The following data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory, May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000

The following data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory, May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000

Name: The following data refer to the month of May for Bonita Components. F
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The following data refer to the month of May for Bonita Components. Fill in the blanks.Direct materials inventory, May 1Direct materials inventory, May 31Work-in-process inventory, May 1Work-in-process inventory, May 31Finished goods inventory, May

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 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 balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 24,500 Work-in-process inventory 32,800 29,100 Finished goods inventory 5,800 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement.
larco Company shows the following costs for three jobs orked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March). Costs during April Direct materials used. Direct labor used Overhead applied Status on April 30 dditional Information Raw Materials Inventory has a March 31 balance of 85,200. Job 306 $ 34,200 25,200 15,200 5A 148,000 90,200 ? Finished (sold) Raw materials purchases in April are $513,000, and total actory payroll cost in April is $376,000. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, 35,250; factory utilities, $22,250; and factory equipment epreciation, $54,250. Req 5B iterials process 1 goods 'entories Job 307 $ 40,200 23, 200 14,200 Predetermined overhead rate is 50% of direct labor cost. . Job 306 is sold for $648,000 cash in April. Inventories 233,000 163,000 ? Finished (unsold) Compute gross profit for April. how how the three…
The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. April 1 Inventory balances Raw materials Work in process Finished goods April 30 Inventory balances Raw materials Work in process Finished goods $123,700 118,700 77,400 $ 85,700 146,600 80,900 Costs of raw materials $119,200 purchased Costs of direct labor 101,300 Costs of manufacturing 62,600 overhead Sales revenues 352,000 During April Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. Complete this question by entering your answers in the tabs below. Required Required A B Prepare a schedule of cost of goods manufactured and sold. FLAXMAN MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For April Raw materials available for use Direct raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Cost of goods…
Zoe Corporation has the following information for the month of March. Cost of direct materials used in production $15,231 Direct labor 28,865 Factory overhead 38,485 Work in process inventory, March 1 23,820 Work in process inventory, March 31 20,127 Finished goods inventory, March 1 21,652 Finished goods inventory, March 31 27,344 a. Determine the cost of goods manufactured.$fill in the blank 1 b. Determine the cost of goods sold.$fill in the blank 2
The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $18,402 Direct labor 26,329 Factory overhead 37,074 Work in process inventory, March 1 21,356 Work in process inventory, March 31 21,741 Finished goods inventory, March 1 23,290 Finished goods inventory, March 31 27,776 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold.
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $16,307 Direct labor 24,952 Factory overhead 31,690 Work in process inventory, March 1 15,426 Work in process inventory, March 31 19,882 Finished goods inventory, March 1 23,292 Finished goods inventory, March 31 28,467 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold. %24 %24
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 Inventory balances at the beginning and end of the year were as follows: Ending $ 31,000 $ 27,000 ? Raw materials. Work in process Finished goods Beginning $ 55,000 ? $ 34,000 The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $37,000. 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…
The following information is available for Ethtridge Manufacturing Company for the month ending July 31: Cost of direct materials used in production $1,150,000 Direct labor 966,000 Work in process inventory, July 1 316,400 Work in process inventory, July 31 355,500 Total factory overhead 490,500 Determine Ethtridge's cost of goods manufactured for the month ended July 31. Ethtridge Manufacturing CompanyStatement of Cost of Goods ManufacturedFor the Month Ended July 31 $- Select - Add manufacturing costs incurred during July: $- Select - - Select - - Select - Total manufacturing costs incurred fill in the blank 9 Total manufacturing costs $fill in the blank 10 - Select - Cost of goods manufactured $fill in the blank 13
Zoe Corporation has the following information for the month of March. Cost of materials used in production $15,122 Direct labor 28,511 Factory overhead 39,743 Work in process inventory, March 1 23,504 Work in process inventory, March 31 21,362 Finished goods inventory, March 1 21,380 Finished goods inventory, March 31 22,037 a. Determine the cost of goods manufactured.$fill in the blank 1 b. Determine the cost of goods sold.$fill in the blank 2
The following balances are from the accounts of Santa Maria Parts: July 1 (Beginning) $ 95,800 Direct materials inventory Work-in-process inventory Finished goods inventory 88,600 97,000 Direct materials purchased during the quarter amount to $670,000, and the cost of goods sold for the quarter was $1,930,000. Required: Prepare a cost of goods sold statement. Manufacturing costs: Direct materials: Materials available Direct materials used Total manufacturing costs Total costs of work-in-process SANTA MARIA PARTS Cost of Goods Sold Statement For the Quarter Ended September 30 Cost of goods manufactured Finished goods available for sale Cost of goods sold September 30 (Ending) $ 113,400 $ 56,200 91,000 0 $ 0 $ $ 0 0 0 0 0