TB MC Qu. 3-80 (Algo) Bottum Corporation, a manufacturing Corporation, has provided... Bottum Corporation, a manufacturing Corporation, has provided data concerning its operations for May. The beginning balance in the raw materials account was $30 and the ending balance was $56,000. Raw materials purchases during the month totaled $83,000. Manufacturing overhead cost incurred during the month was $121, which $4,000 consisted of raw materials classified as indirect materials. The direct materials cost for May was Multiple Choice O O O $83,000 $57,000 $109,000 $53,000

TB MC Qu. 3-80 (Algo) Bottum Corporation, a manufacturing Corporation, has provided... Bottum Corporation, a manufacturing Corporation, has provided data concerning its operations for May. The beginning balance in the raw materials account was $30 and the ending balance was $56,000. Raw materials purchases during the month totaled $83,000. Manufacturing overhead cost incurred during the month was $121, which $4,000 consisted of raw materials classified as indirect materials. The direct materials cost for May was Multiple Choice O O O $83,000 $57,000 $109,000 $53,000

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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- Online i A manufacturing corporation provided data concerning its operations for August. The beginning balance in the raw materials account was $21,000 and the ending balance was $39,000. Raw materials purchases during the month totaled $65,000. Manufacturing overhead cost incurred during the month was $100,000, of which $3,000 consisted of raw materials classified as indirect materials. The direct materials cost for August was:
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The following data are taken from the general ledger and other records of Du-sik Manufacturing on January 31, the end of the first month of operations in the current fiscal year: Sales - 75,000; Materials inventory (January 1) - 25,000; Work in process inventory (January 1) - 24,000; Finished goods inventory (January 1) - 32,000; Materials Purchased - 21,000; Direct labor cost - 18,000; Factory overhead (including 1,000 of indirect materials used and 3,000 of indirect labor cost) - 12,000; Selling and Administrative expenses - 10,000; Inventories at January 31: Materials - 22,000; Work in Process 20,000; Finished Goods - 30,000. What is the total manufacturing cost? * Your answer
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ok ht D ences Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,000 in raw materials were purchased for cash. b. $71,700 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,900 were incurred and paid. Of this amount, $134,900 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,400 were incurred and paid. e. Manufacturing overhead of $127,100 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2.…
Q. 8. Dula Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process-Cutting $2,900, Work in Process-Assembly S10,600, and Finished Goods $31,000. During July, the following transactions occurred. (a) Purchased $85,200 of raw materials on account. (b) Incurred $60,000 of factory labor. (Credit Wages Payable.) (c) Incurred $60,000 of manufacturing overhead; $34,000 was paid and the remainder is unpaid. (d) Requisitioned materials for Cutting $15,500 and Assembly $9,200. (e) Used factory labor for Cutting $38,000 and Assembly $22,000. (f) Applied overhead at the rate of S16 per machine hour. Machine hours were Cutting 1,870 and Assembly 1,260. (g) Transferred goods costing $87,800 from the Cutting Department to the Assembly Department. (h) Transferred goods costing $120,700 from Assembly to Finished Goods. (i) Sold goods costing $190,000 for $205,000 on account. Instructions Journalize the transactions. (Omit…
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Maryville Incorporated incurred the following costs during June: Raw materials used Direct labor Manufacturing overhead, actual Selling expenses Administrative expenses Interest expense $ 331,000 652,000 448,000 267,000 194,000 91,000 During the month, 53,000 units of product were manufactured and 48,000 units of product were sold. On June 1, Maryville carried no Inventories. On June 30, there were no inventories other than finished goods. Required: a. Calculate the cost of goods manufactured during June and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during June. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for Maryville for the month of June. Assume that sales for the month was $2,448,000 and the company's effective income tax rate was 30%. Complete this question by entering your…