished Goods Apr. 1 Balance 15,600 30 Goods finished 307,900 What was the balance of Work in Process as of April 30? a.$58,170 b.$15,600 c.$20,570 d.$307,900Work-in-Process Inventory—Cutting Balance, May 1 0 (a) Transfer out to Direct Materials 49,000 Direct Labor 9,000 Manufacturing Overhead 33,000 Balance, May 31 6,000 Work-in-Process Inventory—Finishing Balance, May 1 17,000 80,000 Transfer out to Transfer in from (b) Direct Materials 26,000 Direct Labor (c) Manufacturing Overhead 16,000 Balance, May 31 67,000 Work-in-Process Inventory—Packaging Balance, May 1 6,000 (d) Transfer out to Transfer in from (e) Direct Materials 6,000 Direct Labor 13,000 Manufacturing Overhead 14,000 Balance, May 31 19,000 Finished Goods Inventory Balance, May 1 0 (f) Transfer out to Transfer in from (g)…
