Smith Company reports the following information:Cost of goods manufacturedDirect materials usedDirect labor incurredWork in process inventory, January 1Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31 isOa. $18,750Ob. $8,500Oc. $16,250Od. $13,500$68,25027,00025,00011,000

The cost of goods manufactured includes the total cost of goods that are finished during the period.…

Smith Company reports the following information: Cost of goods manufactured $68,250 Direct materials used 27,000 Direct labor incurred 25,000 Work in process inventory, January 1 11,000 Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31 is Oa. $18,750 Ob. $8,500 Oc. $16,250 Od. $13,500

Smith Company reports the following information: Cost of goods manufactured $68,250 Direct materials used 27,000 Direct labor incurred 25,000 Work in process inventory, January 1 11,000 Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31 is Oa. $18,750 Ob. $8,500 Oc. $16,250 Od. $13,500

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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The information below has been taken from the cost records of H Company for the past year: Direct materials used Rs.1,250 Total manufacturing costs 6,050 Manufacturing overhead 2,800 Selling expenses 1,000 Prime Cost 270% of Purchases Direct materials inventory, January 1 130 Direct materials inventory, December 31 80 Work in process, January 1 250 Work in process, December 31 400 Finished goods, January 1 300 Finished goods, December 31 200 Required: a. Compute the cost of Raw Material purchased. b. Compute the cost of direct labor for the year. c. Compute the Cost of Goods Manufactured for the year. d. Compute the Cost of Goods Sold for the year.
Direct materials used in production 187,200 Total manufacturing costs during the period Ending balance in Work in Process Manufacturing overhead 64,100 Direct materials purchased 341,000 23,100 188,600 How much is the direct labor cost?
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 212,000 Purchases of raw materials $ 270,000 Direct labor ? Administrative expenses $ 152,000 Manufacturing overhead applied to work in process $ 376,000 Actual manufacturing overhead cost $ 358,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 51,000 $ 32,000 Work in process ? $ 32,000 Finished goods $ 31,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $39,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.
Matthlas Corporation has provided data concerning the Corporatlon's Manufacturing Overhead account for the month of May. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $63,000 and the total of the credits to the account was $89,000. Which of the following statements Is true? Multiple Cholce Manufacturing overhead applied to Work In Process for the month was $89,000. Manufacturing overhead for the month was underappled by $26,000. Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $63,000. Actual manufacturing overhead Incurred during the month was $89,00.
Davis Manufacturing Company had the following data: January 1 December 31 Accounts receivable $27,000 $33,000 Materials inventory 22,500 6,000 Work in process inventory 70,200 48,000 Finished goods inventory 3,000 15,000 Collections on account were $625,000. Cost of goods sold was 68% of sales. Direct materials purchased amounted to $90,000. Factory overhead was 300% of the cost of direct labor. a. Compute sales revenue (all sales were on account). b. Compute cost of goods sold. c. Compute cost of goods manufactured. d. Compute direct materials used. $ e. Compute direct labor incurred. $ f. Compute factory overhead incurred.
The following costs were incurred by ABC Company in January: Direct materials Direct labor Manufacturing overhead Selling expense Administrative salaries Determine ABC's total product cost. Oa. $272,000 Ob. $282,000 Oc. $252,000 Od. $302,000 $100,000 79,000 73,000 25,000 5,000
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Corporation had the following information: Raw materials used $ 70,000 Direct labor 135,000 Manufacturing overhead 370,000 Work-in-process inventory, 1/1 60,000 Finished-goods inventory, 1/1 199,000 Work-in-process inventory, 12/31 86,000 Finished-goods inventory, 12/31 150,000 Opal's cost of goods manufactured was
3,800 units, 60% completed Direct materials, 32,000 units Direct labor Factory overhead Total cost to be accounted for $ 60,400 378,000 274,000 168.000 $880.400 During June, 32,000 units were placed into production and 31,200 units were completed, including those in inventory on June 1. On June 30, the inventory of work in process consisted of 4,600 units which were 85% completed. Inventories are costed by the first-in, first-out method and all materials are added at the beginning of the process. Determine the following (round unit cost data to four decimal places to minimize rounding differences): Equivalent units of production for conversion cost (a) (b) Conversion cost per equivalent unit Total and unit cost of finished goods started in prior period and completed in the current period Total and unit cost of finished goods started and completed in the current period (c) (d) (e) Total cost of work in process inventory, June 30
Ocess The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials placed in process at the beginning of production. Work In Process-Assembly Department Bal., 2,000 units, 25% completed 5,100 To Finished Goods, 46,000 units Direct materials, 47,000 units @ $1.7 79,900 Direct labor 126,400 Factory overhead 49,165 Bal., 2 units, 65% completed Cost per equivalent units of $1.70 for Direct Materials and $3.70 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 24 1. Cost of beginning work in process inventory completed this period %24 2. Cost of units transferred to finished goods during the period %24 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest $ cent.)
Accounting The following information is given for process I for B Ltd. The average method of pricing work-in-progress is used. Work-in-progress in January: Materials on 500 units Labour on 500 units Factory overheads on 500 units Total Production costs for January: Materials Labour Factory overheads Cost for January Rs 7,800 9,150 6,125 23,075 Rs 900 1,000 400 2,300 Production completed during January: 500 units from 1 January, work-in-progress 2,000 units from products received during January 2,500 total units completed Work-in-progress on 31 January: 400 units, 25% completed as to material, labour and overhead. Calculate process I account for January. Pls be fast