Tap Corporation has the following information for the month of March. Determine the Cost of goods manufactured Purchases $ 92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 Factory overhead 37,000 Work in process, March 1 22,000 Work in process, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Sales and administrative expenses 79,000

Tap Corporation has the following information for the month of March. Determine the Cost of goods manufactured Purchases $ 92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 Factory overhead 37,000 Work in process, March 1 22,000 Work in process, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Sales and administrative expenses 79,000

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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zed Inc. provided the following data at current year-end: Finished goods in storeroom, at cost including overhead of 400,000 - 2,000,000 Finished goods in transit, including freight charge of 20,000, FOB shipping point - 250,000 Finished goods held by salesmen, at selling price, cost, 100,000 - 140,000 Goods in process, at cost of materials and direct labor - 720,000 Materials - 1,000,000 Materials in transit, FOB destination - 50,000 Defective materials returned to suppliers for replacement - 100,000 Shipping supplies - 20,000 Gasoline and oil for testing finished goods - 110,000 Machine lubricants - 60,000 Compute for the cost of inventory at current year-end.
Tory Inc. provided the following data at current year-end: Finished goods in storeroom, at cost including overhead of $400,000 - 2,000,000 Finished goods in transit, including freight charge of $20,000, FOB shipping point - 250,000 Finished goods held by salesmen, at selling price, cost, $100,000 - 140,000 Goods in process, at cost of materials and direct labor - 720,000 Materials - 1,000,000 Materials in transit, FOB destination - 50,000 Defective materials returned to suppliers for replacement - 100,000 Shipping supplies - 20,000 Gasoline and oil for testing finished goods - 110,000 Machine lubricants - 60,000 Instruction: Compute for the cost of inventory at current year-end.
please answer letter b and explain thoroughly
Factory overhead is applied at 75% of direct labor cost. How much is the total cost of purchases for the month of August?
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The following data refers to the most recent fiscal year for Sterritt Company. Amounts are in thousands of dollars. ($000) $ 4,800 5,250 3,170 225 233 585 510 334 700 7,050 71 Cost of goods manufactured for the year Cost of goods sold Direct labor Direct materials inventory, July 1 Direct materials inventory, June 30 Direct material purchases Finished goods inventory, July 1 Finished goods inventory, June 30 Manufacturing overhead Sales revenue Work-in-process inventory, June 30 Required: Find the following amounts. Note: Enter your answers in thousands. a. Direct materials used for the year b. Gross margin for the year c. Total manufacturing costs for the year d. Work-in-process inventory, July 1
The following data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory. May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000
The following data was taken from the general ledger and other records of Vanderbeck Manufacturing Co. at January31, the end of the first month of operations in the current fiscal year: Sales Inventories at January 1: $650,000 Materials inventory 25,000 Work in process inventory 29,000 Finished goods inventory 48,000 Inventories at January 31: Materials inventory 20,000 Work in process inventory 32,000 Finished goods inventory 54,000 Materials purchased 154,000 Labor Costs: 185,000 30,000 Assembly workers' wages Supervisors' salaries Sales personnel salaries 52,000 Depreciation: Factory building 73,000 Sales office 28,000 Indirect materials used 3,000 Factory utilities 67,000 Determine the cost of goods sold for the month
Dullea Corporation reported the following data for the month of May: Inventories Beginning Ending Raw materials $21,000 $21,000 Work in process $21,000 $14,000 Finished goods $27,000 $56,000 Additional information: Sales $290,000 Raw materials purchases $76,000 Direct labor cost $45,000 Manufacturing overhead cost $76,000 Selling expense $28,000 Administrative expense $42,000 The net operating income for May was: $125,000 $55,000 $45,000 $99,000 Show work and calculation
Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: Work-in-process inventory (January 1) P 140,400 Work-in-process inventory (March 31) 171,000 Finished goods inventory (January 1) 540,000 Finished goods inventory (March 31) 510,000 Direct materials used 378,000 Indirect materials used 84,000 Direct manufacturing labor 480,000 Indirect manufacturing labor 186,000 Property taxes on manufacturing plant building 28,800 Salespersons' company…
The following information is about ABC Inc. during month of July: - Raw material purchases at cost of $6,000 - Direct manufacturing labor costs $3,000 - Indirect manufacturing overhead costs $900 - Transportation in cost at $200 - Import duties costing $600 - Purchases discount is $200 - Storage cost $1,000 Compute the "cost of purchase inventory