Selected T-accounts of Moore Company are given below for the just completed year: Balance 1/1 Debits. Balance 12/31 Debits Debit Debits Debit Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Debits Debit Debit Debit Balance 1/1 Debits Balance 12/31 Debit Raw Materials 15,000 120,000 Credits 25,000 Manufacturing Overhead 230,000 Credits Work in Process 20,000 Credits 90,000 150,000 240,000 ? Factory Wages Payable 185,000 Balance 1/1 Credits Finished Goods 40,000 Credits ? Credit 60,000 Cost of Goods Sold Credit Balance 12/31 Credit Credit Credit Credit ? ? 470,000 9,000 180,000 4,000 Required: 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost is indirect labor?

Selected T-accounts of Moore Company are given below for the just completed year: Balance 1/1 Debits. Balance 12/31 Debits Debit Debits Debit Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Debits Debit Debit Debit Balance 1/1 Debits Balance 12/31 Debit Raw Materials 15,000 120,000 Credits 25,000 Manufacturing Overhead 230,000 Credits Work in Process 20,000 Credits 90,000 150,000 240,000 ? Factory Wages Payable 185,000 Balance 1/1 Credits Finished Goods 40,000 Credits ? Credit 60,000 Cost of Goods Sold Credit Balance 12/31 Credit Credit Credit Credit ? ? 470,000 9,000 180,000 4,000 Required: 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost is indirect labor?

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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K Inc. has provided the following data for the month of May: Inventories: Beginning Ending $ 31,000 $26,000 $ 60,000 $64,000 Work in process Finished goods Additional information: Direct materials $ 71,000 $101,000 $ 77,000 $ 75,000 Direct labor cost Manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The cost of goods manufactured for May is: Multiple Choice $254,000 $252,000 $247,000 $249,000
At the beginning of the year, Barrington Manufacturing had the following account balances: Work-in-Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 The following additional details are provided for the year: Direct materials placed in production $80,000 Direct labor incurred 190,000 Manufacturing overhead incurred 300,000 Manufacturing overhead allocated to production 295,000 Cost of jobs completed 500,000 Write the journal entries and calculate the ending balances (you may use T accounts) for Work-in-Process Inventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjusted).
Model Magic Manufacturing reported the following year-end balances: Beginning work in process inventory, $35,000; beginning raw materials inventory, $18,000; ending work in process inventory, $38,000; ending raw materials inventory, $15,000; raw materials purchased, $510,000; direct labor, $180,000; and manufacturing overhead, $75,000. What is the amount of total work in process for Model Magic for the current year? $513,000. $768,000. $803,000. $765,000.
Alpesh
The debits to Work in Process—Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $7,700 Conversion costs, 3,000 units, 80% completed 5,100 Materials added during April, 10,000 units 25,300 Conversion costs during April 32,200 Goods finished during April, 11,500 units — April 30, work in process, 1,500 units, 60% completed — All direct materials are placed in process at the beginning of the process, and the weighted average method is used to cost inventories. The conversion cost per equivalent unit (to the nearest cent) for April is a.$3.01 b.$3.24 c.$3.73 d.$2.87
Elmo has the following information for the month of October, its first month of operations Work in Process October 1st $0 Units completed & transferred out in October $120,000 Work in Process October 30th $32,000 100% completed for materials 80% completed for conversion costs Costs added in October shown below Materials $145,900 Direct Labour $ 96,000 Overhead $108,000 (1.) Determine the equivalent units of production for October. (2.) Determine the cost of the ending work-in-process. (3.) Determine the cost of goods completed.
Using the attached Prepare a schedule of cost of goods manufactured.
Wasson Company reported the following year-end information: Beginning work in process inventory Beginning raw materials. inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead $ 35,000 18,000 38,000 15,000 560,000 210,000 120,000 What is Wasson's total cost of work in process for the year?
Cost flow relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $ 12,910,000 Gross profit 5,424,800 Indirect labor 427,700 Indirect materials 187,800 Other factory overhead 845,000 Materials purchased 4,303,300 Total manufacturing costs for the period 8,220,700 Materials inventory, end of period 302,500 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
fiscal year's 3. The Selected data concerning the past operations of the Eyoha Manufacturing Company are presented below: Inventories Beginning Ending Direct materials $75, 000 $.85, 000 80, 000 90, 000 30, 000 110,000 Work in process Finished goods Other data follows: Direct materials used...... Total manufacturing costs charged to productio..... 686, 000* $326, 000 * Include direct materials, direct labor, and factory overhead (60% of Direct Labor cost) Required: A. Compute the cost of direct materials purchased during the year and direct labor costs charged to production during the year B. The costs of goods manufactured during the year
The Allen Company has the following information for the Assembly Department for the month of October: Materials purchased $ 45,000 Materials used 49,000 Direct labor 30,000 Actual manufacturing overhead 56,000 Cost of goods completed and transferred to the Finishing Dept. 125,000 Overhead rate is 200 percent of direct labor costs.Allen Company uses a process costing system for the Assembly Department.The journal entry to record materials purchased would include a a. debit to Materials Inventory for $49,000. b. credit to Accounts Payable for $49,000. c. debit to Materials Inventory for $45,000. d. both "debit to Materials Inventory for $49,000" and "credit to Accounts Payable for $49,000".
The following data from the just completed year are taken from the accounting records of Mason Company: $ 659,000 $ 80,000 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. Ending) $ 10,900 $ 8,800 $ 5,100 $ 20,600 $ 70,000 $ 25,200 $ 139,000 $ 102,000 $ 41,000 $ 227,000 $ 206,000 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 Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below.