The following data apply to Stratford Ltd: Direct materials inventory, beginning of the year $5,500 Direct materials inventory, end of the year $3,000 Direct materials purchased during the year $45,000 Calculate the amount of direct materials used during the year. Select one: O a. $36 500 O b. $53 500 c. $42 500 O d. $47 500

The following data apply to Stratford Ltd: Direct materials inventory, beginning of the year $5,500 Direct materials inventory, end of the year $3,000 Direct materials purchased during the year $45,000 Calculate the amount of direct materials used during the year. Select one: O a. $36 500 O b. $53 500 c. $42 500 O d. $47 500

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 data apply to Stratford Ltd: Direct materials inventory, beginning of the year $5500 Direct materials inventory, end of the year $3,000 Direct materials purchased during the year $45,000 Calculate the amount of direct materials used during the year. Select one: O a. $36 500 O b. $53 500 $42 500 O d. $47 500
Given the following data: Beginning raw materials inventory $30,000 Materials purchased 65,000 Ending raw materials inventory 40,000 What is the amount of raw materials used? a.$75,000 b.$55,000 c.$5,000 d.$30,000
O e. OMR99,000 Beginning raw materials inventory was OMR70,000. During the month, OMR175,000 of raw materials was purchased. A count at the end of the month revealed that OMR54,000 of RM was still present. The cost of indirect materials used during the month was OMR15,000. What is the cost of direct materials used? Select one: a. OMR191,000 b. OMR166,000 c. None of the answers given. O d. OMR134,000 В рage Next page m 1 Part 1 o1 dun hp
All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:Firm A Firm B Firm CBeginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?Beginning work in process. . . . . . . . .…
Solve and check answer twice before submit and add explanation and proper calculation
The following information is from the records of the Silver Company: Net direct materials purchase cost 450,000 Direct materials used 550,000 Materials beginning inventory 250,000 What is the materials ending inventory? a. 150,000 b. 200,000 c. 100,000 d. 350,000
3. Compute the raw materials inventory turnover for the most recent two years. Current year 1 year past 2 years past Ending raw materials inventory Beginning raw materials invent Raw materials used $321,000 288,645 2.755,000 Work Area 295.000 254,000 2,361,000 277,500 241,000 2,550,000
Beginning raw materials inventory was OMR90,000. During the month, OMR175,000 of raw materials was purchased. A count at the end of the month revealed that OMR54,000 of RM was still present. The cost of indirect materials used during the month was OMR15,000, What is the cost of direct materials used? Select one: O a. OMR211,000 Ob. OMR114,000 O c. None of the answers given O d. OMR186,000
The following information is available for ABC Company for the year ended December 31: Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense What is the amount of direct materials used in production for the year? Multiple Choice $5,200. $7,500. $4,700. $8,900. $ 3,700 5,200 4,200 2,200
The following information is available for the year ended December 31: Beginning raw materials inventory $ 3,400 Raw materials purchases 4,900 Ending raw materials inventory 3,900 Direct labor expense 1,900 The amount of direct materials used in production for the year is: O $6,900. $5,000. $8,300. $4,400. $4,900.
Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that the Raw Materials Inventory contains only direct materials. End End Beginning of Year of Year of Year $23,000 $25,000 Insurance on plant.... $ 11,500 Raw materials inventory Depreciation-plant building and equipment. $ 13,400 $ 3,700 $ 77,000 Work in process inventory.. $35,000 $31,000 $22,000 Repairs and maintenance-plant. Finished goods inventory... $20,000 Purchases of direct materials... $74,000 Marketing expenses. $86,000 General and administrative expenses $ 28,500 Direct labor... Indirect labor.. $42,000