Tutor please provide answer The following information has been taken from the perpetualinventory system of Chappelle Industries Co. for the month endedNovember 30:Manufacturing CostsPurchases of direct materialsDirect materials usedDirect labor costs assigned to productionAmount$92,000$84,000$38,000Manufacturing overhead costs incurred (and applied) $47,000Balances in InventoryInventory TypeNovember 30 November 1Materials$?$27,000Work in Process $76,000$52,000Finished Goods$93,000$68,000What is the total manufacturing costs charged (debited) to work inprocess during November?

Explanation of Direct Materials Used:Direct materials used refers to the raw materials that are…

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Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 27E

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During the year, a company purchased raw materials of $77,321 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: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
What is the manufacturing costs
Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
The WIP account given below relates to the activities of Jones Ltd for the month of April: WIP Inventory A/C $15,000 To Finished Goods 123,000 April1 Bal Direct Materials Used Direct Labour Incurred Manufacturing Overhead Applied Additional data: Manufacturing Labour Costs incurred.. Manufacturing Overhead Rate. Actual Manufacturing Overhead Costs for April ? ? O a. 138,000 O b. 119,775 Oc. 204,775 O d. 200,000 $163,500 (75% represents direct labour) 120% of direct labour cost $165,150 ? Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a mark-up of 50% on cost. After these transactions have been recorded, the balance in WIP inventory account at April 30 is:
Problem 1.a.: Computation of Direct Material Used.Akari Inc. provided the following information for its raw material inventory account at the end of the current month:Raw Materials (RM) InventoryAccounts $ Accounts $Beginning balance $22,600 Direct materials (DM) used ?Purchase $88,400 Indirect materials used $7,600Ending Balance $27,200Required: Compute the missing information for the direct materials used during the current month.Solution: Formula: Beginning RM+ RM Purchased= Total RM available for use- Ending RM= RM used- Indirect material used= DM used
Financial Accounting
What is the total manufacturing costs charged
The following information is available for the year ended December 31 Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense The amount of direct materials used in production for the year is Multiple Choice $10,100 $5,300 $5,900 $ 4,300 5,800 $5,800 4,800 2,800
III. Manufacturing Overhead Costs estimated 500,000 Direct Labor Hours estimated 50,000 Machine Hours estimated 250,000 Direct Labor Costs estimated $ 1,000,000 Determine the Pre-determined Overhead rate based on the following: a Direct Labor Hours b Machine Hours Direct Labor Cost IV. AJ Smith Compay has the following beginning inventory balances at 1/1/2019 Raw materials WIP 16,000 25,000 all in Job 111 FinishedGoods AJ Smith company had the following transactions in January. 1. Purchased Raw Materials on account for 240,000 2. Salaries paid to factory workers was $70,000. All paid in cash. 3. Factory rent of 60,000 and utility bills for 45,000 for the month were paid. and Depreciation on factory equipment was $95,000. 4. Material and labor was charged to jobs in WIP as follows: Machine Hours 15,000 23,000 Material Labor 15,000 40,000 70,000 Job 111 Job 112 25.000 5,000 25,000 70,000 Make a journal for the material and the labor costs to jobs (2 Journals) 50,000 10,000 170,000 Job…
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