The following cost data relate to the manufacturing activities of the Kamas Company during the most recentyear. Factory overhead costs incurred during the year:P 1,6002,6005,10013,0002,500Property taxes – factoryUtilities – factoryIndirect laborDepreciation - factoryInsurance - factoryTotal Actual FOH costsP 24,800Other costs incurred during the year:P 15,00022,000Purchases of raw materialsDirect labor costInventories:Raw materials, beginningRaw materials, endingWork-in-process, beginningWork-in-process, endingP 5,0004,4003,5004,500The company uses a predetermined overhead rate to charge overhead cost to production. The rate for theyear just completed was P4.00 per machine-hour; a total of 6,000 machine-hours were recorded for theyear. Compute for the cost of goods manufactured for the year.

The cost of goods manufactured is a calculation that is used to gain a general understanding of…

Answered: The following cost data relate to the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following cost data relate to ABC Products Company for the year ended June 30, 2005. Direct Materials Br. 55, 600 Direct Labor 72,400 Factory Overhead 36,500 Work in process inventory, July 1, 2004 38,200 Work in process inventory, June 30, 2005 34,800 Required: 1. Calculate the manufacturing costs for the year. 2. Calculate the cost of goods manufactured for the year ended June 30, 2005.
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The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $30,000. 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 sold first followed by the schedule of cost of goods manufactured.)
The the third quarter records of Clemmie Corporation indicate that they incurred the following costs in that period: Direct Labor: $99,300 Factory Utilities: $47,100 Factory Property Taxes: $32,400 Direct Materials: $90,600 Administrative Expenses: $38,300 Selling Expenses: $37,200 The total of the product costs is:
Lastly: Determine the costs of goods sold for January:
Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Beginning Ending $ Raw materials $ 8,100 10,900 Work in $ $ 5,100 process Finished goods 20,400 $ $ 70,000 25, 200 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available $ 652,000 $ 88,000 $…
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Complete this question by entering your answers in the tabs below. The company uses a predetermined overhead rate of $24 per machine-hour to apply overhead cost to jobs. A total of 21,200 machine- hours were used during the year. Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost…
The following cost data were taken from the records of A Manufacturing Company: Depreciation on factory equipment, P 1,000; Depreciation on sales office, P 500; Advertising, P 7,000; Freight-out (shipping), P 3,000; Wages of production workers, P 28,000; Raw materials used, P 47,000; Sales salaries and commissions, P 10,000; Factory rent, P 2,000; Factory insurance, P 500; Materials handling, P 1,500; administrative salaries, P 2,000. Required: Total manufacturing costs *
The following data refers to the most recent fiscal year for Sterritt Company. Amounts are in thousands of dollars. ($000) $ 4,800 5,250 3,170 225 233 585 510 334 700 7,050 71 Cost of goods manufactured for the year Cost of goods sold Direct labor Direct materials inventory, July 1 Direct materials inventory, June 30 Direct material purchases Finished goods inventory, July 1 Finished goods inventory, June 30 Manufacturing overhead Sales revenue Work-in-process inventory, June 30 Required: Find the following amounts. Note: Enter your answers in thousands. a. Direct materials used for the year b. Gross margin for the year c. Total manufacturing costs for the year d. Work-in-process inventory, July 1
The following is a manufacturing cost report of Marching Ants Inc. Evaluate and correct this report.
Given the following data for ABC Company, calculate (A) cost of goods manufactured and (B) total manufacturing costs : Direct materials used $120,000 Beginning work in process $20,000 Direct labour 100,000 Ending work in process 10,000 Manufacturing overhead 150,000 Beginning finished goods 25,000 Operating expenses 175,000 Ending finished goods 15,000
Freeman Furnishings has summarized its data as shown: Depreciation of factory building $77,500 Factory real estate taxes $15,000 Factory utility expenses Indirect materials $85,000 $32,000 $25,000 $84,000 Indirect labor Direct labor cost Direct labor hours incurred Estimated direct labor hours Raw material purchased Raw material, beginning Inventory Raw material, ending Inventory Work in process, beginning Inventory Work in process, ending Inventory Estimated overhead Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours. x 21,500 22,000 $370,000 $40,000 $29,000 $52,000 $67,000 $247,500

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