The following information has been taken from the perpetual inventory system of Elite Mfg Co. forthe month ended August 31:Purchases of direct materialsDirect materials usedDirect labor costs assigned to production$60,000$50,000$25,000Manufacturing overhead costs incurred (and applied) $35,000Balances in inventory August 31 August 1Materials$?$25,000Work in Process$65,000 $47,000Finished Goods$60,000$43,000The cost of finished goods manufactured in August is:A. $147,000B. $92,000C. $57,000D. Some other amount

- The cost of goods manufactured is calculated by adding the value of the beginning work in process…

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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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Ryan company recorded the following data pertaining to raw material Y during the current year. units Date Received cost Issued On hand Jan. 1 Inventory 200 16,000 Jan. 8 Issue 8,000 8,000 Jan. 20 Purchase 24,000 240 32,000 What is the moving average unit cost on January. 31?
Inventory in process, January 1, 12,000 units: Direct materials costs for 12,000 units Conversion costs, for 12,000 units, 50% completed Total inventory in process January 1 Direct materials cost for January, 82,000 units Direct labor cost for January Factory overhead applied for January Total production costs to account for Units transferred to Department B in January (includes units in process on January 1). 90,000 units Inventory in process January 31, 4,000 units. 50% completed as to conversion costs $40,000 15,000 $55,000 $550,000 $125,000 $18,000 $748,000
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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
4. Cost of goods manufactured for the year. 5. Finished Goods Inventory on December 31.
SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:
The correct answer is: $121,550 The following activities took place in the WIP inventory during February: WIP Inventory A/C $15,000 To Finished Goods Feb 1 Bal Direct Materials Used 120,000 Direct Labour Incurred ? Manufacturing Overhead ? Applied Additional information: Indirect material issued to production was: $20,000 Manufacturing Labour Costs incurred.. Manufacturing Overhead Rate... Actual Manufacturing Overhead Costs for Feb............ $162,500 (75% represents direct labour) 120% of direct labour cost $130,000 Two jobs were completed with total costs of $120,000 & $85,000 respectively. They were sold on account at a mark-up of 50% on cost. The journal entry to show sale revenue earned from the two completed jobs: Select one: a. DR Accounts Receivable $410,000 and CR Sales Revenue $410,000✔ b. DR Accounts Receivable $205,000 and CR Sales Revenue $205,000 C. DR Sales Revenue $205,000 and CR Accounts Receivable $205,000 d. DR Sales Revenue $410,000 and CR Accounts Receivable…
The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: Purchases of direct materials. Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) Balances in inventory Materials Work in Process Finished Goods Multiple Choice The cost of finished goods manufactured in August is: $147,000. $92,000. $57,000. August 31 August 1 $ 25,000 $ 47,000 $ 43,000 Some other amount. $ 65,000 $ 60,000 $ 60,000 $ 50,000 $ 25,000 $ 35,000
Inventory balances for the MMM Enterprise for the month of June are as follows: June 1 June 30 Raw materials P 2,250 P 1,750 Work-in-process 4,000 3,100 Finished goods 9,000 7,500 During the month, purchases of direct materials were P 3,000. Direct labor and factory overhead costs were P 5,000 and P 7,000 respectively. How much is the conversion costs? Group of answer choices P 15,500 Р 12,000 P 15,000 Р 16,400

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