The following cost data for the month of May were taken from the records of the TerrenceManufacturing Company: (CIA adapted)Depreciation on factory equipmentDepreciation on sales officeAdvertisingWages of production workersRaw materials usedSales salaries and commissionsFactory rentFactory insuranceMaterials handlingAdministrative salaries$ 1,0005007,00028,00047,00010,0002,0005001,5002,000Based upon this information, the manufacturing cost incurred during the month was:a)$80,500.b)$83,000.none of the aboved)$78,500.e)$80,000.Boş bırak

Detailed explanation:To calculate the manufacturing cost, we need to include all costs directly…

Answered: The following cost data for the month…

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 Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $15,039 Direct labor 25,600 Factory overhead 30,572 Work in process inventory, March 1 18,340 Work in process inventory, March 31 20,102 Finished goods inventory, March 1 23,887 Finished goods inventory, March 31 23,750 a. Determine the cost of goods manufactured.$fill in the blank 1 b. Determine the cost of goods sold.$fill in the blank 2
The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $131.000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76.200 machine-hours were used in October. g. Jobs costing $510,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $447,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 28% above cost. Required: 1. Prepare journal entries to record the transactions given…
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $210,000. Raw materials used in production, $188,000 ($150,400 direct materials and $37,600 indirect materials). Accrued direct labor cost of $50,000 and indirect labor cost of $20,000. Depreciation recorded on factory equipment, $105,000. Other manufacturing overhead costs accrued during October, $129,000. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,200 machine-hours were used in October. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 40% above cost. Required: 1. Prepare journal entries to record the transactions given above. 2. Prepare…
The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,000 machine-hours were used in October. g. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $447,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 36% above cost. Required: 1. Prepare journal entries to record the transactions given…
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Beginning and ending inventory balances were as follows: Beginning $ 218,000 $ 261,000 ? $ 155,000 $ 374,000 $ 360,000 Raw materials Work in process Finished goods Ending $ 59,000 $ 39,000 ? $ 24,000 $ 39,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $39,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods…
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $15,852 Direct labor 23,816 Factory overhead 39,444 Work in process inventory, March 1 20,490 Work in process inventory, March 31 21,368 Finished goods inventory, March 1 23,826 Finished goods inventory, March 31 25,639 a. Determine the cost of goods manufactured.$fill in the blank 1 b. Determine the cost of goods sold.$fill in the blank 2
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
Prepare a schedule of cost of good manufactured.
The Polaris Company uses a job-order costing system. The following transactions occurred in October: 1. Raw materials purchased on account, $210,000. 2. Raw materials used in production, $191,000 ($152,800 direct materials and $38,200 indirect materials). 3. Accrued direct labor cost of $49,000 and indirect labor cost of $20,000. 4. Depreciation recorded on factory equipment, $105,000. 5. Other manufacturing overhead costs accrued during October, $131,000. 6. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,400 machine-hours were used in October. 7. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. 8. Jobs that had cost $453,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 40% above cost. Required: 1. Prepare journal entries to record the transactions given…
Chavez Corporation reported the following data for the month of July: Inventories: Raw materials Work in process Finished goods Additional information: Raw materials purchases Direct labor cost Beginning Ending $45,000 $39,000 $25,000 $35,000 $41,000 $56,000 $75,000 $100,000 $68,000 Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The direct materials cost for July is: $11,600 $67,000
Please complete all the requirements!.
h

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS