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

9
Larned Corporation recorded the following transactions for the just completed month. Purchased $89,000 of raw materials on account. $87,000 in raw materials were used in production. Of this amount, $74, 000 was direct materials and the remainder was indirect materials. Paid employees $127,500 cash. Of this amount, $104, 400 was direct labor and the remainder was indirect labor. Depreciation of $191,000 was incurred on factory equipment. Required: Record the above transactions in journal entries.
Larned Corporation recorded the following transactions for the just completed month. Purchased $73, 000 of raw materials on account. $71,000 in raw materials were used in production. Of this amount, $58,000 was direct materials and the remainder was indirect materials. Paid employees $130,000 cash. Of this amount, $102, 400 was direct labor and the remainder was indirect labor. Depreciation of $191,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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.
1
The Juarez Corporation incurred the following transactions during its first year of operations. (Assume all transactions involve cash). 1) Acquired $1,800 of capital from the owners. 2) Purchased $380 of direct raw materials. 3) Used $280 of these direct raw materials in the production process. 4) Paid production workers $480 cash. 5) Paid $280 for manufacturing overhead (applied and actual overhead are the same). 6) Started and completed 260 units of inventory. 7) Sold 130 units at a price of $6 each. 8) Paid $120 for selling and administrative expenses. The amount of cost of goods manufactured would be:
during the current month, carla vista company incurs the following manufacturing costs. (a) purchased raw materials of $17600 on account. (b) incurred factory labor of $ 38400. (C) factory utilities of $2840 are payable, prepaid factory insurance of $2560 have expired, and depreciation on the factory building is $9200. prepare the journal entries for each type of manufacturing cost.
Sunland Corporation incurred the following transactions. Purchased raw materials on account $43,550. Raw Materials of $33,840 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,420 was classified as indirect materials. Factory labor costs incurred were $56,320. Time tickets indicated that $50,760 was direct labor and $5,560 was indirect labor. Manufacturing overhead costs incurred on account were $75,670. Depreciation on the company's office building was $7,600. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 1. 2. 3. 4. 5. 6. 8. 9. Goods costing $82,720 were completed and transferred to finished goods. Finished goods costing $70,500 to manufacture were sold on account for $96,820. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Sheffield Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased raw materials on account $55,600. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. Factory labor costs incurred were $65,100, of which $51,800 pertained to factory wages payable and $13,300 pertained to employer payroll taxes payable. Time tickets indicated that $55,700 was direct labor and $9,400 was indirect labor. Manufacturing overhead costs incurred on account were $85,500. Depreciation on the company's office building was $8,700. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $94,000 were completed and transferred to finished goods. Finished goods costing $80,200 to manufacture were sold on account for $113,700. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent…
DJV Corporation incurred the following costs while manufacturing its product. Materials used in product $ 120,000 Advertising expense $45,000 Depreciation on plant 60,000 Property taxes on plant 19,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 23,000 Salaries paid to sales clerks 50,000 Work-in-process inventory was $22,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December 31. Instructions Compute cost of goods manufactured. Compute cost of goods sold.