The following data were taken from the records of Best Company:08/31/2021 09/30/2021Inventories:Raw materialsWork in processFinished goodsP ?80,00060,000P50,00095,00078,000Raw materials purchases, P46,000.Factory overhead, 75% of direct labor cost, P63,000.Selling and administrative expenses, 12.5% of sales, P25,000.Net income for September, 2021, P25.000.What is the cost of raw materials inventory on August 31, 2021?P30,000P40,000P46,000P50,000

The cost of goods sold is calculated as difference between cost of goods available for sale and…

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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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Data for the cost of direct materials for the month ended March 31, 2022, are as follows: Raw materials inventory, March 1, 2022 Raw materials inventory, March 31, 2022 $94,240 86,800 During March, the company purchased $322,400 of raw materials on account from Blossom Company and $114.080 of raw materials for cash from Crane Company. In addition, $62,000 was paid on the Blossom account balance. (Assume all raw materials used were direct materials.) Compute the cost of direct materials used during March. Cost of direct materials used during March $
Direct materials purchased during the year amount to $517,800, and the cost of goods sold for the year was $1,895,000. Prepare a cost of good sold statement.
Question: The accounting records of Dolphin Company revealed the following information: Total manufacturing costs $780,000 Work-in-process inventory, Jan. 1 81,000 Work-in-process inventory, Dec. 31 103,000 Finished goods inventory, Jan. 1 171,000 148,000 Finished goods inventory, Dec. 31 What is Dolphin's cost of goods sold?
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. None of the above c. £346,000 d. £95,000
COGS?
Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance1 60,000 Depreciation on delivery truck 7,250 Utilities2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Comm ission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…
Consider the following information for June: Work-in- Raw Process Finished Material (WIP) Goods Beginning inventory $ 60,000 $ 24,000 $ 60,000 Ending inventory $ 90,000 $ 45,000 $ 80,000 Other information: Net income (after adjustment) $ 779,000 Purchases $ 600,000 Cost of goods sold (before adjustment) $ 1,420,000 Sales $ 2,800,000 Direct labor $ 95,000 Compute APPLIED manufacturing overhead.
During the year, a company purchased raw materials of $77,319, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Ending $17,433 $16,428 Raw materials inventory Work in process inventory 241,437 234,422 Finished goods inventory 312,844 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production Cost of goods manufactured Cost of goods sold Beginning $
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
At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1 inventories—finished goods $ 14,800, work in process $ 17,600, and raw materials $ 8,600. 2. May 31 inventories—finished goods $ 9,600, work in process $ 17,000, and raw materials $ 8,000. 3. Increases to work in process were direct materials $ 64,300, direct labor $ 51,400, and manufacturing overhead applied $ 42,100. 4. Sales revenue totaled $ 217,000. (a) Prepare a condensed cost of goods manufactured schedule for May 2020. SHEFFIELD COMPANYCost of Goods Manufactured Schedulechoose the accounting periodchoose the accounting period select an opening section nameselect an opening section name $ enter a dollar amountenter a dollar amount select an account titleselect an account title $ enter a dollar amountenter a dollar amount select an account titleselect an account title enter a dollar amountenter a dollar amount…
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.

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