The following data from the just completed year are taken from the accounting records of Mason Company: $ 524,000 $ 70,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Ending $ 15,000 $5,000 $ 35,000 $ 118,000 $ 140,000 $ 63,000 $ 90,000 $ 80,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct mat 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is

The following data from the just completed year are taken from the accounting records of Mason Company: $ 524,000 $ 70,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Ending $ 15,000 $5,000 $ 35,000 $ 118,000 $ 140,000 $ 63,000 $ 90,000 $ 80,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct mat 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is

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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Boursaw Corporation has provided the following data concerning last month’s operations. Purchases of raw materials $33,000 Indirect materials included in manufacturing overhead $ 4,000 Direct labor cost $58,000 Manufacturing overhead applied to Work in Process $78,000 Underapplied overhead $ 5,000 Beginning Ending Raw materials inventory $10,000 $15,000 Work in process inventory $56,000 $72,000 Finished goods inventory $41,000 $49,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the direct materials cost for the month on the Schedule of Cost of Goods Manufactured? $38,000 $24,000 $33,000 $43,000
Menaga Company reports the following information pertaining to its operating activities: Ending Balance Beginning Balance Materials Inventory $ 80,000 $ 75,000 Work in Process Inventory 50,000 85,000 Finished Goods Inventory 25,000 35,000 During the year, the company purchased $175,000 of direct materials and incurred $45,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $65,000. Selling and administrative expenses amounted to $160,000, and the company’s annual sales amounted to $500,000. Required: Prepare Menaga’s schedule of the cost of finished goods manufactured. Prepare Menaga’s income statement (ignore income taxes).
At the beginning of the year, Conway Manufacturing had the following account balances: Work−in−Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 Cost of Goods Sold 0 Sales Revenue 0 The following additional details are provided for the year: Direct materials placed in production $80,800 Direct labor incurred 190,300 Manufacturing overhead incurred 300,700 Manufacturing overhead allocated to production 297,800 Cost of jobs completed and transferred 500,200 The ending balance in the Work−in−Process Inventory account is a ________. A. credit of $2,000 B. debit of $70,700 C. debit of $2,000 D. credit of $70,700
The following is extracted from the records of a manufacturing company for last year: £ Sales 600,000 Inventory of direct materials as of 1st of January 39,000 Purchases of direct materials 158,000 Inventory of direct materials as of 31st of December 19,000 Direct manufacturing labour 28,000 Indirect manufacturing costs 45,000 Inventory of finished goods as of 1st of January 47,000 Cost of goods manufactured 121,000 Inventory of finished goods as of 31st of December 33,000 Selling and administrative costs 119,000 What is the company’s operating income? a. £177,000 b. £95,000 c. £346,000 d. None of the above
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 524,000 Direct labor cost $ 70,000 Raw material purchases $ 118,000 Selling expenses $ 140,000 Administrative expenses $ 63,000 Manufacturing overhead applied to work in process $ 90,000 Actual manufacturing overhead costs $ 80,000 Inventories Beginning Ending Raw materials $ 7,000 $ 15,000 Work in process $ 10,000 $ 5,000 Finished goods $ 20,000 $ 35,000 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 that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost…
For last year, L. Mosely Manufacturing reported the following: Revenue $420,000 Beginning inventory of direct materials, January 1 22,000 Purchases of direct materials 146,000 Ending inventory of direct materials, December 31 16,000 Direct manufacturing labor 18,000 Indirect manufacturing costs 40,000 Beginning inventory of finished goods, January 1 35,000 Cost of goods manufactured 104,000 Ending inventory of finished goods, December 31 36,000 Operating costs 140,000 How much of the above would be considered budgeted period costs ? O A. $140,000 O B. $246,000 O C. $390,000 O D. $104,000
At the beginning of the year, Barrington Manufacturing had the following account balances: Work-in-Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 The following additional details are provided for the year: Direct materials placed in production $80,000 Direct labor incurred 190,000 Manufacturing overhead incurred 300,000 Manufacturing overhead allocated to production 295,000 Cost of jobs completed 500,000 Write the journal entries and calculate the ending balances (you may use T accounts) for Work-in-Process Inventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjusted).
The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $77,250 $93,600 Work in process 108,800 96,700 Finished goods 112,500 108,400 December 31 Advertising expense $ 67,800 Depreciation expense-office equipment 23,000 Depreciation expense-factory equipment 14,600 Direct labor 186,100 Heat, light, and power-factory 5,550 Indirect labor 23,800 Materials purchased 123,800 Office salaries expense 78,300 Property taxes-factory 4,145 Property taxes-office building 13,800 Rent expense-factory 6,550 Sales 861,500 Sales salaries expense 138,500 Supplies-factory 4,750 Miscellaneous costs-factory 4,420 a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which…
Anchor Manufacturing Company reported the following year-end information: Beginning work in process inventory $80,000 Cost of goods manufactured Beginning finished goods inventory Ending work in process inventory $880,000 $50,000 $70,000 Ending finished goods inventory $40,000 How much is Anchor's cost of goods sold for the year? A. $900,000 B. $890,000 C. $880,000 D. $870,000
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Current December 31 Purchases of materials $ 165,000 Direct labor 114, 000 Indirect labor 45,000 Factory insurance 8,000 Depreciation-factory 33,000 Repairs and maintenance-factory 11,000 Marketing expenses 144,000 General and administrative expenses 86,000 Materials inventory $ 23,000 55,000 Work - in - Process inventory 13, 000 16,000 Finished Goods inventory 17,000 24,000 Sales in the current year were $625,000. Required: Prepare a schedule of cost of goods manufactured and an income statement for the current year for Babor Company.
At the beginning of the year, Conway Manufacturing had the following account balances: Work−in−Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 Cost of Goods Sold 0 Sales Revenue 0 The following additional details are provided for the year: Direct materials placed in production $81,800 Direct labor incurred 191,200 Manufacturing overhead incurred 300,000 Manufacturing overhead allocated to production 295,700 Cost of jobs completed and transferred 500,200 The ending balance in the Work−in−Process Inventory account is a ________.