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) $35,000Balances in inventory August 31 August 1MaterialsWork in ProcessFinished Goods$?$65,000$60,000$25,000$47,000$43,000The total amount of inventory to be included in Elite's August 31st balance sheet amounts to:A. $135,000B. $210,000C. $160,000D. Some other amount

Calculating Ending Material as on August 31Ending material as of Aug 31 = beginning direct material…

Answered: The following information has been…

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
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
Sterling's records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. The records also showed the following data for the month: Materials used Overhead applied Cost of goods manufactured $1,500 50 7,500 Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine how much direct labor was incurred during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any…
Pedro Company reported the following inventory balances as of October 31, 2020:Raw Materials P 80,000Work in Process 110,000Finished Goods 190,000The following transactions occurred during the month of November 2020:1. Purchased P25,000 of raw materials on account.2. Issued P18,000 of raw materials to production of which P15,000 were direct to the product.3. Factory payroll of P34,000 was accrued and distributed as follows: P30,000 for direct labor andP4,000 for supervisors (ignore payroll taxes and deductions).4. Factory utility costs of P8,000 were accrued.5. Prepaid insurance of P1,000 on factory equipment expired in November.6. Straight-line depreciation on factory equipment for the month was P10,0007. Selling and administrative expenses were P40,000 (P30,000 was paid in cash and P10,000 wasaccrued.8. Factory Overhead was transferred to work in process inventory.9. Goods manufactured were transferred to to finished goods inventory. Ending inventorieswere: work in process, P60,000…
i want answers in all questions mention in below snap
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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