Stuart Manufacturing Company began operations on January 1. During the year, it started and completed 1,780 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,200. 2. Wages of production workers-$3,620. 3. Salaries of administrative and sales personnel-$1,990. 4. Depreciation on manufacturing equipment-$5,996. 5. Depreciation on administrative equipment-$1,750. Stuart sold 1,190 units of product. Required a. Determine the total product cost for the year. p. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) a. Total product cost b. Total cost of ending inventory C. Total cost of goods sold

Stuart Manufacturing Company began operations on January 1. During the year, it started and completed 1,780 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,200. 2. Wages of production workers-$3,620. 3. Salaries of administrative and sales personnel-$1,990. 4. Depreciation on manufacturing equipment-$5,996. 5. Depreciation on administrative equipment-$1,750. Stuart sold 1,190 units of product. Required a. Determine the total product cost for the year. p. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) a. Total product cost b. Total cost of ending inventory C. Total cost of goods sold

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

a. Purchased raw materials on account for $121,700. b. Issued $114,000 in raw materials to production ($20,800 were not traceable to specific jobs). c. Incurred $115,160 in direct labor costs (14,395 hours) and $62,000 in supervision costs (paid in cash). d. Incurred the following additional manufacturing overhead costs: factory lease $23,300 (paid in cash); depreciation on equipment $18,200; custodial supplies $7,400 (paid in cash). e. Incurred the following nonmanufacturing costs, both paid in cash: advertising $74,600; sales commissions $86,900. f. Applied manufacturing overhead to jobs in process at a rate of $10 per direct labor hour. g. Completed jobs costing a total of $343,200. h. Sold jobs for $425,500 on account. The cost of the jobs was $340,700. i. Closed the Manufacturing Overhead account balance. Required: Prepare the journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account…
(i) Purchased raw materials on account OMR86,300. (ii) Raw materials of OMR73,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that OMR6,800 was classified as indirect materials. (iii) Factory labor costs incurred were OMR53,900, of which OMR51,000 pertained to factory wages payable and OMR2,900 pertained to employer payroll taxes payable. Instructions: Journalize the transactions. (Omit explanations.)
Tamarisk Corporation incurred the following costs during 2022. Direct materials used in product $115,200 Advertising expense $43,200 Depreciation on factory 57,600 Property taxes on factory 13,600 Property taxes on store 7,200 Delivery expense 20,000 Labor costs of assembly-line workers 105,600 Sales commissions 33,600 Factory supplies used 22,400 Salaries paid to sales clerks 48,000 Work in process inventory was $11,600 at January 1 and $14,800 at December 31. Finished goods inventory was $57,600 at January 1 and $43,700 at December 31.
A manufacturing company used $400 of indirect materials and $2,000 of indirect labor during the month. The company also incurred $1,200 for depreciation on factory equipment, $500 for depreciation on office equipment, and $300 for factory utilities. Prepare the necessary journal entries.
5. Ehrlich Corporation incurred the following transactions. 1. Purchased raw materials on account $48,000. 2. Raw Materials of $43,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,000 was classified as indirect materials. 3. Factory labor costs incurred were $87,000. Time tickets indicated that $82,000 was direct labor and the rest was indirect labor. Direct laborers were paid at a rate of $20 per hour. 4. Rent incurred was $79,500. 70% was for the factory and 30% was for the corporate offices. 5. Factory depreciation was $13,000. 6. Administrative salaries accrued were $25,000. 7. Advertising costs of $10,000 were incurred on account. 8. Manufacturing overhead was applied at the rate of $16 per direct labor hour. 9. Goods costing $90,000 were completed and transferred to finished goods. 10. Finished goods costing $80,000 to manufacture were sold at a profit of $40,000. Instructions: Journalize the transactions.
Hamlin Manufacturing co. has the following transactions:1) Raw Material purchased on cash $1450,000.2) Raw material purchased on account $20,000.3) Raw material requisitions & direct labor hours.4) FOH applied $9 per direct labor hour; direct labor cost $6 per direct labor hour.5) Depreciation of office premises $3,000 and for factory machinery$5,000.6) FOH Incurred $900 per job.7) Job# 1A, 2B, &4D were completed.8) Job #2B, 4D were sold on account $ 19, 000 & $25,000 respectively. Required: Prepare Journal Entries and T- Account of Work in Process (WIP) and Factory Overhead (FOH)
1
The following cost data were taken from the records of A Manufacturing Company: Depreciation on factory equipment, P 1,000; Depreciation on sales office, P 500; Advertising, P 7,000; Freight-out (shipping), P 3,000; Wages of production workers, P 28,000; Raw materials used, P 47,000; Sales salaries and commissions, P 10,000; Factory rent, P 2,000; Factory insurance, P 500; Materials handling, P 1,500; administrative salaries, P 2,000. Required: Total manufacturing costs *
Knight Company reports the following costs and expenses in May. Factory utilities $17,256 Depreciation on factory equipment $12,908 Depreciation on delivery trucks $4,025 Indirect factory labor $53,079 Indirect materials $84,719 Direct materials used $142,670 Factory manager's salary $8,399 Direct labor $72,344 Sales salaries $49,163 Property taxes on factory building $3,381 Repairs to office equipment $1,614 Factory repairs $2,617 Advertising $15,734 Office supplies used $3,274 From the information, determine the total amount of product costs.
Can you please give answer
CVP Industries recorded the below transactions for the month just been ended. PKR 700,000 in raw materials were purchased on account. 600,000 in raw materials were used in production. Of this amount, 520,000 was for direct materials and the remainder was for indirect materials. Labor wages of PKR 280,000 were paid in cash. Of this amount, PKR 200,000 was for direct labor and the remainder was for indirect labor. Depreciation of PKR 175,000 incurred on factory equipment. Journalize the above entries.
29. Tippy Cup Co. also incurred $10,550 for factory overhead and 250 hours of direct labor at $10.30 per hour. Using the cost of direct materials used calculated in Exercise 28, determine the total manufacturing costs incurred for the year. 30. As of January 1, 2018, Tippy Cup Co.'s work in process inventory had a beginning balance of $98,750. The ending balance of work in process inventory totaled $92,350. Using the information calculated in Exercise 29, calculate the cost of goods manufactured for the year.