The data related to Macro build company present the following data for the month of August 2018. Direct labor cost $16,000 (160% of factory overhead) Cost of sales $56,000 Beginning and ending inventory balances of inventory are given below: August 1 $8,000 $8,000 $14,000 August 31 $8,600 $12,000 $18,000 Raw materials Work-in-progress Finished goods Other data: Selling expenses General and administrative expenses S3,400 $2,600 $75,000 Sales for the month Among, the given options, determine the cost of raw material purchased. а. $32,600 b. $36,000 с. $32,000 d. $28,600

The data related to Macro build company present the following data for the month of August 2018. Direct labor cost $16,000 (160% of factory overhead) Cost of sales $56,000 Beginning and ending inventory balances of inventory are given below: August 1 $8,000 $8,000 $14,000 August 31 $8,600 $12,000 $18,000 Raw materials Work-in-progress Finished goods Other data: Selling expenses General and administrative expenses S3,400 $2,600 $75,000 Sales for the month Among, the given options, determine the cost of raw material purchased. а. $32,600 b. $36,000 с. $32,000 d. $28,600

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

Cost of Goods Manufactured for a Manufacturing Company The following information is available for Ethtridge Manufacturing Company for the month ending July 31: Cost of direct materials used in production $105,600 Direct labor 126,700 47,500 64,400 58,100 Work in process inventory, July 1 Work in process inventory, July 31 Total factory overhead Determine Ethtridge's cost of goods manufactured for the month ended July 31. Ethtridge Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended July 31 Add manufacturing costs incurred during July: Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured
[The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,250,000 37,000 53,900 62,700 175,600 225,000 47,000 23,000 57,000 94,000 129,300 42,700 41,500 67,300 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $534,300.
. Iron Sheets Company had the following information for the month of June 2021. Sales Purchases Sales and administrative expenses V Factory overhead V Direct labor Shs. 257,000 92.000 79,000 37,000 25.000 Work in process, June 1 22,000 Work in process, June 30 Raw Material inventory, June 1 Raw Material inventory, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 18.500 6.000 8,000 21,000 25,000 Prepare the following: A manufacturing account An income statement for the month ended June 30, 2021 The inventory section of the statement of financial statement.
Please provide answer in text (Without image)
Need Help with this question please
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
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $17,792 Direct labor 28,982 Factory overhead 39,947 Work in process inventory, March. 1 17,999 Work in process inventory, March 31 18,186 Finished goods inventory, March 1 20,960 Finished goods inventory, March 31 24,711 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold.
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:
Crane Company reports the following inventory data for the month of June: Direct materials Work in process Finished goods 1. 2. 3. 4. 5. June 1 $81 190 260 June 30 $120 250 260 Direct materials purchases were $200. Direct costs of production were $240. Variable costs of production were $300. Indirect costs of production were $200. Selling and administrative costs were $240.
Lastly: Determine the costs of goods sold for January:
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.