Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 275,000 Aug. 31 Goods finished 1,030,000 31 Direct materials х 31 Direct labor 450,000 31 Factory overhead х Factory Overhead Aug. 1-31 Costs incurred 145,000 Aug. 1 Balance 15,000 31 Applied (30% of direct labor cost) х If the balance of Work in Process on August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August? a. $390,000 Ob. $525,000 c. $580,000 d. $170,000

Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 275,000 Aug. 31 Goods finished 1,030,000 31 Direct materials х 31 Direct labor 450,000 31 Factory overhead х Factory Overhead Aug. 1-31 Costs incurred 145,000 Aug. 1 Balance 15,000 31 Applied (30% of direct labor cost) х If the balance of Work in Process on August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August? a. $390,000 Ob. $525,000 c. $580,000 d. $170,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

In the manufacture of 9,300 units of a product, direct materials cost incurred was $173,200, direct labor cost incurred was $114,700, and applied factory overhead was $48,800. What is the total conversion cost? A. $173,200 B.$163,500 C.$336,700 D. $48,800
1. The following account balances and other information for Daiso Company pertain December operations: Accounts Balances December 31 P120,000 December 1 P140,000 100,000 20,000 Finished goods Work in process Direct Materials Accounts Payable Accrued Payroll Accumulated dep.-factory equipment 50,000 30,000 40,000 80,000 20,000 160,000 Other information: a. Direct materials purchased on account during December, P100,000. b. Daiso Company apples factory overhead at predetemined rate of P6 per direct labor hour. C. During December, direct labor employees worked 25,000 hours at a rate of P8 per direct labor hour. d. Jobs 12001, 12002 and 12003 were still in process at the end of December. A total of P 5,000 direct materials has been charged to these three jobs. To date, 5,000 direct labor hours have been worked on these jobs. e. The accrued payroll account is used for factory employees only. Assuming no payrol deductions, paymentto factory employees during the month totaled P 280,000. f.…
Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $210,000 and incurred direct labor cost of $140,000. Overhead totaled $320,000 for the month. Information on inventories was as follows: Materials Work in process Finished goods Required: X September 1 September 30 X $130,000 1. What was the cost of direct materials used in September ? $70,000 $75,000 X $140,000 $70,000 $70,000 2. What was the total manufacturing cost in September ? 3. What was the cost of goods manufactured for September?
The following information is taken from the financial records of Gunner Manufacturing: Cost of materials used $45,000 Direct labor costs 48,000 Factory overhead 39,000 Work in process, beginning 18,000 Work in process, ending 28,000 What is the cost of goods manufactured? a.$142,000 b.$122,000 c.$132,000 d.$178,000
In the manufacture of 9,400 units of a product, direct materials cost incurred was $177,400, direct labor cost incurred was $106,100, and applied factory overhead was $43,600. What is the total conversion cost? Oa..$149,700 Ob. $327,100 Oc. $43,600 Od. $177,400
10. If the balance of Work in Process on October 31 is $21,000, what was the amount of factory overhead applied in October? a.$11,300 b.$21,300 c.$42,300 d.$63,300
How do I find the numbers to the questions marks?Selling expenses $ 211,000Purchases of raw materials $ 266,000Direct labor ?Administrative expenses $ 152,000Manufacturing overhead applied to work in process $ 363,000Actual manufacturing overhead cost $ 350,000Inventory balances at the beginning and end of the year were as follows:Beginning of Year End of YearRaw materials $ 53,000 $ 32,000Work in process ? $ 28,000Finished goods $ 33,000 ?The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $38,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.
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…
Borchardt Corporation has provided the following data concerning last month's operations. Direct materials Direct labor Manufacturing overhead applied to Work in Process Work in process inventory $169,000 O$235,000 How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured? $173,000 O$178.000 Beginning $ 66,000 hs $ 29,000 $ 58,000 $ 82,000 Ending $ 57,000
In the manufacture of 9,700 units of a product, direct materials cost incurred was $171,100, direct labor cost incurred was $108,700, and applied factory overhead was $44,500. The total conversion cost is a. $324,300 b. $153,200 c. $44,500 d. $171,100
Equivalent Units of Materials Cost The Rolling Department of Jabari Steel Company had 4,500 tons in beginning work in process inventory (30% complete) on October 1. During October, 74,300 tons were completed. The ending work in process inventory on October 31 was 3,700 tons (50% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? X units
Using the following for March, calculate the cost of goods manufactured: Direct materials $29,000 Direct labor $19,000 Manufacturing overhead $27,000 Beginning work in process inventory $10,000 Ending work in process inventory $12,000 The cost of goods manufactured was: $74,000 $86,000 $76,000 $73,000 Show the calculation and work.