Selected accounts with amounts omitted are as follows Work in Process Aug.  1   Balance 279,350   Aug. 31 Goods finished 171,180        31   Direct materials X               31   Direct labor  33,600               31   Factory overhead X        Factory Overhead Aug.  1 – 31 Costs incurred 115,090   Aug. 1 Balance 15,610              31 Applied            (30% of direct labor cost) X If the balance of Work in Process on August 31 is $206,820, what was the amount debited to Work in Process for direct materials in August? a. $54,970 b. $106,130 c. $519,770 d. $348,590

Q: Harrison Company reports the following cost information for August: Cost of good manufactured Direct…

A: To find the manufacturing overhead incurred by Harrison Company in August, we can use the following…

Q: The following information pertains to Fanning Manufacturing Company for March Year 3. Assume actual…

A: Gross Margin=Sales revenues-Cost of goods sold

Q: Inventory of work in process Inventory of finished goods Direct materials used December 31 January 1…

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 276,500 Aug 31 Aug 1 Balance…

A: The overhead is applied to the production on the basis of a pre-determined overhead rate. The direct…

Q: The accounting records of Nutronics, Inc, Include the following information for the year ended…

A: SCHEDULE OF COST OF GOODS MANUFACTURED Schedule Of Cost Of Goods Manufactured are those Cost Which…

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: Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 269,610…

A: Direct Material: The term "direct material" refers to the tangible components that go into the…

Q: Selected accounts with amounts omitted are as follows: Work in Process 263,340 Aug. 31 Aug. 1 31 31…

A: The work in process account records the direct costs incurred and overhead applied to the…

Q: Help me

A: Manufacturing overhead can be calculated by using the formula, Manufacturing overhead = Cost of…

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: 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: atement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Firetree…

A: The objective of this question is to prepare a cost of goods manufactured statement for Firetree…

Q: Balance Direct materials Direct labor Factory overhead Work in Process 270,900 Aug. 31 Goods…

A: Direct labor is directly connected to the production and not the administration or support services.…

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: elected accounts with amounts omitted are as follows Work in Process Aug.    1   Balance 275,000…

A: Factory Overhead A/C Date Items Amount($) Date Items Amount($)…

Q: Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone…

A: Statement of cost of goods manufactured used to indicates the total cost into different categories.…

Q: Selected accounts with some amounts omitted are as follows: Work in Process 22,600 Oct. 31 92,000…

A: Factory overhead applied is the overhead applied to work in process account on the basis of certain…

Q: Selected accounts with some amounts omitted are as follows: Work in Process 23,100 Oct. 31 94,300…

A: FACTORY OVERHEADFactory OH are all Indirect Manufacturing Cost.Factory OH Cost Includes Indirect…

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: Selected accounts with some amounts omitted are as follows: Work in Process Oct. 1 Balance 24,600…

A: Factory overhead refers to the unstated expenses associated with operating a factory, encompassing…

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: 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: Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Disksan…

A: Disksan Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended…

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: The accounting records of Bass SARL contain the following information: Raw Materials Used: $68,479…

A: The cost of goods manufactured is the total value incurred for manufacturing the products. It is a…

Q: Selected accounts with some amounts omitted are as follows: Work in Process Date Transaction Debit…

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 263,980 Aug.…

A: The correct answer is Option (d).

Q: please explain last three subparts

A: Cost of goods sold is actual cost of goods that is being sold to the customers. Gross profit is the…

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: Selected accounts with some amounts omitted are as follows: Work in Process 258,900 Aug. 31 Aug. 1…

A: Direct Labor: Direct Labor is directly connected to the production and not the administration or…

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: 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: aj.4

A: Here's a step-by-step explanation of the solution:Step 1: Identify and Gather All Given…

Q: Give me answer

A: Cost of goods manufactured   135,800.00 Work in process inventory, Aug. 31    18,500.00 Cost of…

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: 43,900 Factory Overhead 106,500 Aug. 1 Balance 13,600 31 Applied cess on August 31 is $200,100, what…

A: Direct Labor: Direct Labor is directly connected to the production and not the administration or…

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: Selected accounts with some amounts omitted are as follows: Work in Process 250,640 Aug. 31 X 35,800…

A: Goods finished = Beginning WIP + Total manufacturing costs - Ending WIP Total manufacturing costs =…

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…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.