Please do not give solution in image format thanku Work in process inventory, December 31Cost of goods manufacturedCost of finished goods available for saleFinished goods inventory, December 31Cost of goods sold0000$$ Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $40,000, $33,000, and $26,000, respectively.The desired inventories on December 31 for finished goods, work in process, and materials were $46,000, $35,000, and $22,000, respectively. Direct materials purchases were $580,000,direct labor was $215,000 for the year, and factory overhead was $157,000.Prepare a cost of goods sold budget for Sleep Tight, Inc.Sleep Tight, Inc.Cost of Goods Sold BudgetFor the Year Ending December 31Finished goods inventory, January 1Work in process inventory, January 1Direct materials:Direct materials, January 1Direct materials purchasesCost of direct materials available for sale$Direct materials inventory, December 31Cost of direct materials placed in production $Direct laborFactory overheadTotal manufacturing costsTotal work in process during the periodWork in process inventory, December 31Cost of goods manufactured000

Lets understand the basics. Management prepare budget in order to estimate cost of goods sold, sales…

Answered: Sleep Tight, Inc., manufactures…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 2.7C

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Account Dollar amount Beginning Materials Inventory $74,323 Purchases ? Materials available for use 151,644 Ending inventory ? Materials used in production 78,413 Work In Process Inventory Beginning inventory 253,210 Materials used in production ? Direct labor 125,900 Overhead applied 94,425 Manufacturing costs incurred ? Ending inventory 242,932 Cost of goods manufactured ? Finished Goods Inventory Beginning inventory 333,149 Cost of goods manufactured ? Goods available for sale ? Ending inventory 354,235 Cost of goods sold ? Prepare the journal entries to record the following events: The purchase of materials The completion of work in process The sale of finished goods (omit the revenue side of the sale)
Complete the information in the cost computations shown here:
OFF COMPANY STEP BY STEP PLEASE
part c:\ Determine the company’s total cost of goods completed and COGS in December. Total cost of goods completed and COGS $enter the total cost of goods completed and cost of goods sold in dollars part d:
Cost of goods manufactured Selling expenses Administrative expenses Sales Finished goods inventory, January 1 Finished goods inventory, January 31 $198,240 66,220 35,010 421,790 47,660 43,440 a. For the month ended January 31, determine Aricanly's cost of goods sold. Aricanly Manufacturing Company Cost of Goods Sold January 311 Finished goods inventory, January 1 - ✓ Cost of goods manufactured ✔ Cost of finished goods available for sale Less finished goods inventory, January 31 Cost of goods sold 000001
A company’s Work in Process Inventory T-account follows.
prepare a costs of good schedule
Problem 2 Manufacturing Inventory Accounts. Assume the following information for Mandarin Manufacturing during 20X5: Raw materials inventory Work-in-process inventory. Finished goods inventory. Jan. 1, 20X5 Dec. 31, 20X5 P10,400 28,100 15,700 P14,600 31,300 12,500 In addition, direct labor and manufacturing overhead totaled P364,600, and cost of goods manufactured equaled P461,200 in 20X5. Required: Calculate the correct amounts for raw materials purchased, raw materials used, and cost of goods sold for 20X5.
Goods placed in process during 20x1? Cost of goods manufactured during 20x1? Prime cost during 20x1? Conversion cost during 20x1? Goods available for sale during 20x1? Cost of goods sold during 20x1? Gross margin for 20x1? Net income for 20x1?
The following events occurred during March for Ajax Company. A. Materials were purchased on account for $35,427. B. Materials were requisitioned to begin work on Job C15 in the amount of $25,260. C. Direct labor expense for Job C15 was $24,127. D. Actual overhead was incurred on account of $32,851. E. Factory overhead was charged to Job C15 at the rate of 200% of direct labor. F. Job C15 was transferred to finished goods at $97,641. G. Job C15 was sold on account for $399,000. Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory 35,427 Accounts Payable 35,427 В. Work in Process Inventory 25,260 Raw Materials Inventory 25,260 C. Work in Process Inventory С. 24,127 Raw Materials Inventory Work in Process Inventory D. 32,851 Manufacturing Overhead 32,851 E. Previo Email Instructor Su All work saved.
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Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $ 56,000 143 500 163,300 40,100 Ending Inventory $ 67,150 110,500 91,500 28,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting $ 75,000 24,250 Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching $ 20,600 82,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 39,600 57,000 57,000 0 150% of direct materials used 120% of direct labor used $ 656,000 1 2 3 4 5 6 7 8 11 Record overhead applied at 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). Note: Enter debits before credits. Date General Journal Debit Credit May 31 Work in process inventory-Cutting Work in…

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