The accounts of Melissa Manufacturing showed the following balances at the beginning of December: Debit Account Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory Manufacturing Overhead $56,000 76,000 36,000 15,000 The following transactions took place during the month: December 2: Issued direct materials $34,000 and indirect materials $7,000 to production. December 15: Incurred $7,000 and $2,000 toward factory's direct labor cost and indirect labor cost, respectively What should be the balance in the Work-in-Process Inventory following these transactions? OA. $78,000 OB. $70,000 OC. $83,000 OD. $117,000

The accounts of Melissa Manufacturing showed the following balances at the beginning of December: Debit Account Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory Manufacturing Overhead $56,000 76,000 36,000 15,000 The following transactions took place during the month: December 2: Issued direct materials $34,000 and indirect materials $7,000 to production. December 15: Incurred $7,000 and $2,000 toward factory's direct labor cost and indirect labor cost, respectively What should be the balance in the Work-in-Process Inventory following these transactions? OA. $78,000 OB. $70,000 OC. $83,000 OD. $117,000

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

The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $ 14,100 $ 18,400 Work in process inventory, beginning 15,500 21,450 Raw materials inventory, beginning 8,800 12,450 Rental cost on factory equipment 31,500 23,200 Direct labor 20,400 41,000 Finished goods inventory, ending 18,500 16,100 Work in process inventory, ending 26,800 19,600 Raw materials inventory, ending 6,700 8,800 Factory utilities 10,500 12,500 General and administrative expenses 23,000 44,500 Indirect labor 14,450 13,860 Repairs—Factory equipment 4,700 2,150 Raw materials purchases 39,000 58,000 Selling expenses 50,000 55,300 Sales 274,470 395,150 Cash 34,000 22,700 Accounts Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for…
Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 Raw materials $29,500 $38,000 Finished Goods $79,000 $74,000 Work in Process $17,500 $17,116 During May, $62,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 380 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,450 of direct materials cost. The Corporation incurred $43,200 of actual manufacturing overhead cost during the month and applied $42,000 in manufacturing overhead cost. The amount of direct labor cost in the May 30 Work in Process inventory was: Multiple Choice $4,296 $5,370 $4,990 $9,666
SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:
The raw materials purchased during May totaled:
Consider the following information for June: Work-in- Raw Process Finished Material (WIP) Goods Beginning inventory $ 60,000 $ 24,000 $ 60,000 Ending inventory $ 90,000 $ 45,000 $ 80,000 Other information: Net income (after adjustment) $ 779,000 Purchases $ 600,000 Cost of goods sold (before adjustment) $ 1,420,000 Sales $ 2,800,000 Direct labor $ 95,000 Compute APPLIED manufacturing overhead.
The manufacturing operations of Wildhorse, Inc. had the following balances for the month of January: Inventories Raw Materials Work in Process Finished Goods January 1 January 31 $15,600 27,300 18,200 $16,900 Cost of goods sold $ 29,900 20,800 Wildhorse transferred $377,000 of completed goods out of Work in Process Inventory during January. Compute the cost of goods sold.
Factory overhead is applied at 75% of direct labor cost. How much is the total cost of purchases for the month of August?
The following information pertains to Acme Manufacturing Company for June. Assume actual overhead equaled applied overhead. June 1 June 30 Inventory Balances Raw Materials $100,000 $60,000 Work in Process 120,000 145,000 Finished Goods 78,000 80,000 Activity during June: Raw materials purchased $120,000 Direct labor costs 100,000 Manufactured overhead 63,000 Complete the following Schedule of Cost of Goods Manufactured and Sold
Give true calculation
The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. April 1 Inventory balances Raw materials Work in process Finished goods April 30 Inventory balances Raw materials Work in process Finished goods $123,700 118,700 77,400 $ 85,700 146,600 80,900 Costs of raw materials $119,200 purchased Costs of direct labor 101,300 Costs of manufacturing 62,600 overhead Sales revenues 352,000 During April Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. Complete this question by entering your answers in the tabs below. Required Required A B Prepare a schedule of cost of goods manufactured and sold. FLAXMAN MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For April Raw materials available for use Direct raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Cost of goods…
The April Work in Process account for Coventry Co. contained the following: Beginning balance -- $19,000 debit Direct materials -- $11,000 debit Direct labor -- $8,000 debit Overhead -- $13,000 debit Transfer to finished goods -- $3,000 credit Overhead is applied at a rate of 125% of direct labor cost. The only job in process at April 30, Job #897, has been charged with direct labor cost of $4,000. What amount of direct materials cost has been charged to Job 897? $____________
The accounts of JB Hi-FI Inc. showed the following balances at the beginning of March: Account Debit Raw Materials Inventory $40,000 Work-in-Process Inventory 34,000 Finished Goods Inventory 50,000 Manufacturing Overhead 23,000 During the month, direct materials amounting to $21,000 and indirect materials amounting to $5,000 were transferred to production. What is the ending balance in the Raw materials Inventory account following these two transactions? Group of answer choices $10,000 $14,000 $28,000 $61,000