How to compute this answer? The following beginning and ending inventory balances apply to XYZ'S2008 accounting period: Raw Materials Inventory: Beginning- $24,000;Ending $22,000; Work in Process Inventory: Beginning- $32,000;Ending $33,000; Finished Goods Inventory: Beginning- $20,000;Ending $17,000 During 2008, the company purchased $234,000 ofdirect raw materials. It incurred $180,000 of direct labor costs for theyear and allocated $260,000 of manufacturing overhead costs to workin process. There was no overapplied or underapplied overhead.Revenue from goods sold during the year was $800,000. The amount ofcost of goods manufactured (amount transferred from WIP to finishedgoods) was $675,000. How to compute this answer ($675,000)?

Step 1: Define Work-in-ProcessWork-in-process inventory refers to products that are not yet…

Answered: The following beginning and ending…

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?
Worth Company reported the following year-end information: beginning work in process inventory, $180,0003; cost of goods manufactured, $866,000; beginning finished goods inventory, $252,000; ending work in process inventory, $220,000; and ending finished goods inventory, $264,000. Worth Company's cost of goods sold for the year is
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.
End of fiscal year 2022, John Co. had the following balances: Raw materials inventory: $45,500 Work in process inventory: 87400 Finished goods inventory: 25600 During 2022, the company purchased raw materials costing $224000 and used $218000 of those raw materials in production. Total direct labor costs amounted to $187,500. Overhead applied to work in process was $98,000 but actual overhead costs totaled $102,600. During the year, the company completed products costing $511,000. Their total selling and admin expenses were $98,000. Product sales were $714,000 for goods costing $510,000 to produce. All transactions were cash. Prepare a schedule of costs of goods manufactured and sold for the year 2022. Prepare an income statement for 2022. Please avoid image based solutions thnx
Kilt Company had the following information for the year: direct materials used: $1131,000 direct labor incurred: (5,350 hours) $158,000 actual manufacturing overhead incurred: $175,400 Kilt Company used a predetermined overhead rate of $44 per direct labor hour for the year and estimated that direct labor hours would total 5,885 hours. Assume the only inventory balance is an ending Work in Process balance of $17,400. How much overhead was applied during the year?
Horton has beginning inventory balances of $90,000 for raw materials inventory, $20,000 for work in process inventory, and $600,000 for finished goods inventory. During the period, Horton purchased $140,000 worth of materials and placed $170,000 worth of materials into production. Horton incurred $1,400,000 in direct labor costs and applied $1,440,000 in overhead during the period. The cost of goods completed during the period was $3,020,000 and the cost of goods sold to customers during the period was $3,100,000. Horton incurred actual overhead costs of $1,400,000 during the period. 1. What is Horton's ending balance for Material inventory? 2. What is Horton's ending balance for Work-in-Process inventory? 3. What is Horton's ending balance for Finished Good inventory? 4. Was Horton's overhead OVERAPPLIED or UNDERAPPLIED during the period? 5. What journal entry would the company record to account for overapplied or underapplied overhead?
Dale Corporation began fiscal year 2014 with the following balances in its inventory accounts. Raw Materials $ 54,100 Work in Process 82,100 Finished Goods 26,400 During the accounting period, Dale purchased $238,400 of raw materials and issued $249,000 of materials to the production department. Direct labor costs for the period amounted to $323,800, and manufacturing overhead of $46,900 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,300 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,700 were sold for $801,300 during the period. Selling and administrative expenses amounted to $70,200. Required: a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. Ending Balance Raw materials Work in process Finished goods b. Prepare a…
GIGRIC314 company provided the following data for the end of the year (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses $211,000 $257,000 $ 20,000 $153,000 Manufacturing overhead applied to work in process $365,000 $342,000 Actual manufacturing overhead cost GIGRIC314's inventory balances at the beginning and end of the year were as follows: ID#18929) Beginning End of of Year Year Raw materials Work in process Finished goods $ 60,000 $ 25,000 $ 38,000 $ 33,000 $ 44,000 For the year, the cost of goods available for sale was $718,000 and the net operating income as reported in its income statement income was $44,000. The GIGRIC314 company's underapplied or overapplied overhead was closed to Cost of Goods Sold. Q.) How much was the GIGRIC314 company's sales revenue for the year? Multinle Choice Next > < Prev 21 of 25 MacBook Air %24
in 2017 or in e $90. 17)Corp uses a normal cost system and had the following data available for 2010: Direct materials purchased on account $ 148,000 Direct materials requisitioned 82,000 Direct labor cost incurred 130,000 162,500 Factory overhead incurred Cost of goods completed 292,000 256,000 Cost of goods sold 26,000 Beginning direct materials inventory 58,000 Beginning WIP inventory 64,000 Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs The ending balance of work-in-process (WIP) inventory is 18) The ending balance of finished goods (FG) inventory is 125 percent
Ogleby Inc.'s accounting records reflect the following inventories: 12/31/19 12/31/20 Raw materials inventory $150,000 $120,000 Work in process inventory $195,000 $217,500 Finished goods inventory $187,500 $172,500 During 2020, Ogleby purchased $1,225,000 of raw materials, incurred direct labor costs of $218,750, and incurred manufacturing overhead totaling $280,000. How much would Ogleby Manufacturing report as the cost of goods manufactured for 2020? a. $1,768,750 b. $1,746,250 c. $1,731,250 d. $1,536,250
Grexdon Corporation has the following beginning inventory balances: Raw Material Inventory = $825,000 %3D Work In Process Inventory = $160,000 Finished Goods Inventory = $940,000 During the period, Grevden purchased $3,100,00o worth of raw materials and placed $3,220,000 worth of raw materials into production. Grevdon incurred $2,330,000 in direct labor costs and applied $1,500,000 in overhead during the period. The cost of goods completed during the period was $7,020,000 and the cost of goods sold was $7,160,000. a) What is the ending balance for raw materials inventory? b) What is the ending balance for work in process inventory? c) What is the ending balance for finished goods inventory? d) If actual overhead costs incurred during the period were $1,525,000, what journal entry would the company make to account for overapplied or underapplied overhead?

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