None The counting records for Moss Manufacturing Companydisclosed the following cost information for 2014:Direct materialsDirect laborFixed manufacturing overhead$60,000$80,000$100,000Variable manufacturing overhead $20,000Assume the company produced 10,000 units of inventory, sold6,000 of these units in 2014 for $196,000, and that there wasno beginning finished goods inventory. What amount ofending finished goods inventory will be reported on thebalance sheet under variable costing$96,000- $100,000- None of these- $64,000

Step 1: Define Variable CostingOne of the costing methods used in cost accounting is variable…

Answered: The counting records for Moss…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 1CP

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For each of the following independent situations, calculate the missing values: 1. The Belen plant purchased 78,300 of direct materials during June. Beginning direct materials inventory was 2,500, and direct materials used in production were 73,500. What is ending direct materials inventory? 2. Forster Company produced 14,000 units at an average cost of 5.90 each. The beginning inventory of finished goods was 3,422. (The average unit cost was 5.90.) Forster sold 14,120 units. How many units remain in ending finished goods inventory? 3. Beginning work in process (WIP) was 116,000, and ending WIP was 117,300. If total manufacturing costs were 349,000, what was the cost of goods manufactured? 4. If the conversion cost is 84 per unit, the prime cost is 55, and the manufacturing cost per unit is 105, what is the direct materials cost per unit? 5. Total manufacturing costs for August were 412,000. Prime cost was 64,000, and beginning WIP was 76,000. The cost of goods manufactured was 434,000. Calculate the cost of overhead for August and the cost of ending WIP.
Renfro, Inc. was franchised on January 1, 2016. At the end of its third year of operations, December 31, 2018, management requested a study to determine what effect different materials inventory costing methods would have had on its reported net income over the three-year period. The materials inventory account, using LIFO, FIFO, and weighted average, would have had the following ending balances: a. Assuming the same number of units in ending inventory at the end of each year, were material costs rising or falling from 2016 to 2018? b. Which costing method would show the highest net income for 2017? c. Which method would show the lowest net income for 2018? d. Which method would show the highest net income for the three years combined?
Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
The following production data came from the records of Olympic Enterprises for the year ended December 31, 2016: During the year, 40,000 units were manufactured but only 35,000 units were sold. Determine the effect on inventory valuation by computing the following: 1. Total inventoriable costs and the cost of the 35,000 units sold and of the 5,000 units in the ending inventory, using variable costing. 2. Total inventoriable costs and the cost of the 35,000 units sold and of the 5,000 units in the ending inventory, using absorption costing.
What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
he following information is obtained from the company’s records for 2014:a. Total manufacturing costs, P8,000,000b. Cost of finished goods manufactured, P7,920,000c. Manufacturing overhead applied, P3,600,000d. Manufacturing overhead was applied to production at a rate of 200% of direct laborcostse. The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the peso amount of work in process inventory on December 31, 2014?a. P400,000b. P800,000c. P500,000d. P320,000
Incomplete manufacturing cost data for Horizon Company for 2020 are presented as follows for four different situations. (a) Indicate the missing amount for each letter. DirectMaterialsUsed DirectLaborUsed ManufacturingOverhead TotalManufacturingCosts Work inProcess1/1 Work inProcess12/31 Cost of GoodsManufactured (1) $117,000 $140,000 $87,000 $ (a) $33,000 $ (b) $360,000 (2) (c) 200,000 132,000 450,000 (d) 40,000 470,000 (3) 80,000 100,000 (e) 265,000 60,000 80,000 (f) (4) 70,000 (g) 75,000 288
Preston Manufacturing uses a normal cost system and had the following actual data available for 2015:Ending direct materials inventory $10,000Beginning WIP inventory 64,000Beginning finished goods inventory 58,000Direct materials purchased on account $ 70,000Direct materials used or requisitioned 90,000Direct labor cost incurred 130,000Factory overhead incurred (actual) 190,000Overhead is applied at 150 percent (1.5) of direct-labor costCost of goods manufactured 405,000Cost of goods sold 460,000 1) The beginning balance of direct materials inventory must be? 2) The ending balance of work-in-process inventory (before closing the manufacturing overhead accounts) must be?
Boston Company has the following balances as of the year ended December 31, 2018. Direct Materials Inventory=$15,000 Dr WIP Inventory =34,500 Dr Finished Goods Inventory=49,500 Dr Cost of Goods Sold = 74,500 Dr Additional information is as follows: Cost of direct materials purchased during 2018 = $41,000 Cost of direct materials requisitioned in 2018= 47,000 Cost of goods completed during 2018= 102,000 Factory overhead applied (120% of direct labour) = 48,000 Underapplied factory overhead = 4,000 Required: Compute beginning direct materials inventory. Compute beginning WIP inventory.
The following information relates to Jarden Industries for fiscal 2020, the company's first year of operation: Units produced Units sold Units in ending inventory Fixed manufacturing overhead Calculate the amount of fixed manufacturing overhead that would be expensed in 2020 using full costing. (Round fixed manufacturing overhead per unit to 2 decimal places, e.g. 15.25 and final answer to O decimal places, e.g. 125.) Fixed manufacturing overhead expensed $ Calculate the amount of fixed manufacturing overhead that would be expensed in 2020 using variable costing. 150,000 120,000 30,000 $900,000 Fixed manufacturing overhead expensed $ Calculate the amount of fixed manufacturing overhead that would be included in ending inventory under full costing and reconcile it to the difference between parts a and b. Fixed manufacturing overhead in ending inventory $ FMOH expensed under variable costing FMOH expensed under full costing Difference 1
The following information were taken from the accounting records of BLUE Corporation for the year ended December 31, 2021: Decrease in finished goods inventory - P700,250; Increase in raw materials inventory - P368,000; Freight out - P520,000; Factory overhead - P6,000,000; Direct labor - P4,000,000; Raw materials purchased - P8,600,000; Freight in - P842,100. There was no work in process inventory at the beginning or at the end of the year.

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