Summit Company provide the cost data for the month of JanuaryInventories:January 1January 31Direct materialsP80, 000P40, 000WIPP65, 000P100, 000Finished GoodsР65, 000P50, 000Factory overhead applied P180, 000Cost of goods manufactured P655, 000Direct materials used P190, 000Actual FOH P168, 0001. How much is the adjusted WIP after absorbing share of allocation from overhead variance (allocated toappropriate inventories)Round of the computed share on allocation to whole number2. How much is the share allocated to Finished goods inventory in absorbing the overhead variance(allocated to appropriate inventories)Round of the computed share on allocation to whole number3. Adjusted COGS if under or -applied overhead were allocated to inventories and COGS. Round of thecomputed share on allocation to whole number4. Adjusted COGS if under or over-applied overhead were closed to COGSSHOW SOLUTION PLEASE

The cost of goods sold refers to the direct costs of manufacturing the commodities supplied by a…

Answered: Summit Company provide the cost data…

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 books of Matulungin Manufacturing Co. showed the following data for the month of October: Opening and closing inventories: 10/31 10/1 Raw Materials P17,200 P16,000 Work in Process 24,000 16,000 Finished Goods 36,000 28,000 Direct labor cost, P32,000 Factory overhead, 75% of direct labor cost. Cost of Goods Sold, P112,000 Selling and Administrative Expenses, 11,200 Sales for the Month, 150,000 Questions: 1. The cost of goods manufactured during the month would be? 2. The cost of materials purchased during the month would be? 3. The net income of the company for the month would be? 4. If the cost of goods sold for the Prime Manufacturing Company is 105,000, and finished goods inventory decreased by 9,000 during the year, what was the cost of goods manufactured for the year?
Urmilaben
Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $178,500 $155,300 Work in process 117,810 102,500 Finished goods 91,040 104,050 Direct labor $321,300 Materials purchased during January 342,720 Factory overhead incurred during January: Indirect labor 34,270 Machinery depreciation 20,710 Heat, light, and power 7,140 Supplies 5,710 Property taxes 5,000 Miscellaneous costs 9,280 a. Prepare a cost of goods manufactured statement for January. Sandusky Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended January 31
The following balances appear on the accounts of Greusel Fabrication: March 1 (Beginning) March 31 (Ending) Direct materials inventory $ 37,000 $ 42,000 Work-in-process inventory 63,000 67,200 Finished goods inventory 43,500 39,200 Direct materials used during the month amount to $526,000 and the cost of goods sold for the month was $1,446,000. Required: Prepare a cost of goods sold statement.
Robin Company has the following balances for the current month: Direct materials used $ 8,500 Direct labor $20,900 Sales salaries $10,500 $ 1,870 $ 6,070 $ 9,230 $ 4,650 Indirect labor Production manager's salary Marketing costs Factory lease What are Robin's conversion costs? Mult Choice $33,490 $29,400 $49,350 $35,470
Cost data for Firetree Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 Materials $224,000 $199,360 Work in process 147,840 131,580 Finished goods 116,480 135,560 Line Item Description Amount Direct labor $403,200 Materials purchased during March 430,080 Factory overhead incurred during March: Line Item Description Amount Indirect labor 43,010 Machinery depreciation 25,980 Heat, light, and power 8,960 Supplies 7,170 Property taxes 6,270 Miscellaneous costs 11,650 Question Content Area a. Prepare a cost of goods manufactured statement for March. Firetree Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Costs Type Amount Amount Amount $- Select - Direct materials: $- Select - - Select - $- Select - - Select - $- Select - - Select - Factory overhead: $- Select - - Select - - Select - - Select - - Select - - Select - Total factory overhead Total factory overhead Total…
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense What is the total period cost for the month under variable costing? Multiple Choice $406,400 $264,000 $622,400 $670,400 $ 165 0 12,700 12,000 700 $ 53 $ 48 $6 $4 $406,400 $216,000
Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Req 5A Job 306 $ 30,600 21,600 11,600 Additional Information a. Raw Materials Inventory has a March 31 balance of $81,600. b. Raw materials purchases in April are $504,000, and total factory payroll cost in April is Req 5B Raw materials Work in process Finished goods Total inventories 139,000 86,600 ? Finished (sold) $367,000. c. Actual overhead costs incurred in April are indirect materials, $51,000; indirect labor, $24,000; factory rent, $33,000; factory utilities, $20,000; and factory equipment depreciation, $52,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $639,000 cash in April. Job 307 $36,600 19,600 10,600 5-a. Compute gross profit for April. 5-b. Show how the…
In July, Noel & Vang Company purchased materials costing $23,100 and incurred direct labor cost of $19,800. Manufacturing overhead totaled $35,200 for the month. Information on inventories was as follows: July 1 July 31 Materials $6,820 $7,810 Work in process 770 1,320 Finished goods 3,630 2,970 What was the cost of goods sold for July? Group of answer choices $77,220 $69,600 $71,300 $71,100
Armada Shipping is a global logistics company. The company is organized into two divisions: Contracts and Retail. The Contracts Division, which is by far the larger division, handles customers who have regular shipping requirements and have signed contracts specifying costs and schedule for up to one year. The Retail Division handles shipments for customers who have only occasional shipping requirements and pay on an as-used basis. Billing for all customers is handled by the corporate Accounts Receivable Department. Accounts Receivable performs two major activities: billing and accounts. Billing refers to preparing and sending the bills as well as processing the payments. Accounts refers to establishing accounts, ensuring credit status, following up on collection, and so on. The costs of the Accounts Receivable Department are allocated to the two divisions based on the number of bills prepared. The manager of the Contracts Division has complained that the allocated costs from Accounts…
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
Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $151,500 $128,780 Work in process 101,510 86,280 Finished goods 77,270 86,280 Direct labor $272,700 Materials purchased during January 290,880 Factory overhead incurred during January: Indirect labor 29,090 Machinery depreciation 17,570 Heat, light, and power 6,060 Supplies 4,850 Property taxes 4,240 Miscellaneous costs 7,880 a. Prepare a cost of goods manufactured statement for January. Sandusky Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended January 31 $fill in the blank 9dc536060f91fdb_2 Direct materials: $fill in the blank 9dc536060f91fdb_4 fill in the blank 9dc536060f91fdb_6 $fill in the blank 9dc536060f91fdb_8 fill in the blank…

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